Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35095 | |
Entity Registrant Name | UNITED COMMUNITY BANKS, INC. | |
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 | 106,169,829 | |
Entity Central Index Key | 0000857855 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 222,524 | $ 144,244 |
Interest-bearing deposits in banks | 216,496 | 2,147,266 |
Federal funds and other short-term investments | 45,000 | 27,000 |
Cash and cash equivalents | 484,020 | 2,318,510 |
Debt securities available-for-sale | 3,862,886 | 4,496,824 |
Debt securities held-to-maturity (fair value $2,241,160 and $1,148,804, respectively) | 2,676,405 | 1,156,098 |
Loans held for sale | 21,967 | 44,109 |
Loans and leases held for investment | 14,882,484 | 11,760,346 |
Less allowance for credit losses - loans and leases | (148,502) | (102,532) |
Loans and leases, net | 14,733,982 | 11,657,814 |
Premises and equipment, net | 288,597 | 245,296 |
Bank owned life insurance | 300,365 | 217,713 |
Goodwill and other intangible assets, net | 780,868 | 472,407 |
Other assets | 538,765 | 338,000 |
Total assets | 23,687,855 | 20,946,771 |
Deposits: | ||
Noninterest-bearing demand | 8,198,129 | 6,956,981 |
Interest-bearing deposits | 12,123,013 | 11,284,198 |
Total deposits | 20,321,142 | 18,241,179 |
Long-term debt | 324,515 | 247,360 |
Accrued expenses and other liabilities | 407,488 | 235,987 |
Total liabilities | 21,053,145 | 18,724,526 |
Shareholders' equity: | ||
Preferred stock, $1 par value: 10,000,000 shares authorized; 4,000 shares Series I issued and outstanding; $25,000 per share liquidation preference | 96,422 | 96,422 |
Common stock, $1 par value: 200,000,000 shares authorized, 106,162,861 and 89,349,826 shares issued and outstanding, respectively | 106,163 | 89,350 |
Common stock issuable: 596,365 and 595,705 shares, respectively | 11,966 | 11,288 |
Capital surplus | 2,304,514 | 1,721,007 |
Retained earnings | 452,788 | 330,654 |
Accumulated other comprehensive loss | (337,143) | (26,476) |
Total shareholders' equity | 2,634,710 | 2,222,245 |
Total liabilities and shareholders' equity | $ 23,687,855 | $ 20,946,771 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
HTM debt securities | $ 2,241,160,000 | $ 1,148,804,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (in shares) | 4,000 | 4,000 |
Preferred stock liquidation preference (in dollars per share) | $ 25,000 | $ 25,000 |
Preferred stock outstanding (in shares) | 4,000 | 4,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock issued (in shares) | 106,162,861 | 89,349,826 |
Common stock outstanding (in shares) | 106,162,861 | 89,349,826 |
Common stock issuable (in shares) | 596,365 | 595,705 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest revenue: | ||||
Loans, including fees | $ 174,065 | $ 128,477 | $ 476,072 | $ 382,261 |
Investment securities, including tax exempt of $2,568, $2,280, $7,762 and $6,685, respectively | 36,953 | 18,540 | 91,043 | 51,530 |
Deposits in banks and short-term investments | 2,869 | 658 | 5,209 | 1,235 |
Total interest revenue | 213,887 | 147,675 | 572,324 | 435,026 |
Interest expense: | ||||
Deposits | 9,880 | 3,142 | 17,313 | 11,981 |
Short-term borrowings | 27 | 0 | 27 | 2 |
Long-term debt | 4,206 | 3,494 | 12,515 | 11,564 |
Total interest expense | 14,113 | 6,636 | 29,855 | 23,547 |
Net interest revenue | 199,774 | 141,039 | 542,469 | 411,479 |
Provision for (release of) credit losses | 15,392 | (11,034) | 44,082 | (36,903) |
Net interest revenue after provision for credit losses | 184,382 | 152,073 | 498,387 | 448,382 |
Noninterest income: | ||||
Wealth management fees | 5,879 | 5,554 | 17,759 | 12,881 |
Gains from sales of other loans, net | 2,228 | 2,353 | 9,226 | 7,506 |
Lending and loan servicing fees | 2,946 | 2,825 | 7,518 | 7,070 |
Securities gains (losses), net | 0 | 0 | (3,688) | 41 |
Other | 5,003 | 6,185 | 15,474 | 20,352 |
Total noninterest income | 31,922 | 40,095 | 104,353 | 120,641 |
Total revenue | 216,304 | 192,168 | 602,740 | 569,023 |
Noninterest expenses: | ||||
Salaries and employee benefits | 67,823 | 60,458 | 208,062 | 180,457 |
Communications and equipment | 8,795 | 7,368 | 27,718 | 21,979 |
Occupancy | 9,138 | 7,096 | 27,381 | 21,130 |
Advertising and public relations | 2,544 | 1,458 | 6,332 | 4,150 |
Postage, printing and supplies | 2,190 | 1,731 | 6,308 | 5,171 |
Professional fees | 4,821 | 5,347 | 14,670 | 14,509 |
Lending and loan servicing expense | 2,333 | 2,450 | 7,746 | 8,508 |
Outside services - electronic banking | 3,159 | 2,308 | 8,629 | 6,811 |
FDIC assessments and other regulatory charges | 2,356 | 1,723 | 6,796 | 5,520 |
Amortization of intangibles | 1,678 | 1,028 | 5,207 | 2,942 |
Merger-related and other charges | 1,746 | 1,437 | 17,905 | 4,058 |
Other | 6,172 | 4,345 | 16,066 | 12,248 |
Total noninterest expenses | 112,755 | 96,749 | 352,820 | 287,483 |
Income before income taxes | 103,549 | 95,419 | 249,920 | 281,540 |
Income tax expense | 22,388 | 21,603 | 53,898 | 63,758 |
Net income | 81,161 | 73,816 | 196,022 | 217,782 |
Net income available to common shareholders, basic | 79,035 | 71,649 | 189,858 | 211,283 |
Net income available to common shareholders, diluted | $ 79,035 | $ 71,649 | $ 189,858 | $ 211,283 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.74 | $ 0.82 | $ 1.78 | $ 2.42 |
Diluted (in dollars per share) | $ 0.74 | $ 0.82 | $ 1.78 | $ 2.42 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 106,687 | 87,211 | 106,616 | 87,274 |
Diluted (in shares) | 106,800 | 87,355 | 106,732 | 87,413 |
Service charges and fees | ||||
Noninterest income: | ||||
Service charges and other related fees | $ 9,569 | $ 9,350 | $ 28,644 | $ 25,255 |
Mortgage loan gains and other related fees | ||||
Noninterest income: | ||||
Service charges and other related fees | $ 6,297 | $ 13,828 | $ 29,420 | $ 47,536 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Investment securities, tax exempt | $ 2,568 | $ 2,280 | $ 7,762 | $ 6,685 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income, Before-tax Amount | $ 103,549 | $ 95,419 | $ 249,920 | $ 281,540 |
Net income, Tax (Expense) Benefit | (22,388) | (21,603) | (53,898) | (63,758) |
Net income | 81,161 | 73,816 | 196,022 | 217,782 |
Unrealized losses on available-for-sale securities: | ||||
Unrealized holding losses, Before-tax Amount | (104,754) | (18,915) | (429,607) | (58,882) |
Unrealized holding losses, Tax (Expense) Benefit | 24,495 | 4,686 | 101,269 | 15,766 |
Unrealized holding losses, Net of Tax Amount | (80,259) | (14,229) | (328,338) | (43,116) |
Reclassification of securities from available-for-sale to held-to-maturity, Before-tax Amount | 0 | 87,444 | ||
Reclassification of securities from available-for-sale to held-to-maturity, Tax (Expense) Benefit | 0 | (20,770) | ||
Reclassification of securities from available-for-sale to held-to-maturity, Net of Tax Amount | 0 | 66,674 | ||
Realized (gains) losses included in net income, Before-tax Amount | 0 | 0 | 3,688 | (41) |
Realized (gains) losses included in net income, Tax (Expense) Benefit | 0 | 0 | (979) | 14 |
Realized (gains) losses included in net income, Net of Tax Amount | 0 | 0 | 2,709 | (27) |
Net unrealized losses, Before-tax Amount | (104,754) | (18,915) | (338,475) | (58,923) |
Net unrealized losses, Tax (Expense) Benefit | 24,495 | 4,686 | 79,520 | 15,780 |
Net unrealized losses, Net of Tax Amount | (80,259) | (14,229) | (258,955) | (43,143) |
Unrealized losses on held-to-maturity securities transferred from available-for-sale: | ||||
Reclassification of unrealized losses, Before-tax Amount | 0 | (87,444) | ||
Reclassification of unrealized losses, Tax (Expense) Benefit | 0 | 20,770 | ||
Reclassification of unrealized losses, Net of Tax Amount | 0 | (66,674) | ||
Amortization of unrealized losses, Before-tax amount | 4,473 | 6,242 | ||
Amortization of unrealized losses, Tax (Expense) Benefit | (1,073) | (1,495) | ||
Amortization of unrealized losses, , Net of Tax Amount | 3,400 | 4,747 | ||
Net activity, Before-tax Amount | 4,473 | (81,202) | ||
Net activity, Tax (Expense) Benefit | (1,073) | 19,275 | ||
Net activity, Net of Tax Amount | 3,400 | (61,927) | ||
Derivative instruments designated as cash flow hedges: | ||||
Unrealized holding gains (losses) on derivatives, Before-tax Amount | 5,034 | 431 | 12,914 | 3,475 |
Unrealized holding gains (losses) on derivatives, Tax (Expense) Benefit | (1,286) | (111) | (3,299) | (888) |
Unrealized holding gains (losses) on derivatives, Net of Tax Amount | 3,748 | 320 | 9,615 | 2,587 |
Losses on derivative instruments realized in net income, Before-tax Amount | 48 | 153 | 295 | 444 |
Losses on derivative instruments realized in net income, Tax (Expense) Benefit | (12) | (39) | (75) | (113) |
Losses on derivative instruments realized in net income, Net of Tax Amount | 36 | 114 | 220 | 331 |
Net cash flow hedge activity, Before-tax Amount | 5,082 | 584 | 13,209 | 3,919 |
Net cash flow hedge activity, Tax (Expense) Benefit | (1,298) | (150) | (3,374) | (1,001) |
Net cash flow hedge activity, Net of tax Amount | 3,784 | 434 | 9,835 | 2,918 |
Amortization of defined benefit pension plan net periodic pension cost components, Before-tax Amount | 169 | 260 | 510 | 782 |
Amortization of defined benefit pension plan net periodic pension cost components, Tax (Expense) Benefit | (43) | (66) | (130) | (200) |
Amortization of defined benefit pension plan net periodic pension cost components, Net of Tax Amount | 126 | 194 | 380 | 582 |
Total other comprehensive income (loss), Before-tax Amount | (95,030) | (18,071) | (405,958) | (54,222) |
Total other comprehensive income (loss), Tax (Expense) Benefit | 22,081 | 4,470 | 95,291 | 14,579 |
Total other comprehensive income (loss), Net of Tax Amount | (72,949) | (13,601) | (310,667) | (39,643) |
Comprehensive income (loss), Before-tax Amount | 8,519 | 77,348 | (156,038) | 227,318 |
Comprehensive income (loss), Tax (Expense) Benefit | (307) | (17,133) | 41,393 | (49,179) |
Comprehensive income (loss), Net of Tax Amount | $ 8,212 | $ 60,215 | $ (114,645) | $ 178,139 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Common Stock Issuable | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2020 | 86,675,279 | ||||||
Beginning balance at Dec. 31, 2020 | $ 2,007,530 | $ 86,675 | $ 96,422 | $ 10,855 | $ 1,638,999 | $ 136,869 | $ 37,710 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 217,782 | 217,782 | |||||
Other comprehensive loss | (39,643) | (39,643) | |||||
Common stock issued/impact of acquisitions (in shares) | 132,299 | ||||||
Common stock issued/impact of acquisitions | 4,401 | $ 133 | 4,268 | ||||
Purchases of common stock (in shares) | (492,744) | ||||||
Purchases of common stock | (15,101) | $ (493) | (14,608) | ||||
Preferred stock dividends | (5,157) | (5,157) | |||||
Common stock dividends | (50,991) | (50,991) | |||||
Impact of equity-based compensation awards (in shares) | 171,938 | ||||||
Impact of equity-based compensation awards | 2,870 | $ 172 | 992 | 1,706 | |||
Impact of other United sponsored equity plans (in shares) | 71,875 | ||||||
Impact of other United sponsored equity plans | 667 | $ 72 | (749) | 1,344 | |||
Ending balance (in shares) at Sep. 30, 2021 | 86,558,647 | ||||||
Ending balance at Sep. 30, 2021 | 2,122,358 | $ 86,559 | 96,422 | 11,098 | 1,631,709 | 298,503 | (1,933) |
Beginning balance (in shares) at Jun. 30, 2021 | 86,664,894 | ||||||
Beginning balance at Jun. 30, 2021 | 2,086,286 | $ 86,665 | 96,422 | 10,650 | 1,636,875 | 244,006 | 11,668 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 73,816 | 73,816 | |||||
Other comprehensive loss | (13,601) | (13,601) | |||||
Common stock issued/impact of acquisitions (in shares) | 132,299 | ||||||
Common stock issued/impact of acquisitions | 4,401 | $ 133 | 4,268 | ||||
Purchases of common stock (in shares) | (342,744) | ||||||
Purchases of common stock | (10,000) | $ (343) | (9,657) | ||||
Preferred stock dividends | (1,719) | (1,719) | |||||
Common stock dividends | (17,600) | (17,600) | |||||
Impact of equity-based compensation awards (in shares) | 101,093 | ||||||
Impact of equity-based compensation awards | 582 | $ 101 | 345 | 136 | |||
Impact of other United sponsored equity plans (in shares) | 3,105 | ||||||
Impact of other United sponsored equity plans | 193 | $ 3 | 103 | 87 | |||
Ending balance (in shares) at Sep. 30, 2021 | 86,558,647 | ||||||
Ending balance at Sep. 30, 2021 | 2,122,358 | $ 86,559 | 96,422 | 11,098 | 1,631,709 | 298,503 | (1,933) |
Beginning balance (in shares) at Dec. 31, 2021 | 89,349,826 | ||||||
Beginning balance at Dec. 31, 2021 | 2,222,245 | $ 89,350 | 96,422 | 11,288 | 1,721,007 | 330,654 | (26,476) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 196,022 | 196,022 | |||||
Other comprehensive loss | (310,667) | (310,667) | |||||
Common stock issued/impact of acquisitions (in shares) | 16,571,545 | ||||||
Common stock issued/impact of acquisitions | 596,376 | $ 16,571 | 579,805 | ||||
Preferred stock dividends | (5,157) | (5,157) | |||||
Common stock dividends | (68,731) | (68,731) | |||||
Impact of equity-based compensation awards (in shares) | 175,843 | ||||||
Impact of equity-based compensation awards | 4,904 | $ 176 | 1,843 | 2,885 | |||
Impact of other United sponsored equity plans (in shares) | 65,647 | ||||||
Impact of other United sponsored equity plans | (282) | $ 66 | (1,165) | 817 | |||
Ending balance (in shares) at Sep. 30, 2022 | 106,162,861 | ||||||
Ending balance at Sep. 30, 2022 | 2,634,710 | $ 106,163 | 96,422 | 11,966 | 2,304,514 | 452,788 | (337,143) |
Beginning balance (in shares) at Jun. 30, 2022 | 106,033,960 | ||||||
Beginning balance at Jun. 30, 2022 | 2,651,288 | $ 106,034 | 96,422 | 11,448 | 2,304,608 | 396,970 | (264,194) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 81,161 | 81,161 | |||||
Other comprehensive loss | (72,949) | (72,949) | |||||
Preferred stock dividends | (1,719) | (1,719) | |||||
Common stock dividends | (23,624) | (23,624) | |||||
Impact of equity-based compensation awards (in shares) | 126,400 | ||||||
Impact of equity-based compensation awards | 347 | $ 126 | 389 | (168) | |||
Impact of other United sponsored equity plans (in shares) | 2,501 | ||||||
Impact of other United sponsored equity plans | 206 | $ 3 | 129 | 74 | |||
Ending balance (in shares) at Sep. 30, 2022 | 106,162,861 | ||||||
Ending balance at Sep. 30, 2022 | $ 2,634,710 | $ 106,163 | $ 96,422 | $ 11,966 | $ 2,304,514 | $ 452,788 | $ (337,143) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends (in dollars per share) | $ 0.22 | $ 0.20 | $ 0.64 | $ 0.58 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net income | $ 196,022 | $ 217,782 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 34,707 | (8,082) |
Provision for (release of) credit losses | 44,082 | (36,903) |
Stock based compensation | 6,649 | 4,814 |
Deferred income tax expense | 6,063 | 21,290 |
Securities losses (gains), net | 3,688 | (41) |
Gains from sales of other loans, net | (9,226) | (7,506) |
Changes in assets and liabilities: | ||
Other assets | (2,072) | 32,952 |
Accrued expenses and other liabilities | 92,084 | 21,597 |
Loans held for sale | 136,405 | 37,009 |
Net cash provided by operating activities | 508,402 | 282,912 |
Debt securities held-to-maturity: | ||
Proceeds from maturities and calls | 140,253 | 51,770 |
Purchases | (326,494) | (716,399) |
Debt securities available-for-sale: | ||
Proceeds from sales | 281,521 | 103,012 |
Proceeds from maturities and calls | 493,848 | 709,435 |
Purchases | (1,665,466) | (1,909,879) |
Net (increase) decrease in loans | (772,740) | 234,855 |
Equity investments, outflows | (29,685) | (12,664) |
Equity investments, inflows | 17,336 | 7,007 |
Proceeds from sales of premises and equipment | 4,846 | 2,272 |
Purchases of premises and equipment | (26,300) | (19,733) |
Net cash received in (paid for) acquisition | 35,243 | (9,484) |
Proceeds from sale of other real estate and repossessed assets | 2,178 | 2,404 |
Other investing outflows | 0 | (210) |
Other investing inflows | 1,819 | 767 |
Net cash used in investing activities | (1,843,641) | (1,556,847) |
Financing activities: | ||
Net (decrease) increase in deposits | (423,750) | 1,634,947 |
Repayment of long-term debt | 0 | (80,632) |
Proceeds from FHLB advances | 0 | 10,000 |
Repayment of FHLB advances | 0 | (10,000) |
Repurchase of common stock | 0 | (15,101) |
Cash dividends on common stock | (63,256) | (49,313) |
Cash dividends on preferred stock | (5,157) | (5,157) |
Other financing inflows | 560 | 406 |
Other financing outflows | (7,648) | (2,041) |
Net cash (used in) provided by financing activities | (499,251) | 1,483,109 |
Net change in cash and cash equivalents | (1,834,490) | 209,174 |
Cash and cash equivalents, beginning of period | 2,318,510 | 1,608,619 |
Cash and cash equivalents, end of period | $ 484,020 | $ 1,817,793 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation 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 2021 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 2021 10-K. |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Recently Adopted Standards In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments . The update amends the lease classification requirements for lessors to align them with practice under the former lease accounting standard. Specifically, lessors should classify a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if certain criteria are met. United adopted this update as of January 1, 2022, with no material impact on the consolidated financial statements. Recently Issued Standards In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method . The update expands the current last-of-layer method to a portfolio layer method which allows multiple hedged layers of a single closed portfolio and non-prepayable financial assets. In addition, the update specifies that eligible hedging instruments may include spot-starting or forward-starting swaps and that the number of hedged layers corresponds with the number of hedges designated. Finally, the update provides additional guidance on the accounting for and disclosure of hedge basis adjustments. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022. United does not expect the new guidance to have a material impact on the consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The update eliminates the previous accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. The update also requires that an entity disclose current-period gross charge-offs by year of origination. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022. United does not expect the new guidance to have a material impact on the consolidated financial statements. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The supplemental schedule of significant non-cash investing and financing activities for the nine months ended September 30, 2022 and 2021 is as follows (in thousands) . Nine Months Ended September 30, 2022 2021 Significant non-cash investing and financing transactions: Transfers of loans to repossessed and foreclosed properties $ 2,566 $ 1,712 Unsettled securities purchases — 3,977 Transfers of AFS securities to HTM securities 1,288,982 — Right-of-use assets obtained in exchange for lease liabilities 9,035 1,543 Acquisitions: Assets acquired 3,254,173 22,823 Liabilities assumed 2,657,173 1,103 Net assets acquired 597,000 21,720 Common stock issued and options converted 596,376 4,401 Accrued purchase price and contingent consideration — 7,700 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition of Reliant On January 1, 2022, United acquired all of the outstanding common stock of Reliant in a stock transaction. Reliant operated a 25-branch network primarily located in Middle Tennessee. United’s operating results for the three and nine months ended September 30, 2022 include the operating results of the acquired business for the period subsequent to the acquisition date of January 1, 2022. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . Reliant Fair Value Recorded by United (1) January 1, 2022 Assets Cash and cash equivalents $ 62,867 Debt securities 249,107 Loans held for sale 116,406 Loans held for investment 2,320,737 Premises and equipment 35,631 Bank-owned life insurance 78,170 Accrued interest receivable 12,027 Net deferred tax asset 5,793 Core deposit intangible 14,500 Other assets 59,768 Total assets acquired $ 2,955,006 Liabilities Deposits $ 2,504,823 Short-term borrowings 27,000 Long-term debt 76,730 Other liabilities 48,620 Total liabilities assumed 2,657,173 Total identifiable net assets 297,833 Consideration transferred Cash 624 Common stock issued (16,571,545 shares) 595,581 Options converted 795 Total fair value of consideration transferred 597,000 Goodwill $ 299,167 (1) Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Goodwill represents the intangible value of Reliant’s business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Reliant core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method. The following table presents additional information related to the acquired Reliant loan portfolio at the acquisition date (in thousands) . January 1, 2022 PCD loans: Par value $ 258,462 ACL at acquisition (12,737) Non-credit discount (3,294) Purchase price $ 242,431 Non-PCD loans: Fair value $ 2,078,306 Gross contractual amounts receivable 2,355,205 Estimate of contractual cash flows not expected to be collected 25,990 Pro forma information The following table discloses the impact of the Reliant acquisition since the date of acquisition. The table also presents certain pro forma information as if Reliant had been acquired on January 1, 2021 and FinTrust had been acquired January 1, 2020. These results combine the historical results of the acquired entity with United’s consolidated statement of income. Adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity; however pro forma financial results presented are not necessarily indicative of what would have occurred had the acquisition taken place in earlier years. Merger-related costs from the Reliant acquisition of $760,000 and $14.8 million have been excluded from the three and nine months ended September 30, 2022 pro forma information presented below and included in the three and nine months ended September 30, 2021 pro forma information presented below. Merger-related costs from the FinTrust acquisition of $262,000 and $515,000, respectively, have been excluded from the three and nine months ended September 30, 2021 pro forma information presented below. The actual results and pro forma information were as follows (in thousands) : Three Months Ended Nine Months Ended Revenue Net Income Revenue Net Income 2022 Actual Reliant results included in statement of income since acquisition date $ 29,618 $ 16,516 $ 72,685 $ 32,931 Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 216,171 81,681 618,636 219,010 2021 Actual FinTrust results included in statement of income since acquisition date $ 2,017 $ (49) $ 2,017 $ (49) Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 and FinTrust had been acquired January 1, 2020 $ 232,667 $ 86,576 $ 672,405 $ 233,053 Announced Acquisition of Progress On May 4, 2022, United announced an agreement to acquire Progress Financial Corporation and its wholly-owned subsidiary, Progress Bank & Trust, collectively referred to as “Progress”. Progress is headquartered in Huntsville, Alabama, and operates 14 offices in high-growth southeastern markets, including Huntsville, Birmingham, Daphne and Tuscaloosa in Alabama and the Florida Panhandle. As of September 30, 2022, Progress had total assets of $1.74 billion, total loans of $1.41 billion, and total deposits of $1.50 billion. The merger, which is subject to regulatory approval and other customary conditions, is expected to close in the first quarter of 2023. