Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 118,853,361 | |
Entity Central Index Key | 0000857855 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 267,075 | $ 195,771 |
Interest-bearing deposits in banks | 443,661 | 316,082 |
Federal funds and other short-term investments | 0 | 135,000 |
Cash and cash equivalents | 710,736 | 646,853 |
Debt securities available-for-sale | 3,359,989 | 3,614,333 |
Debt securities held-to-maturity (fair value $2,132,396 and $2,191,073, respectively) | 2,553,835 | 2,613,648 |
Loans held for sale | 27,104 | 13,600 |
Loans and leases held for investment | 17,394,845 | 15,334,627 |
Less allowance for credit losses - loans and leases | (190,705) | (159,357) |
Loans and leases, net | 17,204,140 | 15,175,270 |
Premises and equipment, net | 353,317 | 298,456 |
Bank owned life insurance | 342,966 | 299,297 |
Goodwill and other intangible assets, net | 957,823 | 779,248 |
Other assets | 610,287 | 568,179 |
Total assets | 26,120,197 | 24,008,884 |
Deposits: | ||
Noninterest-bearing demand | 6,970,668 | 7,643,081 |
Interest-bearing deposits | 15,281,320 | 12,233,426 |
Total deposits | 22,251,988 | 19,876,507 |
Short-term borrowings | 0 | 158,933 |
Federal Home Loan Bank advances | 0 | 550,000 |
Long-term debt | 324,754 | 324,663 |
Accrued expenses and other liabilities | 437,864 | 398,107 |
Total liabilities | 23,014,606 | 21,308,210 |
Shareholders' equity: | ||
Preferred stock, $1 par value: 10,000,000 shares authorized; 3,989 and 4,000 shares Series I issued and outstanding, respectively; $25,000 per share liquidation preference | 96,165 | 96,422 |
Common stock, $1 par value: 200,000,000 shares authorized, 115,265,912 and 106,222,758 shares issued and outstanding, respectively | 115,266 | 106,223 |
Common stock issuable: 587,775 and 607,128 shares, respectively | 12,228 | 12,307 |
Capital surplus | 2,610,523 | 2,306,366 |
Retained earnings | 577,316 | 508,844 |
Accumulated other comprehensive loss | (305,907) | (329,488) |
Total shareholders' equity | 3,105,591 | 2,700,674 |
Total liabilities and shareholders' equity | $ 26,120,197 | $ 24,008,884 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
HTM debt securities | $ 2,132,396,000 | $ 2,191,073,000 |
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) | 3,989 | 4,000 |
Preferred stock outstanding (in shares) | 3,989 | 4,000 |
Preferred stock liquidation preference (in dollars per share) | $ 25,000 | $ 25,000 |
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) | 115,265,912 | 106,222,758 |
Common stock outstanding (in shares) | 115,265,912 | 106,222,758 |
Common stock issuable (in shares) | 587,775 | 607,128 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest revenue: | ||||
Loans, including fees | $ 250,484 | $ 155,266 | $ 486,915 | $ 302,007 |
Investment securities, including tax exempt of $1,731, $2,539, $3,841 and $5,194, respectively | 41,060 | 30,425 | 81,046 | 54,090 |
Deposits in banks and short-term investments | 4,231 | 1,687 | 7,301 | 2,340 |
Total interest revenue | 295,775 | 187,378 | 575,262 | 358,437 |
Interest expense: | ||||
Deposits | 89,217 | 4,302 | 147,078 | 7,433 |
Short-term borrowings | 1,849 | 0 | 2,997 | 0 |
Federal Home Loan Bank advances | 649 | 0 | 5,761 | 0 |
Long-term debt | 3,774 | 4,173 | 7,670 | 8,309 |
Total interest expense | 95,489 | 8,475 | 163,506 | 15,742 |
Net interest revenue | 200,286 | 178,903 | 411,756 | 342,695 |
Provision for credit losses | 22,753 | 5,604 | 44,536 | 28,690 |
Net interest revenue after provision for credit losses | 177,533 | 173,299 | 367,220 | 314,005 |
Noninterest income: | ||||
Wealth management fees | 5,600 | 5,985 | 11,324 | 11,880 |
Gains from sales of other loans, net | 2,305 | 3,800 | 4,221 | 6,998 |
Lending and loan servicing fees | 2,978 | 1,586 | 6,994 | 4,572 |
Securities gains (losses), net | 0 | 46 | (1,644) | (3,688) |
Other | 9,143 | 5,065 | 16,120 | 10,471 |
Total noninterest income | 36,387 | 33,458 | 66,596 | 72,431 |
Total revenue | 213,920 | 206,757 | 433,816 | 386,436 |
Noninterest expenses: | ||||
Salaries and employee benefits | 76,250 | 69,233 | 154,948 | 140,239 |
Communications and equipment | 10,744 | 9,675 | 20,752 | 18,923 |
Occupancy | 10,194 | 8,865 | 20,083 | 18,243 |
Advertising and public relations | 2,314 | 2,300 | 4,663 | 3,788 |
Postage, printing and supplies | 2,382 | 1,999 | 4,919 | 4,118 |
Professional fees | 6,592 | 5,402 | 12,664 | 9,849 |
Lending and loan servicing expense | 2,530 | 3,047 | 4,849 | 5,413 |
Outside services - electronic banking | 2,660 | 2,947 | 6,085 | 5,470 |
FDIC assessments and other regulatory charges | 4,142 | 2,267 | 8,143 | 4,440 |
Amortization of intangibles | 3,421 | 1,736 | 6,949 | 3,529 |
Merger-related and other charges | 3,645 | 7,143 | 12,276 | 16,159 |
Other | 7,533 | 6,176 | 15,881 | 9,894 |
Total noninterest expenses | 132,407 | 120,790 | 272,212 | 240,065 |
Income before income taxes | 81,513 | 85,967 | 161,604 | 146,371 |
Income tax expense | 18,225 | 19,125 | 36,016 | 31,510 |
Net income | 63,288 | 66,842 | 125,588 | 114,861 |
Net income available to common shareholders, basic | 61,227 | 64,761 | 121,470 | 110,827 |
Net income available to common shareholders, diluted | $ 61,227 | $ 64,761 | $ 121,470 | $ 110,827 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.53 | $ 0.61 | $ 1.05 | $ 1.04 |
Diluted (in dollars per share) | $ 0.53 | $ 0.61 | $ 1.05 | $ 1.04 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 115,774 | 106,610 | 115,614 | 106,580 |
Diluted (in shares) | 115,869 | 106,716 | 115,795 | 106,697 |
Service charges and fees | ||||
Noninterest income: | ||||
Service charges and other related fees | $ 9,777 | $ 10,005 | $ 18,476 | $ 19,075 |
Mortgage loan gains and other related fees | ||||
Noninterest income: | ||||
Service charges and other related fees | $ 6,584 | $ 6,971 | $ 11,105 | $ 23,123 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Investment securities, tax exempt | $ 1,731 | $ 2,539 | $ 3,841 | $ 5,194 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income, Before-tax Amount | $ 81,513 | $ 85,967 | $ 161,604 | $ 146,371 |
Net income, Tax (Expense) Benefit | (18,225) | (19,125) | (36,016) | (31,510) |
Net income | 63,288 | 66,842 | 125,588 | 114,861 |
Unrealized gains (losses) on available-for-sale securities: | ||||
Unrealized holding gains (losses), Before-tax Amount | (19,753) | (120,968) | 23,526 | (324,853) |
Unrealized holding gains (losses), Tax (Expense) Benefit | 4,782 | 28,801 | (5,502) | 76,774 |
Unrealized holding gains (losses), Net of Tax Amount | (14,971) | (92,167) | 18,024 | (248,079) |
Reclassification of securities from available-for-sale to held-to-maturity, Before-tax Amount | 30,041 | 87,444 | ||
Reclassification of securities from available-for-sale to held-to-maturity, Tax (Expense) Benefit | (7,178) | (20,770) | ||
Reclassification of securities from available-for-sale to held-to-maturity, Net of Tax Amount | 22,863 | 66,674 | ||
Reclassification adjustment for losses included in net income, Before-tax Amount | 0 | (46) | 1,644 | 3,688 |
Reclassification adjustment for losses included in net income, Tax (Expense) Benefit | 0 | 11 | (374) | (979) |
Reclassification adjustment for losses included in net income, Net of Tax Amount | 0 | (35) | 1,270 | 2,709 |
Net unrealized gains (losses), Before-tax Amount | (19,753) | (90,973) | 25,170 | (233,721) |
Net unrealized gains (losses), Tax (Expense) Benefit | 4,782 | 21,634 | (5,876) | 55,025 |
Net unrealized gains (losses), Net of Tax Amount | (14,971) | (69,339) | 19,294 | (178,696) |
Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale, Before-tax amount | 2,518 | 5,486 | ||
Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale, Tax (Expense) Benefit | (604) | (1,324) | ||
Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale, Net of Tax Amount | 1,914 | 4,162 | ||
Unrealized losses on held-to-maturity securities transferred from available-for-sale: | ||||
Reclassification of unrealized losses, Before-tax Amount | (30,041) | (87,444) | ||
Reclassification of unrealized losses, Tax (Expense) Benefit | 7,178 | 20,770 | ||
Reclassification of unrealized losses, Net of Tax Amount | (22,863) | (66,674) | ||
Amortization of unrealized losses, Before-tax Amount | 1,769 | 1,769 | ||
Amortization of unrealized losses, Tax (Expense) Benefit | (422) | (422) | ||
Amortization of unrealized losses, Net of Tax Amount | 1,347 | 1,347 | ||
Net activity, Before-tax Amount | (28,272) | (85,675) | ||
Net activity, Tax (Expense) Benefit | 6,756 | 20,348 | ||
Net activity, Net of Tax Amount | (21,516) | (65,327) | ||
Derivative instruments designated as cash flow hedges: | ||||
Unrealized holding gains (losses) on derivatives, Before-tax Amount | 3,303 | 2,412 | 2,101 | 7,880 |
Unrealized holding gains (losses) on derivatives, Tax (Expense) Benefit | (843) | (616) | (536) | (2,013) |
Unrealized holding gains (losses) on derivatives, Net of Tax Amount | 2,460 | 1,796 | 1,565 | 5,867 |
Gains (Losses) on derivative instruments realized in net income, Before-tax Amount | (1,234) | 106 | (2,056) | 247 |
Gains (Losses) on derivative instruments realized in net income, Tax (Expense) Benefit | 315 | (27) | 525 | (63) |
Gains (Losses) on derivative instruments realized in net income, Net of Tax Amount | (919) | 79 | (1,531) | 184 |
Net cash flow hedge activity, Before-tax Amount | 2,069 | 2,518 | 45 | 8,127 |
Net cash flow hedge activity, Tax (Expense) Benefit | (528) | (643) | (11) | (2,076) |
Net cash flow hedge activity, Net of tax Amount | 1,541 | 1,875 | 34 | 6,051 |
Amortization of defined benefit pension plan net periodic pension cost components, Before-tax Amount | 61 | 171 | 122 | 341 |
Amortization of defined benefit pension plan net periodic pension cost components, Tax (Expense) Benefit | (15) | (44) | (31) | (87) |
Amortization of defined benefit pension plan net periodic pension cost components, Net of Tax Amount | 46 | 127 | 91 | 254 |
Total other comprehensive income (loss), Before-tax Amount | (15,105) | (116,556) | 30,823 | (310,928) |
Total other comprehensive income (loss), Tax (Expense) Benefit | 3,635 | 27,703 | (7,242) | 73,210 |
Total other comprehensive income (loss), Net of Tax Amount | (11,470) | (88,853) | 23,581 | (237,718) |
Comprehensive income (loss), Before-tax Amount | 66,408 | (30,589) | 192,427 | (164,557) |
Comprehensive income (loss), Tax (Expense) Benefit | (14,590) | 8,578 | (43,258) | 41,700 |
Comprehensive income (loss), Net of Tax Amount | $ 51,818 | $ (22,011) | $ 149,169 | $ (122,857) |
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, 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 | 114,861 | 114,861 | |||||
Other comprehensive income (loss) | (237,718) | (237,718) | |||||
Impact of acquisitions (in shares) | 16,571,545 | ||||||
Impact of acquisitions | 596,376 | $ 16,571 | 579,805 | ||||
Preferred stock dividends | (3,438) | (3,438) | |||||
Common stock dividends | (45,107) | (45,107) | |||||
Impact of equity-based compensation awards (in shares) | 49,443 | ||||||
Impact of equity-based compensation awards | 4,557 | $ 50 | 1,454 | 3,053 | |||
Impact of other United sponsored equity plans (in shares) | 63,146 | ||||||
Impact of other United sponsored equity plans | (488) | $ 63 | (1,294) | 743 | |||
Ending balance (in shares) at Jun. 30, 2022 | 106,033,960 | ||||||
Ending balance at Jun. 30, 2022 | 2,651,288 | $ 106,034 | 96,422 | 11,448 | 2,304,608 | 396,970 | (264,194) |
Beginning balance (in shares) at Mar. 31, 2022 | 106,025,210 | ||||||
Beginning balance at Mar. 31, 2022 | 2,695,015 | $ 106,025 | 96,422 | 11,311 | 2,302,189 | 354,409 | (175,341) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 66,842 | 66,842 | |||||
Other comprehensive income (loss) | (88,853) | (88,853) | |||||
Preferred stock dividends | (1,719) | (1,719) | |||||
Common stock dividends | (22,562) | (22,562) | |||||
Impact of equity-based compensation awards (in shares) | 6,520 | ||||||
Impact of equity-based compensation awards | 2,364 | $ 7 | 10 | 2,347 | |||
Impact of other United sponsored equity plans (in shares) | 2,230 | ||||||
Impact of other United sponsored equity plans | 201 | $ 2 | 127 | 72 | |||
Ending balance (in shares) at Jun. 30, 2022 | 106,033,960 | ||||||
Ending balance at Jun. 30, 2022 | $ 2,651,288 | $ 106,034 | 96,422 | 11,448 | 2,304,608 | 396,970 | (264,194) |
Beginning balance (in shares) at Dec. 31, 2022 | 106,222,758 | 106,222,758 | |||||
Beginning balance at Dec. 31, 2022 | $ 2,700,674 | $ 106,223 | 96,422 | 12,307 | 2,306,366 | 508,844 | (329,488) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 125,588 | 125,588 | |||||
Other comprehensive income (loss) | 23,581 | 23,581 | |||||
Impact of acquisitions (in shares) | 8,770,531 | ||||||
Impact of acquisitions | 306,461 | $ 8,771 | 297,690 | ||||
Preferred stock dividends | (3,438) | (3,438) | |||||
Common stock dividends | (53,678) | (53,678) | |||||
Purchases of preferred stock (in shares) | |||||||
Purchases of preferred stock | (222) | (257) | 35 | ||||
Impact of equity-based compensation awards (in shares) | 232,302 | ||||||
Impact of equity-based compensation awards | 6,744 | $ 232 | 623 | 5,889 | |||
Impact of other United sponsored equity plans (in shares) | 40,321 | ||||||
Impact of other United sponsored equity plans | $ (119) | $ 40 | (702) | 543 | |||
Ending balance (in shares) at Jun. 30, 2023 | 115,265,912 | 115,265,912 | |||||
Ending balance at Jun. 30, 2023 | $ 3,105,591 | $ 115,266 | 96,165 | 12,228 | 2,610,523 | 577,316 | (305,907) |
Beginning balance (in shares) at Mar. 31, 2023 | 115,151,566 | ||||||
Beginning balance at Mar. 31, 2023 | 3,078,123 | $ 115,152 | 96,422 | 11,977 | 2,606,403 | 542,606 | (294,437) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 63,288 | 63,288 | |||||
Other comprehensive income (loss) | (11,470) | (11,470) | |||||
Preferred stock dividends | (1,719) | (1,719) | |||||
Common stock dividends | (26,859) | (26,859) | |||||
Purchases of preferred stock | (222) | (257) | 35 | ||||
Impact of equity-based compensation awards (in shares) | 110,414 | ||||||
Impact of equity-based compensation awards | 4,224 | $ 110 | 125 | 3,989 | |||
Impact of other United sponsored equity plans (in shares) | 3,932 | ||||||
Impact of other United sponsored equity plans | $ 226 | $ 4 | 126 | 96 | |||
Ending balance (in shares) at Jun. 30, 2023 | 115,265,912 | 115,265,912 | |||||
Ending balance at Jun. 30, 2023 | $ 3,105,591 | $ 115,266 | $ 96,165 | $ 12,228 | $ 2,610,523 | $ 577,316 | $ (305,907) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends (in dollars per share) | $ 0.23 | $ 0.21 | $ 0.46 | $ 0.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities: | ||
Net income | $ 125,588 | $ 114,861 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 23,592 | 22,086 |
Provision for credit losses | 44,536 | 28,690 |
Stock based compensation | 4,790 | 4,861 |
Deferred income tax expense | 5,599 | 4,361 |
Securities losses, net | 1,644 | 3,688 |
Gains from sales of other loans | (4,221) | (6,998) |
Changes in assets and liabilities: | ||
Other assets | (2,962) | 6,317 |
Accrued expenses and other liabilities | (2,128) | 49,707 |
Loans held for sale | (11,417) | 119,837 |
Net cash provided by operating activities | 185,021 | 347,410 |
Debt securities held-to-maturity: | ||
Proceeds from maturities and calls | 63,602 | 90,576 |
Purchases | 0 | (326,494) |
Debt securities available-for-sale: | ||
Proceeds from sales | 380,661 | 281,521 |
Proceeds from maturities and calls | 179,586 | 336,511 |
Purchases | (186,810) | (1,498,515) |
Net increase in loans | (618,464) | (435,015) |
Equity investments, outflows | (122,923) | (23,016) |
Equity investments, inflows | 122,576 | 16,241 |
Proceeds from sales of premises and equipment | 2,169 | 4,792 |
Purchases of premises and equipment | (43,809) | (16,774) |
Net cash received in acquisition | 57,101 | 35,243 |
Other investing inflows | 2,846 | 1,226 |
Net cash used in investing activities | (163,465) | (1,533,704) |
Financing activities: | ||
Net increase in deposits | 1,040,034 | 128,688 |