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities During the first nine months of 2022, United transferred AFS debt securities to HTM with a fair value on the transfer date of $1.29 billion, which included unrealized losses recorded in AOCI totaling $87.4 million. No securities were transferred from AFS to HTM during the third quarter of 2022. Transfer date unrealized losses are amortized and reclassified out of AOCI as a yield adjustment, which is offset by discount accretion of the transferred HTM securities. Amortization of transfer date unrealized losses and discount accretion are recognized over the remaining life of the 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 September 30, 2022 U.S. Treasuries $ 19,826 $ — $ 2,573 $ 17,253 U.S. Government agencies & GSEs 99,620 — 18,275 81,345 State and political subdivisions 301,520 45 70,180 231,385 Residential MBS, Agency & GSEs 1,519,094 14 227,307 1,291,801 Commercial MBS, Agency & GSEs 721,345 — 114,360 606,985 Supranational entities 15,000 — 2,609 12,391 Total $ 2,676,405 $ 59 $ 435,304 $ 2,241,160 As of December 31, 2021 U.S. Treasuries $ 19,803 $ 20 $ — $ 19,823 U.S. Government agencies & GSEs 70,180 — 1,121 69,059 State and political subdivisions 257,688 4,341 4,080 257,949 Residential MBS, Agency & GSEs 381,641 2,021 3,687 379,975 Commercial MBS, Agency & GSEs 411,786 4,106 8,915 406,977 Supranational entities $ 15,000 $ 21 $ — $ 15,021 Total $ 1,156,098 $ 10,509 $ 17,803 $ 1,148,804 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 September 30, 2022 U.S. Treasuries $ 194,301 $ — $ 15,828 $ 178,473 U.S. Government agencies & GSEs 272,492 655 17,121 256,026 State and political subdivisions 348,099 — 32,597 315,502 Residential MBS, Agency & GSEs 1,658,924 6 161,282 1,497,648 Residential MBS, Non-agency 382,185 — 22,943 359,242 Commercial MBS, Agency & GSEs 747,238 584 74,751 673,071 Commercial MBS, Non-agency 31,676 — 1,144 30,532 Corporate bonds 252,486 59 26,635 225,910 Asset-backed securities 333,665 10 7,193 326,482 Total $ 4,221,066 $ 1,314 $ 359,494 $ 3,862,886 As of December 31, 2021 U.S. Treasuries $ 218,027 $ 1,661 $ 2,168 $ 217,520 U.S. Government agencies & GSEs 189,855 605 3,428 187,032 State and political subdivisions 263,269 15,237 2,662 275,844 Residential MBS, Agency & GSEs 2,079,700 9,785 28,521 2,060,964 Residential MBS, Non-agency 81,925 2,249 4 84,170 Commercial MBS, Agency & GSEs 870,563 2,974 16,156 857,381 Commercial MBS, Non-agency 15,202 1,268 — 16,470 Corporate bonds 194,164 814 1,812 193,166 Asset-backed securities 603,824 2,000 1,547 604,277 Total $ 4,516,529 $ 36,593 $ 56,298 $ 4,496,824 Securities with a carrying value of $1.96 billion and $1.46 billion were pledged, primarily to secure public deposits, at September 30, 2022 and December 31, 2021, 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 September 30, 2022 U.S. Treasuries $ 17,253 $ 2,573 $ — $ — $ 17,253 $ 2,573 U.S. Government agencies & GSEs 37,829 8,757 43,516 9,518 81,345 18,275 State and political subdivisions 127,575 32,375 96,164 37,805 223,739 70,180 Residential MBS, Agency & GSEs 650,062 105,555 640,314 121,752 1,290,376 227,307 Commercial MBS, Agency & GSEs 297,445 43,092 309,539 71,268 606,984 114,360 Supranational entities 12,391 2,609 — — 12,391 2,609 Total unrealized loss position $ 1,142,555 $ 194,961 $ 1,089,533 $ 240,343 $ 2,232,088 $ 435,304 As of December 31, 2021 U.S. Government agencies & GSEs $ 64,658 $ 888 $ 4,401 $ 233 $ 69,059 $ 1,121 State and political subdivisions 131,128 3,590 9,006 490 140,134 4,080 Residential MBS, Agency & GSEs 289,132 3,687 — — 289,132 3,687 Commercial MBS, Agency & GSEs 314,049 8,540 10,384 375 324,433 8,915 Total unrealized loss position $ 798,967 $ 16,705 $ 23,791 $ 1,098 $ 822,758 $ 17,803 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 September 30, 2022 U.S. Treasuries $ 92,422 $ 2,882 $ 86,051 $ 12,946 $ 178,473 $ 15,828 U.S. Government agencies & GSEs 117,567 4,819 60,251 12,302 177,818 17,121 State and political subdivisions 257,976 17,220 55,291 15,377 313,267 32,597 Residential MBS, Agency & GSEs 1,213,430 119,863 282,679 41,419 1,496,109 161,282 Residential MBS, Non-agency 359,242 22,943 — — 359,242 22,943 Commercial MBS, Agency & GSEs 367,162 19,548 278,170 55,203 645,332 74,751 Commercial MBS, Non-agency 30,532 1,144 — — 30,532 1,144 Corporate bonds 170,581 18,944 52,727 7,691 223,308 26,635 Asset-backed securities 187,039 2,640 108,353 4,553 295,392 7,193 Total unrealized loss position $ 2,795,951 $ 210,003 $ 923,522 $ 149,491 $ 3,719,473 $ 359,494 As of December 31, 2021 U.S. Treasuries $ 111,606 $ 2,168 $ — $ — $ 111,606 $ 2,168 U.S. Government agencies & GSEs 132,893 2,591 20,093 837 152,986 3,428 State and political subdivisions 69,302 2,581 3,148 81 72,450 2,662 Residential MBS, Agency & GSEs 1,534,744 25,799 74,481 2,722 1,609,225 28,521 Residential MBS, Non-agency 12,608 4 — — 12,608 4 Commercial MBS, Agency & GSEs 582,235 13,098 66,014 3,058 648,249 16,156 Corporate bonds 149,246 1,811 16 1 149,262 1,812 Asset-backed securities 195,164 1,546 571 1 195,735 1,547 Total unrealized loss position $ 2,787,798 $ 49,598 $ 164,323 $ 6,700 $ 2,952,121 $ 56,298 At September 30, 2022, there were 755 AFS debt securities and 326 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 September 30, 2022 were primarily attributable to changes in interest rates. At September 30, 2022 and December 31, 2021, estimated credit losses and, thus, the related ACL on HTM debt securities were de minimis 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 September 30, 2022 or December 31, 2021. In addition, based on the assessments performed at September 30, 2022 and December 31, 2021, 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 September 30, 2022 December 31, 2021 HTM $ 6,135 $ 3,596 AFS 13,232 9,868 The amortized cost and fair value of AFS and HTM debt securities at September 30, 2022, 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 $ 80,116 $ 79,266 $ — $ — U.S. Government agencies & GSEs 174 172 — — State and political subdivisions 15,002 14,990 5,200 5,201 Corporate bonds 2,732 2,680 — — 98,024 97,108 5,200 5,201 1 to 5 years: U.S. Treasuries 99,248 86,295 — — U.S. Government agencies & GSEs 38,672 34,652 — — State and political subdivisions 46,320 44,682 14,207 14,067 Corporate bonds 164,771 149,932 — — 349,011 315,561 14,207 14,067 5 to 10 years: U.S. Treasuries 14,937 12,912 19,826 17,253 U.S. Government agencies & GSEs 77,779 69,039 53,505 45,109 State and political subdivisions 123,790 110,478 31,603 26,712 Corporate bonds 84,190 72,457 — — Supranational entities — — 15,000 12,391 300,696 264,886 119,934 101,465 More than 10 years: U.S. Government agencies & GSEs 155,867 152,163 46,115 36,236 State and political subdivisions 162,987 145,352 250,510 185,405 Corporate bonds 793 841 — — 319,647 298,356 296,625 221,641 Debt securities not due at a single maturity date: Asset-backed securities 333,665 326,482 — — Residential MBS 2,041,109 1,856,890 1,519,094 1,291,801 Commercial MBS 778,914 703,603 721,345 606,985 Total $ 4,221,066 $ 3,862,886 $ 2,676,405 $ 2,241,160 Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes AFS securities sales activity for the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended 2022 2021 2022 2021 Proceeds from sales $ — $ 24,901 $ 281,521 $ 103,012 Gross realized gains $ — $ — $ 1,009 $ 641 Gross realized losses — — (4,697) (600) Securities gains (losses), net $ — $ — $ (3,688) $ 41 Income tax expense (benefit) attributable to sales $ — $ — $ (979) $ 14 |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
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) . September 30, 2022 December 31, 2021 Owner occupied commercial real estate $ 2,700,345 $ 2,321,685 Income producing commercial real estate 3,298,847 2,600,858 Commercial & industrial (1) 2,237,591 1,910,162 Commercial construction 1,514,145 1,014,830 Equipment financing 1,280,856 1,083,021 Total commercial 11,031,784 8,930,556 Residential mortgage 2,149,490 1,637,885 HELOC 832,140 694,034 Residential construction 422,737 359,815 Manufactured housing 300,874 — Consumer 145,459 138,056 Total loans 14,882,484 11,760,346 Less allowance for credit losses - loans (148,502) (102,532) Loans, net $ 14,733,982 $ 11,657,814 (1) Commercial and industrial loans as of September 30, 2022 and December 31, 2021 included $2.44 million and $88.3 million of PPP loans, respectively. Accrued interest receivable related to loans totaled $43.1 million and $28.5 million at September 30, 2022 and December 31, 2021, respectively, and was reported in other assets on the consolidated balance sheets. Accrued interest receivable was excluded from the estimate of credit losses. At September 30, 2022 and December 31, 2021, 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 the amortized cost of loans held for investment that were sold in the periods indicated (in thousands). The gains on these loan sales were included in noninterest income on the consolidated statements of income. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Guaranteed portion of SBA/USDA loans $ 20,405 $ 13,484 $ 87,867 $ 57,132 Equipment financing receivables 21,557 19,273 65,534 39,240 Total $ 41,962 $ 32,757 $ 153,401 $ 96,372 At September 30, 2022 and December 31, 2021, equipment financing receivables included leases of $44.0 million and $37.7 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . September 30, 2022 December 31, 2021 Minimum future lease payments receivable $ 47,177 $ 39,962 Estimated residual value of leased equipment 3,046 3,216 Initial direct costs 744 669 Security deposits (472) (687) Unearned income (6,482) (5,432) Net investment in leases $ 44,013 $ 37,728 Minimum future lease payments expected to be received from equipment financing lease contracts as of September 30, 2022 were as follows (in thousands) : Year Remainder of 2022 $ 4,521 2023 16,041 2024 11,714 2025 8,237 2026 4,891 Thereafter 1,773 Total $ 47,177 Nonaccrual and Past Due Loans HFI 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. Accruing Current Loans Loans Past Due 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of September 30, 2022 Owner occupied commercial real estate $ 2,696,495 $ 2,597 $ 376 $ — $ 877 $ 2,700,345 Income producing commercial real estate 3,292,966 3,170 48 — 2,663 3,298,847 Commercial & industrial 2,224,863 1,383 213 24 11,108 2,237,591 Commercial construction 1,513,544 451 — — 150 1,514,145 Equipment financing 1,274,342 1,918 1,398 — 3,198 1,280,856 Total commercial 11,002,210 9,519 2,035 24 17,996 11,031,784 Residential mortgage 2,136,977 1,703 386 — 10,424 2,149,490 HELOC 829,400 1,393 196 — 1,151 832,140 Residential construction 422,274 92 267 — 104 422,737 Manufactured housing 292,394 3,589 704 — 4,187 300,874 Consumer 145,166 223 49 4 17 145,459 Total loans $ 14,828,421 $ 16,519 $ 3,637 $ 28 $ 33,879 $ 14,882,484 As of December 31, 2021 Owner occupied commercial real estate $ 2,318,944 $ 27 $ — $ — $ 2,714 $ 2,321,685 Income producing commercial real estate 2,593,124 146 — — 7,588 2,600,858 Commercial & industrial 1,903,730 584 419 — 5,429 1,910,162 Commercial construction 1,014,211 — 276 — 343 1,014,830 Equipment financing 1,079,180 1,415 685 — 1,741 1,083,021 Total commercial 8,909,189 2,172 1,380 — 17,815 8,930,556 Residential mortgage 1,622,754 1,583 235 — 13,313 1,637,885 HELOC 691,814 920 88 — 1,212 694,034 Residential construction 358,741 654 — — 420 359,815 Consumer 137,564 421 19 — 52 138,056 Total loans $ 11,720,062 $ 5,750 $ 1,722 $ — $ 32,812 $ 11,760,346 The following table presents nonaccrual loans held for investment by loan class for the periods indicated (in thousands) . Nonaccrual Loans September 30, 2022 December 31, 2021 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 537 $ 340 $ 877 $ 2,141 $ 573 $ 2,714 Income producing commercial real estate 2,263 400 2,663 6,873 715 7,588 Commercial & industrial 10,061 1,047 11,108 3,715 1,714 5,429 Commercial construction 47 103 150 — 343 343 Equipment financing 449 2,749 3,198 — 1,741 1,741 Total commercial 13,357 4,639 17,996 12,729 5,086 17,815 Residential mortgage 2,239 8,185 10,424 3,126 10,187 13,313 HELOC 300 851 1,151 219 993 1,212 Residential construction 67 37 104 280 140 420 Manufactured housing — 4,187 4,187 — — — Consumer 1 16 17 6 46 52 Total $ 15,964 $ 17,915 $ 33,879 $ 16,360 $ 16,452 $ 32,812 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, 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. Special Mention. 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 and 30 or more days past due 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. The following tables present the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands) . Term Loans Revolvers Revolvers converted to term loans Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Pass Owner occupied commercial real estate $ 537,628 $ 690,355 $ 630,238 $ 217,689 $ 132,341 $ 297,665 $ 107,380 $ 5,948 $ 2,619,244 Income producing commercial real estate 659,896 810,374 770,008 301,271 178,480 302,937 43,144 9,127 3,075,237 Commercial & industrial 391,665 442,865 199,960 142,415 126,773 80,396 691,597 18,923 2,094,594 Commercial construction 497,066 478,007 284,335 113,523 13,002 21,633 72,161 1,343 1,481,070 Equipment financing 535,508 411,108 187,297 108,817 31,409 2,596 — — 1,276,735 Total commercial 2,621,763 2,832,709 2,071,838 883,715 482,005 705,227 914,282 35,341 10,546,880 Residential mortgage 640,179 762,959 339,633 94,368 58,005 237,641 8 3,120 2,135,913 HELOC — — — — — — 807,985 22,482 830,467 Residential construction 259,062 144,816 6,233 1,895 1,637 8,474 65 375 422,557 Manufactured housing 58,475 56,252 50,323 35,847 32,026 62,615 — — 295,538 Consumer 58,222 34,549 18,008 5,420 2,314 856 25,869 129 145,367 3,637,701 3,831,285 2,486,035 1,021,245 575,987 1,014,813 1,748,209 61,447 14,376,722 Special Mention Owner occupied commercial real estate 6,540 7,663 5,262 9,585 4,217 5,164 3,065 2,964 44,460 Income producing commercial real estate 46,138 10,285 45,578 20,106 21,798 13,318 1 — 157,224 Commercial & industrial 16,279 32,282 5,751 847 1,337 250 34,169 297 91,212 Commercial construction 530 35 62 13,319 4,917 29 — — 18,892 Equipment financing — — — — — — — — — Total commercial 69,487 50,265 56,653 43,857 32,269 18,761 37,235 3,261 311,788 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Manufactured housing — — — — — — — — — Consumer — — — — — — — — — 69,487 50,265 56,653 43,857 32,269 18,761 37,235 3,261 311,788 Substandard Owner occupied commercial real estate 6,801 529 4,016 8,654 1,210 14,184 210 1,037 36,641 Income producing commercial real estate 34,352 1,779 1,368 4,621 13,292 10,519 391 64 66,386 Commercial & industrial 5,194 9,958 2,247 5,696 10,935 1,273 16,035 447 51,785 Commercial construction 148 42 47 3 3,925 9,772 — 246 14,183 Equipment financing 646 1,044 1,141 696 576 18 — — 4,121 Total commercial 47,141 13,352 8,819 19,670 29,938 35,766 16,636 1,794 173,116 Residential mortgage 1,401 1,167 1,361 1,861 2,483 5,145 — 159 13,577 HELOC — — — — — — 24 1,649 1,673 Residential construction 2 — — 21 4 153 — — 180 Manufactured housing 424 672 739 690 953 1,858 — — 5,336 Consumer — 35 15 2 32 8 — — 92 48,968 15,226 10,934 22,244 33,410 42,930 16,660 3,602 193,974 Total $ 3,756,156 $ 3,896,776 $ 2,553,622 $ 1,087,346 $ 641,666 $ 1,076,504 $ 1,802,104 $ 68,310 $ 14,882,484 Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Pass Owner occupied commercial real estate $ 643,151 $ 674,124 $ 278,702 $ 153,233 $ 139,584 $ 267,460 $ 68,354 $ 17,150 $ 2,241,758 Income producing commercial real estate 668,322 678,487 333,911 221,218 165,563 219,459 41,157 11,830 2,339,947 Commercial & industrial 638,567 270,150 178,944 136,281 50,567 72,904 514,750 4,361 1,866,524 Commercial construction 378,695 303,154 149,740 40,625 22,983 13,206 12,628 1,673 922,704 Equipment financing 563,618 271,913 167,904 63,254 13,145 903 — — 1,080,737 Total commercial 2,892,353 2,197,828 1,109,201 614,611 391,842 573,932 636,889 35,014 8,451,670 Residential mortgage 781,007 370,092 108,091 64,346 71,552 221,131 9 3,915 1,620,143 HELOC — — — — — — 676,545 14,994 691,539 Residential construction 325,111 16,301 2,802 2,278 3,144 9,352 — 33 359,021 Consumer 57,530 29,218 10,757 5,137 1,439 1,355 32,312 111 137,859 4,056,001 2,613,439 1,230,851 686,372 467,977 805,770 1,345,755 54,067 11,260,232 Special Mention Owner occupied commercial real estate 7,772 2,979 16,639 4,374 6,007 2,641 248 286 40,946 Income producing commercial real estate 64,139 27,875 21,875 22,292 18,415 21,880 — — 176,476 Commercial & industrial 1,037 1,831 2,740 597 273 303 2,242 — 9,023 Commercial construction 14,283 16,237 13,149 22,479 11,766 52 — — 77,966 Equipment financing — — — — — — — — — Total commercial 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Substandard Owner occupied commercial real estate 11,987 1,049 4,216 3,712 5,829 11,088 — 1,100 38,981 Income producing commercial real estate 15,485 12,618 3,779 29,212 6,726 16,531 — 84 84,435 Commercial & industrial 2,741 1,615 5,284 12,685 1,232 5,863 4,326 869 34,615 Commercial construction 3,464 157 272 11 9,750 255 — 251 14,160 Equipment financing 428 590 676 503 84 3 — — 2,284 Total commercial 34,105 16,029 14,227 46,123 23,621 33,740 4,326 2,304 174,475 Residential mortgage 3,339 1,585 2,813 3,229 1,205 4,744 — 827 17,742 HELOC — — — — — — 329 2,166 2,495 Residential construction 407 — 30 51 — 306 — — 794 Consumer 37 16 22 26 22 50 3 21 197 37,888 17,630 17,092 49,429 24,848 38,840 4,658 5,318 195,703 Total $ 4,181,120 $ 2,679,991 $ 1,302,346 $ 785,543 $ 529,286 $ 869,486 $ 1,352,903 $ 59,671 $ 11,760,346 Troubled Debt Restructurings As of September 30, 2022 and December 31, 2021, United had TDRs totaling $42.9 million and $52.4 million, respectively. Loans modified under the terms of a TDR during the three and nine months ended September 30, 2022 and 2021 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 TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Post-Modification Amortized Cost by Type of Modification Number of Contracts Rate Structure Other Total Number of Amortized Cost Three Months Ended September 30, 2022 Owner occupied commercial real estate — $ — $ — $ — $ — — $ — Income producing commercial real estate — — — — — — — Commercial & industrial 1 — 715 — 715 — — Commercial construction — — — — — — — Equipment financing 11 — 2,103 — 2,103 1 30 Total commercial 12 — 2,818 — 2,818 1 30 Residential mortgage 4 — 304 — 304 2 400 HELOC — — — — — — — Residential construction — — — — — — — Manufactured housing — — — — — — — Consumer — — — — — — — Total loans 16 $ — $ 3,122 $ — $ 3,122 3 $ 430 Nine Months Ended September 30, 2022 Owner occupied commercial real estate 1 $ — $ 112 $ — $ 112 — $ — Income producing commercial real estate — — — — — — — Commercial & industrial 2 — 1,118 — 1,118 — — Commercial construction — — — — — — — Equipment financing 38 — 6,952 — 6,952 10 438 Total commercial 41 — 8,182 — 8,182 10 438 Residential mortgage 8 — 877 — 877 3 456 HELOC 7 — 1,242 6 1,248 — — Residential construction — — — — — — — Manufactured housing — — — — — — — Consumer — — — — — — — Total loans 56 $ — $ 10,301 $ 6 $ 10,307 13 $ 894 Three Months Ended September 30, 2021 Owner occupied commercial real estate — $ — $ — $ — $ — — $ — Income producing commercial real estate — — — — — — — Commercial & industrial 3 — 166 — 166 — — Commercial construction — — — — — — — Equipment financing 11 — 399 — 399 3 96 Total commercial 14 — 565 — 565 3 96 Residential mortgage 6 — 649 — 649 1 180 HELOC — — — — — 1 43 Residential construction — — — — — — — Consumer — — — — — — — Total loans 20 $ — $ 1,214 $ — $ 1,214 5 $ 319 Nine Months Ended September 30, 2021 Owner occupied commercial real estate 1 $ — $ 543 $ — $ 543 — $ — Income producing commercial real estate 3 — — 1,697 1,697 — — Commercial & industrial 7 — 531 103 634 1 11 Commercial construction 1 — 309 — 309 — — Equipment financing 47 — 2,861 — 2,861 11 296 Total commercial 59 — 4,244 1,800 6,044 12 307 Residential mortgage 12 — 1,040 — 1,040 4 593 HELOC — — — — — 2 92 Residential construction — — — — — — — Consumer — — — — — — — Total loans 71 $ — $ 5,284 $ 1,800 $ 7,084 18 $ 992 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. At both September 30, 2022 and December 31, 2021, 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 baseline economic forecast to predict the change in credit losses. These estimates were then combined with a starting value that was based on United’s recent default experience, with the results subject to a floor. At September 30, 2022, United applied qualitative adjustments to the model output for the income producing commercial real estate, commercial construction, HELOCs, residential mortgage and residential construction portfolios. With regard to income producing commercial real estate, the qualitative adjustments reflected continued credit concerns related to the senior care portfolio, elevated criticized loans relative to the pre-pandemic period and inflationary concerns related to the impact of rising rates on commercial real estate values. Qualitative adjustments for the other categories lowered the amount of required allowance due to management’s expectation with respect to the timing of deteriorating economic conditions in the forecast. 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 and manufactured housing, United reverted to through-the-cycle average default rates using peer data from 2000 to 2017. For loans secured by residential mortgages and manufactured housing, the peer data was adjusted to account for the changes in lending practices designed to prevent the magnitude of losses observed during the mortgage crisis. PPP loans were considered low risk assets due to the related 100% guarantee by the SBA and were therefore excluded from the calculation. The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) . Three Months Ended September 30, 2022 2021 Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 16,774 $ — $ 90 $ 2,192 $ 19,056 $ 17,292 $ (443) $ 536 $ (3,241) $ 14,144 Income producing commercial real estate 33,284 (202) 26 (1,498) 31,610 30,967 (120) 75 (7,531) 23,391 Commercial & industrial 18,267 (373) 1,117 1,907 20,918 16,414 (320) 411 (262) 16,243 Commercial construction 16,062 — (10) 1,902 17,954 9,180 — 123 (1,131) 8,172 Equipment financing 18,409 (1,987) 866 3,277 20,565 18,100 (1,165) 653 (288) 17,300 Residential mortgage 17,035 — 66 2,234 19,335 10,965 (127) 76 559 11,473 HELOC 7,487 (27) 129 884 8,473 6,357 (65) 167 (40) 6,419 Residential construction 2,086 — 109 109 2,304 1,918 — 37 (19) 1,936 Manufactured housing 6,614 (225) 5 958 7,352 — — — — — Consumer 907 (1,010) 292 746 935 423 (611) 222 508 542 ACL - loans 136,925 (3,824) 2,690 12,711 148,502 111,616 (2,851) 2,300 (11,445) 99,620 ACL - unfunded commitments 16,117 — — 2,681 18,798 10,844 — — 411 11,255 Total ACL $ 153,042 $ (3,824) $ 2,690 $ 15,392 $ 167,300 $ 122,460 $ (2,851) $ 2,300 $ (11,034) $ 110,875 Nine Months Ended September 30, 2022 2021 Beginning Balance Initial ACL - PCD loans (1) Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 14,282 $ 266 $ — $ 1,631 $ 2,877 $ 19,056 $ 20,673 $ (1,503) $ 932 $ (5,958) $ 14,144 Income producing commercial real estate 24,156 4,366 (202) 432 2,858 31,610 41,737 (174) 304 (18,476) 23,391 Commercial & industrial 16,592 2,337 (4,978) 3,095 3,872 20,918 22,019 (4,017) 6,855 (8,614) 16,243 Commercial construction 9,956 2,857 (41) 548 4,634 17,954 10,952 (224) 618 (3,174) 8,172 Equipment financing 16,290 — (4,644) 2,349 6,570 20,565 16,820 (4,411) 2,087 2,804 17,300 Residential mortgage 12,390 385 (53) 267 6,346 19,335 15,341 (342) 393 (3,919) 11,473 HELOC 6,568 60 (36) 565 1,316 8,473 8,417 (99) 386 (2,285) 6,419 Residential construction 1,847 1 — 208 248 2,304 764 (10) 140 1,042 1,936 Manufactured housing — 2,438 (533) 14 5,433 7,352 — — — — — Consumer 451 27 (2,544) 879 2,122 935 287 (1,435) 710 980 542 ACL - loans 102,532 12,737 (13,031) 9,988 36,276 148,502 137,010 (12,215) 12,425 (37,600) 99,620 ACL - unfunded commitments 10,992 — — — 7,806 18,798 10,558 — — 697 11,255 Total ACL $ 113,524 $ 12,737 $ (13,031) $ 9,988 $ 44,082 $ 167,300 $ 147,568 $ (12,215) $ 12,425 $ (36,903) $ 110,875 (1) Represents the initial ACL related to PCD loans acquired in the Reliant transaction. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
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, which are included in other assets and other liabilities on the consolidated balance sheet, as of the dates indicated (in thousands) : September 30, 2022 December 31, 2021 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 $ 16,311 $ — $ 100,000 $ 6,389 $ — Cash flow hedge of trust preferred securities 20,000 — — 20,000 — — Fair value hedge of brokered time deposits — — — 10,000 — — Total 120,000 16,311 — 130,000 6,389 — Derivatives not designated as hedging instruments: Customer derivative positions 1,090,067 16 92,444 1,206,145 28,656 10,663 Dealer offsets to customer derivative positions 1,090,067 24,005 — 1,230,885 974 9,232 Risk participations 79,827 4 1 69,385 16 7 Mortgage banking - loan commitment 33,265 290 155 110,897 3,450 — Mortgage banking - forward sales commitment 88,000 1,994 30 201,419 67 202 Bifurcated embedded derivatives 51,935 11,724 — 51,935 2,928 — Dealer offsets to bifurcated embedded derivatives 51,935 — 13,505 51,935 — 5,041 Total 2,485,096 38,033 106,135 2,922,601 36,091 25,145 Total derivatives $ 2,605,096 $ 54,344 $ 106,135 $ 3,052,601 $ 42,480 $ 25,145 Total gross derivative instruments $ 54,344 $ 106,135 $ 42,480 $ 25,145 Less: Amounts subject to master netting agreements (230) (230) (694) (694) Less: Cash collateral received/pledged (39,811) (13,155) (6,620) (14,148) Net amount $ 14,303 $ 92,750 $ 35,166 $ 10,303 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 September 30, 2022 and December 31, 2021, 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 $2.34 million of gains 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 December 31, 2021, United had an interest rate swap that was designated as a fair value hedge of fixed-rate brokered time deposits. During the first quarter of 2022, the hedged brokered deposit and the associated swap matured. The swap involved the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements. The table below presents the effect of derivatives in hedging relationships, all of which are interest rate contracts, on the consolidated statement of income for the periods indicated (in thousands) . Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total interest expense presented in the consolidated statements of income $ (14,113) $ (6,636) $ (29,855) $ (23,547) Effect of hedging relationships on interest expense: Net income recognized on fair value hedges — 43 28 167 Net expense recognized on cash flow hedges (1) (48) (153) (295) (444) (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $119,000 for both the three months ended September 30, 2022 and 2021, and $353,000 for both the nine months ended September 30, 2022 and 2021. 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 Nine Months Ended 2022 2021 2022 2021 Customer derivatives and dealer offsets Other noninterest income $ 471 $ 599 $ 1,685 $ 2,551 Bifurcated embedded derivatives and dealer offsets Other noninterest income (108) — 90 417 Mortgage banking derivatives Mortgage loan revenue 1,047 (1,407) 8,297 (1,065) Risk participations Other noninterest income (1) — 93 — $ 1,409 $ (808) $ 10,165 $ 1,903 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands). September 30, 2022 December 31, 2021 Core deposit intangible $ 46,900 $ 38,192 Less: accumulated amortization (24,690) (25,870) Net core deposit intangible 22,210 12,322 Customer relationship intangible 8,400 8,400 Less: accumulated amortization (916) (322) Net customer relationship intangible 7,484 8,078 Total intangibles subject to amortization, net (1) 29,694 20,400 Goodwill 751,174 452,007 Total goodwill and other intangible assets, net $ 780,868 $ 472,407 (1) As intangible assets become fully amortized, they are excluded from balances presented. During the first quarter of 2022, as a result of the Reliant acquisition, United recorded a core deposit intangible of $14.5 million. See Note 4 for further detail. The following is a summary of changes in the carrying amounts of goodwill (in thousands) : Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance, beginning of period (1) $ 751,174 $ 367,809 $ 452,007 $ 367,809 Acquisitions — 14,163 299,167 14,163 Balance, end of period (1) $ 751,174 $ 381,972 $ 751,174 $ 381,972 (1) Goodwill balances are shown net of accumulated impairment losses of $306 million incurred prior to 2021. The estimated aggregate amortization expense for future periods for finite lived intangibles is as follows (in thousands) : Remainder of 2022 $ 1,620 2023 5,903 2024 5,018 2025 4,051 2026 3,303 Thereafter 9,799 Total $ 29,694 |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (in thousands) : September 30, December 31, 2021 Issue Stated Earliest Interest Rate 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 2025, 3-month LIBOR plus 3.71% thereafter 2030 senior debentures 100,000 100,000 2020 2030 2025 5.00% through June 2025, 3-month SOFR plus 4.87% thereafter Total senior debentures 135,000 135,000 2028 subordinated debentures 100,000 100,000 2018 2028 2023 4.500% through January 2023, 3-month LIBOR plus 2.12% thereafter 2029 subordinated debentures 60,000 — 2019 2029 2024 5.125% until December 2024, 3-month SOFR plus 3.765% thereafter Total subordinated debentures 160,000 100,000 Tidelands Statutory Trust I 8,248 8,248 2006 2036 * 3-month LIBOR plus 1.38% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 * 3-month LIBOR plus 1.35% Community First Capital Trust I 3,093 — 2002 2032 * Prime plus 0.50% Community First Capital Trust II 5,155 — 2005 2035 * 3-month LIBOR plus 1.50% Community First Capital Trust III 5,464 — 2007 2037 * 3-month LIBOR plus 3.00% Total trust preferred securities 34,332 20,620 Less net discount (4,817) (8,260) Total long-term debt $ 324,515 $ 247,360 * Indicates currently redeemable. Interest is currently paid at least semiannually for all senior and subordinated debentures and trust preferred securities. All debt instruments reported above are obligations of the Holding Company. During the first quarter of 2022, United assumed subordinated debentures and trust preferred securities with an acquisition date fair value of $76.7 million as part of the Reliant acquisition. See Note 4 for further detail. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
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 or models which incorporate unobservable inputs. 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. In connection with the Reliant acquisition, United acquired certain mortgage loans held for sale for which the fair value option was not elected; these loans are carried at the lower of aggregate cost or fair value. 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) . September 30, 2022 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 178,473 $ — $ — $ 178,473 U.S. Government agencies & GSEs — 256,026 — 256,026 State and political subdivisions — 315,502 — 315,502 Residential MBS — 1,856,890 — 1,856,890 Commercial MBS — 703,603 — 703,603 Corporate bonds — 223,684 2,226 225,910 Asset-backed securities — 326,482 — 326,482 Equity securities with readily available fair values 12,934 1,068 — 14,002 Mortgage loans held for sale — 19,888 — 19,888 Deferred compensation plan assets 10,904 — — 10,904 Servicing rights for SBA/USDA loans — — 6,078 6,078 Residential mortgage servicing rights — — 37,154 37,154 Derivative financial instruments — 42,326 12,018 54,344 Total assets $ 202,311 $ 3,745,469 $ 57,476 $ 4,005,256 Liabilities: Deferred compensation plan liability $ 10,929 $ — $ — $ 10,929 Derivative financial instruments — 92,474 13,661 106,135 Total liabilities $ 10,929 $ 92,474 $ 13,661 $ 117,064 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 217,520 $ — $ — $ 217,520 U.S. Government agencies & GSEs — 187,032 — 187,032 State and political subdivisions — 275,844 — 275,844 Residential MBS — 2,145,134 — 2,145,134 Commercial MBS — 873,851 — 873,851 Corporate bonds — 190,771 2,395 193,166 Asset-backed securities — 604,277 — 604,277 Equity securities with readily available fair values — 1,302 — 1,302 Mortgage loans held for sale — 44,109 — 44,109 Deferred compensation plan assets 11,769 — — 11,769 Servicing rights for SBA/USDA loans — — 6,513 6,513 Residential mortgage servicing rights — — 25,161 25,161 Derivative financial instruments — 35,722 6,758 42,480 Total assets $ 229,289 $ 4,358,042 $ 40,827 $ 4,628,158 Liabilities: Deferred compensation plan liability $ 11,795 $ — $ — $ 11,795 Derivative financial instruments — 20,097 5,048 25,145 Total liabilities $ 11,795 $ 20,097 $ 5,048 $ 36,940 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) . 2022 2021 Derivative Assets Derivative Liabilities SBA/USDA loan servicing rights Residential mortgage servicing rights Corporate Bonds Derivative Derivative SBA/USDA loan servicing rights Residential mortgage servicing rights Corporate Bonds Three Months Ended September 30, Beginning balance $ 10,199 $ 10,795 $ 6,167 $ 35,131 $ 2,287 $ 6,889 $ 3,944 $ 6,115 $ 21,568 $ 1,707 Additions — — 411 704 — 86 — 354 2,813 500 Sales and settlements — — (220) (602) — — — (357) (875) — Fair value adjustments included in OCI — — — — (61) — — — — 165 Fair value adjustments included in earnings 1,819 2,866 (280) 1,921 — 42 505 49 (444) — Ending balance $ 12,018 $ 13,661 $ 6,078 $ 37,154 $ 2,226 $ 7,017 $ 4,449 $ 6,161 $ 23,062 $ 2,372 Nine Months Ended September 30, Beginning balance $ 6,758 $ 5,048 $ 6,513 $ 25,161 $ 2,395 $ 10,779 $ 2,408 $ 6,462 $ 16,216 $ 1,750 Additions — 99 1,799 4,594 — 261 97 1,193 9,806 500 Transfers from Level 3 (290) — — — — — — — — — Sales and settlements — (1) (857) (1,916) — — — (1,001) (3,430) — Fair value adjustments included in OCI — — — — (169) — — — — 122 Fair value adjustments included in earnings 5,550 8,515 (1,377) 9,315 — (4,023) 1,944 (493) 470 — Ending balance $ 12,018 $ 13,661 $ 6,078 $ 37,154 $ 2,226 $ 7,017 $ 4,449 $ 6,161 $ 23,062 $ 2,372 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 September 30, 2022 December 31, 2021 Range Weighted Average Range Weighted Average SBA/USDA loan servicing rights Discounted cash flow Discount rate 5.8% - 25.0% 13.5 % 0.0% - 45.4% 10.3 % Prepayment rate 0.0 - 35.1 16.8 3.2 - 31.3 16.3 Residential mortgage servicing rights Discounted cash flow Discount rate 9.5 - 11.5 9.5 9.5 - 10.5 9.5 Prepayment rate 7.0 - 32.3 7.4 7.0 - 77.6 12.6 Corporate bonds Discounted cash flow Discount rate 5.9 - 6.1 6.0 3.6 - 3.8 3.6 Derivative assets - customer derivative positions Internal model Estimated loss rate N/A N/A 33.4 - 44.0 36.0 Derivative assets - mortgage Internal model Pull through rate 45.0 - 100 90.7 45.9 - 100 87.2 Derivative assets and liabilities - other Dealer priced Dealer priced N/A N/A N/A N/A Fair Value Option United generally 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. In connection with the Reliant acquisition, United acquired mortgage loans held for sale accounted for under the lower of cost or fair value method. These loans are separately disclosed under the heading “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within this footnote. The following tables present the fair value and outstanding principal balance of loans accounted for under the fair value option, as well as the gain or loss recognized from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale September 30, 2022 December 31, 2021 Outstanding principal balance $ 20,180 $ 42,581 Fair value 19,888 44,109 Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale Location Three Months Ended Nine Months Ended 2022 2021 2022 2021 Mortgage loan gains and other related fees $ (809) $ (1,609) $ (1,820) $ (3,330) 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 September 30, 2022 and December 31, 2021, 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 September 30, 2022 Loans held for investment $ — $ — $ 1,820 $ 1,820 Mortgage loans held for sale — — 2,079 2,079 December 31, 2021 Loans held for investment $ — $ — $ 2,536 $ 2,536 Mortgage loans held for sale that were acquired from Reliant were subject to a nonrecurring fair value adjustment resulting from the application of the lower of the amortized cost or fair value accounting. As of September 30, 2022, these loans were classified as nonrecurring Level 3 because the valuation of these loans was based on indicative bids provided by a broker, not corroborated by market transactions. Loans held for investment 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 September 30, 2022 Assets: HTM debt securities $ 2,676,405 $ 17,253 $ 2,223,907 $ — $ 2,241,160 Loans and leases, net 14,733,982 — — 14,250,071 14,250,071 Liabilities: Deposits 20,321,142 — 20,315,750 — 20,315,750 Long-term debt 324,515 — — 313,944 313,944 December 31, 2021 Assets: HTM debt securities $ 1,156,098 $ — $ 1,148,804 $ — $ 1,148,804 Loans and leases, net 11,657,814 — — 11,607,821 11,607,821 Liabilities: Deposits 18,241,179 — 18,239,934 — 18,239,934 Long-term debt 247,360 — — 267,064 267,064 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
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 options and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan document). As of September 30, 2022, 2.80 million additional awards could be granted under the plan. The table below presents restricted stock unit and option activity for the nine months ended September 30, 2022. Restricted Stock Unit Awards Options Shares Weighted- Aggregate Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2021 808,474 $ 25.15 35,460 $ 8.38 Granted 335,866 32.81 48,239 20.88 Released / Exercised (289,860) 25.11 $ 10,252 (16,257) 20.77 $ 252 Cancelled (29,925) 26.06 — — Outstanding at September 30, 2022 824,555 28.25 27,293 67,442 14.33 3.0 1,266 Vested / Exercisable at September 30, 2022 — — 67,442 14.33 3.0 1,266 Options granted in 2022 reflect options assumed in the Reliant acquisition, with the weighted average exercise price of Reliant’s fully vested converted options determined pursuant to the purchase agreement. The value of the Reliant options was determined using a Black-Scholes model and was included in the purchase price for the acquisition. No compensation expense relating to options was included in earnings for the nine months ended September 30, 2022 and 2021. 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 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 nine months ended September 30, 2022 and 2021, expense of $6.24 million and $4.42 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 nine months ended September 30, 2022 and 2021, $412,000 and $397,000, 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 | 9 Months Ended |
Sep. 30, 2022 | |
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 Nine Months Ended Affected Line Item in the Statement Where Net Income is Presented 2022 2021 2022 2021 Realized gains (losses) on AFS securities: $ — $ — $ (3,688) $ 41 Securities gains (losses), net — — 979 (14) Income tax (expense) benefit $ — $ — $ (2,709) $ 27 Net of tax Amortization of unrealized losses on HTM securities transferred from AFS: $ (4,473) $ — $ (6,242) $ — Investment securities interest revenue 1,073 — 1,495 — Income tax benefit $ (3,400) $ — $ (4,747) $ — Net of tax Losses on derivative instruments accounted for as cash flow hedges: Interest rate contracts $ (48) $ (153) $ (295) $ (444) Long-term debt interest expense 12 39 75 113 Income tax benefit $ (36) $ (114) $ (220) $ (331) Net of tax Amortization of defined benefit pension plan net periodic pension cost components: Prior service cost $ (91) $ (117) $ (276) $ (351) Salaries and employee benefits expense Actuarial losses (78) (143) (234) (431) Other expense (169) (260) (510) (782) Total before tax 43 66 130 200 Income tax benefit $ (126) $ (194) $ (380) $ (582) Net of tax Total reclassifications for the period $ (3,562) $ (308) $ (8,056) $ (886) Net of tax |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
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 Nine Months Ended 2022 2021 2022 2021 Net income $ 81,161 $ 73,816 $ 196,022 $ 217,782 Dividends on preferred stock (1,719) (1,719) (5,157) (5,157) Earnings allocated to participating securities (407) (448) (1,007) (1,342) Net income available to common shareholders $ 79,035 $ 71,649 $ 189,858 $ 211,283 Weighted average shares outstanding: Basic 106,687 87,211 106,616 87,274 Effect of dilutive securities: Stock options 38 — 40 — Restricted stock units 75 144 76 139 Diluted 106,800 87,355 106,732 87,413 Net income per common share: Basic $ 0.74 $ 0.82 $ 1.78 $ 2.42 Diluted $ 0.74 $ 0.82 $ 1.78 $ 2.42 At September 30, 2022 and 2021, United had no potentially dilutive instruments outstanding that were not included in the above analysis. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Matters | Regulatory Matters As of September 30, 2022, United and the Bank were categorized as well-capitalized under the regulatory requirements in effect at that time. To be categorized as well-capitalized, United and the Bank must have exceeded the well-capitalized guideline ratios in effect at the 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 September 30, 2022, and there have been no conditions or events since quarter-end that would change the status of well-capitalized. Regulatory capital ratios at September 30, 2022 and December 31, 2021, along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under regulatory requirements 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- September 30, December 31, September 30, December 31, Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.13 % 12.46 % 12.94 % 12.87 % Tier 1 capital 6.0 8.0 12.68 13.17 12.94 12.87 Total capital 8.0 10.0 14.62 14.65 13.75 13.46 Leverage ratio 4.0 5.0 9.41 8.75 9.58 8.53 CET1 capital $ 2,101,819 $ 1,688,176 $ 2,234,151 $ 1,738,557 Tier 1 capital 2,198,241 1,784,598 2,234,151 1,738,557 Total capital 2,534,810 1,984,376 2,374,603 1,818,335 Risk-weighted assets 17,332,391 13,548,534 17,269,896 13,512,405 Average total assets for the leverage ratio 23,359,608 20,402,842 23,308,849 20,377,319 (1) As of September 30, 2022 and December 31, 2021 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
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) . September 30, 2022 December 31, 2021 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 4,592,092 $ 3,591,975 Letters of credit 53,526 29,312 United holds minor investments in certain entities for tax credit and Community Reinvestment Act purposes. As of September 30, 2022 and December 31, 2021, the Bank had a recorded investment of $79.8 million and $52.7 million, respectively, in such investments, which is included in other assets on the consolidated balance sheet. As of September 30, 2022, United had committed to fund an additional $6.96 million related to future capital calls that are not reflected in the consolidated balance sheet. As of September 30, 2022, the Holding Company also had $18.1 million in commitments for future capital calls to fintech fund limited partnerships that have not been reflected in the consolidated balance sheet. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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 2021 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 2021 10-K. |
Recently Adopted Standards and Recently Issued Standards | Recently Adopted Standards In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments . The update amends the lease classification requirements for lessors to align them with practice under the former lease accounting standard. Specifically, lessors should classify a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if certain criteria are met. United adopted this update as of January 1, 2022, with no material impact on the consolidated financial statements. Recently Issued Standards In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method . The update expands the current last-of-layer method to a portfolio layer method which allows multiple hedged layers of a single closed portfolio and non-prepayable financial assets. In addition, the update specifies that eligible hedging instruments may include spot-starting or forward-starting swaps and that the number of hedged layers corresponds with the number of hedges designated. Finally, the update provides additional guidance on the accounting for and disclosure of hedge basis adjustments. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022. United does not expect the new guidance to have a material impact on the consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The update eliminates the previous accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. The update also requires that an entity disclose current-period gross charge-offs by year of origination. For public entities, this guidance is effective for fiscal years beginning after December 15, 2022. United does not expect the new guidance to have a material impact on the consolidated financial statements. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental schedule of noncash investing and financing activities | The supplemental schedule of significant non-cash investing and financing activities for the nine months ended September 30, 2022 and 2021 is as follows (in thousands) . Nine Months Ended September 30, 2022 2021 Significant non-cash investing and financing transactions: Transfers of loans to repossessed and foreclosed properties $ 2,566 $ 1,712 Unsettled securities purchases — 3,977 Transfers of AFS securities to HTM securities 1,288,982 — Right-of-use assets obtained in exchange for lease liabilities 9,035 1,543 Acquisitions: Assets acquired 3,254,173 22,823 Liabilities assumed 2,657,173 1,103 Net assets acquired 597,000 21,720 Common stock issued and options converted 596,376 4,401 Accrued purchase price and contingent consideration — 7,700 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of purchased assets and assumed liabilities | The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . Reliant Fair Value Recorded by United (1) January 1, 2022 Assets Cash and cash equivalents $ 62,867 Debt securities 249,107 Loans held for sale 116,406 Loans held for investment 2,320,737 Premises and equipment 35,631 Bank-owned life insurance 78,170 Accrued interest receivable 12,027 Net deferred tax asset 5,793 Core deposit intangible 14,500 Other assets 59,768 Total assets acquired $ 2,955,006 Liabilities Deposits $ 2,504,823 Short-term borrowings 27,000 Long-term debt 76,730 Other liabilities 48,620 Total liabilities assumed 2,657,173 Total identifiable net assets 297,833 Consideration transferred Cash 624 Common stock issued (16,571,545 shares) 595,581 Options converted 795 Total fair value of consideration transferred 597,000 Goodwill $ 299,167 (1) Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. |
Schedule of additional information related to acquired loan portfolio | The following table presents additional information related to the acquired Reliant loan portfolio at the acquisition date (in thousands) . January 1, 2022 PCD loans: Par value $ 258,462 ACL at acquisition (12,737) Non-credit discount (3,294) Purchase price $ 242,431 Non-PCD loans: Fair value $ 2,078,306 Gross contractual amounts receivable 2,355,205 Estimate of contractual cash flows not expected to be collected 25,990 |
Schedule of actual results and pro forma information | The actual results and pro forma information were as follows (in thousands) : Three Months Ended Nine Months Ended Revenue Net Income Revenue Net Income 2022 Actual Reliant results included in statement of income since acquisition date $ 29,618 $ 16,516 $ 72,685 $ 32,931 Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 216,171 81,681 618,636 219,010 2021 Actual FinTrust results included in statement of income since acquisition date $ 2,017 $ (49) $ 2,017 $ (49) Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 and FinTrust had been acquired January 1, 2020 $ 232,667 $ 86,576 $ 672,405 $ 233,053 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 U.S. Treasuries $ 19,826 $ — $ 2,573 $ 17,253 U.S. Government agencies & GSEs 99,620 — 18,275 81,345 State and political subdivisions 301,520 45 70,180 231,385 Residential MBS, Agency & GSEs 1,519,094 14 227,307 1,291,801 Commercial MBS, Agency & GSEs 721,345 — 114,360 606,985 Supranational entities 15,000 — 2,609 12,391 Total $ 2,676,405 $ 59 $ 435,304 $ 2,241,160 As of December 31, 2021 U.S. Treasuries $ 19,803 $ 20 $ — $ 19,823 U.S. Government agencies & GSEs 70,180 — 1,121 69,059 State and political subdivisions 257,688 4,341 4,080 257,949 Residential MBS, Agency & GSEs 381,641 2,021 3,687 379,975 Commercial MBS, Agency & GSEs 411,786 4,106 8,915 406,977 Supranational entities $ 15,000 $ 21 $ — $ 15,021 Total $ 1,156,098 $ 10,509 $ 17,803 $ 1,148,804 |