Net decrease in short-term borrowings | (299,951) | 0 |
Proceeds from FHLB advances | 2,225,000 | 0 |
Repayment of FHLB advances | (2,870,000) | 0 |
Cash dividends on common stock | (50,493) | (40,694) |
Cash dividends on preferred stock | (3,438) | (3,438) |
Other financing inflows | 3,116 | 473 |
Other financing outflows | (1,941) | (1,538) |
Net cash provided by financing activities | 42,327 | 83,491 |
Net change in cash and cash equivalents | 63,883 | (1,102,803) |
Cash and cash equivalents, beginning of period | 646,853 | 2,318,510 |
Cash and cash equivalents, end of period | $ 710,736 | $ 1,215,707 |
Basis of Presentation and Updat
Basis of Presentation and Updates to Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Updates to Significant Accounting Policies | Basis of Presentation and Updates to Significant Accounting Policies 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 2022 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 2022 10-K. Updates to Significant Accounting Policies Effective January 1, 2023, United adopted ASU 2022-02, which updated the guidance on modifications to financing receivables by effectively replacing the concept of troubled debt restructurings with a new concept, loan modifications to borrowers experiencing financial difficulty. See Note 2 for further detail. Below summarizes the policy surrounding FDMs. FDMs: A loan for which the terms have been modified as a result of the borrower experiencing financial difficulty is generally considered to be a FDM. Modified terms that result in a FDM include one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the term or amortization period, a more than insignificant payment delay or principal forgiveness. The ACL on FDMs is calculated using the same method as other loans held for investment. |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Recently Adopted Standards In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from contracts with Customers . The update requires that an acquiring entity apply the guidance from Revenue from Contracts with Customers (Topic 606) to recognize and measure contract assets and contract liabilities in a business combination, rather than fair value. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements. 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. Adoption of this update as of January 1, 2023 did not 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. United adopted this update using a modified retrospective transition method as of January 1, 2023. The quantitative impact of adoption related to the CECL calculation for FDMs was not material; thus, no corresponding cumulative effect adjustment to retained earnings was recorded. Recently Issued Standards In March 2022, the FASB issued ASU No 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The update broadens the application of the proportional amortization method to tax equity investments other than LIHTC, providing certain conditions are met. The election to apply the proportional amortization method must be made on a tax-credit-program by tax-credit-program basis rather than at the reporting entity level or to individual investments. The update also requires certain disclosures related to those investments for which the proportional amortization method has been applied. For public entities, this guidance is effective for fiscal years beginning after December 15, 2023. United does not expect the new guidance to have a material impact on the consolidated financial statements. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023 and 2022 is as follows (in thousands) . Six Months Ended June 30, 2023 2022 Significant non-cash investing and financing transactions: Commitments to fund equity investments $ 11,093 $ — Transfers of AFS securities to HTM securities — 1,288,982 Acquisitions: Assets acquired 1,903,930 3,254,173 Liabilities assumed 1,597,022 2,657,173 Net assets acquired 306,908 597,000 Common stock issued and options converted 306,461 596,376 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition of Progress On January 3, 2023, United acquired all of the outstanding common stock of Progress in a stock transaction. Progress operated 13 offices primarily located in Alabama and the Florida Panhandle, which facilitated United’s growth into those markets. United’s operating results for the three and six months ended June 30, 2023 include the operating results of the acquired business for the period subsequent to the acquisition date of January 3, 2023. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (dollars in thousands) . Progress Fair Value Recorded by United (1) January 3, 2023 Assets Cash and cash equivalents $ 57,548 Debt securities 111,006 Loans held for sale 2,087 Loans held for investment 1,442,959 Premises and equipment 21,118 Bank-owned life insurance 40,723 Core deposit intangible 39,980 Other assets 42,965 Total assets acquired 1,758,386 Liabilities Deposits 1,334,476 Short-term borrowings 141,017 Federal Home Loan Bank advances 95,000 Other liabilities 26,529 Total liabilities assumed 1,597,022 Total identifiable net assets 161,364 Consideration transferred Cash 447 Common stock issued (8,770,531 shares) 296,444 Options converted 10,017 Total fair value of consideration transferred 306,908 Goodwill $ 145,544 (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 Progress’ business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Progress 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 Progress loan portfolio at the acquisition date (in thousands) . January 3, 2023 PCD loans: Par value $ 64,913 ACL at acquisition (2,704) Non-credit discount (150) Purchase price $ 62,059 Non-PCD loans: Fair value $ 1,380,900 Gross contractual amounts receivable 1,626,243 Estimate of contractual cash flows not expected to be collected 9,287 Pro forma information The following table discloses the impact of the Progress acquisition since the date of acquisition. The table also presents certain pro forma information as if Progress had been acquired on January 1, 2022 and Reliant had been acquired on January 1, 2021. These results combine the historical results of the acquired entities 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 acquisitions taken place in earlier years. Merger-related costs related to the Progress acquisition for the three and six months ended June 30, 2023 of $2.29 million and $9.78 million, respectively, have been excluded from the pro forma information for those periods presented below and included in the three and six months ended June 30, 2022 pro forma information. Merger-related costs related to the Reliant acquisition for the three and six months ended June 30, 2022 of $5.46 million and $14.0 million, respectively, have been excluded from the pro forma information presented below. The actual results and pro forma information were as follows (in thousands) : Three Months Ended Six Months Ended Revenue Net Income Revenue Net Income 2023 Actual Progress results included in statement of income since acquisition date $ 17,969 $ 3,288 $ 24,621 $ 5,098 Supplemental consolidated pro forma as if Progress had been acquired January 1, 2022 213,509 64,832 443,050 140,041 2022 Actual Reliant results included in statement of income since acquisition date $ 29,172 $ 15,550 $ 43,086 $ 16,148 Supplemental consolidated pro forma as if Progress had been acquired January 1, 2022 and Reliant had been acquired January 1, 2021 $ 225,984 $ 73,656 $ 430,853 $ 131,038 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows (in thousands) . Amortized Gross Unrealized Gross Unrealized Fair As of June 30, 2023 U.S. Treasuries $ 19,849 $ — $ 2,354 $ 17,495 U.S. Government agencies & GSEs 99,779 — 17,112 82,667 State and political subdivisions 294,920 23 56,274 238,669 Residential MBS, Agency & GSEs 1,438,048 13 222,256 1,215,805 Commercial MBS, Agency & GSEs 686,239 — 120,831 565,408 Supranational entities 15,000 — 2,648 12,352 Total $ 2,553,835 $ 36 $ 421,475 $ 2,132,396 As of December 31, 2022 U.S. Treasuries $ 19,834 $ — $ 2,417 $ 17,417 U.S. Government agencies & GSEs 99,679 — 18,169 81,510 State and political subdivisions 295,945 56 64,340 231,661 Residential MBS, Agency & GSEs 1,488,028 35 223,566 1,264,497 Commercial MBS, Agency & GSEs 695,162 — 111,586 583,576 Supranational entities $ 15,000 $ — $ 2,588 $ 12,412 Total $ 2,613,648 $ 91 $ 422,666 $ 2,191,073 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) . During the second quarter of 2023, United entered into fair value hedges on stated amounts of a closed portfolio of AFS debt securities using the portfolio layer method, which is further explained in Note 7. Amortized Gross Unrealized Gross Unrealized Fair As of June 30, 2023 U.S. Treasuries $ 347,029 $ 34 $ 13,640 $ 333,423 U.S. Government agencies & GSEs 252,981 295 16,180 237,096 State and political subdivisions 183,201 — 22,100 161,101 Residential MBS, Agency & GSEs 1,445,528 — 158,964 1,286,564 Residential MBS, Non-agency 360,476 — 26,805 333,671 Commercial MBS, Agency & GSEs 669,625 — 81,276 588,349 Commercial MBS, Non-agency 31,097 — 1,008 30,089 Corporate bonds 218,886 60 22,210 196,736 Asset-backed securities 198,279 27 5,346 192,960 Total 3,707,102 416 347,529 3,359,989 As of December 31, 2022 U.S. Treasuries $ 163,972 $ — $ 14,620 $ 149,352 U.S. Government agencies & GSEs 266,347 463 16,694 250,116 State and political subdivisions 329,723 151 26,126 303,748 Residential MBS, Agency & GSEs 1,609,442 13 160,636 1,448,819 Residential MBS, Non-agency 374,535 — 27,873 346,662 Commercial MBS, Agency & GSEs 720,282 471 79,407 641,346 Commercial MBS, Non-agency 31,624 — 1,058 30,566 Corporate bonds 236,181 34 23,763 212,452 Asset-backed securities 239,220 — 7,948 231,272 Total $ 3,971,326 $ 1,132 $ 358,125 $ 3,614,333 Securities with a carrying value of $4.43 billion and $2.53 billion were pledged, primarily to secure public deposits and provide contingent liquidity through the Bank Term Funding Program at the Federal Reserve Bank, at June 30, 2023 and December 31, 2022, 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 June 30, 2023 U.S. Treasuries $ — $ — $ 17,495 $ 2,354 $ 17,495 $ 2,354 U.S. Government agencies & GSEs — — 82,667 17,112 82,667 17,112 State and political subdivisions 22,629 220 211,786 56,054 234,415 56,274 Residential MBS, Agency & GSEs 55,552 3,332 1,158,955 218,924 1,214,507 222,256 Commercial MBS, Agency & GSEs 6,479 220 558,928 120,611 565,407 120,831 Supranational entities — — 12,352 2,648 12,352 2,648 Total unrealized loss position $ 84,660 $ 3,772 $ 2,042,183 $ 417,703 $ 2,126,843 $ 421,475 As of December 31, 2022 U.S. Treasuries $ 17,417 $ 2,417 $ — $ — $ 17,417 $ 2,417 U.S. Government agencies & GSEs 10,687 1,813 70,823 16,356 81,510 18,169 State and political subdivisions 104,243 20,639 117,115 43,701 221,358 64,340 Residential MBS, Agency & GSEs 296,673 38,289 965,785 185,277 1,262,458 223,566 Commercial MBS, Agency & GSEs 176,848 24,497 406,728 87,089 583,576 111,586 Supranational entities 12,412 2,588 — — 12,412 2,588 Total unrealized loss position $ 618,280 $ 90,243 $ 1,560,451 $ 332,423 $ 2,178,731 $ 422,666 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 June 30, 2023 U.S. Treasuries $ 49,170 $ 16 $ 150,685 $ 13,624 $ 199,855 $ 13,640 U.S. Government agencies & GSEs 64,447 509 127,787 15,671 192,234 16,180 State and political subdivisions 552 33 160,549 22,067 161,101 22,100 Residential MBS, Agency & GSEs 219,050 11,928 1,067,514 147,036 1,286,564 158,964 Residential MBS, Non-agency 8,618 320 325,053 26,485 333,671 26,805 Commercial MBS, Agency & GSEs 102,718 6,058 485,631 75,218 588,349 81,276 Commercial MBS, Non-agency — — 30,089 1,008 30,089 1,008 Corporate bonds 8,746 879 186,121 21,331 194,867 22,210 Asset-backed securities 14,302 102 172,093 5,244 186,395 5,346 Total unrealized loss position $ 467,603 $ 19,845 $ 2,705,522 $ 327,684 $ 3,173,125 $ 347,529 As of December 31, 2022 U.S. Treasuries $ 49,259 $ 724 $ 100,093 $ 13,896 $ 149,352 $ 14,620 U.S. Government agencies & GSEs 93,015 2,124 108,093 14,570 201,108 16,694 State and political subdivisions 207,749 9,906 62,606 16,220 270,355 26,126 Residential MBS, Agency & GSEs 1,049,648 102,852 392,288 57,784 1,441,936 160,636 Residential MBS, Non-agency 338,399 27,095 8,263 778 346,662 27,873 Commercial MBS, Agency & GSEs 288,787 17,304 332,088 62,103 620,875 79,407 Commercial MBS, Non-agency 30,566 1,058 — — 30,566 1,058 Corporate bonds 83,010 7,776 127,603 15,987 210,613 23,763 Asset-backed securities 97,705 2,664 133,567 5,284 231,272 7,948 Total unrealized loss position $ 2,238,138 $ 171,503 $ 1,264,601 $ 186,622 $ 3,502,739 $ 358,125 At June 30, 2023, there were 678 AFS debt securities and 325 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 June 30, 2023 were primarily attributable to changes in interest rates. At June 30, 2023 and December 31, 2022, 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 June 30, 2023 or December 31, 2022. In addition, based on the assessments performed at June 30, 2023 and December 31, 2022, 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 June 30, 2023 December 31, 2022 HTM $ 6,098 $ 7,234 AFS 11,859 15,281 The amortized cost and fair value of AFS and HTM debt securities at June 30, 2023, 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 $ 232,932 $ 232,830 $ — $ — U.S. Government agencies & GSEs 338 331 — — State and political subdivisions 2,027 1,955 1,200 1,194 Corporate bonds 5,177 5,014 — — 240,474 240,130 1,200 1,194 1 to 5 years: U.S. Treasuries 114,097 100,593 19,849 17,495 U.S. Government agencies & GSEs 39,403 35,781 — — State and political subdivisions 15,948 14,904 28,575 26,505 Corporate bonds 156,810 142,227 — — 326,258 293,505 48,424 44,000 5 to 10 years: U.S. Government agencies & GSEs 71,084 63,053 73,352 61,460 State and political subdivisions 59,659 49,693 37,257 31,827 Corporate bonds 56,097 48,643 — — Supranational entities — — 15,000 12,352 186,840 161,389 125,609 105,639 More than 10 years: U.S. Government agencies & GSEs 142,156 137,931 26,427 21,207 State and political subdivisions 105,567 94,549 227,888 179,143 Corporate bonds 802 852 — — 248,525 233,332 254,315 200,350 Debt securities not due at a single maturity date: Asset-backed securities 198,279 192,960 — — Residential MBS 1,806,004 1,620,235 1,438,048 1,215,805 Commercial MBS 700,722 618,438 686,239 565,408 2,705,005 2,431,633 2,124,287 1,781,213 Total $ 3,707,102 $ 3,359,989 $ 2,553,835 $ 2,132,396 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 six months ended June 30, 2023 and 2022 (in thousands). Three Months Ended Six Months Ended 2023 2022 2023 2022 Proceeds from sales $ — $ 73,112 $ 380,661 $ 281,521 Gross realized gains $ — $ 46 $ 1,373 $ 1,009 Gross realized losses — — (3,017) (4,697) Securities gains (losses), net $ — $ 46 $ (1,644) $ (3,688) Income tax expense (benefit) attributable to sales $ — $ 11 $ (374) $ (979) |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans and Leases and Allowance for Credit Losses | Loans and Leases and Allowance for Credit Losses Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands) . June 30, 2023 December 31, 2022 Owner occupied commercial real estate $ 3,110,612 $ 2,734,666 Income producing commercial real estate 3,669,746 3,261,626 Commercial & industrial 2,550,191 2,252,322 Commercial construction 1,739,208 1,597,848 Equipment financing 1,510,326 1,374,251 Total commercial 12,580,083 11,220,713 Residential mortgage 2,905,293 2,355,061 HELOC 926,409 850,269 Residential construction 463,278 442,553 Manufactured housing 339,969 316,741 Consumer 179,813 149,290 Total loans 17,394,845 15,334,627 Less allowance for credit losses - loans (190,705) (159,357) Loans, net $ 17,204,140 $ 15,175,270 Accrued interest receivable related to loans totaled $58.0 million and $52.0 million at June 30, 2023 and December 31, 2022, respectively, and was reported in other assets on the consolidated balance sheets. Accrued interest receivable was excluded from the estimate