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 September 30, 2022 U.S. Treasuries $ 194,301 $ — $ 15,828 $ 178,473 U.S. Government agencies & GSEs 272,492 655 17,121 256,026 State and political subdivisions 348,099 — 32,597 315,502 Residential MBS, Agency & GSEs 1,658,924 6 161,282 1,497,648 Residential MBS, Non-agency 382,185 — 22,943 359,242 Commercial MBS, Agency & GSEs 747,238 584 74,751 673,071 Commercial MBS, Non-agency 31,676 — 1,144 30,532 Corporate bonds 252,486 59 26,635 225,910 Asset-backed securities 333,665 10 7,193 326,482 Total $ 4,221,066 $ 1,314 $ 359,494 $ 3,862,886 As of December 31, 2021 U.S. Treasuries $ 218,027 $ 1,661 $ 2,168 $ 217,520 U.S. Government agencies & GSEs 189,855 605 3,428 187,032 State and political subdivisions 263,269 15,237 2,662 275,844 Residential MBS, Agency & GSEs 2,079,700 9,785 28,521 2,060,964 Residential MBS, Non-agency 81,925 2,249 4 84,170 Commercial MBS, Agency & GSEs 870,563 2,974 16,156 857,381 Commercial MBS, Non-agency 15,202 1,268 — 16,470 Corporate bonds 194,164 814 1,812 193,166 Asset-backed securities 603,824 2,000 1,547 604,277 Total $ 4,516,529 $ 36,593 $ 56,298 $ 4,496,824 |
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 September 30, 2022 U.S. Treasuries $ 17,253 $ 2,573 $ — $ — $ 17,253 $ 2,573 U.S. Government agencies & GSEs 37,829 8,757 43,516 9,518 81,345 18,275 State and political subdivisions 127,575 32,375 96,164 37,805 223,739 70,180 Residential MBS, Agency & GSEs 650,062 105,555 640,314 121,752 1,290,376 227,307 Commercial MBS, Agency & GSEs 297,445 43,092 309,539 71,268 606,984 114,360 Supranational entities 12,391 2,609 — — 12,391 2,609 Total unrealized loss position $ 1,142,555 $ 194,961 $ 1,089,533 $ 240,343 $ 2,232,088 $ 435,304 As of December 31, 2021 U.S. Government agencies & GSEs $ 64,658 $ 888 $ 4,401 $ 233 $ 69,059 $ 1,121 State and political subdivisions 131,128 3,590 9,006 490 140,134 4,080 Residential MBS, Agency & GSEs 289,132 3,687 — — 289,132 3,687 Commercial MBS, Agency & GSEs 314,049 8,540 10,384 375 324,433 8,915 Total unrealized loss position $ 798,967 $ 16,705 $ 23,791 $ 1,098 $ 822,758 $ 17,803 |
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 September 30, 2022 U.S. Treasuries $ 92,422 $ 2,882 $ 86,051 $ 12,946 $ 178,473 $ 15,828 U.S. Government agencies & GSEs 117,567 4,819 60,251 12,302 177,818 17,121 State and political subdivisions 257,976 17,220 55,291 15,377 313,267 32,597 Residential MBS, Agency & GSEs 1,213,430 119,863 282,679 41,419 1,496,109 161,282 Residential MBS, Non-agency 359,242 22,943 — — 359,242 22,943 Commercial MBS, Agency & GSEs 367,162 19,548 278,170 55,203 645,332 74,751 Commercial MBS, Non-agency 30,532 1,144 — — 30,532 1,144 Corporate bonds 170,581 18,944 52,727 7,691 223,308 26,635 Asset-backed securities 187,039 2,640 108,353 4,553 295,392 7,193 Total unrealized loss position $ 2,795,951 $ 210,003 $ 923,522 $ 149,491 $ 3,719,473 $ 359,494 As of December 31, 2021 U.S. Treasuries $ 111,606 $ 2,168 $ — $ — $ 111,606 $ 2,168 U.S. Government agencies & GSEs 132,893 2,591 20,093 837 152,986 3,428 State and political subdivisions 69,302 2,581 3,148 81 72,450 2,662 Residential MBS, Agency & GSEs 1,534,744 25,799 74,481 2,722 1,609,225 28,521 Residential MBS, Non-agency 12,608 4 — — 12,608 4 Commercial MBS, Agency & GSEs 582,235 13,098 66,014 3,058 648,249 16,156 Corporate bonds 149,246 1,811 16 1 149,262 1,812 Asset-backed securities 195,164 1,546 571 1 195,735 1,547 Total unrealized loss position $ 2,787,798 $ 49,598 $ 164,323 $ 6,700 $ 2,952,121 $ 56,298 |
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 September 30, 2022 December 31, 2021 HTM $ 6,135 $ 3,596 AFS 13,232 9,868 |
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 September 30, 2022, 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 $ 80,116 $ 79,266 $ — $ — U.S. Government agencies & GSEs 174 172 — — State and political subdivisions 15,002 14,990 5,200 5,201 Corporate bonds 2,732 2,680 — — 98,024 97,108 5,200 5,201 1 to 5 years: U.S. Treasuries 99,248 86,295 — — U.S. Government agencies & GSEs 38,672 34,652 — — State and political subdivisions 46,320 44,682 14,207 14,067 Corporate bonds 164,771 149,932 — — 349,011 315,561 14,207 14,067 5 to 10 years: U.S. Treasuries 14,937 12,912 19,826 17,253 U.S. Government agencies & GSEs 77,779 69,039 53,505 45,109 State and political subdivisions 123,790 110,478 31,603 26,712 Corporate bonds 84,190 72,457 — — Supranational entities — — 15,000 12,391 300,696 264,886 119,934 101,465 More than 10 years: U.S. Government agencies & GSEs 155,867 152,163 46,115 36,236 State and political subdivisions 162,987 145,352 250,510 185,405 Corporate bonds 793 841 — — 319,647 298,356 296,625 221,641 Debt securities not due at a single maturity date: Asset-backed securities 333,665 326,482 — — Residential MBS 2,041,109 1,856,890 1,519,094 1,291,801 Commercial MBS 778,914 703,603 721,345 606,985 Total $ 4,221,066 $ 3,862,886 $ 2,676,405 $ 2,241,160 |
Schedule of AFS securities sales activity | The following table summarizes AFS securities sales activity for the three and nine months ended September 30, 2022 and 2021 (in thousands). Three Months Ended Nine Months Ended 2022 2021 2022 2021 Proceeds from sales $ — $ 24,901 $ 281,521 $ 103,012 Gross realized gains $ — $ — $ 1,009 $ 641 Gross realized losses — — (4,697) (600) Securities gains (losses), net $ — $ — $ (3,688) $ 41 Income tax expense (benefit) attributable to sales $ — $ — $ (979) $ 14 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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) . September 30, 2022 December 31, 2021 Owner occupied commercial real estate $ 2,700,345 $ 2,321,685 Income producing commercial real estate 3,298,847 2,600,858 Commercial & industrial (1) 2,237,591 1,910,162 Commercial construction 1,514,145 1,014,830 Equipment financing 1,280,856 1,083,021 Total commercial 11,031,784 8,930,556 Residential mortgage 2,149,490 1,637,885 HELOC 832,140 694,034 Residential construction 422,737 359,815 Manufactured housing 300,874 — Consumer 145,459 138,056 Total loans 14,882,484 11,760,346 Less allowance for credit losses - loans (148,502) (102,532) Loans, net $ 14,733,982 $ 11,657,814 (1) Commercial and industrial loans as of September 30, 2022 and December 31, 2021 included $2.44 million and $88.3 million of PPP loans, respectively. |
Schedule of loans held for investment sold | The following table presents the amortized cost of loans held for investment that were sold in the periods indicated (in thousands). The gains on these loan sales were included in noninterest income on the consolidated statements of income. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Guaranteed portion of SBA/USDA loans $ 20,405 $ 13,484 $ 87,867 $ 57,132 Equipment financing receivables 21,557 19,273 65,534 39,240 Total $ 41,962 $ 32,757 $ 153,401 $ 96,372 |
Schedule of components of net investment in leases | At September 30, 2022 and December 31, 2021, equipment financing receivables included leases of $44.0 million and $37.7 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . September 30, 2022 December 31, 2021 Minimum future lease payments receivable $ 47,177 $ 39,962 Estimated residual value of leased equipment 3,046 3,216 Initial direct costs 744 669 Security deposits (472) (687) Unearned income (6,482) (5,432) Net investment in leases $ 44,013 $ 37,728 |
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 September 30, 2022 were as follows (in thousands) : Year Remainder of 2022 $ 4,521 2023 16,041 2024 11,714 2025 8,237 2026 4,891 Thereafter 1,773 Total $ 47,177 |
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. Accruing Current Loans Loans Past Due 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of September 30, 2022 Owner occupied commercial real estate $ 2,696,495 $ 2,597 $ 376 $ — $ 877 $ 2,700,345 Income producing commercial real estate 3,292,966 3,170 48 — 2,663 3,298,847 Commercial & industrial 2,224,863 1,383 213 24 11,108 2,237,591 Commercial construction 1,513,544 451 — — 150 1,514,145 Equipment financing 1,274,342 1,918 1,398 — 3,198 1,280,856 Total commercial 11,002,210 9,519 2,035 24 17,996 11,031,784 Residential mortgage 2,136,977 1,703 386 — 10,424 2,149,490 HELOC 829,400 1,393 196 — 1,151 832,140 Residential construction 422,274 92 267 — 104 422,737 Manufactured housing 292,394 3,589 704 — 4,187 300,874 Consumer 145,166 223 49 4 17 145,459 Total loans $ 14,828,421 $ 16,519 $ 3,637 $ 28 $ 33,879 $ 14,882,484 As of December 31, 2021 Owner occupied commercial real estate $ 2,318,944 $ 27 $ — $ — $ 2,714 $ 2,321,685 Income producing commercial real estate 2,593,124 146 — — 7,588 2,600,858 Commercial & industrial 1,903,730 584 419 — 5,429 1,910,162 Commercial construction 1,014,211 — 276 — 343 1,014,830 Equipment financing 1,079,180 1,415 685 — 1,741 1,083,021 Total commercial 8,909,189 2,172 1,380 — 17,815 8,930,556 Residential mortgage 1,622,754 1,583 235 — 13,313 1,637,885 HELOC 691,814 920 88 — 1,212 694,034 Residential construction 358,741 654 — — 420 359,815 Consumer 137,564 421 19 — 52 138,056 Total loans $ 11,720,062 $ 5,750 $ 1,722 $ — $ 32,812 $ 11,760,346 |
Schedule of nonaccrual loans by loan class | The following table presents nonaccrual loans held for investment by loan class for the periods indicated (in thousands) . Nonaccrual Loans September 30, 2022 December 31, 2021 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 537 $ 340 $ 877 $ 2,141 $ 573 $ 2,714 Income producing commercial real estate 2,263 400 2,663 6,873 715 7,588 Commercial & industrial 10,061 1,047 11,108 3,715 1,714 5,429 Commercial construction 47 103 150 — 343 343 Equipment financing 449 2,749 3,198 — 1,741 1,741 Total commercial 13,357 4,639 17,996 12,729 5,086 17,815 Residential mortgage 2,239 8,185 10,424 3,126 10,187 13,313 HELOC 300 851 1,151 219 993 1,212 Residential construction 67 37 104 280 140 420 Manufactured housing — 4,187 4,187 — — — Consumer 1 16 17 6 46 52 Total $ 15,964 $ 17,915 $ 33,879 $ 16,360 $ 16,452 $ 32,812 |
Schedule of amortized cost of loans by risk category by vintage year | The following tables present the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands) . Term Loans Revolvers Revolvers converted to term loans Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Pass Owner occupied commercial real estate $ 537,628 $ 690,355 $ 630,238 $ 217,689 $ 132,341 $ 297,665 $ 107,380 $ 5,948 $ 2,619,244 Income producing commercial real estate 659,896 810,374 770,008 301,271 178,480 302,937 43,144 9,127 3,075,237 Commercial & industrial 391,665 442,865 199,960 142,415 126,773 80,396 691,597 18,923 2,094,594 Commercial construction 497,066 478,007 284,335 113,523 13,002 21,633 72,161 1,343 1,481,070 Equipment financing 535,508 411,108 187,297 108,817 31,409 2,596 — — 1,276,735 Total commercial 2,621,763 2,832,709 2,071,838 883,715 482,005 705,227 914,282 35,341 10,546,880 Residential mortgage 640,179 762,959 339,633 94,368 58,005 237,641 8 3,120 2,135,913 HELOC — — — — — — 807,985 22,482 830,467 Residential construction 259,062 144,816 6,233 1,895 1,637 8,474 65 375 422,557 Manufactured housing 58,475 56,252 50,323 35,847 32,026 62,615 — — 295,538 Consumer 58,222 34,549 18,008 5,420 2,314 856 25,869 129 145,367 3,637,701 3,831,285 2,486,035 1,021,245 575,987 1,014,813 1,748,209 61,447 14,376,722 Special Mention Owner occupied commercial real estate 6,540 7,663 5,262 9,585 4,217 5,164 3,065 2,964 44,460 Income producing commercial real estate 46,138 10,285 45,578 20,106 21,798 13,318 1 — 157,224 Commercial & industrial 16,279 32,282 5,751 847 1,337 250 34,169 297 91,212 Commercial construction 530 35 62 13,319 4,917 29 — — 18,892 Equipment financing — — — — — — — — — Total commercial 69,487 50,265 56,653 43,857 32,269 18,761 37,235 3,261 311,788 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Manufactured housing — — — — — — — — — Consumer — — — — — — — — — 69,487 50,265 56,653 43,857 32,269 18,761 37,235 3,261 311,788 Substandard Owner occupied commercial real estate 6,801 529 4,016 8,654 1,210 14,184 210 1,037 36,641 Income producing commercial real estate 34,352 1,779 1,368 4,621 13,292 10,519 391 64 66,386 Commercial & industrial 5,194 9,958 2,247 5,696 10,935 1,273 16,035 447 51,785 Commercial construction 148 42 47 3 3,925 9,772 — 246 14,183 Equipment financing 646 1,044 1,141 696 576 18 — — 4,121 Total commercial 47,141 13,352 8,819 19,670 29,938 35,766 16,636 1,794 173,116 Residential mortgage 1,401 1,167 1,361 1,861 2,483 5,145 — 159 13,577 HELOC — — — — — — 24 1,649 1,673 Residential construction 2 — — 21 4 153 — — 180 Manufactured housing 424 672 739 690 953 1,858 — — 5,336 Consumer — 35 15 2 32 8 — — 92 48,968 15,226 10,934 22,244 33,410 42,930 16,660 3,602 193,974 Total $ 3,756,156 $ 3,896,776 $ 2,553,622 $ 1,087,346 $ 641,666 $ 1,076,504 $ 1,802,104 $ 68,310 $ 14,882,484 Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Pass Owner occupied commercial real estate $ 643,151 $ 674,124 $ 278,702 $ 153,233 $ 139,584 $ 267,460 $ 68,354 $ 17,150 $ 2,241,758 Income producing commercial real estate 668,322 678,487 333,911 221,218 165,563 219,459 41,157 11,830 2,339,947 Commercial & industrial 638,567 270,150 178,944 136,281 50,567 72,904 514,750 4,361 1,866,524 Commercial construction 378,695 303,154 149,740 40,625 22,983 13,206 12,628 1,673 922,704 Equipment financing 563,618 271,913 167,904 63,254 13,145 903 — — 1,080,737 Total commercial 2,892,353 2,197,828 1,109,201 614,611 391,842 573,932 636,889 35,014 8,451,670 Residential mortgage 781,007 370,092 108,091 64,346 71,552 221,131 9 3,915 1,620,143 HELOC — — — — — — 676,545 14,994 691,539 Residential construction 325,111 16,301 2,802 2,278 3,144 9,352 — 33 359,021 Consumer 57,530 29,218 10,757 5,137 1,439 1,355 32,312 111 137,859 4,056,001 2,613,439 1,230,851 686,372 467,977 805,770 1,345,755 54,067 11,260,232 Special Mention Owner occupied commercial real estate 7,772 2,979 16,639 4,374 6,007 2,641 248 286 40,946 Income producing commercial real estate 64,139 27,875 21,875 22,292 18,415 21,880 — — 176,476 Commercial & industrial 1,037 1,831 2,740 597 273 303 2,242 — 9,023 Commercial construction 14,283 16,237 13,149 22,479 11,766 52 — — 77,966 Equipment financing — — — — — — — — — Total commercial 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Substandard Owner occupied commercial real estate 11,987 1,049 4,216 3,712 5,829 11,088 — 1,100 38,981 Income producing commercial real estate 15,485 12,618 3,779 29,212 6,726 16,531 — 84 84,435 Commercial & industrial 2,741 1,615 5,284 12,685 1,232 5,863 4,326 869 34,615 Commercial construction 3,464 157 272 11 9,750 255 — 251 14,160 Equipment financing 428 590 676 503 84 3 — — 2,284 Total commercial 34,105 16,029 14,227 46,123 23,621 33,740 4,326 2,304 174,475 Residential mortgage 3,339 1,585 2,813 3,229 1,205 4,744 — 827 17,742 HELOC — — — — — — 329 2,166 2,495 Residential construction 407 — 30 51 — 306 — — 794 Consumer 37 16 22 26 22 50 3 21 197 37,888 17,630 17,092 49,429 24,848 38,840 4,658 5,318 195,703 Total $ 4,181,120 $ 2,679,991 $ 1,302,346 $ 785,543 $ 529,286 $ 869,486 $ 1,352,903 $ 59,671 $ 11,760,346 |
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 and nine months ended September 30, 2022 and 2021 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 TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Post-Modification Amortized Cost by Type of Modification Number of Contracts Rate Structure Other Total Number of Amortized Cost Three Months Ended September 30, 2022 Owner occupied commercial real estate — $ — $ — $ — $ — — $ — Income producing commercial real estate — — — — — — — Commercial & industrial 1 — 715 — 715 — — Commercial construction — — — — — — — Equipment financing 11 — 2,103 — 2,103 1 30 Total commercial 12 — 2,818 — 2,818 1 30 Residential mortgage 4 — 304 — 304 2 400 HELOC — — — — — — — Residential construction — — — — — — — Manufactured housing — — — — — — — Consumer — — — — — — — Total loans 16 $ — $ 3,122 $ — $ 3,122 3 $ 430 Nine Months Ended September 30, 2022 Owner occupied commercial real estate 1 $ — $ 112 $ — $ 112 — $ — Income producing commercial real estate — — — — — — — Commercial & industrial 2 — 1,118 — 1,118 — — Commercial construction — — — — — — — Equipment financing 38 — 6,952 — 6,952 10 438 Total commercial 41 — 8,182 — 8,182 10 438 Residential mortgage 8 — 877 — 877 3 456 HELOC 7 — 1,242 6 1,248 — — Residential construction — — — — — — — Manufactured housing — — — — — — — Consumer — — — — — — — Total loans 56 $ — $ 10,301 $ 6 $ 10,307 13 $ 894 Three Months Ended September 30, 2021 Owner occupied commercial real estate — $ — $ — $ — $ — — $ — Income producing commercial real estate — — — — — — — Commercial & industrial 3 — 166 — 166 — — Commercial construction — — — — — — — Equipment financing 11 — 399 — 399 3 96 Total commercial 14 — 565 — 565 3 96 Residential mortgage 6 — 649 — 649 1 180 HELOC — — — — — 1 43 Residential construction — — — — — — — Consumer — — — — — — — Total loans 20 $ — $ 1,214 $ — $ 1,214 5 $ 319 Nine Months Ended September 30, 2021 Owner occupied commercial real estate 1 $ — $ 543 $ — $ 543 — $ — Income producing commercial real estate 3 — — 1,697 1,697 — — Commercial & industrial 7 — 531 103 634 1 11 Commercial construction 1 — 309 — 309 — — Equipment financing 47 — 2,861 — 2,861 11 296 Total commercial 59 — 4,244 1,800 6,044 12 307 Residential mortgage 12 — 1,040 — 1,040 4 593 HELOC — — — — — 2 92 Residential construction — — — — — — — Consumer — — — — — — — Total loans 71 $ — $ 5,284 $ 1,800 $ 7,084 18 $ 992 |
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 September 30, 2022 2021 Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 16,774 $ — $ 90 $ 2,192 $ 19,056 $ 17,292 $ (443) $ 536 $ (3,241) $ 14,144 Income producing commercial real estate 33,284 (202) 26 (1,498) 31,610 30,967 (120) 75 (7,531) 23,391 Commercial & industrial 18,267 (373) 1,117 1,907 20,918 16,414 (320) 411 (262) 16,243 Commercial construction 16,062 — (10) 1,902 17,954 9,180 — 123 (1,131) 8,172 Equipment financing 18,409 (1,987) 866 3,277 20,565 18,100 (1,165) 653 (288) 17,300 Residential mortgage 17,035 — 66 2,234 19,335 10,965 (127) 76 559 11,473 HELOC 7,487 (27) 129 884 8,473 6,357 (65) 167 (40) 6,419 Residential construction 2,086 — 109 109 2,304 1,918 — 37 (19) 1,936 Manufactured housing 6,614 (225) 5 958 7,352 — — — — — Consumer 907 (1,010) 292 746 935 423 (611) 222 508 542 ACL - loans 136,925 (3,824) 2,690 12,711 148,502 111,616 (2,851) 2,300 (11,445) 99,620 ACL - unfunded commitments 16,117 — — 2,681 18,798 10,844 — — 411 11,255 Total ACL $ 153,042 $ (3,824) $ 2,690 $ 15,392 $ 167,300 $ 122,460 $ (2,851) $ 2,300 $ (11,034) $ 110,875 Nine Months Ended September 30, 2022 2021 Beginning Balance Initial ACL - PCD loans (1) Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 14,282 $ 266 $ — $ 1,631 $ 2,877 $ 19,056 $ 20,673 $ (1,503) $ 932 $ (5,958) $ 14,144 Income producing commercial real estate 24,156 4,366 (202) 432 2,858 31,610 41,737 (174) 304 (18,476) 23,391 Commercial & industrial 16,592 2,337 (4,978) 3,095 3,872 20,918 22,019 (4,017) 6,855 (8,614) 16,243 Commercial construction 9,956 2,857 (41) 548 4,634 17,954 10,952 (224) 618 (3,174) 8,172 Equipment financing 16,290 — (4,644) 2,349 6,570 20,565 16,820 (4,411) 2,087 2,804 17,300 Residential mortgage 12,390 385 (53) 267 6,346 19,335 15,341 (342) 393 (3,919) 11,473 HELOC 6,568 60 (36) 565 1,316 8,473 8,417 (99) 386 (2,285) 6,419 Residential construction 1,847 1 — 208 248 2,304 764 (10) 140 1,042 1,936 Manufactured housing — 2,438 (533) 14 5,433 7,352 — — — — — Consumer 451 27 (2,544) 879 2,122 935 287 (1,435) 710 980 542 ACL - loans 102,532 12,737 (13,031) 9,988 36,276 148,502 137,010 (12,215) 12,425 (37,600) 99,620 ACL - unfunded commitments 10,992 — — — 7,806 18,798 10,558 — — 697 11,255 Total ACL $ 113,524 $ 12,737 $ (13,031) $ 9,988 $ 44,082 $ 167,300 $ 147,568 $ (12,215) $ 12,425 $ (36,903) $ 110,875 (1) Represents the initial ACL related to PCD loans acquired in the Reliant transaction. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, which are included in other assets and other liabilities on the consolidated balance sheet, as of the dates indicated (in thousands) : September 30, 2022 December 31, 2021 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 $ 16,311 $ — $ 100,000 $ 6,389 $ — Cash flow hedge of trust preferred securities 20,000 — — 20,000 — — Fair value hedge of brokered time deposits — — — 10,000 — — Total 120,000 16,311 — 130,000 6,389 — Derivatives not designated as hedging instruments: Customer derivative positions 1,090,067 16 92,444 1,206,145 28,656 10,663 Dealer offsets to customer derivative positions 1,090,067 24,005 — 1,230,885 974 9,232 Risk participations 79,827 4 1 69,385 16 7 Mortgage banking - loan commitment 33,265 290 155 110,897 3,450 — Mortgage banking - forward sales commitment 88,000 1,994 30 201,419 67 202 Bifurcated embedded derivatives 51,935 11,724 — 51,935 2,928 — Dealer offsets to bifurcated embedded derivatives 51,935 — 13,505 51,935 — 5,041 Total 2,485,096 38,033 106,135 2,922,601 36,091 25,145 Total derivatives $ 2,605,096 $ 54,344 $ 106,135 $ 3,052,601 $ 42,480 $ 25,145 Total gross derivative instruments $ 54,344 $ 106,135 $ 42,480 $ 25,145 Less: Amounts subject to master netting agreements (230) (230) (694) (694) Less: Cash collateral received/pledged (39,811) (13,155) (6,620) (14,148) Net amount $ 14,303 $ 92,750 $ 35,166 $ 10,303 |
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) . Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total interest expense presented in the consolidated statements of income $ (14,113) $ (6,636) $ (29,855) $ (23,547) Effect of hedging relationships on interest expense: Net income recognized on fair value hedges — 43 28 167 Net expense recognized on cash flow hedges (1) (48) (153) (295) (444) (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $119,000 for both the three months ended September 30, 2022 and 2021, and $353,000 for both the nine months ended September 30, 2022 and 2021. |
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 Nine Months Ended 2022 2021 2022 2021 Customer derivatives and dealer offsets Other noninterest income $ 471 $ 599 $ 1,685 $ 2,551 Bifurcated embedded derivatives and dealer offsets Other noninterest income (108) — 90 417 Mortgage banking derivatives Mortgage loan revenue 1,047 (1,407) 8,297 (1,065) Risk participations Other noninterest income (1) — 93 — $ 1,409 $ (808) $ 10,165 $ 1,903 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of carrying amount of goodwill and other intangible assets | The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands). September 30, 2022 December 31, 2021 Core deposit intangible $ 46,900 $ 38,192 Less: accumulated amortization (24,690) (25,870) Net core deposit intangible 22,210 12,322 Customer relationship intangible 8,400 8,400 Less: accumulated amortization (916) (322) Net customer relationship intangible 7,484 8,078 Total intangibles subject to amortization, net (1) 29,694 20,400 Goodwill 751,174 452,007 Total goodwill and other intangible assets, net $ 780,868 $ 472,407 (1) As intangible assets become fully amortized, they are excluded from balances presented. |
Schedule of changes in the carrying amounts of goodwill | The following is a summary of changes in the carrying amounts of goodwill (in thousands) : Three Months Ended Nine Months Ended 2022 2021 2022 2021 Balance, beginning of period (1) $ 751,174 $ 367,809 $ 452,007 $ 367,809 Acquisitions — 14,163 299,167 14,163 Balance, end of period (1) $ 751,174 $ 381,972 $ 751,174 $ 381,972 |