of credit losses. At June 30, 2023 and December 31, 2022, 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Guaranteed portion of SBA/USDA loans $ 22,072 $ 39,119 $ 43,842 $ 67,462 Equipment financing receivables 20,571 20,541 39,274 43,977 Total $ 42,643 $ 59,660 $ 83,116 $ 111,439 At June 30, 2023 and December 31, 2022, equipment financing receivables included leases of $59.8 million and $46.0 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . June 30, 2023 December 31, 2022 Minimum future lease payments receivable $ 65,275 $ 49,723 Estimated residual value of leased equipment 3,670 2,804 Initial direct costs 1,131 767 Security deposits (442) (429) Unearned income (9,788) (6,877) Net investment in leases $ 59,846 $ 45,988 Minimum future lease payments expected to be received from equipment financing lease contracts as of June 30, 2023 were as follows (in thousands) : Year Remainder of 2023 $ 11,352 2024 19,503 2025 15,648 2026 10,910 2027 6,564 Thereafter 1,298 Total $ 65,275 Nonaccrual and Past Due Loans The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of the dates indicated (in thousands) . Past due status is based on contractual terms of the loan. The accrual of interest is generally discontinued when a loan becomes 90 days past due. Accruing Current Loans Loans Past Due 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of June 30, 2023 Owner occupied commercial real estate $ 3,105,295 $ 1,842 $ 4 $ — $ 3,471 $ 3,110,612 Income producing commercial real estate 3,636,300 790 114 — 32,542 3,669,746 Commercial & industrial 2,517,176 1,532 660 — 30,823 2,550,191 Commercial construction 1,738,394 664 35 — 115 1,739,208 Equipment financing 1,494,296 4,087 2,954 — 8,989 1,510,326 Total commercial 12,491,461 8,915 3,767 — 75,940 12,580,083 Residential mortgage 2,889,244 3,408 1,222 — 11,419 2,905,293 HELOC 921,413 2,077 142 — 2,777 926,409 Residential construction 460,627 967 2 — 1,682 463,278 Manufactured housing 320,342 7,311 1,534 — 10,782 339,969 Consumer 178,646 1,063 85 — 19 179,813 Total loans $ 17,261,733 $ 23,741 $ 6,752 $ — $ 102,619 $ 17,394,845 As of December 31, 2022 Owner occupied commercial real estate $ 2,731,574 $ 1,522 $ 1,047 $ — $ 523 $ 2,734,666 Income producing commercial real estate 3,257,232 468 41 — 3,885 3,261,626 Commercial & industrial 2,234,284 3,288 274 6 14,470 2,252,322 Commercial construction 1,597,268 447 — — 133 1,597,848 Equipment financing 1,362,622 4,285 1,906 — 5,438 1,374,251 Total commercial 11,182,980 10,010 3,268 6 24,449 11,220,713 Residential mortgage 2,342,196 1,939 7 — 10,919 2,355,061 HELOC 844,888 2,709 784 — 1,888 850,269 Residential construction 441,673 20 455 — 405 442,553 Manufactured housing 302,386 6,913 924 — 6,518 316,741 Consumer 148,943 237 48 9 53 149,290 Total loans $ 15,263,066 $ 21,828 $ 5,486 $ 15 $ 44,232 $ 15,334,627 The following table presents nonaccrual loans held for investment by loan class for the periods indicated (in thousands) . Nonaccrual Loans June 30, 2023 December 31, 2022 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 2,507 $ 964 $ 3,471 $ 276 $ 247 $ 523 Income producing commercial real estate 32,470 72 32,542 3,798 87 3,885 Commercial & industrial 28,665 2,158 30,823 13,917 553 14,470 Commercial construction 51 64 115 69 64 133 Equipment financing 56 8,933 8,989 85 5,353 5,438 Total commercial 63,749 12,191 75,940 18,145 6,304 24,449 Residential mortgage 1,959 9,460 11,419 2,159 8,760 10,919 HELOC 325 2,452 2,777 430 1,458 1,888 Residential construction 328 1,354 1,682 311 94 405 Manufactured housing — 10,782 10,782 — 6,518 6,518 Consumer 3 16 19 3 50 53 Total $ 66,364 $ 36,255 $ 102,619 $ 21,048 $ 23,184 $ 44,232 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 and, for 2023, gross charge-offs by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands) . Term Loans by Origination Year Revolvers Revolvers converted to term loans Total As of June 30, 2023 2023 2022 2021 2020 2019 Prior Owner occupied commercial real estate: Pass $ 359,037 $ 683,426 $ 650,179 $ 613,901 $ 214,542 $ 372,915 $ 114,607 $ 18,740 $ 3,027,347 Special Mention 1,626 5,675 6,968 6,764 8,612 5,260 3,855 268 39,028 Substandard 3,465 8,345 9,095 7,600 3,310 9,471 210 2,741 44,237 Total owner occupied commercial real estate $ 364,128 $ 697,446 $ 666,242 $ 628,265 $ 226,464 $ 387,646 $ 118,672 $ 21,749 $ 3,110,612 Current period gross charge-offs $ — $ — $ — $ — $ — $ 207 $ — $ — $ 207 Income producing commercial real estate: Pass $ 306,457 $ 828,657 $ 750,600 $ 763,295 $ 271,098 $ 414,954 $ 52,883 $ 5,706 $ 3,393,650 Special Mention 58,790 22,100 21,311 14,353 31,383 4,974 — — 152,911 Substandard 22,314 33,196 998 17,216 17,664 31,738 — 59 123,185 Total income producing commercial real estate $ 387,561 $ 883,953 $ 772,909 $ 794,864 $ 320,145 $ 451,666 $ 52,883 $ 5,765 $ 3,669,746 Current period gross charge-offs $ — $ 3,033 $ — $ — $ — $ 1,781 $ — $ — $ 4,814 Commercial & industrial Pass $ 391,898 $ 545,473 $ 366,189 $ 159,719 $ 121,611 $ 184,837 $ 600,042 $ 15,490 $ 2,385,259 Special Mention 209 478 4,385 476 88 855 18,596 181 25,268 Substandard 21,254 9,594 38,922 13,813 4,264 2,718 46,124 2,975 139,664 Total commercial & industrial $ 413,361 $ 555,545 $ 409,496 $ 174,008 $ 125,963 $ 188,410 $ 664,762 $ 18,646 $ 2,550,191 Current period gross charge-offs $ 1,330 $ 1,132 $ — $ 444 $ 198 $ 41 $ — $ 1,506 $ 4,651 Commercial construction Pass $ 347,916 $ 660,378 $ 383,957 $ 192,245 $ 58,733 $ 31,262 $ 56,057 $ 1,077 $ 1,731,625 Special Mention 58 135 28 52 — — — — 273 Substandard 194 4,541 35 2,199 1 100 — 240 7,310 Total commercial construction $ 348,168 $ 665,054 $ 384,020 $ 194,496 $ 58,734 $ 31,362 $ 56,057 $ 1,317 $ 1,739,208 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equipment financing: Pass $ 422,344 $ 589,302 $ 299,127 $ 117,201 $ 61,859 $ 9,413 $ — $ — $ 1,499,246 Substandard 842 4,497 3,575 1,109 974 83 — — 11,080 Total equipment financing $ 423,186 $ 593,799 $ 302,702 $ 118,310 $ 62,833 $ 9,496 $ — $ — $ 1,510,326 Current period gross charge-offs $ — $ 3,129 $ 3,086 $ 895 $ 389 $ 280 $ — $ — $ 7,779 Residential mortgage: Pass $ 446,768 $ 988,186 $ 758,310 $ 337,356 $ 90,331 $ 266,705 $ 477 $ 3,516 $ 2,891,649 Substandard 214 1,505 1,680 912 1,648 7,499 — 186 13,644 Total residential mortgage $ 446,982 $ 989,691 $ 759,990 $ 338,268 $ 91,979 $ 274,204 $ 477 $ 3,702 $ 2,905,293 Current period gross charge-offs $ — $ 23 $ — $ — $ — $ 22 $ — $ — $ 45 Home equity lines of credit Pass $ — $ — $ — $ — $ — $ — $ 897,097 $ 26,231 $ 923,328 Substandard — — — — — — — 3,081 3,081 Total home equity lines of credit $ — $ — $ — $ — $ — $ — $ 897,097 $ 29,312 $ 926,409 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ 145 $ 145 Residential construction Pass $ 174,579 $ 239,543 $ 32,086 $ 6,143 $ 1,417 $ 7,349 $ — $ 31 $ 461,148 Substandard 224 1,324 430 — 18 134 — — 2,130 Total residential construction $ 174,803 $ 240,867 $ 32,516 $ 6,143 $ 1,435 $ 7,483 $ — $ 31 $ 463,278 Current period gross charge-offs $ — $ 637 $ — $ — $ — $ — $ — $ — $ 637 Manufactured housing Pass $ 35,151 $ 74,072 $ 52,438 $ 46,466 $ 33,278 $ 86,573 $ — $ — $ 327,978 Substandard 260 3,304 2,109 1,702 1,090 3,526 — — 11,991 Total consumer $ 35,411 $ 77,376 $ 54,547 $ 48,168 $ 34,368 $ 90,099 $ — $ — $ 339,969 Current period gross charge-offs $ 3 $ 434 $ 201 $ 268 $ 105 $ 263 $ — $ — $ 1,274 Consumer Pass $ 57,267 $ 53,898 $ 25,280 $ 12,381 $ 2,263 $ 1,977 $ 26,518 $ 119 $ 179,703 Substandard — 1 60 28 — 21 — — 110 Total consumer $ 57,267 $ 53,899 $ 25,340 $ 12,409 $ 2,263 $ 1,998 $ 26,518 $ 119 $ 179,813 Current period gross charge-offs $ 1,838 $ 103 $ 62 $ 24 $ 13 $ 1 $ 2 $ 101 $ 2,144 Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior Pass Owner occupied commercial real estate $ 669,451 $ 671,395 $ 611,900 $ 204,990 $ 127,738 $ 253,890 $ 114,975 $ 5,779 $ 2,660,118 Income producing commercial real estate 812,804 753,936 733,946 248,259 171,108 255,485 50,026 9,953 3,035,517 Commercial & industrial 535,594 388,851 186,292 134,789 119,547 71,503 670,161 15,880 2,122,617 Commercial construction 732,147 391,963 256,087 78,778 11,977 19,973 70,819 1,433 1,563,177 Equipment financing 714,044 374,030 162,463 93,690 22,753 1,214 — — 1,368,194 Total commercial 3,464,040 2,580,175 1,950,688 760,506 453,123 602,065 905,981 33,045 10,749,623 Residential mortgage 894,960 742,821 329,762 91,300 55,785 223,846 8 3,133 2,341,615 HELOC — — — — — — 824,153 23,948 848,101 Residential construction 344,443 82,289 4,478 1,742 1,545 7,549 — 31 442,077 Manufactured housing 78,097 54,976 48,908 34,836 31,060 61,148 — — 309,025 Consumer 71,899 29,322 15,406 3,987 1,837 588 25,963 126 149,128 4,853,439 3,489,583 2,349,242 892,371 543,350 895,196 1,756,105 60,283 14,839,569 Special Mention Owner occupied commercial real estate 4,236 8,036 4,641 10,299 1,232 11,596 3,875 279 44,194 Income producing commercial real estate 41,423 1,137 44,802 32,821 21,647 50 805 — 142,685 Commercial & industrial 1,695 21,745 2,686 1,047 1,244 167 10,449 309 39,342 Commercial construction 850 33 1,640 13,237 4,891 28 — — 20,679 Equipment financing — — — — — — — — — Total commercial 48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Manufactured housing — — — — — — — — — Consumer — — — — — — — — — 48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 Substandard Owner occupied commercial real estate 9,835 77 2,873 4,490 1,204 8,055 209 3,611 30,354 Income producing commercial real estate 52,384 1,357 1,867 4,180 13,209 10,365 — 62 83,424 Commercial & industrial 10,431 19,477 3,880 4,557 11,019 1,189 39,333 477 90,363 Commercial construction 133 — 45 2 3,876 9,693 — 243 13,992 Equipment financing 1,625 2,160 1,303 705 236 28 — — 6,057 Total commercial 74,408 23,071 9,968 13,934 29,544 29,330 39,542 4,393 224,190 Residential mortgage 1,195 964 1,364 1,836 2,589 5,296 — 202 13,446 HELOC — — — — — — 93 2,075 2,168 Residential construction 32 268 — 20 3 153 — — 476 Manufactured housing 1,130 1,267 1,427 990 1,188 1,714 — — 7,716 Consumer 20 77 34 1 25 4 1 — 162 76,785 25,647 12,793 16,781 33,349 36,497 39,636 6,670 248,158 Total $ 4,978,428 $ 3,546,181 $ 2,415,804 $ 966,556 $ 605,713 $ 943,534 $ 1,810,870 $ 67,541 $ 15,334,627 Modifications to Borrowers Experiencing Financial Difficulty The period end amortized cost of loans modified under the terms of a FDM during the six months ended June 30, 2023 are presented in the following table (in thousands). New FDMs Post-Modification Amortized Cost by Type of Modification Extension Payment Delay Rate Reduction & Extension Total % of Total Class of Receivable Six Months Ended June 30, 2023 Income producing commercial real estate $ 38,138 $ — $ 21,202 $ 59,340 1.6 % Commercial & industrial 2,718 29,517 — 32,235 1.3 Equipment financing 8,069 — — 8,069 0.5 Residential mortgage 57 — 630 687 — Manufactured housing — — 259 259 0.1 Total loans $ 48,982 $ 29,517 $ 22,091 $ 100,590 0.6 Extensions for equipment financing FDMs typically consist of one or more three-month extensions beyond the original maturity date. For the remainder of extension FDMs occurring during the first six months of 2023, the weighted average extension granted was approximately eight months. Commercial and industrial payment delay FDMs include $22.7 million of loans in bankruptcy status. Excluding bankruptcy status loans, the remainder of FDMs in this category had a weighted average payment delay of approximately three months. During the six months ended June 30, 2023, FDMs categorized as rate reduction and extensions in the income producing commercial real estate category resulted in a decrease in weighted average interest rate of 57 basis points and extended the weighted average maturity by 3 years. Residential mortgage and manufactured housing FDMs resulted in a decrease in weighted average interest rate of 576 basis points and extended the weighted average maturity by 15 years. There have been no FDMs modified during 2023 that have subsequently defaulted under modified loan terms. 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 June 30, 2023 and December 31, 2022, 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 charge-off experience to produce an expected default rate, with the results subject to a floor. In the case of residential construction, commercial construction and multifamily loans (included in income producing commercial real estate), the expected default rate was adjusted by a model overlay based on expectations of future performance. For the second quarter of 2023, management applied qualitative factors to the model output for the residential mortgage, residential construction and income producing commercial real estate portfolios to account for observable differences in national economic trends reflected in the economic forecast that are not being observed at the same level of severity within United’s geographic footprint. The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) . Three Months Ended June 30, 2023 2022 Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 20,831 $ — $ 205 $ 752 $ 21,788 $ 15,945 $ — $ 1,496 $ (667) $ 16,774 Income producing commercial real estate 33,607 (2,033) 849 6,352 38,775 33,539 — 116 (371) 33,284 Commercial & industrial 28,312 (3,753) 1,007 4,290 29,856 18,386 (1,011) 1,313 (421) 18,267 Commercial construction 22,073 — 105 98 22,276 13,782 — 144 2,136 16,062 Equipment financing 26,195 (3,752) 1,215 4,946 28,604 19,264 (1,709) 802 52 18,409 Residential mortgage 24,082 (26) 69 1,306 25,431 14,964 — 51 2,020 17,035 HELOC 10,337 (24) 83 213 10,609 7,128 — 346 13 7,487 Residential construction 2,043 (637) 14 2,026 3,446 1,929 — 76 81 2,086 Manufactured housing 8,424 (620) — 1,400 9,204 7,083 (135) — (334) 6,614 Consumer 630 (1,327) 226 1,187 716 785 (728) 308 542 907 ACL - loans 176,534 (12,172) 3,773 22,570 190,705 132,805 (3,583) 4,652 3,051 136,925 ACL - unfunded commitments 21,389 — — 183 21,572 13,564 — — 2,553 16,117 Total ACL $ 197,923 $ (12,172) $ 3,773 $ 22,753 $ 212,277 $ 146,369 $ (3,583) $ 4,652 $ 5,604 $ 153,042 Six Months Ended June 30, 2023 2022 Beginning Balance Initial ACL - PCD loans (1) Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Initial ACL - PCD loans (1) Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 19,834 $ 181 $ (207) $ 322 $ 1,658 $ 21,788 $ 14,282 $ 266 $ — $ 1,541 $ 685 $ 16,774 Income producing commercial real estate 32,082 307 (4,814) 1,324 9,876 38,775 24,156 4,366 — 406 4,356 33,284 Commercial & industrial 23,504 1,358 (4,651) 1,680 7,965 29,856 16,592 2,337 (4,605) 1,978 1,965 18,267 Commercial construction 20,120 39 — 142 1,975 22,276 9,956 2,857 (41) 558 2,732 16,062 Equipment financing 23,395 — (7,779) 1,867 11,121 28,604 16,290 — (2,657) 1,483 3,293 18,409 Residential mortgage 20,809 157 (45) 175 4,335 25,431 12,390 385 (53) 201 4,112 17,035 HELOC 8,707 534 (145) 171 1,342 10,609 6,568 60 (9) 436 432 7,487 Residential construction 2,049 124 (637) 29 1,881 3,446 1,847 1 — 99 139 2,086 Manufactured housing 8,098 — (1,274) 26 2,354 9,204 — 2,438 (308) 9 4,475 6,614 Consumer 759 4 (2,144) 477 1,620 716 451 27 (1,534) 587 1,376 907 ACL - loans 159,357 2,704 (21,696) 6,213 44,127 190,705 102,532 12,737 (9,207) 7,298 23,565 136,925 ACL - unfunded commitments 21,163 — — — 409 21,572 10,992 — — — 5,125 16,117 Total ACL $ 180,520 $ 2,704 $ (21,696) $ 6,213 $ 44,536 $ 212,277 $ 113,524 $ 12,737 $ (9,207) $ 7,298 $ 28,690 $ 153,042 (1) Represents the initial ACL related to PCD loans acquired in the Progress and Reliant transactions during the six months ended June 30, 2023 and 2022, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2023 | |