Schedule of estimated aggregate amortization expense for future periods | The estimated aggregate amortization expense for future periods for finite lived intangibles is as follows (in thousands) : Remainder of 2022 $ 1,620 2023 5,903 2024 5,018 2025 4,051 2026 3,303 Thereafter 9,799 Total $ 29,694 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following (in thousands) : September 30, December 31, 2021 Issue Stated Earliest Interest Rate 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 2025, 3-month LIBOR plus 3.71% thereafter 2030 senior debentures 100,000 100,000 2020 2030 2025 5.00% through June 2025, 3-month SOFR plus 4.87% thereafter Total senior debentures 135,000 135,000 2028 subordinated debentures 100,000 100,000 2018 2028 2023 4.500% through January 2023, 3-month LIBOR plus 2.12% thereafter 2029 subordinated debentures 60,000 — 2019 2029 2024 5.125% until December 2024, 3-month SOFR plus 3.765% thereafter Total subordinated debentures 160,000 100,000 Tidelands Statutory Trust I 8,248 8,248 2006 2036 * 3-month LIBOR plus 1.38% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 * 3-month LIBOR plus 1.35% Community First Capital Trust I 3,093 — 2002 2032 * Prime plus 0.50% Community First Capital Trust II 5,155 — 2005 2035 * 3-month LIBOR plus 1.50% Community First Capital Trust III 5,464 — 2007 2037 * 3-month LIBOR plus 3.00% Total trust preferred securities 34,332 20,620 Less net discount (4,817) (8,260) Total long-term debt $ 324,515 $ 247,360 * Indicates currently redeemable. |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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) . September 30, 2022 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 178,473 $ — $ — $ 178,473 U.S. Government agencies & GSEs — 256,026 — 256,026 State and political subdivisions — 315,502 — 315,502 Residential MBS — 1,856,890 — 1,856,890 Commercial MBS — 703,603 — 703,603 Corporate bonds — 223,684 2,226 225,910 Asset-backed securities — 326,482 — 326,482 Equity securities with readily available fair values 12,934 1,068 — 14,002 Mortgage loans held for sale — 19,888 — 19,888 Deferred compensation plan assets 10,904 — — 10,904 Servicing rights for SBA/USDA loans — — 6,078 6,078 Residential mortgage servicing rights — — 37,154 37,154 Derivative financial instruments — 42,326 12,018 54,344 Total assets $ 202,311 $ 3,745,469 $ 57,476 $ 4,005,256 Liabilities: Deferred compensation plan liability $ 10,929 $ — $ — $ 10,929 Derivative financial instruments — 92,474 13,661 106,135 Total liabilities $ 10,929 $ 92,474 $ 13,661 $ 117,064 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 217,520 $ — $ — $ 217,520 U.S. Government agencies & GSEs — 187,032 — 187,032 State and political subdivisions — 275,844 — 275,844 Residential MBS — 2,145,134 — 2,145,134 Commercial MBS — 873,851 — 873,851 Corporate bonds — 190,771 2,395 193,166 Asset-backed securities — 604,277 — 604,277 Equity securities with readily available fair values — 1,302 — 1,302 Mortgage loans held for sale — 44,109 — 44,109 Deferred compensation plan assets 11,769 — — 11,769 Servicing rights for SBA/USDA loans — — 6,513 6,513 Residential mortgage servicing rights — — 25,161 25,161 Derivative financial instruments — 35,722 6,758 42,480 Total assets $ 229,289 $ 4,358,042 $ 40,827 $ 4,628,158 Liabilities: Deferred compensation plan liability $ 11,795 $ — $ — $ 11,795 Derivative financial instruments — 20,097 5,048 25,145 Total liabilities $ 11,795 $ 20,097 $ 5,048 $ 36,940 |
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) . 2022 2021 Derivative Assets Derivative Liabilities SBA/USDA loan servicing rights Residential mortgage servicing rights Corporate Bonds Derivative Derivative SBA/USDA loan servicing rights Residential mortgage servicing rights Corporate Bonds Three Months Ended September 30, Beginning balance $ 10,199 $ 10,795 $ 6,167 $ 35,131 $ 2,287 $ 6,889 $ 3,944 $ 6,115 $ 21,568 $ 1,707 Additions — — 411 704 — 86 — 354 2,813 500 Sales and settlements — — (220) (602) — — — (357) (875) — Fair value adjustments included in OCI — — — — (61) — — — — 165 Fair value adjustments included in earnings 1,819 2,866 (280) 1,921 — 42 505 49 (444) — Ending balance $ 12,018 $ 13,661 $ 6,078 $ 37,154 $ 2,226 $ 7,017 $ 4,449 $ 6,161 $ 23,062 $ 2,372 Nine Months Ended September 30, Beginning balance $ 6,758 $ 5,048 $ 6,513 $ 25,161 $ 2,395 $ 10,779 $ 2,408 $ 6,462 $ 16,216 $ 1,750 Additions — 99 1,799 4,594 — 261 97 1,193 9,806 500 Transfers from Level 3 (290) — — — — — — — — — Sales and settlements — (1) (857) (1,916) — — — (1,001) (3,430) — Fair value adjustments included in OCI — — — — (169) — — — — 122 Fair value adjustments included in earnings 5,550 8,515 (1,377) 9,315 — (4,023) 1,944 (493) 470 — Ending balance $ 12,018 $ 13,661 $ 6,078 $ 37,154 $ 2,226 $ 7,017 $ 4,449 $ 6,161 $ 23,062 $ 2,372 |
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) . 2022 2021 Derivative Assets Derivative Liabilities SBA/USDA loan servicing rights Residential mortgage servicing rights Corporate Bonds Derivative Derivative SBA/USDA loan servicing rights Residential mortgage servicing rights Corporate Bonds Three Months Ended September 30, Beginning balance $ 10,199 $ 10,795 $ 6,167 $ 35,131 $ 2,287 $ 6,889 $ 3,944 $ 6,115 $ 21,568 $ 1,707 Additions — — 411 704 — 86 — 354 2,813 500 Sales and settlements — — (220) (602) — — — (357) (875) — Fair value adjustments included in OCI — — — — (61) — — — — 165 Fair value adjustments included in earnings 1,819 2,866 (280) 1,921 — 42 505 49 (444) — Ending balance $ 12,018 $ 13,661 $ 6,078 $ 37,154 $ 2,226 $ 7,017 $ 4,449 $ 6,161 $ 23,062 $ 2,372 Nine Months Ended September 30, Beginning balance $ 6,758 $ 5,048 $ 6,513 $ 25,161 $ 2,395 $ 10,779 $ 2,408 $ 6,462 $ 16,216 $ 1,750 Additions — 99 1,799 4,594 — 261 97 1,193 9,806 500 Transfers from Level 3 (290) — — — — — — — — — Sales and settlements — (1) (857) (1,916) — — — (1,001) (3,430) — Fair value adjustments included in OCI — — — — (169) — — — — 122 Fair value adjustments included in earnings 5,550 8,515 (1,377) 9,315 — (4,023) 1,944 (493) 470 — Ending balance $ 12,018 $ 13,661 $ 6,078 $ 37,154 $ 2,226 $ 7,017 $ 4,449 $ 6,161 $ 23,062 $ 2,372 |
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 September 30, 2022 December 31, 2021 Range Weighted Average Range Weighted Average SBA/USDA loan servicing rights Discounted cash flow Discount rate 5.8% - 25.0% 13.5 % 0.0% - 45.4% 10.3 % Prepayment rate 0.0 - 35.1 16.8 3.2 - 31.3 16.3 Residential mortgage servicing rights Discounted cash flow Discount rate 9.5 - 11.5 9.5 9.5 - 10.5 9.5 Prepayment rate 7.0 - 32.3 7.4 7.0 - 77.6 12.6 Corporate bonds Discounted cash flow Discount rate 5.9 - 6.1 6.0 3.6 - 3.8 3.6 Derivative assets - customer derivative positions Internal model Estimated loss rate N/A N/A 33.4 - 44.0 36.0 Derivative assets - mortgage Internal model Pull through rate 45.0 - 100 90.7 45.9 - 100 87.2 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 loans accounted for under the fair value option, as well as the gain or loss recognized from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale September 30, 2022 December 31, 2021 Outstanding principal balance $ 20,180 $ 42,581 Fair value 19,888 44,109 Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale Location Three Months Ended Nine Months Ended 2022 2021 2022 2021 Mortgage loan gains and other related fees $ (809) $ (1,609) $ (1,820) $ (3,330) |
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 September 30, 2022 and December 31, 2021, 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 September 30, 2022 Loans held for investment $ — $ — $ 1,820 $ 1,820 Mortgage loans held for sale — — 2,079 2,079 December 31, 2021 Loans held for investment $ — $ — $ 2,536 $ 2,536 |
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 September 30, 2022 Assets: HTM debt securities $ 2,676,405 $ 17,253 $ 2,223,907 $ — $ 2,241,160 Loans and leases, net 14,733,982 — — 14,250,071 14,250,071 Liabilities: Deposits 20,321,142 — 20,315,750 — 20,315,750 Long-term debt 324,515 — — 313,944 313,944 December 31, 2021 Assets: HTM debt securities $ 1,156,098 $ — $ 1,148,804 $ — $ 1,148,804 Loans and leases, net 11,657,814 — — 11,607,821 11,607,821 Liabilities: Deposits 18,241,179 — 18,239,934 — 18,239,934 Long-term debt 247,360 — — 267,064 267,064 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of restricted stock units and options outstanding and activity | The table below presents restricted stock unit and option activity for the nine months ended September 30, 2022. Restricted Stock Unit Awards Options Shares Weighted- Aggregate Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2021 808,474 $ 25.15 35,460 $ 8.38 Granted 335,866 32.81 48,239 20.88 Released / Exercised (289,860) 25.11 $ 10,252 (16,257) 20.77 $ 252 Cancelled (29,925) 26.06 — — Outstanding at September 30, 2022 824,555 28.25 27,293 67,442 14.33 3.0 1,266 Vested / Exercisable at September 30, 2022 — — 67,442 14.33 3.0 1,266 |
Reclassifications Out of AOCI (
Reclassifications Out of AOCI (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Nine Months Ended Affected Line Item in the Statement Where Net Income is Presented 2022 2021 2022 2021 Realized gains (losses) on AFS securities: $ — $ — $ (3,688) $ 41 Securities gains (losses), net — — 979 (14) Income tax (expense) benefit $ — $ — $ (2,709) $ 27 Net of tax Amortization of unrealized losses on HTM securities transferred from AFS: $ (4,473) $ — $ (6,242) $ — Investment securities interest revenue 1,073 — 1,495 — Income tax benefit $ (3,400) $ — $ (4,747) $ — Net of tax Losses on derivative instruments accounted for as cash flow hedges: Interest rate contracts $ (48) $ (153) $ (295) $ (444) Long-term debt interest expense 12 39 75 113 Income tax benefit $ (36) $ (114) $ (220) $ (331) Net of tax Amortization of defined benefit pension plan net periodic pension cost components: Prior service cost $ (91) $ (117) $ (276) $ (351) Salaries and employee benefits expense Actuarial losses (78) (143) (234) (431) Other expense (169) (260) (510) (782) Total before tax 43 66 130 200 Income tax benefit $ (126) $ (194) $ (380) $ (582) Net of tax Total reclassifications for the period $ (3,562) $ (308) $ (8,056) $ (886) Net of tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Nine Months Ended 2022 2021 2022 2021 Net income $ 81,161 $ 73,816 $ 196,022 $ 217,782 Dividends on preferred stock (1,719) (1,719) (5,157) (5,157) Earnings allocated to participating securities (407) (448) (1,007) (1,342) Net income available to common shareholders $ 79,035 $ 71,649 $ 189,858 $ 211,283 Weighted average shares outstanding: Basic 106,687 87,211 106,616 87,274 Effect of dilutive securities: Stock options 38 — 40 — Restricted stock units 75 144 76 139 Diluted 106,800 87,355 106,732 87,413 Net income per common share: Basic $ 0.74 $ 0.82 $ 1.78 $ 2.42 Diluted $ 0.74 $ 0.82 $ 1.78 $ 2.42 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of minimum amounts required for capital adequacy purposes | Regulatory capital ratios at September 30, 2022 and December 31, 2021, along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under regulatory requirements 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- September 30, December 31, September 30, December 31, Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.13 % 12.46 % 12.94 % 12.87 % Tier 1 capital 6.0 8.0 12.68 13.17 12.94 12.87 Total capital 8.0 10.0 14.62 14.65 13.75 13.46 Leverage ratio 4.0 5.0 9.41 8.75 9.58 8.53 CET1 capital $ 2,101,819 $ 1,688,176 $ 2,234,151 $ 1,738,557 Tier 1 capital 2,198,241 1,784,598 2,234,151 1,738,557 Total capital 2,534,810 1,984,376 2,374,603 1,818,335 Risk-weighted assets 17,332,391 13,548,534 17,269,896 13,512,405 Average total assets for the leverage ratio 23,359,608 20,402,842 23,308,849 20,377,319 (1) As of September 30, 2022 and December 31, 2021 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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) . September 30, 2022 December 31, 2021 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 4,592,092 $ 3,591,975 Letters of credit 53,526 29,312 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Significant non-cash investing and financing transactions: | ||||
Transfers of loans to repossessed and foreclosed properties | $ 2,566,000 | $ 1,712,000 | ||
Unsettled securities purchases | 0 | 3,977,000 | ||
Transfers of AFS securities to HTM securities | $ 0 | 1,288,982,000 | 0 | |
Right-of-use assets obtained in exchange for lease liabilities | 9,035,000 | 1,543,000 | ||
Acquisitions: | ||||
Assets acquired | 3,254,173,000 | 22,823,000 | ||
Liabilities assumed | 2,657,173,000 | 1,103,000 | ||
Net assets acquired | 597,000,000 | 21,720,000 | ||
Common stock issued and options converted | $ 4,401,000 | 596,376,000 | 4,401,000 | |
Accrued purchase price and contingent consideration | $ 0 | $ 7,700,000 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2022 USD ($) bank_branch | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||
Merger-related and other charges | $ 1,746,000 | $ 1,437,000 | $ 17,905,000 | $ 4,058,000 | |
Reliant | |||||
Business Acquisition [Line Items] | |||||
Number of banking branches | bank_branch | 25 | ||||
Goodwill expected to be tax deductible | $ 0 | ||||
Reliant | Core deposit intangible | |||||
Business Acquisition [Line Items] | |||||
Expected useful life of acquired intangible (in years) | 10 years | ||||
Reliant | Merger-related costs | |||||
Business Acquisition [Line Items] | |||||
Merger-related and other charges | $ 760,000 | $ 14,800,000 | |||
FinTrust | Merger-related costs | |||||
Business Acquisition [Line Items] | |||||
Merger-related and other charges | $ 262,000 | $ 515,000 |
Acquisitions - Acquisition date
Acquisitions - Acquisition date fair value of purchased assets and assumed liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Liabilities | ||||||||
Goodwill | $ 751,174 | $ 751,174 | $ 452,007 | $ 381,972 | $ 367,809 | $ 367,809 | ||
Reliant | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 62,867 | |||||||
Debt securities | 249,107 | |||||||
Loans held for sale | 116,406 | |||||||
Loans held for investment | 2,320,737 | |||||||
Premises and equipment | 35,631 | |||||||
Bank-owned life insurance | 78,170 | |||||||
Accrued interest receivable | 12,027 | |||||||
Net deferred tax asset | 5,793 | |||||||
Core deposit intangible | 14,500 | |||||||
Other assets | 59,768 | |||||||
Total assets acquired | 2,955,006 | |||||||
Liabilities | ||||||||
Deposits | 2,504,823 | |||||||
Short-term borrowings | 27,000 | |||||||
Long-term debt | 76,730 | $ 76,700 | ||||||
Other liabilities | 48,620 | |||||||
Total liabilities assumed | 2,657,173 | |||||||
Total identifiable net assets | 297,833 | |||||||
Cash | 624 | |||||||
Common stock issued in acquisition | 595,581 | |||||||
Options converted | 795 | |||||||
Total fair value of consideration transferred | 597,000 | |||||||
Goodwill | $ 299,167 | |||||||
Common stock issued (in shares) | 16,571,545 |
Acquisitions - Acquired loan po
Acquisitions - Acquired loan portfolio at acquisition (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 01, 2022 | Sep. 30, 2022 | |
PCD loans: | ||
ACL at acquisition | $ (12,737) | |
Reliant | ||
Non-PCD loans: | ||
Fair value | $ 2,078,306 | |
Gross contractual amounts receivable | 2,355,205 | |
Estimate of contractual cash flows not expected to be collected | 25,990 | |
Reliant | Purchased loans | ||
PCD loans: | ||
Par value | 258,462 | |
ACL at acquisition | (12,737) | |
Non-credit discount | (3,294) | |
Purchase price | $ 242,431 |
Acquisitions - Pro forma inform
Acquisitions - Pro forma information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Supplemental consolidated pro forma revenue | $ 216,171 | $ 232,667 | $ 618,636 | $ 672,405 |
Supplemental consolidated pro forma net income (loss) | 81,681 | 86,576 | 219,010 | 233,053 |
Reliant | ||||
Business Acquisition [Line Items] | ||||
Actual revenue included since acquisition date | 29,618 | 72,685 | ||
Actual net income (loss) included since acquisition date | $ 16,516 | $ 32,931 | ||
FinTrust | ||||
Business Acquisition [Line Items] | ||||
Actual revenue included since acquisition date | 2,017 | 2,017 | ||
Actual net income (loss) included since acquisition date | $ (49) | $ (49) |
Acquisitions - Announced Acquis
Acquisitions - Announced Acquisition of Progress (Details) $ in Thousands | Sep. 30, 2022 USD ($) branch | Dec. 31, 2021 USD ($) |
Business Acquisition [Line Items] | ||
Assets | $ 23,687,855 | $ 20,946,771 |
Deposits | $ 20,321,142 | $ 18,241,179 |
Progress | ||
Business Acquisition [Line Items] | ||
Number of banking branches | branch | 14 | |
Assets | $ 1,740,000 | |
Total loans | 1,410,000 | |
Deposits | $ 1,500,000 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) security | Sep. 30, 2022 USD ($) security | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||||
Transfers of AFS debt securities to HTM | $ 0 | $ 1,288,982,000 | $ 0 | |
Unrealized losses associated with AFS debt securities transferred to HTM | $ 87,400,000 | |||
Debt Securities, Available For Sale And Held To Maturity [Line Items] | ||||
Number of AFS debt securities in unrealized loss position | security | 755 | 755 | ||
Number of HTM debt securities in unrealized loss position | security | 326 | 326 | ||
Allowance for credit losses, HTM portfolio | $ 0 | $ 0 | $ 0 | |
Allowance for credit losses, AFS portfolio | 0 | 0 | 0 | |
Pledged securities | Deposits | ||||
Debt Securities, Available For Sale And Held To Maturity [Line Items] | ||||
Securities | $ 1,960,000,000 | $ 1,960,000,000 | $ 1,460,000,000 |
Investment Securities - Amortiz
Investment Securities - Amortized cost, gross unrealized gains and losses, and fair value of HTM debt securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
HTM debt securities: | ||
Amortized Cost | $ 2,676,405 | $ 1,156,098 |
Gross Unrealized Gains | 59 | 10,509 |
Gross Unrealized Losses | 435,304 | 17,803 |
Fair Value | 2,241,160 | 1,148,804 |
U.S. Treasuries | ||
HTM debt securities: | ||
Amortized Cost | 19,826 | 19,803 |
Gross Unrealized Gains | 0 | 20 |
Gross Unrealized Losses | 2,573 | 0 |
Fair Value | 17,253 | 19,823 |
U.S. Government agencies & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 99,620 | 70,180 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 18,275 | 1,121 |
Fair Value | 81,345 | 69,059 |
State and political subdivisions | ||
HTM debt securities: | ||
Amortized Cost | 301,520 | 257,688 |
Gross Unrealized Gains | 45 | 4,341 |
Gross Unrealized Losses | 70,180 | 4,080 |
Fair Value | 231,385 | 257,949 |
Residential MBS, Agency & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 1,519,094 | 381,641 |
Gross Unrealized Gains | 14 | 2,021 |
Gross Unrealized Losses | 227,307 | 3,687 |
Fair Value | 1,291,801 | 379,975 |
Commercial MBS, Agency & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 721,345 | 411,786 |
Gross Unrealized Gains | 0 | 4,106 |
Gross Unrealized Losses | 114,360 | 8,915 |
Fair Value | 606,985 | 406,977 |
Supranational entities | ||
HTM debt securities: | ||
Amortized Cost | 15,000 | 15,000 |
Gross Unrealized Gains | 0 | 21 |
Gross Unrealized Losses | 2,609 | 0 |
Fair Value | $ 12,391 | $ 15,021 |
Investment Securities - Amort_2
Investment Securities - Amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
AFS debt securities: | ||
Amortized Cost | $ 4,221,066 | $ 4,516,529 |
Gross Unrealized Gains | 1,314 | 36,593 |
Gross Unrealized Losses | 359,494 | 56,298 |
Fair Value | 3,862,886 | 4,496,824 |
U.S. Treasuries | ||
AFS debt securities: | ||
Amortized Cost | 194,301 | 218,027 |
Gross Unrealized Gains | 0 | 1,661 |
Gross Unrealized Losses | 15,828 | 2,168 |
Fair Value | 178,473 | 217,520 |
U.S. Government agencies & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 272,492 | 189,855 |
Gross Unrealized Gains | 655 | 605 |
Gross Unrealized Losses | 17,121 | 3,428 |
Fair Value | 256,026 | 187,032 |
State and political subdivisions | ||
AFS debt securities: | ||
Amortized Cost | 348,099 | 263,269 |
Gross Unrealized Gains | 0 | 15,237 |
Gross Unrealized Losses | 32,597 | 2,662 |
Fair Value | 315,502 | 275,844 |
Residential MBS, Agency & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 1,658,924 | 2,079,700 |
Gross Unrealized Gains | 6 | 9,785 |
Gross Unrealized Losses | 161,282 | 28,521 |
Fair Value | 1,497,648 | 2,060,964 |
Residential MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 382,185 | 81,925 |
Gross Unrealized Gains | 0 | 2,249 |
Gross Unrealized Losses | 22,943 | 4 |
Fair Value | 359,242 | 84,170 |
Commercial MBS, Agency & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 747,238 | 870,563 |
Gross Unrealized Gains | 584 | 2,974 |
Gross Unrealized Losses | 74,751 | 16,156 |
Fair Value | 673,071 | 857,381 |
Commercial MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 31,676 | 15,202 |
Gross Unrealized Gains | 0 | 1,268 |
Gross Unrealized Losses | 1,144 | 0 |
Fair Value | 30,532 | 16,470 |
Corporate bonds | ||
AFS debt securities: | ||
Amortized Cost | 252,486 | 194,164 |
Gross Unrealized Gains | 59 | 814 |
Gross Unrealized Losses | 26,635 | 1,812 |
Fair Value | 225,910 | 193,166 |
Asset-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 333,665 | 603,824 |
Gross Unrealized Gains | 10 | 2,000 |
Gross Unrealized Losses | 7,193 | 1,547 |
Fair Value | $ 326,482 | $ 604,277 |
Investment Securities - HTM deb
Investment Securities - HTM debt securities in unrealized loss position (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 1,142,555 | $ 798,967 |
Unrealized Loss, Less than 12 Months | 194,961 | 16,705 |
Fair Value, 12 Months or More | 1,089,533 | 23,791 |
Unrealized Loss, 12 Months or More | 240,343 | 1,098 |
Fair Value, Total | 2,232,088 | 822,758 |
Unrealized Loss, Total | 435,304 | 17,803 |
U.S. Treasuries | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 17,253 | |
Unrealized Loss, Less than 12 Months | 2,573 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 17,253 | |
Unrealized Loss, Total | 2,573 | |
U.S. Government agencies & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 37,829 | 64,658 |
Unrealized Loss, Less than 12 Months | 8,757 | 888 |
Fair Value, 12 Months or More | 43,516 | 4,401 |
Unrealized Loss, 12 Months or More | 9,518 | 233 |
Fair Value, Total | 81,345 | 69,059 |
Unrealized Loss, Total | 18,275 | 1,121 |
State and political subdivisions | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 127,575 | 131,128 |
Unrealized Loss, Less than 12 Months | 32,375 | 3,590 |
Fair Value, 12 Months or More | 96,164 | 9,006 |
Unrealized Loss, 12 Months or More | 37,805 | 490 |
Fair Value, Total | 223,739 | 140,134 |
Unrealized Loss, Total | 70,180 | 4,080 |
Residential MBS, Agency & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 650,062 | 289,132 |
Unrealized Loss, Less than 12 Months | 105,555 | 3,687 |
Fair Value, 12 Months or More | 640,314 | 0 |
Unrealized Loss, 12 Months or More | 121,752 | 0 |
Fair Value, Total | 1,290,376 | 289,132 |
Unrealized Loss, Total | 227,307 | 3,687 |
Commercial MBS, Agency & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 297,445 | 314,049 |
Unrealized Loss, Less than 12 Months | 43,092 | 8,540 |
Fair Value, 12 Months or More | 309,539 | 10,384 |
Unrealized Loss, 12 Months or More | 71,268 | 375 |
Fair Value, Total | 606,984 | 324,433 |
Unrealized Loss, Total | 114,360 | $ 8,915 |
Supranational entities | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 12,391 | |
Unrealized Loss, Less than 12 Months | 2,609 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 12,391 | |
Unrealized Loss, Total | $ 2,609 |
Investment Securities - AFS deb
Investment Securities - AFS debt securities in unrealized loss position (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 2,795,951 | $ 2,787,798 |
Unrealized Loss, Less than 12 Months | 210,003 | 49,598 |
Fair Value, 12 Months or More | 923,522 | 164,323 |
Unrealized Loss, 12 Months or More | 149,491 | 6,700 |
Fair Value, Total | 3,719,473 | 2,952,121 |
Unrealized Loss, Total | 359,494 | 56,298 |
U.S. Treasuries | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 92,422 | 111,606 |
Unrealized Loss, Less than 12 Months | 2,882 | 2,168 |
Fair Value, 12 Months or More | 86,051 | 0 |
Unrealized Loss, 12 Months or More | 12,946 | 0 |
Fair Value, Total | 178,473 | 111,606 |
Unrealized Loss, Total | 15,828 | 2,168 |
U.S. Government agencies & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 117,567 | 132,893 |
Unrealized Loss, Less than 12 Months | 4,819 | 2,591 |
Fair Value, 12 Months or More | 60,251 | 20,093 |
Unrealized Loss, 12 Months or More | 12,302 | 837 |
Fair Value, Total | 177,818 | 152,986 |
Unrealized Loss, Total | 17,121 | 3,428 |
State and political subdivisions | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 257,976 | 69,302 |
Unrealized Loss, Less than 12 Months | 17,220 | 2,581 |
Fair Value, 12 Months or More | 55,291 | 3,148 |
Unrealized Loss, 12 Months or More | 15,377 | 81 |
Fair Value, Total | 313,267 | 72,450 |
Unrealized Loss, Total | 32,597 | 2,662 |
Residential MBS, Agency & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 1,213,430 | 1,534,744 |
Unrealized Loss, Less than 12 Months | 119,863 | 25,799 |
Fair Value, 12 Months or More | 282,679 | 74,481 |
Unrealized Loss, 12 Months or More | 41,419 | 2,722 |
Fair Value, Total | 1,496,109 | 1,609,225 |
Unrealized Loss, Total | 161,282 | 28,521 |
Residential MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 359,242 | 12,608 |
Unrealized Loss, Less than 12 Months | 22,943 | 4 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 359,242 | 12,608 |
Unrealized Loss, Total | 22,943 | 4 |
Commercial MBS, Agency & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 367,162 | 582,235 |
Unrealized Loss, Less than 12 Months | 19,548 | 13,098 |
Fair Value, 12 Months or More | 278,170 | 66,014 |
Unrealized Loss, 12 Months or More | 55,203 | 3,058 |
Fair Value, Total | 645,332 | 648,249 |
Unrealized Loss, Total | 74,751 | 16,156 |
Commercial MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 30,532 | |
Unrealized Loss, Less than 12 Months | 1,144 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 30,532 | |
Unrealized Loss, Total | 1,144 | |
Corporate bonds | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 170,581 | 149,246 |
Unrealized Loss, Less than 12 Months | 18,944 | 1,811 |
Fair Value, 12 Months or More | 52,727 | 16 |
Unrealized Loss, 12 Months or More | 7,691 | 1 |
Fair Value, Total | 223,308 | 149,262 |
Unrealized Loss, Total | 26,635 | 1,812 |
Asset-backed securities | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 187,039 | 195,164 |
Unrealized Loss, Less than 12 Months | 2,640 | 1,546 |
Fair Value, 12 Months or More | 108,353 | 571 |
Unrealized Loss, 12 Months or More | 4,553 | 1 |
Fair Value, Total | 295,392 | 195,735 |
Unrealized Loss, Total | $ 7,193 | $ 1,547 |
Investment Securities - Accrued
Investment Securities - Accrued interest receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
HTM | ||
Accrued interest receivable | ||
Accrued interest receivable | $ 6,135 | $ 3,596 |
AFS | ||
Accrued interest receivable | ||
Accrued interest receivable | $ 13,232 | $ 9,868 |
Investment Securities - Amort_3
Investment Securities - Amortized cost and fair value of AFS and HTM debt securities by contractual maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | $ 98,024 | |
AFS, Amortized Cost, 1 to 5 years | 349,011 | |
AFS, Amortized Cost, 5 to 10 years | 300,696 | |
AFS, Amortized Cost, More than 10 years | 319,647 | |
Amortized Cost | 4,221,066 | $ 4,516,529 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 97,108 | |
AFS, Fair Value, 1 to 5 years | 315,561 | |
AFS, Fair Value, 5 to 10 years | 264,886 | |
AFS, Fair Value, More than 10 years | 298,356 | |
Fair Value | 3,862,886 | 4,496,824 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 5,200 | |
HTM, Amortized Cost, 1 to 5 years | 14,207 | |
HTM, Amortized Cost, 5 to 10 years | 119,934 | |
HTM, Amortized Cost, More than 10 years | 296,625 | |
Amortized Cost | 2,676,405 | 1,156,098 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 5,201 | |
HTM, Fair Value, 1 to 5 years | 14,067 | |
HTM, Fair Value, 5 to 10 years | 101,465 | |
HTM, Fair Value, More than 10 years | 221,641 | |
Fair value | 2,241,160 | 1,148,804 |
U.S. Treasuries | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 80,116 | |
AFS, Amortized Cost, 1 to 5 years | 99,248 | |
AFS, Amortized Cost, 5 to 10 years | 14,937 | |
Amortized Cost | 194,301 | 218,027 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 79,266 | |
AFS, Fair Value, 1 to 5 years | 86,295 | |
AFS, Fair Value, 5 to 10 years | 12,912 | |
Fair Value | 178,473 | 217,520 |
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 | 19,826 | |
Amortized Cost | 19,826 | 19,803 |
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 | 17,253 | |
Fair value | 17,253 | 19,823 |
U.S. Government agencies & GSEs | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 174 | |
AFS, Amortized Cost, 1 to 5 years | 38,672 | |
AFS, Amortized Cost, 5 to 10 years | 77,779 | |
AFS, Amortized Cost, More than 10 years | 155,867 | |
Amortized Cost | 272,492 | 189,855 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 172 | |
AFS, Fair Value, 1 to 5 years | 34,652 | |
AFS, Fair Value, 5 to 10 years | 69,039 | |
AFS, Fair Value, More than 10 years | 152,163 | |
Fair Value | 256,026 | 187,032 |
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 | 53,505 | |
HTM, Amortized Cost, More than 10 years | 46,115 | |
Amortized Cost | 99,620 | 70,180 |
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 | 45,109 | |
HTM, Fair Value, More than 10 years | 36,236 | |
Fair value | 81,345 | 69,059 |
State and political subdivisions | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 15,002 | |
AFS, Amortized Cost, 1 to 5 years | 46,320 | |
AFS, Amortized Cost, 5 to 10 years | 123,790 | |
AFS, Amortized Cost, More than 10 years | 162,987 | |
Amortized Cost | 348,099 | 263,269 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 14,990 | |
AFS, Fair Value, 1 to 5 years | 44,682 | |
AFS, Fair Value, 5 to 10 years | 110,478 | |
AFS, Fair Value, More than 10 years | 145,352 | |
Fair Value | 315,502 | 275,844 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 5,200 | |
HTM, Amortized Cost, 1 to 5 years | 14,207 | |
HTM, Amortized Cost, 5 to 10 years | 31,603 | |
HTM, Amortized Cost, More than 10 years | 250,510 | |
Amortized Cost | 301,520 | 257,688 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 5,201 | |
HTM, Fair Value, 1 to 5 years | 14,067 | |
HTM, Fair Value, 5 to 10 years | 26,712 | |
HTM, Fair Value, More than 10 years | 185,405 | |
Fair value | 231,385 | 257,949 |
Corporate bonds | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 2,732 | |
AFS, Amortized Cost, 1 to 5 years | 164,771 | |
AFS, Amortized Cost, 5 to 10 years | 84,190 | |
AFS, Amortized Cost, More than 10 years | 793 | |
Amortized Cost | 252,486 | 194,164 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 2,680 | |
AFS, Fair Value, 1 to 5 years | 149,932 | |
AFS, Fair Value, 5 to 10 years | 72,457 | |
AFS, Fair Value, More than 10 years | 841 | |
Fair Value | 225,910 | 193,166 |
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 | 15,000 |
HTM, Fair Value | ||
HTM, Fair Value, 5 to 10 years | 12,391 | |
Fair value | 12,391 | 15,021 |
Asset-backed securities | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 333,665 | |
Amortized Cost | 333,665 | 603,824 |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 326,482 | |
Fair Value | 326,482 | $ 604,277 |
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 | 2,041,109 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 1,856,890 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 1,519,094 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 1,291,801 | |
Commercial MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 778,914 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 703,603 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 721,345 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | $ 606,985 |
Investment Securities - AFS sal
Investment Securities - AFS sales activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales | $ 0 | $ 24,901 | $ 281,521 | $ 103,012 |
Gross realized gains | 0 | 0 | 1,009 | 641 |
Gross realized losses | 0 | 0 | (4,697) | (600) |
Securities gains (losses), net | 0 | 0 | (3,688) | 41 |
Income tax expense (benefit) attributable to sales | $ 0 | $ 0 | $ (979) | $ 14 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Major classifications of loan portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Classifications of loans | ||||||
Total loans | $ 14,882,484 | $ 11,760,346 | ||||
Less allowance for credit losses - loans | (148,502) | $ (136,925) | (102,532) | $ (99,620) | $ (111,616) | $ (137,010) |
Loans and leases, net | 14,733,982 | 11,657,814 | ||||
Loans receivable | ||||||
Classifications of loans | ||||||
Total loans | 14,882,484 | 11,760,346 | ||||
Loans receivable | Commercial | ||||||
Classifications of loans | ||||||
Total loans | 11,031,784 | 8,930,556 | ||||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 2,700,345 | 2,321,685 | ||||
Less allowance for credit losses - loans | (19,056) | (16,774) | (14,282) | (14,144) | (17,292) | (20,673) |
Loans receivable | Commercial | Income producing commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 3,298,847 | 2,600,858 | ||||
Less allowance for credit losses - loans | (31,610) | (33,284) | (24,156) | (23,391) | (30,967) | (41,737) |
Loans receivable | Commercial | Commercial & industrial | ||||||
Classifications of loans | ||||||
Total loans | 2,237,591 | 1,910,162 | ||||
Less allowance for credit losses - loans | (20,918) | (18,267) | (16,592) | (16,243) | (16,414) | (22,019) |
Loans receivable | Commercial | PPP loans included in commercial & industrial | ||||||
Classifications of loans | ||||||
Total loans | 2,440 | 88,300 | ||||
Loans receivable | Commercial | Construction | ||||||
Classifications of loans | ||||||
Total loans | 1,514,145 | 1,014,830 | ||||
Less allowance for credit losses - loans | (17,954) | (16,062) | (9,956) | (8,172) | (9,180) | (10,952) |
Loans receivable | Commercial | Equipment financing | ||||||
Classifications of loans | ||||||
Total loans | 1,280,856 | 1,083,021 | ||||
Less allowance for credit losses - loans | (20,565) | (18,409) | (16,290) | (17,300) | (18,100) | (16,820) |
Loans receivable | Residential | Construction | ||||||
Classifications of loans | ||||||
Total loans | 422,737 | 359,815 | ||||
Less allowance for credit losses - loans | (2,304) | (2,086) | (1,847) | (1,936) | (1,918) | (764) |
Loans receivable | Residential | Residential mortgage | ||||||
Classifications of loans | ||||||
Total loans | 2,149,490 | 1,637,885 | ||||
Less allowance for credit losses - loans | (19,335) | (17,035) | (12,390) | (11,473) | (10,965) | (15,341) |
Loans receivable | Residential | HELOC | ||||||
Classifications of loans | ||||||
Total loans | 832,140 | 694,034 | ||||
Less allowance for credit losses - loans | (8,473) | (7,487) | (6,568) | (6,419) | (6,357) | (8,417) |
Loans receivable | Residential | Manufactured housing | ||||||
Classifications of loans | ||||||
Total loans | 300,874 | 0 | ||||
Less allowance for credit losses - loans | (7,352) | (6,614) | 0 | 0 | 0 | 0 |
Loans receivable | Consumer | ||||||
Classifications of loans | ||||||
Total loans | 145,459 | 138,056 | ||||
Less allowance for credit losses - loans | $ (935) | $ (907) | $ (451) | $ (542) | $ (423) | $ (287) |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net investment in leases | $ 44,013 | $ 37,728 |
TDRs | 42,900 | 52,400 |
Loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 43,100 | $ 28,500 |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Loans sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans sold | $ 41,962 | $ 32,757 | $ 153,401 | $ 96,372 |
Guaranteed portion of SBA/USDA loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans sold | 20,405 | 13,484 | 87,867 | 57,132 |
Equipment financing receivables | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans sold | $ 21,557 | $ 19,273 | $ 65,534 | $ 39,240 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Net Investment in Leases | ||
Minimum future lease payments receivable | $ 47,177 | $ 39,962 |
Estimated residual value of leased equipment | 3,046 | 3,216 |
Initial direct costs | 744 | 669 |
Security deposits | (472) | (687) |
Unearned income | (6,482) | (5,432) |
Net investment in leases | $ 44,013 | $ 37,728 |
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 | Sep. 30, 2022 USD ($) |
Minimum future lease payments expected to be received | |
Remainder of 2022 | $ 4,521 |
2023 | 16,041 |
2024 | 11,714 |
2025 | 8,237 |
2026 | 4,891 |
Thereafter | 1,773 |
Total | $ 47,177 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 14,882,484 | $ 11,760,346 |
Loans receivable | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 14,882,484 | 11,760,346 |
Nonaccrual Loans | 33,879 | 32,812 |
Loans receivable | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 14,828,421 | 11,720,062 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 16,519 | 5,750 |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,637 | 1,722 |
Loans receivable | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 28 | 0 |
Loans receivable | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,031,784 | 8,930,556 |
Nonaccrual Loans | 17,996 | 17,815 |
Loans receivable | Commercial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,002,210 | 8,909,189 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,519 | 2,172 |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,035 | 1,380 |
Loans receivable | Commercial | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 24 | 0 |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,700,345 | 2,321,685 |
Nonaccrual Loans | 877 | 2,714 |
Loans receivable | Commercial | Owner occupied commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,696,495 | 2,318,944 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,597 | 27 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 376 | 0 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Income producing commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,298,847 | 2,600,858 |
Nonaccrual Loans | 2,663 | 7,588 |
Loans receivable | Commercial | Income producing commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,292,966 | 2,593,124 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,170 | 146 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 48 | 0 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,237,591 | 1,910,162 |
Nonaccrual Loans | 11,108 | 5,429 |
Loans receivable | Commercial | Commercial & industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,224,863 | 1,903,730 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,383 | 584 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 213 | 419 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 24 | 0 |
Loans receivable | Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,514,145 | 1,014,830 |
Nonaccrual Loans | 150 | 343 |
Loans receivable | Commercial | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,513,544 | 1,014,211 |
Loans receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 451 | 0 |
Loans receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 276 |
Loans receivable | Commercial | Construction | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,280,856 | 1,083,021 |
Nonaccrual Loans | 3,198 | 1,741 |
Loans receivable | Commercial | Equipment financing | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,274,342 | 1,079,180 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,918 | 1,415 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,398 | 685 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 422,737 | 359,815 |
Nonaccrual Loans | 104 | 420 |
Loans receivable | Residential | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 422,274 | 358,741 |
Loans receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 92 | 654 |
Loans receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 267 | 0 |
Loans receivable | Residential | Construction | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,149,490 | 1,637,885 |
Nonaccrual Loans | 10,424 | 13,313 |
Loans receivable | Residential | Residential mortgage | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,136,977 | 1,622,754 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,703 | 1,583 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 386 | 235 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | HELOC | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 832,140 | 694,034 |
Nonaccrual Loans | 1,151 | 1,212 |
Loans receivable | Residential | HELOC | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 829,400 | 691,814 |
Loans receivable | Residential | HELOC | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,393 | 920 |
Loans receivable | Residential | HELOC | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 196 | 88 |
Loans receivable | Residential | HELOC | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Manufactured housing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 300,874 | 0 |
Nonaccrual Loans | 4,187 | 0 |
Loans receivable | Residential | Manufactured housing | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 292,394 | |
Loans receivable | Residential | Manufactured housing | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,589 | |
Loans receivable | Residential | Manufactured housing | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 704 | |
Loans receivable | Residential | Manufactured housing | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | |
Loans receivable | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 145,459 | 138,056 |
Nonaccrual Loans | 17 | 52 |
Loans receivable | Consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 145,166 | 137,564 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 223 | 421 |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 49 | 19 |
Loans receivable | Consumer | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 4 | $ 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Nonaccrual loans | ||
Nonaccrual loans with no allowance | $ 15,964 | $ 16,360 |
Nonaccrual loans with an allowance | 17,915 | 16,452 |
Nonaccrual loans | 33,879 | 32,812 |
Commercial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 13,357 | 12,729 |
Nonaccrual loans with an allowance | 4,639 | 5,086 |
Nonaccrual loans | 17,996 | 17,815 |
Commercial | Owner occupied commercial real estate | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 537 | 2,141 |
Nonaccrual loans with an allowance | 340 | 573 |
Nonaccrual loans | 877 | 2,714 |
Commercial | Income producing commercial real estate | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 2,263 | 6,873 |
Nonaccrual loans with an allowance | 400 | 715 |
Nonaccrual loans | 2,663 | 7,588 |
Commercial | Commercial & industrial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 10,061 | 3,715 |
Nonaccrual loans with an allowance | 1,047 | 1,714 |
Nonaccrual loans | 11,108 | 5,429 |
Commercial | Construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 47 | 0 |
Nonaccrual loans with an allowance | 103 | 343 |
Nonaccrual loans | 150 | 343 |
Commercial | Equipment financing | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 449 | 0 |
Nonaccrual loans with an allowance | 2,749 | 1,741 |
Nonaccrual loans | 3,198 | 1,741 |
Residential | Construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 67 | 280 |
Nonaccrual loans with an allowance | 37 | 140 |
Nonaccrual loans | 104 | 420 |
Residential | Residential mortgage | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 2,239 | 3,126 |
Nonaccrual loans with an allowance | 8,185 | 10,187 |
Nonaccrual loans | 10,424 | 13,313 |
Residential | HELOC | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 300 | 219 |
Nonaccrual loans with an allowance | 851 | 993 |
Nonaccrual loans | 1,151 | 1,212 |
Residential | Manufactured housing | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 0 | 0 |
Nonaccrual loans with an allowance | 4,187 | 0 |
Nonaccrual loans | 4,187 | 0 |
Consumer | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 1 | 6 |
Nonaccrual loans with an allowance | 16 | 46 |
Nonaccrual loans | $ 17 | $ 52 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Risk category of term loans by vintage year (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | $ 3,756,156 | $ 4,181,120 |
Originated in prior year | 3,896,776 | 2,679,991 |
Originated two years prior | 2,553,622 | 1,302,346 |
Originated three years prior | 1,087,346 | 785,543 |
Originated four years prior | 641,666 | 529,286 |
Originated five or more years prior | 1,076,504 | 869,486 |
Revolvers | 1,802,104 | 1,352,903 |
Revolvers converted to term loans | 68,310 | 59,671 |
Total loans | 14,882,484 | 11,760,346 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 3,637,701 | 4,056,001 |
Originated in prior year | 3,831,285 | 2,613,439 |
Originated two years prior | 2,486,035 | 1,230,851 |
Originated three years prior | 1,021,245 | 686,372 |
Originated four years prior | 575,987 | 467,977 |
Originated five or more years prior | 1,014,813 | 805,770 |
Revolvers | 1,748,209 | 1,345,755 |
Revolvers converted to term loans | 61,447 | 54,067 |
Total loans | 14,376,722 | 11,260,232 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 69,487 | 87,231 |
Originated in prior year | 50,265 | 48,922 |
Originated two years prior | 56,653 | 54,403 |
Originated three years prior | 43,857 | 49,742 |
Originated four years prior | 32,269 | 36,461 |
Originated five or more years prior | 18,761 | 24,876 |
Revolvers | 37,235 | 2,490 |
Revolvers converted to term loans | 3,261 | 286 |
Total loans | 311,788 | 304,411 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 48,968 | 37,888 |
Originated in prior year | 15,226 | 17,630 |
Originated two years prior | 10,934 | 17,092 |
Originated three years prior | 22,244 | 49,429 |
Originated four years prior | 33,410 | 24,848 |
Originated five or more years prior | 42,930 | 38,840 |
Revolvers | 16,660 | 4,658 |
Revolvers converted to term loans | 3,602 | 5,318 |
Total loans | 193,974 | 195,703 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 2,621,763 | 2,892,353 |
Originated in prior year | 2,832,709 | 2,197,828 |
Originated two years prior | 2,071,838 | 1,109,201 |
Originated three years prior | 883,715 | 614,611 |
Originated four years prior | 482,005 | 391,842 |
Originated five or more years prior | 705,227 | 573,932 |
Revolvers | 914,282 | 636,889 |
Revolvers converted to term loans | 35,341 | 35,014 |
Total loans | 10,546,880 | 8,451,670 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 69,487 | 87,231 |
Originated in prior year | 50,265 | 48,922 |
Originated two years prior | 56,653 | 54,403 |
Originated three years prior | 43,857 | 49,742 |
Originated four years prior | 32,269 | 36,461 |
Originated five or more years prior | 18,761 | 24,876 |
Revolvers | 37,235 | 2,490 |
Revolvers converted to term loans | 3,261 | 286 |
Total loans | 311,788 | 304,411 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 47,141 | 34,105 |
Originated in prior year | 13,352 | 16,029 |
Originated two years prior | 8,819 | 14,227 |
Originated three years prior | 19,670 | 46,123 |
Originated four years prior | 29,938 | 23,621 |
Originated five or more years prior | 35,766 | 33,740 |
Revolvers | 16,636 | 4,326 |
Revolvers converted to term loans | 1,794 | 2,304 |
Total loans | 173,116 | 174,475 |
Commercial | Owner occupied commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 537,628 | 643,151 |
Originated in prior year | 690,355 | 674,124 |
Originated two years prior | 630,238 | 278,702 |
Originated three years prior | 217,689 | 153,233 |
Originated four years prior | 132,341 | 139,584 |
Originated five or more years prior | 297,665 | 267,460 |
Revolvers | 107,380 | 68,354 |
Revolvers converted to term loans | 5,948 | 17,150 |
Total loans | 2,619,244 | 2,241,758 |
Commercial | Owner occupied commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 6,540 | 7,772 |
Originated in prior year | 7,663 | 2,979 |
Originated two years prior | 5,262 | 16,639 |
Originated three years prior | 9,585 | 4,374 |
Originated four years prior | 4,217 | 6,007 |
Originated five or more years prior | 5,164 | 2,641 |
Revolvers | 3,065 | 248 |
Revolvers converted to term loans | 2,964 | 286 |
Total loans | 44,460 | 40,946 |
Commercial | Owner occupied commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 6,801 | 11,987 |
Originated in prior year | 529 | 1,049 |
Originated two years prior | 4,016 | 4,216 |
Originated three years prior | 8,654 | 3,712 |