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) : June 30, 2023 December 31, 2022 Notional Amount (1) 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 $ 16,261 $ — $ 100,000 $ 16,191 $ — Cash flow hedge of trust preferred securities 40,000 — — 20,000 — — Fair value hedge of AFS debt securities 677,473 — — — — — Total 817,473 16,261 — 120,000 16,191 — Derivatives not designated as hedging instruments: Customer derivative positions 2,034,468 874 91,307 1,097,578 341 86,358 Dealer offsets to customer derivative positions 1,803,106 29,360 901 1,097,578 22,393 274 Risk participations 130,392 — 22 88,586 15 1 Mortgage banking - loan commitment 48,090 991 2 19,685 394 — Mortgage banking - forward sales commitment 100,140 383 14 49,750 198 71 Bifurcated embedded derivatives 51,935 10,881 — 51,935 11,104 — Dealer offsets to bifurcated embedded derivatives 51,935 — 12,540 51,935 — 12,839 Total 4,220,066 42,489 104,786 2,457,047 34,445 99,543 Total derivatives $ 5,037,539 $ 58,750 $ 104,786 $ 2,577,047 $ 50,636 $ 99,543 Total gross derivative instruments $ 58,750 $ 104,786 $ 50,636 $ 99,543 Less: Amounts subject to master netting agreements (916) (916) (346) (346) Less: Cash collateral received/pledged (46,248) (12,801) (38,386) (13,089) Net amount $ 11,586 $ 91,069 $ 11,904 $ 86,108 (1) At June 30, 2023, LIBOR-based customer derivative positions and derivatives cleared centrally through the CME included both a short-dated contract and a long-dated contract to facilitate the transition from LIBOR to SOFR. The short-dated contracts mature at the first reset date after June 30, 2023. 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 June 30, 2023 and December 31, 2022, 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 $5.55 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 investments and 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. During the second quarter of 2023, United entered into fair value hedges on stated amounts of closed portfolios of AFS debt securities using the portfolio layer method. The table below presents the effect of derivatives in hedging relationships, all of which are interest rate contracts, on net interest income for the periods indicated (in thousands) . Affected Income Statement Line Item Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fair value hedges: Brokered time deposits: Net income recognized Interest expense- deposits $ — $ — $ — $ 28 AFS securities: Recognized on derivative interest settlements $ 2,310 $ — $ 2,310 $ — Recognized on derivatives 13,889 — 13,889 — Recognized on hedged items (15,289) — (15,289) — Net income recognized Interest revenue- investment securities $ 910 $ — $ 910 $ — Cash flow hedges: Long-term debt (1) Interest expense- long term debt $ 1,234 $ (106) $ 2,056 $ (247) (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $112,000 and $118,000 for the three months ended June 30, 2023 and 2022, respectively, and $229,000 and $234,000 for the six months ended June 30, 2023 and 2022, respectively. The table below presents the carrying amount of hedged AFS debt securities and cumulative fair value hedging adjustments included in the carrying amount of the hedged asset for the periods presented (in thousands) . All fair value hedges of AFS debt securities at June 30, 2023 were designated under the the portfolio layer method. At June 30, 2023, the aggregate designated hedged items using the portfolio layer method had a notional amount of $677 million. June 30, 2023 Balance Sheet Location Amortized Cost (1) Hedge Accounting Basis Adjustment Debt securities AFS $ 804,658 $ (15,289) (1) Excludes cumulative hedge accounting basis adjustment. 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 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 Six Months Ended 2023 2022 2023 2022 Customer derivatives and dealer offsets Other noninterest income $ 545 $ 445 $ 912 $ 1,214 Bifurcated embedded derivatives and dealer offsets Other noninterest income (474) 85 (1,007) 198 Mortgage banking derivatives Mortgage loan revenue 174 2,616 1,401 7,250 Risk participations Other noninterest income 154 93 142 94 $ 399 $ 3,239 $ 1,448 $ 8,756 Credit-Risk-Related Contingent Features United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each non-customer counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. United’s agreements with each of its derivative counterparties provide that if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivative counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that provide that if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. Derivatives that are centrally cleared do not have credit-risk-related features that would require additional collateral if United’s credit rating were downgraded. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands). June 30, 2023 December 31, 2022 Core deposit intangible $ 86,880 $ 46,900 Less: accumulated amortization (32,665) (26,112) Net core deposit intangible 54,215 20,788 Customer relationship intangible 8,400 8,400 Less: accumulated amortization (1,510) (1,114) Net customer relationship intangible 6,890 7,286 Total intangibles subject to amortization, net (1) 61,105 28,074 Goodwill 896,718 751,174 Total goodwill and other intangible assets, net $ 957,823 $ 779,248 (1) As intangible assets become fully amortized, they are excluded from balances presented. During the first quarter of 2023, as a result of the Progress acquisition, United recorded a core deposit intangible of $40.0 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 Six Months Ended 2023 2022 2023 2022 Balance, beginning of period (1) $ 896,718 $ 751,174 $ 751,174 $ 452,007 Acquisitions — — 145,544 299,167 Balance, end of period (1) $ 896,718 $ 751,174 $ 896,718 $ 751,174 (1) Goodwill balances are shown net of accumulated impairment losses of $306 million incurred prior to 2022. The estimated aggregate amortization expense for future periods for finite lived intangibles is as follows (in thousands) : Remainder of 2023 $ 6,521 2024 11,791 2025 10,031 2026 8,491 2027 6,950 Thereafter 17,321 Total $ 61,105 |
Preferred Stock
Preferred Stock | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Preferred Stock | Preferred StockIn May 2023, United’s Board of Directors approved a preferred stock repurchase program, authorizing United to repurchase up to $25.0 million of its outstanding Series I Non-Cumulative Preferred Stock directly or through the repurchase of depositary shares representing 1/1000th of a share of Series I Non-Cumulative Preferred Stock. The program is scheduled to expire on the earlier of the repurchase of preferred stock having an aggregate purchase price of $25.0 million or December 31, 2023. During the three and six months ended June 30, 2023, 10,668 depositary shares were repurchased. As of June 30, 2023, United had remaining authorization to repurchase up to $24.8 million of outstanding preferred stock under the program. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 6 Months Ended |
Jun. 30, 2023 | |
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. As of December 31, 2022, United had certain mortgage loans held for sale that were acquired from Reliant for which the fair value option was not elected; these loans were carried at the lower of aggregate cost or fair value. These loans were subsequently sold during the first half of 2023. 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 when 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) . June 30, 2023 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 333,423 $ — $ — $ 333,423 U.S. Government agencies & GSEs — 237,096 — 237,096 State and political subdivisions — 161,101 — 161,101 Residential MBS — 1,620,235 — 1,620,235 Commercial MBS — 618,438 — 618,438 Corporate bonds — 194,553 2,183 196,736 Asset-backed securities — 192,960 — 192,960 Equity securities with readily determinable fair values 10,651 1,532 — 12,183 Mortgage loans held for sale — 27,104 — 27,104 Deferred compensation plan assets 11,728 — — 11,728 Servicing rights for SBA/USDA loans — — 6,148 6,148 Residential mortgage servicing rights — — 37,194 37,194 Derivative financial instruments — 46,878 11,872 58,750 Total assets $ 355,802 $ 3,099,897 $ 57,397 $ 3,513,096 Liabilities: Deferred compensation plan liability $ 11,766 $ — $ — $ 11,766 Derivative financial instruments — 92,222 12,564 104,786 Total liabilities $ 11,766 $ 92,222 $ 12,564 $ 116,552 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 149,352 $ — $ — $ 149,352 U.S. Government agencies & GSEs — 250,116 — 250,116 State and political subdivisions — 303,748 — 303,748 Residential MBS — 1,795,481 — 1,795,481 Commercial MBS — 671,912 — 671,912 Corporate bonds — 210,240 2,212 212,452 Asset-backed securities — 231,272 — 231,272 Equity securities with readily determinable fair values 12,278 1,359 — 13,637 Mortgage loans held for sale — 11,794 — 11,794 Deferred compensation plan assets 11,436 — — 11,436 Servicing rights for SBA/USDA loans — — 5,188 5,188 Residential mortgage servicing rights — — 36,559 36,559 Derivative financial instruments — 39,123 11,513 50,636 Total assets $ 173,066 $ 3,515,045 $ 55,472 $ 3,743,583 Liabilities: Deferred compensation plan liability $ 11,460 $ — $ — $ 11,460 Derivative financial instruments — 86,703 12,840 99,543 Total liabilities $ 11,460 $ 86,703 $ 12,840 $ 111,003 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) . 2023 2022 Derivative Derivative 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 June 30, Beginning balance $ 11,348 $ 11,195 $ 6,289 $ 36,081 $ 2,227 $ 7,902 $ 8,531 $ 6,962 $ 32,641 $ 2,332 Additions — 167 464 848 — — 99 800 1,723 — Sales and settlements — — (231) (496) — — (1) (408) (638) — Fair value adjustments included in OCI — — — — (44) — — — — (45) Fair value adjustments included in earnings 524 1,202 (374) 761 — 2,297 2,166 (1,187) 1,405 — Ending balance $ 11,872 $ 12,564 $ 6,148 $ 37,194 $ 2,183 $ 10,199 $ 10,795 $ 6,167 $ 35,131 $ 2,287 Six Months Ended June 30, Beginning balance $ 11,513 $ 12,840 $ 5,188 $ 36,559 $ 2,212 $ 6,758 $ 5,048 $ 6,513 $ 25,161 $ 2,395 Business combinations — — 95 — — — — — — — Additions — 170 924 1,480 — — 99 1,388 3,890 — Transfers from Level 3 — — — — — (290) — — — — Sales and settlements (11) — (451) (948) — — (1) (637) (1,314) — Fair value adjustments included in OCI — — — — (29) — — — — (108) Fair value adjustments included in earnings 370 (446) 392 103 — 3,731 5,649 (1,097) 7,394 — Ending balance $ 11,872 $ 12,564 $ 6,148 $ 37,194 $ 2,183 $ 10,199 $ 10,795 $ 6,167 $ 35,131 $ 2,287 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 June 30, 2023 December 31, 2022 Range Weighted Average Range Weighted Average SBA/USDA loan servicing rights Discounted cash flow Discount rate 8.0% - 25.0% 13.2 % 11.9% - 25.0% 17.5 % Prepayment rate 0.4 - 35.4 16.9 0.0 - 35.4 16.4 Residential mortgage servicing rights Discounted cash flow Discount rate 9.5 - 11.5 9.5 9.5 - 11.5 9.5 Prepayment rate 7.0 - 29.5 7.7 7.0 - 31.2 7.5 Corporate bonds Discounted cash flow Discount rate 6.6 - 7.2 6.9 6.1 - 6.4 6.3 Derivative assets - mortgage Internal model Pull through rate 60.0 - 100 89.4 26.5 - 100 90.7 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 June 30, 2023 December 31, 2022 Outstanding principal balance $ 26,520 $ 11,473 Fair value 27,104 11,794 Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale Location Three Months Ended Six Months Ended 2023 2022 2023 2022 Mortgage loan gains and other related fees $ 33 $ 163 $ 264 $ (1,011) 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 June 30, 2023 and December 31, 2022, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total June 30, 2023 Loans held for investment $ — $ — $ 31,148 $ 31,148 December 31, 2022 Loans held for investment $ — $ — $ 7,808 $ 7,808 Mortgage loans held for sale — — 1,806 1,806 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 December 31, 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. These loans were subsequently sold during the first half of 2023. 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 June 30, 2023 Assets: HTM debt securities $ 2,553,835 $ 17,495 $ 2,114,901 $ — $ 2,132,396 Loans and leases, net 17,204,140 — — 16,591,141 16,591,141 Liabilities: Deposits 22,251,988 — 22,245,777 — 22,245,777 Long-term debt 324,754 — — 304,481 304,481 December 31, 2022 Assets: HTM debt securities $ 2,613,648 $ 17,417 $ 2,173,656 $ — $ 2,191,073 Loans and leases, net 15,175,270 — — 14,609,239 14,609,239 Liabilities: Deposits 19,876,507 — 19,863,380 — 19,863,380 FHLB advances 550,000 — — 549,913 549,913 Long-term debt 324,663 — — 313,380 313,380 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023, 2.51 million additional awards could be granted under the plan. The table below presents restricted stock unit and option activity for the six months ended June 30, 2023. Restricted Stock Unit Awards Options Shares Weighted- Aggregate Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2022 778,686 $ 28.28 40,338 $ 11.88 Granted 292,631 30.33 643,298 20.91 Released / Exercised (121,277) 27.18 $ 3,855 (164,864) 17.96 $ 1,584 Cancelled (27,980) 28.51 (4,620) 25.97 Outstanding at June 30, 2023 922,060 29.07 23,042 514,152 21.10 5.6 2,082 Vested / Exercisable at June 30, 2023 — — 514,152 21.10 5.6 2,082 Options granted in 2023 reflect fully vested options assumed in the Progress acquisition, with the weighted average exercise price of Progress’ fully vested converted options determined pursuant to the purchase agreement. The value of the Progress 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 six months ended June 30, 2023 and 2022. 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 six months ended June 30, 2023 and 2022, expense of $4.46 million and $4.62 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 six months ended June 30, 2023 and 2022, $331,000 and $238,000, 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 | 6 Months Ended |
Jun. 30, 2023 | |
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 Six Months Ended Affected Line Item in the Statement Where Net Income is Presented 2023 2022 2023 2022 Realized losses on AFS securities: $ — $ 46 $ (1,644) $ (3,688) Securities gains (losses), net — (11) 374 979 Income tax (expense) benefit $ — $ 35 $ (1,270) $ (2,709) Net of tax Amortization of unrealized losses on HTM securities transferred from AFS: $ (2,518) $ (1,769) $ (5,486) $ (1,769) Investment securities interest revenue 604 422 1,324 422 Income tax benefit $ (1,914) $ (1,347) $ (4,162) $ (1,347) Net of tax Reclassifications related to derivative instruments accounted for as cash flow hedges: Interest rate contracts $ 1,234 $ (106) $ 2,056 $ (247) Long-term debt interest expense (315) 27 (525) 63 Income tax (expense) benefit $ 919 $ (79) $ 1,531 $ (184) Net of tax Amortization of defined benefit pension plan net periodic pension cost components: Prior service cost $ (61) $ (93) $ (122) $ (185) Salaries and employee benefits expense Actuarial losses — (78) — (156) Other expense (61) (171) (122) (341) Total before tax 15 44 31 87 Income tax benefit $ (46) $ (127) $ (91) $ (254) Net of tax Total reclassifications for the period $ (1,041) $ (1,518) $ (3,992) $ (4,494) Net of tax |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income $ 63,288 $ 66,842 $ 125,588 $ 114,861 Dividends on preferred stock (1,719) (1,719) (3,438) (3,438) Earnings allocated to participating securities (342) (362) (680) (596) Net income available to common shareholders $ 61,227 $ 64,761 $ 121,470 $ 110,827 Weighted average shares outstanding: Basic 115,774 106,610 115,614 106,580 Effect of dilutive securities: Stock options 95 36 166 41 Restricted stock units — 70 15 76 Diluted 115,869 106,716 115,795 106,697 Net income per common share: Basic $ 0.53 $ 0.61 $ 1.05 $ 1.04 Diluted $ 0.53 $ 0.61 $ 1.05 $ 1.04 At June 30, 2023, United excluded from the above analysis 78,412 potentially dilutive shares of common stock issuable upon exercise of stock options because of their antidilutive effect. At June 30, 2022, United had no potentially dilutive instruments outstanding that were not included in the above analysis. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2023 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Matters | Regulatory Matters As of June 30, 2023, 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 June 30, 2023, and there have been no conditions or events since quarter-end that would change the status of well-capitalized. Regulatory capital ratios at June 30, 2023 and December 31, 2022, 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- June 30, December 31, June 30, December 31, Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.19 % 12.26 % 12.42 % 12.83 % Tier 1 capital 6.0 8.0 12.69 12.81 12.42 12.83 Total capital 8.0 10.0 14.57 14.79 13.39 13.70 Leverage ratio 4.0 5.0 9.79 9.69 9.56 9.69 CET1 capital $ 2,366,637 $ 2,164,211 $ 2,400,649 $ 2,255,337 Tier 1 capital 2,462,802 2,260,633 2,400,649 2,255,337 Total capital 2,827,580 2,610,216 2,589,591 2,408,895 Risk-weighted assets 19,409,980 17,648,573 19,335,994 17,583,347 Average total assets for the leverage ratio 25,160,884 23,322,018 25,120,784 23,285,253 (1) As of June 30, 2023 and December 31, 2022 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . June 30, 2023 December 31, 2022 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 4,755,317 $ 4,683,790 Letters of credit 55,652 46,896 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. Tax Credit and Certain Equity Investments United invests in certain LIHTC partnerships throughout its market area as a means of supporting local communities, as well as in entities that promote renewable energy sources. United receives tax credits related to these investments. For certain of the investments, United provides financing during the construction and development phase of the related projects and/or permanent financing upon completion of the project. United has concluded that these partnerships are VIEs of which it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs' financial performance and, therefore, is not required to consolidate these VIEs. United's maximum potential exposure to losses relative to investments in these VIEs is generally limited to the sum of the outstanding investment balance, any future funding commitments and the balance of any related loans to the entity. Loans to these entities are underwritten in substantially the same manner as other loans and are generally secured. United also has investments in and future funding commitments related to fintech fund limited partnerships, other community development entities and certain other equity method investments. United has concluded that these partnerships are VIEs of which it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs' financial performance and, therefore, is not required to consolidate these VIEs. The risk exposure relating to such commitments is generally limited to the amount invested by United and any future funding commitments. The following table summarizes, as of the dates indicated, tax credit and certain equity method investments (in thousands) : Balance Sheet Location June 30, 2023 December 31, 2022 Investments in LIHTC: Carrying amount Other assets $ 52,112 $ 50,054 Amount of future funding commitments included in carrying amount Other liabilities 15,292 18,090 Renewable energy investments: Carrying amount Other assets 39,737 19,617 Amount of future funding commitments included in carrying amount Other liabilities 20,360 18,781 Fintech funds and certain other equity method investments: Carrying amount Other assets 32,722 27,569 Amount of future funding commitments included in carrying amount Other liabilities 470 470 Amount of future funding commitments not included in carrying amount N/A 26,568 23,690 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of First Miami Subsequent to quarter-end, on July 1, 2023, United acquired all of the outstanding common stock of First Miami in a stock transaction. First Miami is headquartered in South Miami, Florida, and operates three offices in the Miami metropolitan area. As of June 30, 2023, First Miami had total assets of $992 million, total loans of $618 million, and total deposits of $836 million. In addition to traditional banking products, First Miami offers private banking, trust and wealth management with approximately $308 million in assets under administration as of June 30, 2023. First Miami shareholders received 3.5 million shares of United common stock valued at $87.7 million. The acquisition will be accounted for as a business combination. Due to the timing of the acquisition, United is currently in the process of completing the purchase accounting and has not made all of the remaining required disclosures, such as the fair value of assets acquired and supplemental pro forma information, which will be disclosed in subsequent filings. Preferred Share Repurchases Subsequent to quarter-end through August 3, 2023, United repurchased 167,322 depositary shares of preferred stock totaling $3.45 million through its preferred stock repurchase program. As of August 3, 2023, United had remaining authorization to repurchase up to $21.3 million of outstanding preferred stock under the program. |
Basis of Presentation and Upd_2
Basis of Presentation and Updates to Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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 2022 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 2022 10-K. |
Updates to Significant Accounting Policies, Recently Adopted Standards and Recently Issued Standards | Updates to Significant Accounting Policies Effective January 1, 2023, United adopted ASU 2022-02, which updated the guidance on modifications to financing receivables by effectively replacing the concept of troubled debt restructurings with a new concept, loan modifications to borrowers experiencing financial difficulty. See Note 2 for further detail. Below summarizes the policy surrounding FDMs. FDMs: A loan for which the terms have been modified as a result of the borrower experiencing financial difficulty is generally considered to be a FDM. Modified terms that result in a FDM include one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the term or amortization period, a more than insignificant payment delay or principal forgiveness. The ACL on FDMs is calculated using the same method as other loans held for investment. Recently Adopted Standards In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from contracts with Customers . The update requires that an acquiring entity apply the guidance from Revenue from Contracts with Customers (Topic 606) to recognize and measure contract assets and contract liabilities in a business combination, rather than fair value. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements. 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. Adoption of this update as of January 1, 2023 did not 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. United adopted this update using a modified retrospective transition method as of January 1, 2023. The quantitative impact of adoption related to the CECL calculation for FDMs was not material; thus, no corresponding cumulative effect adjustment to retained earnings was recorded. Recently Issued Standards In March 2022, the FASB issued ASU No 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method . The update broadens the application of the proportional amortization method to tax equity investments other than LIHTC, providing certain conditions are met. The election to apply the proportional amortization method must be made on a tax-credit-program by tax-credit-program basis rather than at the reporting entity level or to individual investments. The update also requires certain disclosures related to those investments for which the proportional amortization method has been applied. For public entities, this guidance is effective for fiscal years beginning after December 15, 2023. United does not expect the new guidance to have a material impact on the consolidated financial statements. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023 and 2022 is as follows (in thousands) . Six Months Ended June 30, 2023 2022 Significant non-cash investing and financing transactions: Commitments to fund equity investments $ 11,093 $ — Transfers of AFS securities to HTM securities — 1,288,982 Acquisitions: Assets acquired 1,903,930 3,254,173 Liabilities assumed 1,597,022 2,657,173 Net assets acquired 306,908 597,000 Common stock issued and options converted 306,461 596,376 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 (dollars in thousands) . Progress Fair Value Recorded by United (1) January 3, 2023 Assets Cash and cash equivalents $ 57,548 Debt securities 111,006 Loans held for sale 2,087 Loans held for investment 1,442,959 Premises and equipment 21,118 Bank-owned life insurance 40,723 Core deposit intangible 39,980 Other assets 42,965 Total assets acquired 1,758,386 Liabilities Deposits 1,334,476 Short-term borrowings 141,017 Federal Home Loan Bank advances 95,000 Other liabilities 26,529 Total liabilities assumed 1,597,022 Total identifiable net assets 161,364 Consideration transferred Cash 447 Common stock issued (8,770,531 shares) 296,444 Options converted 10,017 Total fair value of consideration transferred 306,908 Goodwill $ 145,544 (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 Progress loan portfolio at the acquisition date (in thousands) . January 3, 2023 PCD loans: Par value $ 64,913 ACL at acquisition (2,704) Non-credit discount (150) Purchase price $ 62,059 Non-PCD loans: Fair value $ 1,380,900 Gross contractual amounts receivable 1,626,243 Estimate of contractual cash flows not expected to be collected 9,287 |
Schedule of Actual Results and Pro Forma Information | The actual results and pro forma information were as follows (in thousands) : Three Months Ended Six Months Ended Revenue Net Income Revenue Net Income 2023 Actual Progress results included in statement of income since acquisition date $ 17,969 $ 3,288 $ 24,621 $ 5,098 Supplemental consolidated pro forma as if Progress had been acquired January 1, 2022 213,509 64,832 443,050 140,041 2022 Actual Reliant results included in statement of income since acquisition date $ 29,172 $ 15,550 $ 43,086 $ 16,148 Supplemental consolidated pro forma as if Progress had been acquired January 1, 2022 and Reliant had been acquired January 1, 2021 $ 225,984 $ 73,656 $ 430,853 $ 131,038 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 U.S. Treasuries $ 19,849 $ — $ 2,354 $ 17,495 U.S. Government agencies & GSEs 99,779 — 17,112 82,667 State and political subdivisions 294,920 23 56,274 238,669 Residential MBS, Agency & GSEs 1,438,048 13 222,256 1,215,805 Commercial MBS, Agency & GSEs 686,239 — 120,831 565,408 Supranational entities 15,000 — 2,648 12,352 Total $ 2,553,835 $ 36 $ 421,475 $ 2,132,396 As of December 31, 2022 U.S. Treasuries $ 19,834 $ — $ 2,417 $ 17,417 U.S. Government agencies & GSEs 99,679 — 18,169 81,510 State and political subdivisions 295,945 56 64,340 231,661 Residential MBS, Agency & GSEs 1,488,028 35 223,566 1,264,497 Commercial MBS, Agency & GSEs 695,162 — 111,586 583,576 Supranational entities $ 15,000 $ — $ 2,588 $ 12,412 Total $ 2,613,648 $ 91 $ 422,666 $ 2,191,073 |
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) . During the second quarter of 2023, United entered into fair value hedges on stated amounts of a closed portfolio of AFS debt securities using the portfolio layer method, which is further explained in Note 7. Amortized Gross Unrealized Gross Unrealized Fair As of June 30, 2023 U.S. Treasuries $ 347,029 $ 34 $ 13,640 $ 333,423 U.S. Government agencies & GSEs 252,981 295 16,180 237,096 State and political subdivisions 183,201 — 22,100 161,101 Residential MBS, Agency & GSEs 1,445,528 — 158,964 1,286,564 Residential MBS, Non-agency 360,476 — 26,805 333,671 Commercial MBS, Agency & GSEs 669,625 — 81,276 588,349 Commercial MBS, Non-agency 31,097 — 1,008 30,089 Corporate bonds 218,886 60 22,210 196,736 Asset-backed securities 198,279 27 5,346 192,960 Total 3,707,102 416 347,529 3,359,989 As of December 31, 2022 U.S. Treasuries $ 163,972 $ — $ 14,620 $ 149,352 U.S. Government agencies & GSEs 266,347 463 16,694 250,116 State and political subdivisions 329,723 151 26,126 303,748 Residential MBS, Agency & GSEs 1,609,442 13 160,636 1,448,819 Residential MBS, Non-agency 374,535 — 27,873 346,662 Commercial MBS, Agency & GSEs 720,282 471 79,407 641,346 Commercial MBS, Non-agency 31,624 — 1,058 30,566 Corporate bonds 236,181 34 23,763 212,452 Asset-backed securities 239,220 — 7,948 231,272 Total $ 3,971,326 $ 1,132 $ 358,125 $ 3,614,333 |
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 June 30, 2023 U.S. Treasuries $ — $ — $ 17,495 $ 2,354 $ 17,495 $ 2,354 U.S. Government agencies & GSEs — — 82,667 17,112 82,667 17,112 State and political subdivisions 22,629 220 211,786 56,054 234,415 56,274 Residential MBS, Agency & GSEs 55,552 3,332 1,158,955 218,924 1,214,507 222,256 Commercial MBS, Agency & GSEs 6,479 220 558,928 120,611 565,407 120,831 Supranational entities — — 12,352 2,648 12,352 2,648 Total unrealized loss position $ 84,660 $ 3,772 $ 2,042,183 $ 417,703 $ 2,126,843 $ 421,475 As of December 31, 2022 U.S. Treasuries $ 17,417 $ 2,417 $ — $ — $ 17,417 $ 2,417 U.S. Government agencies & GSEs 10,687 1,813 70,823 16,356 81,510 18,169 State and political subdivisions 104,243 20,639 117,115 43,701 221,358 64,340 Residential MBS, Agency & GSEs 296,673 38,289 965,785 185,277 1,262,458 223,566 Commercial MBS, Agency & GSEs 176,848 24,497 406,728 87,089 583,576 111,586 Supranational entities 12,412 2,588 — — 12,412 2,588 Total unrealized loss position $ 618,280 $ 90,243 $ 1,560,451 $ 332,423 $ 2,178,731 $ 422,666 |
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 June 30, 2023 U.S. Treasuries $ 49,170 $ 16 $ 150,685 $ 13,624 $ 199,855 $ 13,640 U.S. Government agencies & GSEs 64,447 509 127,787 15,671 192,234 16,180 State and political subdivisions 552 33 160,549 22,067 161,101 22,100 Residential MBS, Agency & GSEs 219,050 11,928 1,067,514 147,036 1,286,564 158,964 Residential MBS, Non-agency 8,618 320 325,053 26,485 333,671 26,805 Commercial MBS, Agency & GSEs 102,718 6,058 485,631 75,218 588,349 81,276 Commercial MBS, Non-agency — — 30,089 1,008 30,089 1,008 Corporate bonds 8,746 879 186,121 21,331 194,867 22,210 Asset-backed securities 14,302 102 172,093 5,244 186,395 5,346 Total unrealized loss position $ 467,603 $ 19,845 $ 2,705,522 $ 327,684 $ 3,173,125 $ 347,529 As of December 31, 2022 U.S. Treasuries $ 49,259 $ 724 $ 100,093 $ 13,896 $ 149,352 $ 14,620 U.S. Government agencies & GSEs 93,015 2,124 108,093 14,570 201,108 16,694 State and political subdivisions 207,749 9,906 62,606 16,220 270,355 26,126 Residential MBS, Agency & GSEs 1,049,648 102,852 392,288 57,784 1,441,936 160,636 Residential MBS, Non-agency 338,399 27,095 8,263 778 346,662 27,873 Commercial MBS, Agency & GSEs 288,787 17,304 332,088 62,103 620,875 79,407 Commercial MBS, Non-agency 30,566 1,058 — — 30,566 1,058 Corporate bonds 83,010 7,776 127,603 15,987 210,613 23,763 Asset-backed securities 97,705 2,664 133,567 5,284 231,272 7,948 Total unrealized loss position $ 2,238,138 $ 171,503 $ 1,264,601 $ 186,622 $ 3,502,739 $ 358,125 |
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 June 30, 2023 December 31, 2022 HTM $ 6,098 $ 7,234 AFS 11,859 15,281 |
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 June 30, 2023, 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 $ 232,932 $ 232,830 $ — $ — U.S. Government agencies & GSEs 338 331 — — State and political subdivisions 2,027 1,955 1,200 1,194 Corporate bonds 5,177 5,014 — — 240,474 240,130 1,200 1,194 1 to 5 years: U.S. Treasuries 114,097 100,593 19,849 17,495 U.S. Government agencies & GSEs 39,403 35,781 — — State and political subdivisions 15,948 14,904 28,575 26,505 Corporate bonds 156,810 142,227 — — 326,258 293,505 48,424 44,000 5 to 10 years: U.S. Government agencies & GSEs 71,084 63,053 73,352 61,460 State and political subdivisions 59,659 49,693 37,257 31,827 Corporate bonds 56,097 48,643 — — Supranational entities — — 15,000 12,352 186,840 161,389 125,609 105,639 More than 10 years: U.S. Government agencies & GSEs 142,156 137,931 26,427 21,207 State and political subdivisions 105,567 94,549 227,888 179,143 Corporate bonds 802 852 — — 248,525 233,332 254,315 200,350 Debt securities not due at a single maturity date: Asset-backed securities 198,279 192,960 — — Residential MBS 1,806,004 1,620,235 1,438,048 1,215,805 Commercial MBS 700,722 618,438 686,239 565,408 2,705,005 2,431,633 2,124,287 1,781,213 Total $ 3,707,102 $ 3,359,989 $ 2,553,835 $ 2,132,396 |