Originated four years prior | 1,210 | 5,829 |
Originated five or more years prior | 14,184 | 11,088 |
Revolvers | 210 | 0 |
Revolvers converted to term loans | 1,037 | 1,100 |
Total loans | 36,641 | 38,981 |
Commercial | Income producing commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 659,896 | 668,322 |
Originated in prior year | 810,374 | 678,487 |
Originated two years prior | 770,008 | 333,911 |
Originated three years prior | 301,271 | 221,218 |
Originated four years prior | 178,480 | 165,563 |
Originated five or more years prior | 302,937 | 219,459 |
Revolvers | 43,144 | 41,157 |
Revolvers converted to term loans | 9,127 | 11,830 |
Total loans | 3,075,237 | 2,339,947 |
Commercial | Income producing commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 46,138 | 64,139 |
Originated in prior year | 10,285 | 27,875 |
Originated two years prior | 45,578 | 21,875 |
Originated three years prior | 20,106 | 22,292 |
Originated four years prior | 21,798 | 18,415 |
Originated five or more years prior | 13,318 | 21,880 |
Revolvers | 1 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 157,224 | 176,476 |
Commercial | Income producing commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 34,352 | 15,485 |
Originated in prior year | 1,779 | 12,618 |
Originated two years prior | 1,368 | 3,779 |
Originated three years prior | 4,621 | 29,212 |
Originated four years prior | 13,292 | 6,726 |
Originated five or more years prior | 10,519 | 16,531 |
Revolvers | 391 | 0 |
Revolvers converted to term loans | 64 | 84 |
Total loans | 66,386 | 84,435 |
Commercial | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 391,665 | 638,567 |
Originated in prior year | 442,865 | 270,150 |
Originated two years prior | 199,960 | 178,944 |
Originated three years prior | 142,415 | 136,281 |
Originated four years prior | 126,773 | 50,567 |
Originated five or more years prior | 80,396 | 72,904 |
Revolvers | 691,597 | 514,750 |
Revolvers converted to term loans | 18,923 | 4,361 |
Total loans | 2,094,594 | 1,866,524 |
Commercial | Commercial & industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 16,279 | 1,037 |
Originated in prior year | 32,282 | 1,831 |
Originated two years prior | 5,751 | 2,740 |
Originated three years prior | 847 | 597 |
Originated four years prior | 1,337 | 273 |
Originated five or more years prior | 250 | 303 |
Revolvers | 34,169 | 2,242 |
Revolvers converted to term loans | 297 | 0 |
Total loans | 91,212 | 9,023 |
Commercial | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 5,194 | 2,741 |
Originated in prior year | 9,958 | 1,615 |
Originated two years prior | 2,247 | 5,284 |
Originated three years prior | 5,696 | 12,685 |
Originated four years prior | 10,935 | 1,232 |
Originated five or more years prior | 1,273 | 5,863 |
Revolvers | 16,035 | 4,326 |
Revolvers converted to term loans | 447 | 869 |
Total loans | 51,785 | 34,615 |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 497,066 | 378,695 |
Originated in prior year | 478,007 | 303,154 |
Originated two years prior | 284,335 | 149,740 |
Originated three years prior | 113,523 | 40,625 |
Originated four years prior | 13,002 | 22,983 |
Originated five or more years prior | 21,633 | 13,206 |
Revolvers | 72,161 | 12,628 |
Revolvers converted to term loans | 1,343 | 1,673 |
Total loans | 1,481,070 | 922,704 |
Commercial | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 530 | 14,283 |
Originated in prior year | 35 | 16,237 |
Originated two years prior | 62 | 13,149 |
Originated three years prior | 13,319 | 22,479 |
Originated four years prior | 4,917 | 11,766 |
Originated five or more years prior | 29 | 52 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 18,892 | 77,966 |
Commercial | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 148 | 3,464 |
Originated in prior year | 42 | 157 |
Originated two years prior | 47 | 272 |
Originated three years prior | 3 | 11 |
Originated four years prior | 3,925 | 9,750 |
Originated five or more years prior | 9,772 | 255 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 246 | 251 |
Total loans | 14,183 | 14,160 |
Commercial | Equipment financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 535,508 | 563,618 |
Originated in prior year | 411,108 | 271,913 |
Originated two years prior | 187,297 | 167,904 |
Originated three years prior | 108,817 | 63,254 |
Originated four years prior | 31,409 | 13,145 |
Originated five or more years prior | 2,596 | 903 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 1,276,735 | 1,080,737 |
Commercial | Equipment financing | Special Mention | ||
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 loans | 0 | 0 |
Commercial | Equipment financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 646 | 428 |
Originated in prior year | 1,044 | 590 |
Originated two years prior | 1,141 | 676 |
Originated three years prior | 696 | 503 |
Originated four years prior | 576 | 84 |
Originated five or more years prior | 18 | 3 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 4,121 | 2,284 |
Residential | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 259,062 | 325,111 |
Originated in prior year | 144,816 | 16,301 |
Originated two years prior | 6,233 | 2,802 |
Originated three years prior | 1,895 | 2,278 |
Originated four years prior | 1,637 | 3,144 |
Originated five or more years prior | 8,474 | 9,352 |
Revolvers | 65 | 0 |
Revolvers converted to term loans | 375 | 33 |
Total loans | 422,557 | 359,021 |
Residential | Construction | Special Mention | ||
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 loans | 0 | 0 |
Residential | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 2 | 407 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 30 |
Originated three years prior | 21 | 51 |
Originated four years prior | 4 | 0 |
Originated five or more years prior | 153 | 306 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 180 | 794 |
Residential | Residential mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 640,179 | 781,007 |
Originated in prior year | 762,959 | 370,092 |
Originated two years prior | 339,633 | 108,091 |
Originated three years prior | 94,368 | 64,346 |
Originated four years prior | 58,005 | 71,552 |
Originated five or more years prior | 237,641 | 221,131 |
Revolvers | 8 | 9 |
Revolvers converted to term loans | 3,120 | 3,915 |
Total loans | 2,135,913 | 1,620,143 |
Residential | Residential mortgage | Special Mention | ||
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 loans | 0 | 0 |
Residential | Residential mortgage | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 1,401 | 3,339 |
Originated in prior year | 1,167 | 1,585 |
Originated two years prior | 1,361 | 2,813 |
Originated three years prior | 1,861 | 3,229 |
Originated four years prior | 2,483 | 1,205 |
Originated five or more years prior | 5,145 | 4,744 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 159 | 827 |
Total loans | 13,577 | 17,742 |
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 | 807,985 | 676,545 |
Revolvers converted to term loans | 22,482 | 14,994 |
Total loans | 830,467 | 691,539 |
Residential | HELOC | Special Mention | ||
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 loans | 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 | 24 | 329 |
Revolvers converted to term loans | 1,649 | 2,166 |
Total loans | 1,673 | 2,495 |
Residential | Manufactured housing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 58,475 | |
Originated in prior year | 56,252 | |
Originated two years prior | 50,323 | |
Originated three years prior | 35,847 | |
Originated four years prior | 32,026 | |
Originated five or more years prior | 62,615 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total loans | 295,538 | |
Residential | Manufactured housing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | |
Originated in prior year | 0 | |
Originated two years prior | 0 | |
Originated three years prior | 0 | |
Originated four years prior | 0 | |
Originated five or more years prior | 0 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total loans | 0 | |
Residential | Manufactured housing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 424 | |
Originated in prior year | 672 | |
Originated two years prior | 739 | |
Originated three years prior | 690 | |
Originated four years prior | 953 | |
Originated five or more years prior | 1,858 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total loans | 5,336 | |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 58,222 | 57,530 |
Originated in prior year | 34,549 | 29,218 |
Originated two years prior | 18,008 | 10,757 |
Originated three years prior | 5,420 | 5,137 |
Originated four years prior | 2,314 | 1,439 |
Originated five or more years prior | 856 | 1,355 |
Revolvers | 25,869 | 32,312 |
Revolvers converted to term loans | 129 | 111 |
Total loans | 145,367 | 137,859 |
Consumer | Special Mention | ||
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 loans | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 37 |
Originated in prior year | 35 | 16 |
Originated two years prior | 15 | 22 |
Originated three years prior | 2 | 26 |
Originated four years prior | 32 | 22 |
Originated five or more years prior | 8 | 50 |
Revolvers | 0 | 3 |
Revolvers converted to term loans | 0 | 21 |
Total loans | $ 92 | $ 197 |
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 | 9 Months Ended | ||
Sep. 30, 2022 USD ($) contract | Sep. 30, 2021 USD ($) contract | Sep. 30, 2022 USD ($) contract | Sep. 30, 2021 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 16 | 20 | 56 | 71 |
Post-Modification Amortized Cost by Type of Modification | $ 3,122 | $ 1,214 | $ 10,307 | $ 7,084 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 3 | 5 | 13 | 18 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 430 | $ 319 | $ 894 | $ 992 |
Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 3,122 | 1,214 | 10,301 | 5,284 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 6 | $ 1,800 |
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 12 | 14 | 41 | 59 |
Post-Modification Amortized Cost by Type of Modification | $ 2,818 | $ 565 | $ 8,182 | $ 6,044 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 3 | 10 | 12 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 30 | $ 96 | $ 438 | $ 307 |
Commercial | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 2,818 | 565 | 8,182 | 4,244 |
Commercial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 1,800 |
Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 1 | 1 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 112 | $ 543 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 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 | 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 | 112 | 543 |
Commercial | Owner occupied commercial real estate | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Income producing commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 3 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 1,697 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 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 | 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 | 0 | 0 | 0 |
Commercial | Income producing commercial real estate | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 1,697 |
Commercial | Commercial & industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 3 | 2 | 7 |
Post-Modification Amortized Cost by Type of Modification | $ 715 | $ 166 | $ 1,118 | $ 634 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 | 1 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 0 | $ 11 |
Commercial | Commercial & industrial | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Commercial & industrial | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 715 | 166 | 1,118 | 531 |
Commercial | Commercial & industrial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 103 |
Commercial | Construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 1 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 309 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Construction | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Construction | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 309 |
Commercial | Construction | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Equipment financing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 11 | 11 | 38 | 47 |
Post-Modification Amortized Cost by Type of Modification | $ 2,103 | $ 399 | $ 6,952 | $ 2,861 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 3 | 10 | 11 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 30 | $ 96 | $ 438 | $ 296 |
Commercial | Equipment financing | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Equipment financing | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 2,103 | 399 | 6,952 | 2,861 |
Commercial | Equipment financing | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | Construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 0 | 0 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | Construction | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Residential | Construction | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Residential | Construction | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | Residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 4 | 6 | 8 | 12 |
Post-Modification Amortized Cost by Type of Modification | $ 304 | $ 649 | $ 877 | $ 1,040 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 2 | 1 | 3 | 4 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 400 | $ 180 | $ 456 | $ 593 |
Residential | Residential mortgage | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Residential | Residential mortgage | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 304 | 649 | 877 | 1,040 |
Residential | Residential mortgage | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | HELOC | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 7 | 0 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 1,248 | $ 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 1 | 0 | 2 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 43 | $ 0 | $ 92 |
Residential | HELOC | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Residential | HELOC | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 1,242 | 0 |
Residential | HELOC | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 6 | $ 0 |
Residential | Manufactured housing | ||||
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, Amortized Cost | $ 0 | $ 0 | ||
Residential | Manufactured housing | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | ||
Residential | Manufactured housing | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | ||
Residential | Manufactured housing | 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 | 0 | 0 | 0 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Consumer | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Consumer | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
ACL | ||||
ACL - loans, Beginning Balance | $ 136,925 | $ 111,616 | $ 102,532 | $ 137,010 |
ACL- loans, Initial ACL - PCD loans | 12,737 | |||
ACL - loans, Charge-Offs | (3,824) | (2,851) | (13,031) | (12,215) |
ACL - loans, Recoveries | 2,690 | 2,300 | 9,988 | 12,425 |
ACL - loans, (Release) Provision | 12,711 | (11,445) | 36,276 | (37,600) |
ACL - loans, Ending Balance | 148,502 | 99,620 | 148,502 | 99,620 |
ACL - unfunded commitments, Beginning Balance | 16,117 | 10,844 | 10,992 | 10,558 |
ACL - unfunded commitments, (Release) Provision | 2,681 | 411 | 7,806 | 697 |
ACL - unfunded commitments, Ending Balance | 18,798 | 11,255 | 18,798 | 11,255 |
Total ACL, Beginning Balance | 153,042 | 122,460 | 113,524 | 147,568 |
Total ACL, Initial ACL - PCD loans | 12,737 | |||
Total ACL, Charge-Offs | (3,824) | (2,851) | (13,031) | (12,215) |
Total ACL, Recoveries | 2,690 | 2,300 | 9,988 | 12,425 |
Total ACL, (Release) Provision | 15,392 | (11,034) | 44,082 | (36,903) |
Total ACL, Ending Balance | 167,300 | 110,875 | 167,300 | 110,875 |
Loans receivable | Commercial | Owner occupied commercial real estate | ||||
ACL | ||||
ACL - loans, Beginning Balance | 16,774 | 17,292 | 14,282 | 20,673 |
ACL- loans, Initial ACL - PCD loans | 266 | |||
ACL - loans, Charge-Offs | 0 | (443) | 0 | (1,503) |
ACL - loans, Recoveries | 90 | 536 | 1,631 | 932 |
ACL - loans, (Release) Provision | 2,192 | (3,241) | 2,877 | (5,958) |
ACL - loans, Ending Balance | 19,056 | 14,144 | 19,056 | 14,144 |
Loans receivable | Commercial | Income producing commercial real estate | ||||
ACL | ||||
ACL - loans, Beginning Balance | 33,284 | 30,967 | 24,156 | 41,737 |
ACL- loans, Initial ACL - PCD loans | 4,366 | |||
ACL - loans, Charge-Offs | (202) | (120) | (202) | (174) |
ACL - loans, Recoveries | 26 | 75 | 432 | 304 |
ACL - loans, (Release) Provision | (1,498) | (7,531) | 2,858 | (18,476) |
ACL - loans, Ending Balance | 31,610 | 23,391 | 31,610 | 23,391 |
Loans receivable | Commercial | Commercial & industrial | ||||
ACL | ||||
ACL - loans, Beginning Balance | 18,267 | 16,414 | 16,592 | 22,019 |
ACL- loans, Initial ACL - PCD loans | 2,337 | |||
ACL - loans, Charge-Offs | (373) | (320) | (4,978) | (4,017) |
ACL - loans, Recoveries | 1,117 | 411 | 3,095 | 6,855 |
ACL - loans, (Release) Provision | 1,907 | (262) | 3,872 | (8,614) |
ACL - loans, Ending Balance | 20,918 | 16,243 | 20,918 | 16,243 |
Loans receivable | Commercial | Construction | ||||
ACL | ||||
ACL - loans, Beginning Balance | 16,062 | 9,180 | 9,956 | 10,952 |
ACL- loans, Initial ACL - PCD loans | 2,857 | |||
ACL - loans, Charge-Offs | 0 | 0 | (41) | (224) |
ACL - loans, Recoveries | (10) | 123 | 548 | 618 |
ACL - loans, (Release) Provision | 1,902 | (1,131) | 4,634 | (3,174) |
ACL - loans, Ending Balance | 17,954 | 8,172 | 17,954 | 8,172 |
Loans receivable | Commercial | Equipment financing | ||||
ACL | ||||
ACL - loans, Beginning Balance | 18,409 | 18,100 | 16,290 | 16,820 |
ACL- loans, Initial ACL - PCD loans | 0 | |||
ACL - loans, Charge-Offs | (1,987) | (1,165) | (4,644) | (4,411) |
ACL - loans, Recoveries | 866 | 653 | 2,349 | 2,087 |
ACL - loans, (Release) Provision | 3,277 | (288) | 6,570 | 2,804 |
ACL - loans, Ending Balance | 20,565 | 17,300 | 20,565 | 17,300 |
Loans receivable | Residential | Construction | ||||
ACL | ||||
ACL - loans, Beginning Balance | 2,086 | 1,918 | 1,847 | 764 |
ACL- loans, Initial ACL - PCD loans | 1 | |||
ACL - loans, Charge-Offs | 0 | 0 | 0 | (10) |
ACL - loans, Recoveries | 109 | 37 | 208 | 140 |
ACL - loans, (Release) Provision | 109 | (19) | 248 | 1,042 |
ACL - loans, Ending Balance | 2,304 | 1,936 | 2,304 | 1,936 |
Loans receivable | Residential | Residential mortgage | ||||
ACL | ||||
ACL - loans, Beginning Balance | 17,035 | 10,965 | 12,390 | 15,341 |
ACL- loans, Initial ACL - PCD loans | 385 | |||
ACL - loans, Charge-Offs | 0 | (127) | (53) | (342) |
ACL - loans, Recoveries | 66 | 76 | 267 | 393 |
ACL - loans, (Release) Provision | 2,234 | 559 | 6,346 | (3,919) |
ACL - loans, Ending Balance | 19,335 | 11,473 | 19,335 | 11,473 |
Loans receivable | Residential | HELOC | ||||
ACL | ||||
ACL - loans, Beginning Balance | 7,487 | 6,357 | 6,568 | 8,417 |
ACL- loans, Initial ACL - PCD loans | 60 | |||
ACL - loans, Charge-Offs | (27) | (65) | (36) | (99) |
ACL - loans, Recoveries | 129 | 167 | 565 | 386 |
ACL - loans, (Release) Provision | 884 | (40) | 1,316 | (2,285) |
ACL - loans, Ending Balance | 8,473 | 6,419 | 8,473 | 6,419 |
Loans receivable | Residential | Manufactured housing | ||||
ACL | ||||
ACL - loans, Beginning Balance | 6,614 | 0 | 0 | 0 |
ACL- loans, Initial ACL - PCD loans | 2,438 | |||
ACL - loans, Charge-Offs | (225) | 0 | (533) | 0 |
ACL - loans, Recoveries | 5 | 0 | 14 | 0 |
ACL - loans, (Release) Provision | 958 | 0 | 5,433 | 0 |
ACL - loans, Ending Balance | 7,352 | 0 | 7,352 | 0 |
Loans receivable | Consumer | ||||
ACL | ||||
ACL - loans, Beginning Balance | 907 | 423 | 451 | 287 |
ACL- loans, Initial ACL - PCD loans | 27 | |||
ACL - loans, Charge-Offs | (1,010) | (611) | (2,544) | (1,435) |
ACL - loans, Recoveries | 292 | 222 | 879 | 710 |
ACL - loans, (Release) Provision | 746 | 508 | 2,122 | 980 |
ACL - loans, Ending Balance | $ 935 | $ 542 | $ 935 | $ 542 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair value of derivative financial instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 2,605,096 | $ 3,052,601 |
Derivative Asset | ||
Total gross derivative instruments | 54,344 | 42,480 |
Less: Amounts subject to master netting agreements | (230) | (694) |
Less: Cash collateral received/pledged | (39,811) | (6,620) |
Net amount | 14,303 | 35,166 |
Derivative Liability | ||
Total gross derivative instruments | 106,135 | 25,145 |
Less: Amounts subject to master netting agreements | (230) | (694) |
Less: Cash collateral received/pledged | (13,155) | (14,148) |
Net amount | 92,750 | 10,303 |
Derivative assets | ||
Derivative Asset | ||
Total gross derivative instruments | 54,344 | 42,480 |
Derivative liabilities | ||
Derivative Liability | ||
Total gross derivative instruments | 106,135 | 25,145 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 120,000 | 130,000 |
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 | 0 | 10,000 |
Designated as hedging instrument | Derivative assets | ||
Derivative Asset | ||
Derivatives designated as hedging instruments | 16,311 | 6,389 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of subordinated debt | ||
Derivative Asset | ||
Cash flow hedge | 16,311 | 6,389 |
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 | 2,485,096 | 2,922,601 |
Not designated as hedging instrument | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,090,067 | 1,206,145 |
Not designated as hedging instrument | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,090,067 | 1,230,885 |
Not designated as hedging instrument | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 79,827 | 69,385 |
Not designated as hedging instrument | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 33,265 | 110,897 |
Not designated as hedging instrument | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 88,000 | 201,419 |
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 | 38,033 | 36,091 |
Not designated as hedging instrument | Derivative assets | Customer derivative positions | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 16 | 28,656 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to customer derivative positions | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 24,005 | 974 |
Not designated as hedging instrument | Derivative assets | Risk participations | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 4 | 16 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - loan commitment | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 290 | 3,450 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - forward sales commitment | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 1,994 | 67 |
Not designated as hedging instrument | Derivative assets | Bifurcated embedded derivatives | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 11,724 | 2,928 |
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 | 106,135 | 25,145 |
Not designated as hedging instrument | Derivative liabilities | Customer derivative positions | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 92,444 | 10,663 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 0 | 9,232 |
Not designated as hedging instrument | Derivative liabilities | Risk participations | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 1 | 7 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - loan commitment | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 155 | 0 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 30 | 202 |
Not designated as hedging instrument | Derivative liabilities | Bifurcated embedded derivatives | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | $ 13,505 | $ 5,041 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | Sep. 30, 2022 USD ($) contract |
Derivative Instruments [Line Items] | |
Gains to be reclassified from accumulated other comprehensive income into earnings over the next twelve months | $ | $ 2,340 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments [Line Items] | ||||