Schedule of AFS Securities Sales Activity | The following table summarizes AFS securities sales activity for the three and six months ended June 30, 2023 and 2022 (in thousands). Three Months Ended Six Months Ended 2023 2022 2023 2022 Proceeds from sales $ — $ 73,112 $ 380,661 $ 281,521 Gross realized gains $ — $ 46 $ 1,373 $ 1,009 Gross realized losses — — (3,017) (4,697) Securities gains (losses), net $ — $ 46 $ (1,644) $ (3,688) Income tax expense (benefit) attributable to sales $ — $ 11 $ (374) $ (979) |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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) . June 30, 2023 December 31, 2022 Owner occupied commercial real estate $ 3,110,612 $ 2,734,666 Income producing commercial real estate 3,669,746 3,261,626 Commercial & industrial 2,550,191 2,252,322 Commercial construction 1,739,208 1,597,848 Equipment financing 1,510,326 1,374,251 Total commercial 12,580,083 11,220,713 Residential mortgage 2,905,293 2,355,061 HELOC 926,409 850,269 Residential construction 463,278 442,553 Manufactured housing 339,969 316,741 Consumer 179,813 149,290 Total loans 17,394,845 15,334,627 Less allowance for credit losses - loans (190,705) (159,357) Loans, net $ 17,204,140 $ 15,175,270 |
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Guaranteed portion of SBA/USDA loans $ 22,072 $ 39,119 $ 43,842 $ 67,462 Equipment financing receivables 20,571 20,541 39,274 43,977 Total $ 42,643 $ 59,660 $ 83,116 $ 111,439 |
Schedule of Components of Net Investment in Leases | At June 30, 2023 and December 31, 2022, equipment financing receivables included leases of $59.8 million and $46.0 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . June 30, 2023 December 31, 2022 Minimum future lease payments receivable $ 65,275 $ 49,723 Estimated residual value of leased equipment 3,670 2,804 Initial direct costs 1,131 767 Security deposits (442) (429) Unearned income (9,788) (6,877) Net investment in leases $ 59,846 $ 45,988 |
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 June 30, 2023 were as follows (in thousands) : Year Remainder of 2023 $ 11,352 2024 19,503 2025 15,648 2026 10,910 2027 6,564 Thereafter 1,298 Total $ 65,275 |
Schedule of Loans by Aging Category, Accrual Status and Days Past Due Category | 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 June 30, 2023 Owner occupied commercial real estate $ 3,105,295 $ 1,842 $ 4 $ — $ 3,471 $ 3,110,612 Income producing commercial real estate 3,636,300 790 114 — 32,542 3,669,746 Commercial & industrial 2,517,176 1,532 660 — 30,823 2,550,191 Commercial construction 1,738,394 664 35 — 115 1,739,208 Equipment financing 1,494,296 4,087 2,954 — 8,989 1,510,326 Total commercial 12,491,461 8,915 3,767 — 75,940 12,580,083 Residential mortgage 2,889,244 3,408 1,222 — 11,419 2,905,293 HELOC 921,413 2,077 142 — 2,777 926,409 Residential construction 460,627 967 2 — 1,682 463,278 Manufactured housing 320,342 7,311 1,534 — 10,782 339,969 Consumer 178,646 1,063 85 — 19 179,813 Total loans $ 17,261,733 $ 23,741 $ 6,752 $ — $ 102,619 $ 17,394,845 As of December 31, 2022 Owner occupied commercial real estate $ 2,731,574 $ 1,522 $ 1,047 $ — $ 523 $ 2,734,666 Income producing commercial real estate 3,257,232 468 41 — 3,885 3,261,626 Commercial & industrial 2,234,284 3,288 274 6 14,470 2,252,322 Commercial construction 1,597,268 447 — — 133 1,597,848 Equipment financing 1,362,622 4,285 1,906 — 5,438 1,374,251 Total commercial 11,182,980 10,010 3,268 6 24,449 11,220,713 Residential mortgage 2,342,196 1,939 7 — 10,919 2,355,061 HELOC 844,888 2,709 784 — 1,888 850,269 Residential construction 441,673 20 455 — 405 442,553 Manufactured housing 302,386 6,913 924 — 6,518 316,741 Consumer 148,943 237 48 9 53 149,290 Total loans $ 15,263,066 $ 21,828 $ 5,486 $ 15 $ 44,232 $ 15,334,627 |
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 June 30, 2023 December 31, 2022 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 2,507 $ 964 $ 3,471 $ 276 $ 247 $ 523 Income producing commercial real estate 32,470 72 32,542 3,798 87 3,885 Commercial & industrial 28,665 2,158 30,823 13,917 553 14,470 Commercial construction 51 64 115 69 64 133 Equipment financing 56 8,933 8,989 85 5,353 5,438 Total commercial 63,749 12,191 75,940 18,145 6,304 24,449 Residential mortgage 1,959 9,460 11,419 2,159 8,760 10,919 HELOC 325 2,452 2,777 430 1,458 1,888 Residential construction 328 1,354 1,682 311 94 405 Manufactured housing — 10,782 10,782 — 6,518 6,518 Consumer 3 16 19 3 50 53 Total $ 66,364 $ 36,255 $ 102,619 $ 21,048 $ 23,184 $ 44,232 |
Schedule of Amortized Cost of Loans by Risk Category by Vintage Year | The following tables present the risk category of term loans and, for 2023, gross charge-offs by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands) . Term Loans by Origination Year Revolvers Revolvers converted to term loans Total As of June 30, 2023 2023 2022 2021 2020 2019 Prior Owner occupied commercial real estate: Pass $ 359,037 $ 683,426 $ 650,179 $ 613,901 $ 214,542 $ 372,915 $ 114,607 $ 18,740 $ 3,027,347 Special Mention 1,626 5,675 6,968 6,764 8,612 5,260 3,855 268 39,028 Substandard 3,465 8,345 9,095 7,600 3,310 9,471 210 2,741 44,237 Total owner occupied commercial real estate $ 364,128 $ 697,446 $ 666,242 $ 628,265 $ 226,464 $ 387,646 $ 118,672 $ 21,749 $ 3,110,612 Current period gross charge-offs $ — $ — $ — $ — $ — $ 207 $ — $ — $ 207 Income producing commercial real estate: Pass $ 306,457 $ 828,657 $ 750,600 $ 763,295 $ 271,098 $ 414,954 $ 52,883 $ 5,706 $ 3,393,650 Special Mention 58,790 22,100 21,311 14,353 31,383 4,974 — — 152,911 Substandard 22,314 33,196 998 17,216 17,664 31,738 — 59 123,185 Total income producing commercial real estate $ 387,561 $ 883,953 $ 772,909 $ 794,864 $ 320,145 $ 451,666 $ 52,883 $ 5,765 $ 3,669,746 Current period gross charge-offs $ — $ 3,033 $ — $ — $ — $ 1,781 $ — $ — $ 4,814 Commercial & industrial Pass $ 391,898 $ 545,473 $ 366,189 $ 159,719 $ 121,611 $ 184,837 $ 600,042 $ 15,490 $ 2,385,259 Special Mention 209 478 4,385 476 88 855 18,596 181 25,268 Substandard 21,254 9,594 38,922 13,813 4,264 2,718 46,124 2,975 139,664 Total commercial & industrial $ 413,361 $ 555,545 $ 409,496 $ 174,008 $ 125,963 $ 188,410 $ 664,762 $ 18,646 $ 2,550,191 Current period gross charge-offs $ 1,330 $ 1,132 $ — $ 444 $ 198 $ 41 $ — $ 1,506 $ 4,651 Commercial construction Pass $ 347,916 $ 660,378 $ 383,957 $ 192,245 $ 58,733 $ 31,262 $ 56,057 $ 1,077 $ 1,731,625 Special Mention 58 135 28 52 — — — — 273 Substandard 194 4,541 35 2,199 1 100 — 240 7,310 Total commercial construction $ 348,168 $ 665,054 $ 384,020 $ 194,496 $ 58,734 $ 31,362 $ 56,057 $ 1,317 $ 1,739,208 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equipment financing: Pass $ 422,344 $ 589,302 $ 299,127 $ 117,201 $ 61,859 $ 9,413 $ — $ — $ 1,499,246 Substandard 842 4,497 3,575 1,109 974 83 — — 11,080 Total equipment financing $ 423,186 $ 593,799 $ 302,702 $ 118,310 $ 62,833 $ 9,496 $ — $ — $ 1,510,326 Current period gross charge-offs $ — $ 3,129 $ 3,086 $ 895 $ 389 $ 280 $ — $ — $ 7,779 Residential mortgage: Pass $ 446,768 $ 988,186 $ 758,310 $ 337,356 $ 90,331 $ 266,705 $ 477 $ 3,516 $ 2,891,649 Substandard 214 1,505 1,680 912 1,648 7,499 — 186 13,644 Total residential mortgage $ 446,982 $ 989,691 $ 759,990 $ 338,268 $ 91,979 $ 274,204 $ 477 $ 3,702 $ 2,905,293 Current period gross charge-offs $ — $ 23 $ — $ — $ — $ 22 $ — $ — $ 45 Home equity lines of credit Pass $ — $ — $ — $ — $ — $ — $ 897,097 $ 26,231 $ 923,328 Substandard — — — — — — — 3,081 3,081 Total home equity lines of credit $ — $ — $ — $ — $ — $ — $ 897,097 $ 29,312 $ 926,409 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ 145 $ 145 Residential construction Pass $ 174,579 $ 239,543 $ 32,086 $ 6,143 $ 1,417 $ 7,349 $ — $ 31 $ 461,148 Substandard 224 1,324 430 — 18 134 — — 2,130 Total residential construction $ 174,803 $ 240,867 $ 32,516 $ 6,143 $ 1,435 $ 7,483 $ — $ 31 $ 463,278 Current period gross charge-offs $ — $ 637 $ — $ — $ — $ — $ — $ — $ 637 Manufactured housing Pass $ 35,151 $ 74,072 $ 52,438 $ 46,466 $ 33,278 $ 86,573 $ — $ — $ 327,978 Substandard 260 3,304 2,109 1,702 1,090 3,526 — — 11,991 Total consumer $ 35,411 $ 77,376 $ 54,547 $ 48,168 $ 34,368 $ 90,099 $ — $ — $ 339,969 Current period gross charge-offs $ 3 $ 434 $ 201 $ 268 $ 105 $ 263 $ — $ — $ 1,274 Consumer Pass $ 57,267 $ 53,898 $ 25,280 $ 12,381 $ 2,263 $ 1,977 $ 26,518 $ 119 $ 179,703 Substandard — 1 60 28 — 21 — — 110 Total consumer $ 57,267 $ 53,899 $ 25,340 $ 12,409 $ 2,263 $ 1,998 $ 26,518 $ 119 $ 179,813 Current period gross charge-offs $ 1,838 $ 103 $ 62 $ 24 $ 13 $ 1 $ 2 $ 101 $ 2,144 Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior Pass Owner occupied commercial real estate $ 669,451 $ 671,395 $ 611,900 $ 204,990 $ 127,738 $ 253,890 $ 114,975 $ 5,779 $ 2,660,118 Income producing commercial real estate 812,804 753,936 733,946 248,259 171,108 255,485 50,026 9,953 3,035,517 Commercial & industrial 535,594 388,851 186,292 134,789 119,547 71,503 670,161 15,880 2,122,617 Commercial construction 732,147 391,963 256,087 78,778 11,977 19,973 70,819 1,433 1,563,177 Equipment financing 714,044 374,030 162,463 93,690 22,753 1,214 — — 1,368,194 Total commercial 3,464,040 2,580,175 1,950,688 760,506 453,123 602,065 905,981 33,045 10,749,623 Residential mortgage 894,960 742,821 329,762 91,300 55,785 223,846 8 3,133 2,341,615 HELOC — — — — — — 824,153 23,948 848,101 Residential construction 344,443 82,289 4,478 1,742 1,545 7,549 — 31 442,077 Manufactured housing 78,097 54,976 48,908 34,836 31,060 61,148 — — 309,025 Consumer 71,899 29,322 15,406 3,987 1,837 588 25,963 126 149,128 4,853,439 3,489,583 2,349,242 892,371 543,350 895,196 1,756,105 60,283 14,839,569 Special Mention Owner occupied commercial real estate 4,236 8,036 4,641 10,299 1,232 11,596 3,875 279 44,194 Income producing commercial real estate 41,423 1,137 44,802 32,821 21,647 50 805 — 142,685 Commercial & industrial 1,695 21,745 2,686 1,047 1,244 167 10,449 309 39,342 Commercial construction 850 33 1,640 13,237 4,891 28 — — 20,679 Equipment financing — — — — — — — — — Total commercial 48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Manufactured housing — — — — — — — — — Consumer — — — — — — — — — 48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 Substandard Owner occupied commercial real estate 9,835 77 2,873 4,490 1,204 8,055 209 3,611 30,354 Income producing commercial real estate 52,384 1,357 1,867 4,180 13,209 10,365 — 62 83,424 Commercial & industrial 10,431 19,477 3,880 4,557 11,019 1,189 39,333 477 90,363 Commercial construction 133 — 45 2 3,876 9,693 — 243 13,992 Equipment financing 1,625 2,160 1,303 705 236 28 — — 6,057 Total commercial 74,408 23,071 9,968 13,934 29,544 29,330 39,542 4,393 224,190 Residential mortgage 1,195 964 1,364 1,836 2,589 5,296 — 202 13,446 HELOC — — — — — — 93 2,075 2,168 Residential construction 32 268 — 20 3 153 — — 476 Manufactured housing 1,130 1,267 1,427 990 1,188 1,714 — — 7,716 Consumer 20 77 34 1 25 4 1 — 162 76,785 25,647 12,793 16,781 33,349 36,497 39,636 6,670 248,158 Total $ 4,978,428 $ 3,546,181 $ 2,415,804 $ 966,556 $ 605,713 $ 943,534 $ 1,810,870 $ 67,541 $ 15,334,627 |
Schedule of Modifications to Borrowers Experiencing Financial Difficulty | The period end amortized cost of loans modified under the terms of a FDM during the six months ended June 30, 2023 are presented in the following table (in thousands). New FDMs Post-Modification Amortized Cost by Type of Modification Extension Payment Delay Rate Reduction & Extension Total % of Total Class of Receivable Six Months Ended June 30, 2023 Income producing commercial real estate $ 38,138 $ — $ 21,202 $ 59,340 1.6 % Commercial & industrial 2,718 29,517 — 32,235 1.3 Equipment financing 8,069 — — 8,069 0.5 Residential mortgage 57 — 630 687 — Manufactured housing — — 259 259 0.1 Total loans $ 48,982 $ 29,517 $ 22,091 $ 100,590 0.6 |
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 June 30, 2023 2022 Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 20,831 $ — $ 205 $ 752 $ 21,788 $ 15,945 $ — $ 1,496 $ (667) $ 16,774 Income producing commercial real estate 33,607 (2,033) 849 6,352 38,775 33,539 — 116 (371) 33,284 Commercial & industrial 28,312 (3,753) 1,007 4,290 29,856 18,386 (1,011) 1,313 (421) 18,267 Commercial construction 22,073 — 105 98 22,276 13,782 — 144 2,136 16,062 Equipment financing 26,195 (3,752) 1,215 4,946 28,604 19,264 (1,709) 802 52 18,409 Residential mortgage 24,082 (26) 69 1,306 25,431 14,964 — 51 2,020 17,035 HELOC 10,337 (24) 83 213 10,609 7,128 — 346 13 7,487 Residential construction 2,043 (637) 14 2,026 3,446 1,929 — 76 81 2,086 Manufactured housing 8,424 (620) — 1,400 9,204 7,083 (135) — (334) 6,614 Consumer 630 (1,327) 226 1,187 716 785 (728) 308 542 907 ACL - loans 176,534 (12,172) 3,773 22,570 190,705 132,805 (3,583) 4,652 3,051 136,925 ACL - unfunded commitments 21,389 — — 183 21,572 13,564 — — 2,553 16,117 Total ACL $ 197,923 $ (12,172) $ 3,773 $ 22,753 $ 212,277 $ 146,369 $ (3,583) $ 4,652 $ 5,604 $ 153,042 Six Months Ended June 30, 2023 2022 Beginning Balance Initial ACL - PCD loans (1) Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Initial ACL - PCD loans (1) Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 19,834 $ 181 $ (207) $ 322 $ 1,658 $ 21,788 $ 14,282 $ 266 $ — $ 1,541 $ 685 $ 16,774 Income producing commercial real estate 32,082 307 (4,814) 1,324 9,876 38,775 24,156 4,366 — 406 4,356 33,284 Commercial & industrial 23,504 1,358 (4,651) 1,680 7,965 29,856 16,592 2,337 (4,605) 1,978 1,965 18,267 Commercial construction 20,120 39 — 142 1,975 22,276 9,956 2,857 (41) 558 2,732 16,062 Equipment financing 23,395 — (7,779) 1,867 11,121 28,604 16,290 — (2,657) 1,483 3,293 18,409 Residential mortgage 20,809 157 (45) 175 4,335 25,431 12,390 385 (53) 201 4,112 17,035 HELOC 8,707 534 (145) 171 1,342 10,609 6,568 60 (9) 436 432 7,487 Residential construction 2,049 124 (637) 29 1,881 3,446 1,847 1 — 99 139 2,086 Manufactured housing 8,098 — (1,274) 26 2,354 9,204 — 2,438 (308) 9 4,475 6,614 Consumer 759 4 (2,144) 477 1,620 716 451 27 (1,534) 587 1,376 907 ACL - loans 159,357 2,704 (21,696) 6,213 44,127 190,705 102,532 12,737 (9,207) 7,298 23,565 136,925 ACL - unfunded commitments 21,163 — — — 409 21,572 10,992 — — — 5,125 16,117 Total ACL $ 180,520 $ 2,704 $ (21,696) $ 6,213 $ 44,536 $ 212,277 $ 113,524 $ 12,737 $ (9,207) $ 7,298 $ 28,690 $ 153,042 (1) Represents the initial ACL related to PCD loans acquired in the Progress and Reliant transactions during the six months ended June 30, 2023 and 2022, respectively. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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) : June 30, 2023 December 31, 2022 Notional Amount (1) 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 $ 16,261 $ — $ 100,000 $ 16,191 $ — Cash flow hedge of trust preferred securities 40,000 — — 20,000 — — Fair value hedge of AFS debt securities 677,473 — — — — — Total 817,473 16,261 — 120,000 16,191 — Derivatives not designated as hedging instruments: Customer derivative positions 2,034,468 874 91,307 1,097,578 341 86,358 Dealer offsets to customer derivative positions 1,803,106 29,360 901 1,097,578 22,393 274 Risk participations 130,392 — 22 88,586 15 1 Mortgage banking - loan commitment 48,090 991 2 19,685 394 — Mortgage banking - forward sales commitment 100,140 383 14 49,750 198 71 Bifurcated embedded derivatives 51,935 10,881 — 51,935 11,104 — Dealer offsets to bifurcated embedded derivatives 51,935 — 12,540 51,935 — 12,839 Total 4,220,066 42,489 104,786 2,457,047 34,445 99,543 Total derivatives $ 5,037,539 $ 58,750 $ 104,786 $ 2,577,047 $ 50,636 $ 99,543 Total gross derivative instruments $ 58,750 $ 104,786 $ 50,636 $ 99,543 Less: Amounts subject to master netting agreements (916) (916) (346) (346) Less: Cash collateral received/pledged (46,248) (12,801) (38,386) (13,089) Net amount $ 11,586 $ 91,069 $ 11,904 $ 86,108 (1) At June 30, 2023, LIBOR-based customer derivative positions and derivatives cleared centrally through the CME included both a short-dated contract and a long-dated contract to facilitate the transition from LIBOR to SOFR. The short-dated contracts mature at the first reset date after June 30, 2023. |
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 net interest income for the periods indicated (in thousands) . Affected Income Statement Line Item Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fair value hedges: Brokered time deposits: Net income recognized Interest expense- deposits $ — $ — $ — $ 28 AFS securities: Recognized on derivative interest settlements $ 2,310 $ — $ 2,310 $ — Recognized on derivatives 13,889 — 13,889 — Recognized on hedged items (15,289) — (15,289) — Net income recognized Interest revenue- investment securities $ 910 $ — $ 910 $ — Cash flow hedges: Long-term debt (1) Interest expense- long term debt $ 1,234 $ (106) $ 2,056 $ (247) (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $112,000 and $118,000 for the three months ended June 30, 2023 and 2022, respectively, and $229,000 and $234,000 for the six months ended June 30, 2023 and 2022, respectively. |
Schedule of Fair Value Hedging Instruments, Carrying Value and Basis Adjustments | The table below presents the carrying amount of hedged AFS debt securities and cumulative fair value hedging adjustments included in the carrying amount of the hedged asset for the periods presented (in thousands) June 30, 2023 Balance Sheet Location Amortized Cost (1) Hedge Accounting Basis Adjustment Debt securities AFS $ 804,658 $ (15,289) (1) Excludes cumulative hedge accounting basis adjustment. |
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 Six Months Ended 2023 2022 2023 2022 Customer derivatives and dealer offsets Other noninterest income $ 545 $ 445 $ 912 $ 1,214 Bifurcated embedded derivatives and dealer offsets Other noninterest income (474) 85 (1,007) 198 Mortgage banking derivatives Mortgage loan revenue 174 2,616 1,401 7,250 Risk participations Other noninterest income 154 93 142 94 $ 399 $ 3,239 $ 1,448 $ 8,756 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill and Other Intangible Assets | The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands). June 30, 2023 December 31, 2022 Core deposit intangible $ 86,880 $ 46,900 Less: accumulated amortization (32,665) (26,112) Net core deposit intangible 54,215 20,788 Customer relationship intangible 8,400 8,400 Less: accumulated amortization (1,510) (1,114) Net customer relationship intangible 6,890 7,286 Total intangibles subject to amortization, net (1) 61,105 28,074 Goodwill 896,718 751,174 Total goodwill and other intangible assets, net $ 957,823 $ 779,248 (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 Six Months Ended 2023 2022 2023 2022 Balance, beginning of period (1) $ 896,718 $ 751,174 $ 751,174 $ 452,007 Acquisitions — — 145,544 299,167 Balance, end of period (1) $ 896,718 $ 751,174 $ 896,718 $ 751,174 |
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 2023 $ 6,521 2024 11,791 2025 10,031 2026 8,491 2027 6,950 Thereafter 17,321 Total $ 61,105 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . June 30, 2023 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 333,423 $ — $ — $ 333,423 U.S. Government agencies & GSEs — 237,096 — 237,096 State and political subdivisions — 161,101 — 161,101 Residential MBS — 1,620,235 — 1,620,235 Commercial MBS — 618,438 — 618,438 Corporate bonds — 194,553 2,183 196,736 Asset-backed securities — 192,960 — 192,960 Equity securities with readily determinable fair values 10,651 1,532 — 12,183 Mortgage loans held for sale — 27,104 — 27,104 Deferred compensation plan assets 11,728 — — 11,728 Servicing rights for SBA/USDA loans — — 6,148 6,148 Residential mortgage servicing rights — — 37,194 37,194 Derivative financial instruments — 46,878 11,872 58,750 Total assets $ 355,802 $ 3,099,897 $ 57,397 $ 3,513,096 Liabilities: Deferred compensation plan liability $ 11,766 $ — $ — $ 11,766 Derivative financial instruments — 92,222 12,564 104,786 Total liabilities $ 11,766 $ 92,222 $ 12,564 $ 116,552 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 149,352 $ — $ — $ 149,352 U.S. Government agencies & GSEs — 250,116 — 250,116 State and political subdivisions — 303,748 — 303,748 Residential MBS — 1,795,481 — 1,795,481 Commercial MBS — 671,912 — 671,912 Corporate bonds — 210,240 2,212 212,452 Asset-backed securities — 231,272 — 231,272 Equity securities with readily determinable fair values 12,278 1,359 — 13,637 Mortgage loans held for sale — 11,794 — 11,794 Deferred compensation plan assets 11,436 — — 11,436 Servicing rights for SBA/USDA loans — — 5,188 5,188 Residential mortgage servicing rights — — 36,559 36,559 Derivative financial instruments — 39,123 11,513 50,636 Total assets $ 173,066 $ 3,515,045 $ 55,472 $ 3,743,583 Liabilities: Deferred compensation plan liability $ 11,460 $ — $ — $ 11,460 Derivative financial instruments — 86,703 12,840 99,543 Total liabilities $ 11,460 $ 86,703 $ 12,840 $ 111,003 |
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) . 2023 2022 Derivative Derivative 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 June 30, Beginning balance $ 11,348 $ 11,195 $ 6,289 $ 36,081 $ 2,227 $ 7,902 $ 8,531 $ 6,962 $ 32,641 $ 2,332 Additions — 167 464 848 — — 99 800 1,723 — Sales and settlements — — (231) (496) — — (1) (408) (638) — Fair value adjustments included in OCI — — — — (44) — — — — (45) Fair value adjustments included in earnings 524 1,202 (374) 761 — 2,297 2,166 (1,187) 1,405 — Ending balance $ 11,872 $ 12,564 $ 6,148 $ 37,194 $ 2,183 $ 10,199 $ 10,795 $ 6,167 $ 35,131 $ 2,287 Six Months Ended June 30, Beginning balance $ 11,513 $ 12,840 $ 5,188 $ 36,559 $ 2,212 $ 6,758 $ 5,048 $ 6,513 $ 25,161 $ 2,395 Business combinations — — 95 — — — — — — — Additions — 170 924 1,480 — — 99 1,388 3,890 — Transfers from Level 3 — — — — — (290) — — — — Sales and settlements (11) — (451) (948) — — (1) (637) (1,314) — Fair value adjustments included in OCI — — — — (29) — — — — (108) Fair value adjustments included in earnings 370 (446) 392 103 — 3,731 5,649 (1,097) 7,394 — Ending balance $ 11,872 $ 12,564 $ 6,148 $ 37,194 $ 2,183 $ 10,199 $ 10,795 $ 6,167 $ 35,131 $ 2,287 |
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) . 2023 2022 Derivative Derivative 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 June 30, Beginning balance $ 11,348 $ 11,195 $ 6,289 $ 36,081 $ 2,227 $ 7,902 $ 8,531 $ 6,962 $ 32,641 $ 2,332 Additions — 167 464 848 — — 99 800 1,723 — Sales and settlements — — (231) (496) — — (1) (408) (638) — Fair value adjustments included in OCI — — — — (44) — — — — (45) Fair value adjustments included in earnings 524 1,202 (374) 761 — 2,297 2,166 (1,187) 1,405 — Ending balance $ 11,872 $ 12,564 $ 6,148 $ 37,194 $ 2,183 $ 10,199 $ 10,795 $ 6,167 $ 35,131 $ 2,287 Six Months Ended June 30, Beginning balance $ 11,513 $ 12,840 $ 5,188 $ 36,559 $ 2,212 $ 6,758 $ 5,048 $ 6,513 $ 25,161 $ 2,395 Business combinations — — 95 — — — — — — — Additions — 170 924 1,480 — — 99 1,388 3,890 — Transfers from Level 3 — — — — — (290) — — — — Sales and settlements (11) — (451) (948) — — (1) (637) (1,314) — Fair value adjustments included in OCI — — — — (29) — — — — (108) Fair value adjustments included in earnings 370 (446) 392 103 — 3,731 5,649 (1,097) 7,394 — Ending balance $ 11,872 $ 12,564 $ 6,148 $ 37,194 $ 2,183 $ 10,199 $ 10,795 $ 6,167 $ 35,131 $ 2,287 |
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 June 30, 2023 December 31, 2022 Range Weighted Average Range Weighted Average SBA/USDA loan servicing rights Discounted cash flow Discount rate 8.0% - 25.0% 13.2 % 11.9% - 25.0% 17.5 % Prepayment rate 0.4 - 35.4 16.9 0.0 - 35.4 16.4 Residential mortgage servicing rights Discounted cash flow Discount rate 9.5 - 11.5 9.5 9.5 - 11.5 9.5 Prepayment rate 7.0 - 29.5 7.7 7.0 - 31.2 7.5 Corporate bonds Discounted cash flow Discount rate 6.6 - 7.2 6.9 6.1 - 6.4 6.3 Derivative assets - mortgage Internal model Pull through rate 60.0 - 100 89.4 26.5 - 100 90.7 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 June 30, 2023 December 31, 2022 Outstanding principal balance $ 26,520 $ 11,473 Fair value 27,104 11,794 Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale Location Three Months Ended Six Months Ended 2023 2022 2023 2022 Mortgage loan gains and other related fees $ 33 $ 163 $ 264 $ (1,011) |
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 June 30, 2023 and December 31, 2022, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total June 30, 2023 Loans held for investment $ — $ — $ 31,148 $ 31,148 December 31, 2022 Loans held for investment $ — $ — $ 7,808 $ 7,808 Mortgage loans held for sale — — 1,806 1,806 |
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 June 30, 2023 Assets: HTM debt securities $ 2,553,835 $ 17,495 $ 2,114,901 $ — $ 2,132,396 Loans and leases, net 17,204,140 — — 16,591,141 16,591,141 Liabilities: Deposits 22,251,988 — 22,245,777 — 22,245,777 Long-term debt 324,754 — — 304,481 304,481 December 31, 2022 Assets: HTM debt securities $ 2,613,648 $ 17,417 $ 2,173,656 $ — $ 2,191,073 Loans and leases, net 15,175,270 — — 14,609,239 14,609,239 Liabilities: Deposits 19,876,507 — 19,863,380 — 19,863,380 FHLB advances 550,000 — — 549,913 549,913 Long-term debt 324,663 — — 313,380 313,380 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 six months ended June 30, 2023. Restricted Stock Unit Awards Options Shares Weighted- Aggregate Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2022 778,686 $ 28.28 40,338 $ 11.88 Granted 292,631 30.33 643,298 20.91 Released / Exercised (121,277) 27.18 $ 3,855 (164,864) 17.96 $ 1,584 Cancelled (27,980) 28.51 (4,620) 25.97 Outstanding at June 30, 2023 922,060 29.07 23,042 514,152 21.10 5.6 2,082 Vested / Exercisable at June 30, 2023 — — 514,152 21.10 5.6 2,082 |
Reclassifications Out of AOCI (
Reclassifications Out of AOCI (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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 Six Months Ended Affected Line Item in the Statement Where Net Income is Presented 2023 2022 2023 2022 Realized losses on AFS securities: $ — $ 46 $ (1,644) $ (3,688) Securities gains (losses), net — (11) 374 979 Income tax (expense) benefit $ — $ 35 $ (1,270) $ (2,709) Net of tax Amortization of unrealized losses on HTM securities transferred from AFS: $ (2,518) $ (1,769) $ (5,486) $ (1,769) Investment securities interest revenue 604 422 1,324 422 Income tax benefit $ (1,914) $ (1,347) $ (4,162) $ (1,347) Net of tax Reclassifications related to derivative instruments accounted for as cash flow hedges: Interest rate contracts $ 1,234 $ (106) $ 2,056 $ (247) Long-term debt interest expense (315) 27 (525) 63 Income tax (expense) benefit $ 919 $ (79) $ 1,531 $ (184) Net of tax Amortization of defined benefit pension plan net periodic pension cost components: Prior service cost $ (61) $ (93) $ (122) $ (185) Salaries and employee benefits expense Actuarial losses — (78) — (156) Other expense (61) (171) (122) (341) Total before tax 15 44 31 87 Income tax benefit $ (46) $ (127) $ (91) $ (254) Net of tax Total reclassifications for the period $ (1,041) $ (1,518) $ (3,992) $ (4,494) Net of tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended Six Months Ended 2023 2022 2023 2022 Net income $ 63,288 $ 66,842 $ 125,588 $ 114,861 Dividends on preferred stock (1,719) (1,719) (3,438) (3,438) Earnings allocated to participating securities (342) (362) (680) (596) Net income available to common shareholders $ 61,227 $ 64,761 $ 121,470 $ 110,827 Weighted average shares outstanding: Basic 115,774 106,610 115,614 106,580 Effect of dilutive securities: Stock options 95 36 166 41 Restricted stock units — 70 15 76 Diluted 115,869 106,716 115,795 106,697 Net income per common share: Basic $ 0.53 $ 0.61 $ 1.05 $ 1.04 Diluted $ 0.53 $ 0.61 $ 1.05 $ 1.04 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of Minimum Amounts Required for Capital Adequacy Purposes | Regulatory capital ratios at June 30, 2023 and December 31, 2022, 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- June 30, December 31, June 30, December 31, Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.19 % 12.26 % 12.42 % 12.83 % Tier 1 capital 6.0 8.0 12.69 12.81 12.42 12.83 Total capital 8.0 10.0 14.57 14.79 13.39 13.70 Leverage ratio 4.0 5.0 9.79 9.69 9.56 9.69 CET1 capital $ 2,366,637 $ 2,164,211 $ 2,400,649 $ 2,255,337 Tier 1 capital 2,462,802 2,260,633 2,400,649 2,255,337 Total capital 2,827,580 2,610,216 2,589,591 2,408,895 Risk-weighted assets 19,409,980 17,648,573 19,335,994 17,583,347 Average total assets for the leverage ratio 25,160,884 23,322,018 25,120,784 23,285,253 (1) As of June 30, 2023 and December 31, 2022 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Amount of Off-balance Sheet Instruments | The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . June 30, 2023 December 31, 2022 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 4,755,317 $ 4,683,790 Letters of credit 55,652 46,896 |
Schedule of Tax Credit and Certain Equity Method Investments | The following table summarizes, as of the dates indicated, tax credit and certain equity method investments (in thousands) : Balance Sheet Location June 30, 2023 December 31, 2022 Investments in LIHTC: Carrying amount Other assets $ 52,112 $ 50,054 Amount of future funding commitments included in carrying amount Other liabilities 15,292 18,090 Renewable energy investments: Carrying amount Other assets 39,737 19,617 Amount of future funding commitments included in carrying amount Other liabilities 20,360 18,781 Fintech funds and certain other equity method investments: Carrying amount Other assets 32,722 27,569 Amount of future funding commitments included in carrying amount Other liabilities 470 470 Amount of future funding commitments not included in carrying amount N/A 26,568 23,690 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Significant non-cash investing and financing transactions: | ||
Commitments to fund equity investments | $ 11,093 | $ 0 |
Transfers of AFS securities to HTM securities | 0 | 1,288,982 |
Acquisitions: | ||
Assets acquired | 1,903,930 | 3,254,173 |
Liabilities assumed | 1,597,022 | 2,657,173 |
Net assets acquired | 306,908 | 597,000 |
Common stock issued and options converted | $ 306,461 | $ 596,376 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jan. 03, 2023 USD ($) bank_branch | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||
Merger-related and other charges | $ 3,645,000 | $ 7,143,000 | $ 12,276,000 | $ 16,159,000 | |
Progress | |||||
Business Acquisition [Line Items] | |||||
Number of banking branches | bank_branch | 13 | ||||
Goodwill expected to be tax deductible | $ 0 | ||||
Progress | Core deposit intangible | |||||
Business Acquisition [Line Items] | |||||
Expected useful life of acquired intangible (in years) | 10 years | ||||
Progress | Merger-related costs | |||||
Business Acquisition [Line Items] | |||||
Merger-related and other charges | $ 2,290,000 | $ 9,780,000 | |||
Reliant | Merger-related costs | |||||
Business Acquisition [Line Items] | |||||
Merger-related and other charges | $ 5,460,000 | $ 14,000,000 |
Acquisitions - Purchased Assets
Acquisitions - Purchased Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands | Jan. 03, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Liabilities | |||||||
Goodwill | $ 896,718 | $ 896,718 | $ 751,174 | $ 751,174 | $ 751,174 | $ 452,007 | |
Progress | |||||||
Assets | |||||||
Cash and cash equivalents | $ 57,548 | ||||||
Debt securities | 111,006 | ||||||
Loans held for sale | 2,087 | ||||||
Loans held for investment | 1,442,959 | ||||||
Premises and equipment | 21,118 | ||||||
Bank-owned life insurance | 40,723 | ||||||
Core deposit intangible | 39,980 | ||||||
Other assets | 42,965 | ||||||
Total assets acquired | 1,758,386 | ||||||