Total interest expense presented in the consolidated statements of income | $ (14,113) | $ (6,636) | $ (29,855) | $ (23,547) |
Fair value hedging | Interest expense | ||||
Effect of hedging relationships on interest expense: | ||||
Net income (expense) recognized | 0 | 43 | 28 | 167 |
Cash flow hedging | Interest expense | ||||
Effect of hedging relationships on interest expense: | ||||
Net income (expense) recognized | (48) | (153) | (295) | (444) |
Premium amortization expense excluded from assessment of hedge effectiveness | $ 119 | $ 119 | $ 353 | $ 353 |
Derivatives and Hedging Activ_6
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 1,409 | $ (808) | $ 10,165 | $ 1,903 |
Customer derivatives and dealer offsets | ||||
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 471 | 599 | 1,685 | 2,551 |
Bifurcated embedded derivatives and dealer offsets | ||||
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | (108) | 0 | 90 | 417 |
Mortgage banking derivatives | ||||
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 1,047 | (1,407) | 8,297 | (1,065) |
Risk participations | ||||
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (1) | $ 0 | $ 93 | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying amount (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and other intangible assets | ||||||
Total intangible assets subject to amortization | $ 29,694 | $ 20,400 | ||||
Goodwill | 751,174 | $ 751,174 | 452,007 | $ 381,972 | $ 367,809 | $ 367,809 |
Total goodwill and other intangible assets, net | 780,868 | 472,407 | ||||
Core deposit intangible | ||||||
Goodwill and other intangible assets | ||||||
Intangibles subject to amortization, gross | 46,900 | 38,192 | ||||
Less: accumulated amortization | (24,690) | (25,870) | ||||
Total intangible assets subject to amortization | 22,210 | 12,322 | ||||
Customer relationship intangible | ||||||
Goodwill and other intangible assets | ||||||
Intangibles subject to amortization, gross | 8,400 | 8,400 | ||||
Less: accumulated amortization | (916) | (322) | ||||
Total intangible assets subject to amortization | $ 7,484 | $ 8,078 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Customer relationship intangible | Reliant | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset acquired | $ 14.5 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | |||||
Goodwill, beginning balance | $ 751,174 | $ 367,809 | $ 452,007 | $ 367,809 | |
Acquisitions | 0 | 14,163 | 299,167 | 14,163 | |
Goodwill, ending balance | 751,174 | $ 381,972 | 751,174 | $ 381,972 | |
Accumulated impairment losses on goodwill | $ 306,000 | $ 306,000 | $ 306,000 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated aggregate amortization expense for future periods (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Estimated Aggregate Amortization Expense For Future Periods | ||
Remainder of 2022 | $ 1,620 | |
2023 | 5,903 | |
2024 | 5,018 | |
2025 | 4,051 | |
2026 | 3,303 | |
Thereafter | 9,799 | |
Total intangible assets subject to amortization | $ 29,694 | $ 20,400 |
Long-term Debt - Summary (Detai
Long-term Debt - Summary (Details) - USD ($) $ in Thousands | 9 Months Ended | 28 Months Ended | 60 Months Ended | 66 Months Ended | 71 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2027 | Dec. 31, 2029 | Dec. 31, 2030 | Dec. 31, 2028 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Less net discount | $ (4,817) | $ (8,260) | ||||
Total long-term debt | 324,515 | 247,360 | ||||
Senior debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 135,000 | 135,000 | ||||
Senior debentures | 2027 senior debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 35,000 | 35,000 | ||||
Issue Date | 2015 | |||||
Stated Maturity Date | 2027 | |||||
Earliest Call Date | 2025 | |||||
Interest Rate (percent) | 5.50% | |||||
Senior debentures | 2027 senior debentures | LIBOR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 3.71% | |||||
Senior debentures | 2030 senior debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 100,000 | 100,000 | ||||
Issue Date | 2020 | |||||
Stated Maturity Date | 2030 | |||||
Earliest Call Date | 2025 | |||||
Interest Rate (percent) | 5% | |||||
Senior debentures | 2030 senior debentures | SOFR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 4.87% | |||||
Subordinated debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 160,000 | 100,000 | ||||
Subordinated debentures | 2028 subordinated debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 100,000 | 100,000 | ||||
Issue Date | 2018 | |||||
Stated Maturity Date | 2028 | |||||
Earliest Call Date | 2023 | |||||
Interest Rate (percent) | 4.50% | |||||
Subordinated debentures | 2028 subordinated debentures | LIBOR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 2.12% | |||||
Subordinated debentures | 2029 subordinated debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 60,000 | 0 | ||||
Issue Date | 2019 | |||||
Stated Maturity Date | 2029 | |||||
Earliest Call Date | 2024 | |||||
Interest Rate (percent) | 5.125% | |||||
Subordinated debentures | 2029 subordinated debentures | SOFR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 3.765% | |||||
Trust preferred securities | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 34,332 | 20,620 | ||||
Trust preferred securities | Tidelands Statutory Trust I | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 8,248 | 8,248 | ||||
Issue Date | 2006 | |||||
Stated Maturity Date | 2036 | |||||
Trust preferred securities | Tidelands Statutory Trust I | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 1.38% | |||||
Trust preferred securities | Four Oaks Statutory Trust I | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 12,372 | 12,372 | ||||
Issue Date | 2006 | |||||
Stated Maturity Date | 2036 | |||||
Trust preferred securities | Four Oaks Statutory Trust I | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 1.35% | |||||
Trust preferred securities | Community First Capital Trust I | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 3,093 | 0 | ||||
Issue Date | 2002 | |||||
Stated Maturity Date | 2032 | |||||
Trust preferred securities | Community First Capital Trust I | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 0.50% | |||||
Trust preferred securities | Community First Capital Trust II | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 5,155 | 0 | ||||
Issue Date | 2005 | |||||
Stated Maturity Date | 2035 | |||||
Trust preferred securities | Community First Capital Trust II | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 1.50% | |||||
Trust preferred securities | Community First Capital Trust III | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 5,464 | $ 0 | ||||
Issue Date | 2007 | |||||
Stated Maturity Date | 2037 | |||||
Trust preferred securities | Community First Capital Trust III | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 3% |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 01, 2022 |
Reliant | ||
Debt Instrument [Line Items] | ||
Long-term debt assumed | $ 76,700 | $ 76,730 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Debt securities available-for-sale | $ 3,862,886 | $ 4,496,824 |
Mortgage loans held for sale | 19,888 | 44,109 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 178,473 | 217,520 |
U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 256,026 | 187,032 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 315,502 | 275,844 |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 225,910 | 193,166 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 326,482 | 604,277 |
Recurring | ||
Assets: | ||
Equity securities with readily available fair values | 14,002 | 1,302 |
Mortgage loans held for sale | 19,888 | 44,109 |
Deferred compensation plan assets | 10,904 | 11,769 |
Servicing rights for SBA/USDA loans | 6,078 | 6,513 |
Residential mortgage servicing rights | 37,154 | 25,161 |
Derivative financial instruments | 54,344 | 42,480 |
Total assets | 4,005,256 | 4,628,158 |
Liabilities: | ||
Deferred compensation plan liability | 10,929 | 11,795 |
Derivative financial instruments | 106,135 | 25,145 |
Total liabilities | 117,064 | 36,940 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 178,473 | 217,520 |
Recurring | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 256,026 | 187,032 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 315,502 | 275,844 |
Recurring | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,856,890 | 2,145,134 |
Recurring | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 703,603 | 873,851 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 225,910 | 193,166 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 326,482 | 604,277 |
Recurring | Level 1 | ||
Assets: | ||
Equity securities with readily available fair values | 12,934 | 0 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 10,904 | 11,769 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 202,311 | 229,289 |
Liabilities: | ||
Deferred compensation plan liability | 10,929 | 11,795 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 10,929 | 11,795 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 178,473 | 217,520 |
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 | 1,068 | 1,302 |
Mortgage loans held for sale | 19,888 | 44,109 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 42,326 | 35,722 |
Total assets | 3,745,469 | 4,358,042 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 92,474 | 20,097 |
Total liabilities | 92,474 | 20,097 |
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 | 256,026 | 187,032 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 315,502 | 275,844 |
Recurring | Level 2 | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,856,890 | 2,145,134 |
Recurring | Level 2 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 703,603 | 873,851 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 223,684 | 190,771 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 326,482 | 604,277 |
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 | 6,078 | 6,513 |
Residential mortgage servicing rights | 37,154 | 25,161 |
Derivative financial instruments | 12,018 | 6,758 |
Total assets | 57,476 | 40,827 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 13,661 | 5,048 |
Total liabilities | 13,661 | 5,048 |
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 | 2,226 | 2,395 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Assets | ||||
Assets: | ||||
Beginning balance | $ 10,199 | $ 6,889 | $ 6,758 | $ 10,779 |
Additions | 0 | 86 | 0 | 261 |
Transfers from Level 3 | (290) | 0 | ||
Sales and settlements | 0 | 0 | 0 | 0 |
Fair value adjustments included in OCI | 0 | 0 | 0 | 0 |
Fair value adjustments included in earnings | 1,819 | 42 | 5,550 | (4,023) |
Ending balance | 12,018 | 7,017 | 12,018 | 7,017 |
SBA/USDA loan servicing rights | ||||
Assets: | ||||
Beginning balance | 6,167 | 6,115 | 6,513 | 6,462 |
Additions | 411 | 354 | 1,799 | 1,193 |
Transfers from Level 3 | 0 | 0 | ||
Sales and settlements | (220) | (357) | (857) | (1,001) |
Fair value adjustments included in OCI | 0 | 0 | 0 | 0 |
Fair value adjustments included in earnings | (280) | 49 | (1,377) | (493) |
Ending balance | 6,078 | 6,161 | 6,078 | 6,161 |
Residential mortgage servicing rights | ||||
Assets: | ||||
Beginning balance | 35,131 | 21,568 | 25,161 | 16,216 |
Additions | 704 | 2,813 | 4,594 | 9,806 |
Transfers from Level 3 | 0 | 0 | ||
Sales and settlements | (602) | (875) | (1,916) | (3,430) |
Fair value adjustments included in OCI | 0 | 0 | 0 | 0 |
Fair value adjustments included in earnings | 1,921 | (444) | 9,315 | 470 |
Ending balance | 37,154 | 23,062 | 37,154 | 23,062 |
Corporate Bonds | ||||
Assets: | ||||
Beginning balance | 2,287 | 1,707 | 2,395 | 1,750 |
Additions | 0 | 500 | 0 | 500 |
Transfers from Level 3 | 0 | 0 | ||
Sales and settlements | 0 | 0 | 0 | 0 |
Fair value adjustments included in OCI | (61) | 165 | (169) | 122 |
Fair value adjustments included in earnings | 0 | 0 | 0 | 0 |
Ending balance | 2,226 | 2,372 | 2,226 | 2,372 |
Derivative Liabilities | ||||
Liabilities: | ||||
Beginning balance | 10,795 | 3,944 | 5,048 | 2,408 |
Additions | 0 | 0 | 99 | 97 |
Transfers from Level 3 | 0 | 0 | ||
Sales and settlements | 0 | 0 | (1) | 0 |
Fair value adjustments included in OCI | 0 | 0 | 0 | 0 |
Fair value adjustments included in earnings | 2,866 | 505 | 8,515 | 1,944 |
Ending balance | $ 13,661 | $ 4,449 | $ 13,661 | $ 4,449 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
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 | 0.058 | 0 |
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 | 0.250 | 0.454 |
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 | 0.135 | 0.103 |
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 | 0.032 |
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 | 0.351 | 0.313 |
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 | 0.168 | 0.163 |
Residential mortgage servicing rights | Discount rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.095 | 0.095 |
Residential mortgage servicing rights | Discount rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.115 | 0.105 |
Residential mortgage servicing rights | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.095 | 0.095 |
Residential mortgage servicing rights | Prepayment rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.070 | 0.070 |
Residential mortgage servicing rights | Prepayment rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.323 | 0.776 |
Residential mortgage servicing rights | Prepayment rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.074 | 0.126 |
Corporate bonds | Discount rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.059 | 0.036 |
Corporate bonds | Discount rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.061 | 0.038 |
Corporate bonds | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.060 | 0.036 |
Derivative assets - customer derivative positions | Estimated loss rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.334 | |
Derivative assets - customer derivative positions | Estimated loss rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.440 | |
Derivative assets - customer derivative positions | Estimated loss rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.360 | |
Derivative assets - mortgage | Pull through rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.450 | 0.459 |
Derivative assets - mortgage | Pull through rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 1 | 1 |
Derivative assets - mortgage | Pull through rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.907 | 0.872 |
Assets and Liabilities Measur_6
Assets and Liabilities Measured at Fair Value - Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Mortgage Loans Held for Sale | |||||
Outstanding principal balance | $ 20,180 | $ 20,180 | $ 42,581 | ||
Fair value | 19,888 | 19,888 | $ 44,109 | ||
Mortgage loan gains and other related fees | $ (809) | $ (1,609) | $ (1,820) | $ (3,330) |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | $ 1,820 | $ 2,536 |
Mortgage loans held for sale | 2,079 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | 0 | 0 |
Mortgage loans held for sale | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | 0 | 0 |
Mortgage loans held for sale | 0 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | 1,820 | $ 2,536 |
Mortgage loans held for sale | $ 2,079 |
Assets and Liabilities Measur_8
Assets and Liabilities Measured at Fair Value - Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Assets and Liabilities Measur_9
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
HTM debt securities | $ 2,241,160 | $ 1,148,804 |
Carrying Amount | ||
Assets: | ||
HTM debt securities | 2,676,405 | 1,156,098 |
Loans and leases, net | 14,733,982 | 11,657,814 |
Liabilities: | ||
Deposits | 20,321,142 | 18,241,179 |
Long-term debt | 324,515 | 247,360 |
Fair Value | ||
Assets: | ||
HTM debt securities | 2,241,160 | 1,148,804 |
Loans and leases, net | 14,250,071 | 11,607,821 |
Liabilities: | ||
Deposits | 20,315,750 | 18,239,934 |
Long-term debt | 313,944 | 267,064 |
Fair Value | Level 1 | ||
Assets: | ||
HTM debt securities | 17,253 | 0 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
HTM debt securities | 2,223,907 | 1,148,804 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 20,315,750 | 18,239,934 |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
HTM debt securities | 0 | 0 |
Loans and leases, net | 14,250,071 | 11,607,821 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | $ 313,944 | $ 267,064 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
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) | 2,800 | |
Income tax benefit related to expense for share-based awards | $ 1,700 | $ 1,230 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 0 | 0 |
Restricted stock units and performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 19,100 | |
Recognition period for unrecognized compensation expense | 2 years 10 months 24 days | |
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 | $ 6,240 | 4,420 |
Directors | Restricted stock units and performance stock units | Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 412 | $ 397 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock units and options outstanding activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Options, Shares | |
Beginning balance, outstanding (in shares) | shares | 35,460 |
Granted (in shares) | shares | 48,239 |
Released / Exercised (in shares) | shares | (16,257) |
Cancelled (in shares) | shares | 0 |
Ending balance, outstanding (in shares) | shares | 67,442 |
Exercisable (in shares) | shares | 67,442 |
Options, Weighted Average Exercise Price | |
Beginning balance, outstanding (in dollars per share) | $ / shares | $ 8.38 |
Granted (in dollars per share) | $ / shares | 20.88 |
Released / Exercised (in dollars per shares) | $ / shares | 20.77 |
Cancelled (in dollars per share) | $ / shares | 0 |
Ending balance, outstanding (in dollars per share) | $ / shares | 14.33 |
Exercisable (in dollars per share) | $ / shares | $ 14.33 |
Outstanding, Weighted Average Remaining Term (in years) | 3 years |
Exercisable, Weighted Average Remaining Term (in years) | 3 years |
Released / Exercised during period, Aggregate Intrinsic Value | $ | $ 252 |
Outstanding, Aggregate Intrinsic Value | $ | 1,266 |
Exercisable, Aggregate Intrinsic Value | $ | $ 1,266 |
Restricted Stock Units | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 808,474 |
Granted (in shares) | shares | 335,866 |
Released / Exercised (in shares) | shares | (289,860) |
Cancelled (in shares) | shares | (29,925) |
Outstanding, ending balance (in shares) | shares | 824,555 |
Vested (in shares) | shares | 0 |
Weighted- Average Grant- Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 25.15 |
Granted (in dollars per share) | $ / shares | 32.81 |
Released / Exercised (in dollars per share) | $ / shares | 25.11 |
Cancelled (in dollars per share) | $ / shares | 26.06 |
Outstanding, ending balance (in dollars per share) | $ / shares | 28.25 |
Vested (in dollars per share) | $ / shares | $ 0 |
Aggregate Intrinsic Value, Released / Exercised | $ | $ 10,252 |
Aggregate Intrinsic Value, Outstanding | $ | $ 27,293 |
Reclassifications Out of AOCI_2
Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains (losses), net | $ 0 | $ 0 | $ (3,688) | $ 41 |
Income tax benefit | (22,388) | (21,603) | (53,898) | (63,758) |
Investment securities interest revenue | 213,887 | 147,675 | 572,324 | 435,026 |
Long-term debt interest expense | (4,206) | (3,494) | (12,515) | (11,564) |
Salaries and employee benefits expense | (67,823) | (60,458) | (208,062) | (180,457) |
Other expense | (6,172) | (4,345) | (16,066) | (12,248) |
Total before tax | 103,549 | 95,419 | 249,920 | 281,540 |
Net income | 81,161 | 73,816 | 196,022 | 217,782 |
Reclassifications out of AOCI | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (3,562) | (308) | (8,056) | (886) |
Reclassifications out of AOCI | Realized gains (losses) on AFS securities: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains (losses), net | 0 | 0 | (3,688) | 41 |
Income tax benefit | 0 | 0 | 979 | (14) |
Net income | 0 | 0 | (2,709) | 27 |
Reclassifications out of AOCI | Amortization of unrealized losses on HTM securities transferred from AFS: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax benefit | 1,073 | 0 | 1,495 | 0 |
Investment securities interest revenue | (4,473) | 0 | (6,242) | 0 |
Net income | (3,400) | 0 | (4,747) | 0 |
Reclassifications out of AOCI | Losses on derivative instruments accounted for as cash flow hedges: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax benefit | 12 | 39 | 75 | 113 |
Long-term debt interest expense | (48) | (153) | (295) | (444) |
Net income | (36) | (114) | (220) | (331) |
Reclassifications out of AOCI | Amortization of defined benefit pension plan net periodic pension cost components: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax benefit | 43 | 66 | 130 | 200 |
Total before tax | (169) | (260) | (510) | (782) |
Net income | (126) | (194) | (380) | (582) |
Reclassifications out of AOCI | Prior service cost | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits expense | (91) | (117) | (276) | (351) |
Reclassifications out of AOCI | Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other expense | $ (78) | $ (143) | $ (234) | $ (431) |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Computation of basic and diluted earnings per share | ||||
Net income | $ 81,161 | $ 73,816 | $ 196,022 | $ 217,782 |
Dividends on preferred stock | (1,719) | (1,719) | (5,157) | (5,157) |
Earnings allocated to participating securities | (407) | (448) | (1,007) | (1,342) |
Net income available to common shareholders, basic | 79,035 | 71,649 | 189,858 | 211,283 |
Net income available to common shareholders, diluted | $ 79,035 | $ 71,649 | $ 189,858 | $ 211,283 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 106,687 | 87,211 | 106,616 | 87,274 |
Effect of dilutive securities: | ||||
Diluted (in shares) | 106,800 | 87,355 | 106,732 | 87,413 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.74 | $ 0.82 | $ 1.78 | $ 2.42 |
Diluted (in dollars per share) | $ 0.74 | $ 0.82 | $ 1.78 | $ 2.42 |
Stock options | ||||
Effect of dilutive securities: | ||||
Restricted stock units (in shares) | 38 | 0 | 40 | 0 |
Restricted stock units | ||||
Effect of dilutive securities: | ||||
Restricted stock units (in shares) | 75 | 144 | 76 | 139 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive instruments outstanding not included in EPS analysis (in shares) | 0 | 0 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital, Minimum | 0.045 | |
CET1 capital, Well-Capitalized | 0.065 | |
CET1 capital | 0.1213 | 0.1246 |
Tier 1 capital, Minimum | 0.060 | |
Tier 1 capital, Well-Capitalized | 0.080 | |
Tier 1 capital | 0.1268 | 0.1317 |
Total capital, Minimum | 0.080 | |
Total capital, Well-Capitalized | 0.100 | |
Total capital | 0.1462 | 0.1465 |
Leverage ratio, Minimum | 0.040 | |
Leverage ratio, Well-Capitalized | 0.050 | |
Leverage ratio | 0.0941 | 0.0875 |
CET1 capital | $ 2,101,819 | $ 1,688,176 |
Tier 1 capital | 2,198,241 | 1,784,598 |
Total capital | 2,534,810 | 1,984,376 |
Risk-weighted assets | 17,332,391 | 13,548,534 |
Average total assets for the leverage ratio | $ 23,359,608 | $ 20,402,842 |
United Community Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital | 0.1294 | 0.1287 |
Tier 1 capital | 0.1294 | 0.1287 |
Total capital | 0.1375 | 0.1346 |
Leverage ratio | 0.0958 | 0.0853 |
CET1 capital | $ 2,234,151 | $ 1,738,557 |
Tier 1 capital | 2,234,151 | 1,738,557 |
Total capital | 2,374,603 | 1,818,335 |
Risk-weighted assets | 17,269,896 | 13,512,405 |
Average total assets for the leverage ratio | $ 23,308,849 | $ 20,377,319 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 4,592,092 | $ 3,591,975 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 53,526 | $ 29,312 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Investment in limited partnerships | $ 79,800 | $ 52,700 |
Commitment for additional fund | 6,960 | |
United Community Banks Inc, Holding Company | ||
Other Commitments [Line Items] | ||
Commitment for additional fund | $ 18,100 |