Liabilities | |||||||
Deposits | 1,334,476 | ||||||
Short-term borrowings | 141,017 | ||||||
Federal Home Loan Bank advances | 95,000 | ||||||
Other liabilities | 26,529 | ||||||
Total liabilities assumed | 1,597,022 | ||||||
Total identifiable net assets | 161,364 | ||||||
Cash | 447 | ||||||
Common stock issued in acquisition | 296,444 | ||||||
Options converted | 10,017 | ||||||
Total fair value of consideration transferred | 306,908 | ||||||
Goodwill | $ 145,544 | ||||||
Common stock issued (in shares) | 8,770,531 |
Acquisitions - Acquired Loan Po
Acquisitions - Acquired Loan Portfolio at Acquisition (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jan. 03, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
PCD loans: | |||
ACL at acquisition | $ (2,704) | $ (12,737) | |
Progress | |||
Non-PCD loans: | |||
Fair value | $ 1,380,900 | ||
Gross contractual amounts receivable | 1,626,243 | ||
Estimate of contractual cash flows not expected to be collected | 9,287 | ||
Progress | Purchased loans | |||
PCD loans: | |||
Par value | 64,913 | ||
ACL at acquisition | (2,704) | ||
Non-credit discount | (150) | ||
Purchase price | $ 62,059 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Supplemental consolidated pro forma revenue | $ 213,509 | $ 225,984 | $ 443,050 | $ 430,853 |
Supplemental consolidated pro forma net income (loss) | 64,832 | 73,656 | 140,041 | 131,038 |
Progress | ||||
Business Acquisition [Line Items] | ||||
Actual revenue included since acquisition date | 17,969 | 24,621 | ||
Actual net income (loss) included since acquisition date | $ 3,288 | $ 5,098 | ||
Reliant | ||||
Business Acquisition [Line Items] | ||||
Actual revenue included since acquisition date | 29,172 | 43,086 | ||
Actual net income (loss) included since acquisition date | $ 15,550 | $ 16,148 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost Basis, Unrealized Gains and Losses and Fair value of HTM Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
HTM debt securities: | ||
Amortized Cost | $ 2,553,835 | $ 2,613,648 |
Gross Unrealized Gains | 36 | 91 |
Gross Unrealized Losses | 421,475 | 422,666 |
Fair Value | 2,132,396 | 2,191,073 |
U.S. Treasuries | ||
HTM debt securities: | ||
Amortized Cost | 19,849 | 19,834 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,354 | 2,417 |
Fair Value | 17,495 | 17,417 |
U.S. Government agencies & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 99,779 | 99,679 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 17,112 | 18,169 |
Fair Value | 82,667 | 81,510 |
State and political subdivisions | ||
HTM debt securities: | ||
Amortized Cost | 294,920 | 295,945 |
Gross Unrealized Gains | 23 | 56 |
Gross Unrealized Losses | 56,274 | 64,340 |
Fair Value | 238,669 | 231,661 |
Residential MBS, Agency & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 1,438,048 | 1,488,028 |
Gross Unrealized Gains | 13 | 35 |
Gross Unrealized Losses | 222,256 | 223,566 |
Fair Value | 1,215,805 | 1,264,497 |
Commercial MBS, Agency & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 686,239 | 695,162 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 120,831 | 111,586 |
Fair Value | 565,408 | 583,576 |
Supranational entities | ||
HTM debt securities: | ||
Amortized Cost | 15,000 | 15,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,648 | 2,588 |
Fair Value | $ 12,352 | $ 12,412 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | Jun. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) |
Debt Securities, Available For Sale And Held To Maturity [Line Items] | ||
Number of AFS debt securities in unrealized loss position | security | 678 | |
Number of HTM debt securities in unrealized loss position | security | 325 | |
Allowance for credit losses, HTM portfolio | $ 0 | $ 0 |
Allowance for credit losses, AFS portfolio | 0 | 0 |
Pledged securities | Interest expense- deposits | ||
Debt Securities, Available For Sale And Held To Maturity [Line Items] | ||
Securities | $ 4,430,000,000 | $ 2,530,000,000 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost Basis, Unrealized Gains and Losses and Fair Value of AFS Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
AFS debt securities: | ||
Amortized Cost | $ 3,707,102 | $ 3,971,326 |
Gross Unrealized Gains | 416 | 1,132 |
Gross Unrealized Losses | 347,529 | 358,125 |
Fair Value | 3,359,989 | 3,614,333 |
U.S. Treasuries | ||
AFS debt securities: | ||
Amortized Cost | 347,029 | 163,972 |
Gross Unrealized Gains | 34 | 0 |
Gross Unrealized Losses | 13,640 | 14,620 |
Fair Value | 333,423 | 149,352 |
U.S. Government agencies & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 252,981 | 266,347 |
Gross Unrealized Gains | 295 | 463 |
Gross Unrealized Losses | 16,180 | 16,694 |
Fair Value | 237,096 | 250,116 |
State and political subdivisions | ||
AFS debt securities: | ||
Amortized Cost | 183,201 | 329,723 |
Gross Unrealized Gains | 0 | 151 |
Gross Unrealized Losses | 22,100 | 26,126 |
Fair Value | 161,101 | 303,748 |
Residential MBS, Agency & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 1,445,528 | 1,609,442 |
Gross Unrealized Gains | 0 | 13 |
Gross Unrealized Losses | 158,964 | 160,636 |
Fair Value | 1,286,564 | 1,448,819 |
Residential MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 360,476 | 374,535 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 26,805 | 27,873 |
Fair Value | 333,671 | 346,662 |
Commercial MBS, Agency & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 669,625 | 720,282 |
Gross Unrealized Gains | 0 | 471 |
Gross Unrealized Losses | 81,276 | 79,407 |
Fair Value | 588,349 | 641,346 |
Commercial MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 31,097 | 31,624 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1,008 | 1,058 |
Fair Value | 30,089 | 30,566 |
Corporate bonds | ||
AFS debt securities: | ||
Amortized Cost | 218,886 | 236,181 |
Gross Unrealized Gains | 60 | 34 |
Gross Unrealized Losses | 22,210 | 23,763 |
Fair Value | 196,736 | 212,452 |
Asset-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 198,279 | 239,220 |
Gross Unrealized Gains | 27 | 0 |
Gross Unrealized Losses | 5,346 | 7,948 |
Fair Value | $ 192,960 | $ 231,272 |
Investment Securities - HTM Deb
Investment Securities - HTM Debt Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 84,660 | $ 618,280 |
Unrealized Loss, Less than 12 Months | 3,772 | 90,243 |
Fair Value, 12 Months or More | 2,042,183 | 1,560,451 |
Unrealized Loss, 12 Months or More | 417,703 | 332,423 |
Fair Value, Total | 2,126,843 | 2,178,731 |
Unrealized Loss, Total | 421,475 | 422,666 |
U.S. Treasuries | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 17,417 |
Unrealized Loss, Less than 12 Months | 0 | 2,417 |
Fair Value, 12 Months or More | 17,495 | 0 |
Unrealized Loss, 12 Months or More | 2,354 | 0 |
Fair Value, Total | 17,495 | 17,417 |
Unrealized Loss, Total | 2,354 | 2,417 |
U.S. Government agencies & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 10,687 |
Unrealized Loss, Less than 12 Months | 0 | 1,813 |
Fair Value, 12 Months or More | 82,667 | 70,823 |
Unrealized Loss, 12 Months or More | 17,112 | 16,356 |
Fair Value, Total | 82,667 | 81,510 |
Unrealized Loss, Total | 17,112 | 18,169 |
State and political subdivisions | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 22,629 | 104,243 |
Unrealized Loss, Less than 12 Months | 220 | 20,639 |
Fair Value, 12 Months or More | 211,786 | 117,115 |
Unrealized Loss, 12 Months or More | 56,054 | 43,701 |
Fair Value, Total | 234,415 | 221,358 |
Unrealized Loss, Total | 56,274 | 64,340 |
Residential MBS, Agency & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 55,552 | 296,673 |
Unrealized Loss, Less than 12 Months | 3,332 | 38,289 |
Fair Value, 12 Months or More | 1,158,955 | 965,785 |
Unrealized Loss, 12 Months or More | 218,924 | 185,277 |
Fair Value, Total | 1,214,507 | 1,262,458 |
Unrealized Loss, Total | 222,256 | 223,566 |
Commercial MBS, Agency & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 6,479 | 176,848 |
Unrealized Loss, Less than 12 Months | 220 | 24,497 |
Fair Value, 12 Months or More | 558,928 | 406,728 |
Unrealized Loss, 12 Months or More | 120,611 | 87,089 |
Fair Value, Total | 565,407 | 583,576 |
Unrealized Loss, Total | 120,831 | 111,586 |
Supranational entities | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 12,412 |
Unrealized Loss, Less than 12 Months | 0 | 2,588 |
Fair Value, 12 Months or More | 12,352 | 0 |
Unrealized Loss, 12 Months or More | 2,648 | 0 |
Fair Value, Total | 12,352 | 12,412 |
Unrealized Loss, Total | $ 2,648 | $ 2,588 |
Investment Securities - AFS Deb
Investment Securities - AFS Debt Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 467,603 | $ 2,238,138 |
Unrealized Loss, Less than 12 Months | 19,845 | 171,503 |
Fair Value, 12 Months or More | 2,705,522 | 1,264,601 |
Unrealized Loss, 12 Months or More | 327,684 | 186,622 |
Fair Value, Total | 3,173,125 | 3,502,739 |
Unrealized Loss, Total | 347,529 | 358,125 |
U.S. Treasuries | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 49,170 | 49,259 |
Unrealized Loss, Less than 12 Months | 16 | 724 |
Fair Value, 12 Months or More | 150,685 | 100,093 |
Unrealized Loss, 12 Months or More | 13,624 | 13,896 |
Fair Value, Total | 199,855 | 149,352 |
Unrealized Loss, Total | 13,640 | 14,620 |
U.S. Government agencies & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 64,447 | 93,015 |
Unrealized Loss, Less than 12 Months | 509 | 2,124 |
Fair Value, 12 Months or More | 127,787 | 108,093 |
Unrealized Loss, 12 Months or More | 15,671 | 14,570 |
Fair Value, Total | 192,234 | 201,108 |
Unrealized Loss, Total | 16,180 | 16,694 |
State and political subdivisions | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 552 | 207,749 |
Unrealized Loss, Less than 12 Months | 33 | 9,906 |
Fair Value, 12 Months or More | 160,549 | 62,606 |
Unrealized Loss, 12 Months or More | 22,067 | 16,220 |
Fair Value, Total | 161,101 | 270,355 |
Unrealized Loss, Total | 22,100 | 26,126 |
Residential MBS, Agency & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 219,050 | 1,049,648 |
Unrealized Loss, Less than 12 Months | 11,928 | 102,852 |
Fair Value, 12 Months or More | 1,067,514 | 392,288 |
Unrealized Loss, 12 Months or More | 147,036 | 57,784 |
Fair Value, Total | 1,286,564 | 1,441,936 |
Unrealized Loss, Total | 158,964 | 160,636 |
Residential MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 8,618 | 338,399 |
Unrealized Loss, Less than 12 Months | 320 | 27,095 |
Fair Value, 12 Months or More | 325,053 | 8,263 |
Unrealized Loss, 12 Months or More | 26,485 | 778 |
Fair Value, Total | 333,671 | 346,662 |
Unrealized Loss, Total | 26,805 | 27,873 |
Commercial MBS, Agency & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 102,718 | 288,787 |
Unrealized Loss, Less than 12 Months | 6,058 | 17,304 |
Fair Value, 12 Months or More | 485,631 | 332,088 |
Unrealized Loss, 12 Months or More | 75,218 | 62,103 |
Fair Value, Total | 588,349 | 620,875 |
Unrealized Loss, Total | 81,276 | 79,407 |
Commercial MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 30,566 |
Unrealized Loss, Less than 12 Months | 0 | 1,058 |
Fair Value, 12 Months or More | 30,089 | 0 |
Unrealized Loss, 12 Months or More | 1,008 | 0 |
Fair Value, Total | 30,089 | 30,566 |
Unrealized Loss, Total | 1,008 | 1,058 |
Corporate bonds | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 8,746 | 83,010 |
Unrealized Loss, Less than 12 Months | 879 | 7,776 |
Fair Value, 12 Months or More | 186,121 | 127,603 |
Unrealized Loss, 12 Months or More | 21,331 | 15,987 |
Fair Value, Total | 194,867 | 210,613 |
Unrealized Loss, Total | 22,210 | 23,763 |
Asset-backed securities | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 14,302 | 97,705 |
Unrealized Loss, Less than 12 Months | 102 | 2,664 |
Fair Value, 12 Months or More | 172,093 | 133,567 |
Unrealized Loss, 12 Months or More | 5,244 | 5,284 |
Fair Value, Total | 186,395 | 231,272 |
Unrealized Loss, Total | $ 5,346 | $ 7,948 |
Investment Securities - Accrued
Investment Securities - Accrued Interest Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
HTM | ||
Accrued interest receivable | ||
Accrued interest receivable | $ 6,098 | $ 7,234 |
AFS | ||
Accrued interest receivable | ||
Accrued interest receivable | $ 11,859 | $ 15,281 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Fair value of AFS and HTM Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | $ 240,474 | |
AFS, Amortized Cost, 1 to 5 years | 326,258 | |
AFS, Amortized Cost, 5 to 10 years | 186,840 | |
AFS, Amortized Cost, More than 10 years | 248,525 | |
AFS, Amortized Cost, Not due at single maturity | 2,705,005 | |
Amortized Cost | 3,707,102 | $ 3,971,326 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 240,130 | |
AFS, Fair Value, 1 to 5 years | 293,505 | |
AFS, Fair Value, 5 to 10 years | 161,389 | |
AFS, Fair Value, More than 10 years | 233,332 | |
AFS, Fair Value, Not due at single maturity | 2,431,633 | |
Fair Value | 3,359,989 | 3,614,333 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 1,200 | |
HTM, Amortized Cost, 1 to 5 years | 48,424 | |
HTM, Amortized Cost, 5 to 10 years | 125,609 | |
HTM, Amortized Cost, More than 10 years | 254,315 | |
HTM, Amortized Cost, Not due at single maturity | 2,124,287 | |
Amortized Cost | 2,553,835 | 2,613,648 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 1,194 | |
HTM, Fair Value, 1 to 5 years | 44,000 | |
HTM, Fair Value, 5 to 10 years | 105,639 | |
HTM, Fair Value, More than 10 years | 200,350 | |
HTM, Fair Value, Not due at single maturity | 1,781,213 | |
Fair value | 2,132,396 | 2,191,073 |
U.S. Treasuries | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 232,932 | |
AFS, Amortized Cost, 1 to 5 years | 114,097 | |
Amortized Cost | 347,029 | 163,972 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 232,830 | |
AFS, Fair Value, 1 to 5 years | 100,593 | |
Fair Value | 333,423 | 149,352 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 19,849 | |
Amortized Cost | 19,849 | 19,834 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 17,495 | |
Fair value | 17,495 | 17,417 |
U.S. Government agencies & GSEs | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 338 | |
AFS, Amortized Cost, 1 to 5 years | 39,403 | |
AFS, Amortized Cost, 5 to 10 years | 71,084 | |
AFS, Amortized Cost, More than 10 years | 142,156 | |
Amortized Cost | 252,981 | 266,347 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 331 | |
AFS, Fair Value, 1 to 5 years | 35,781 | |
AFS, Fair Value, 5 to 10 years | 63,053 | |
AFS, Fair Value, More than 10 years | 137,931 | |
Fair Value | 237,096 | 250,116 |
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 | 73,352 | |
HTM, Amortized Cost, More than 10 years | 26,427 | |
Amortized Cost | 99,779 | 99,679 |
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 | 61,460 | |
HTM, Fair Value, More than 10 years | 21,207 | |
Fair value | 82,667 | 81,510 |
State and political subdivisions | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 2,027 | |
AFS, Amortized Cost, 1 to 5 years | 15,948 | |
AFS, Amortized Cost, 5 to 10 years | 59,659 | |
AFS, Amortized Cost, More than 10 years | 105,567 | |
Amortized Cost | 183,201 | 329,723 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 1,955 | |
AFS, Fair Value, 1 to 5 years | 14,904 | |
AFS, Fair Value, 5 to 10 years | 49,693 | |
AFS, Fair Value, More than 10 years | 94,549 | |
Fair Value | 161,101 | 303,748 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 1,200 | |
HTM, Amortized Cost, 1 to 5 years | 28,575 | |
HTM, Amortized Cost, 5 to 10 years | 37,257 | |
HTM, Amortized Cost, More than 10 years | 227,888 | |
Amortized Cost | 294,920 | 295,945 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 1,194 | |
HTM, Fair Value, 1 to 5 years | 26,505 | |
HTM, Fair Value, 5 to 10 years | 31,827 | |
HTM, Fair Value, More than 10 years | 179,143 | |
Fair value | 238,669 | 231,661 |
Corporate bonds | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 5,177 | |
AFS, Amortized Cost, 1 to 5 years | 156,810 | |
AFS, Amortized Cost, 5 to 10 years | 56,097 | |
AFS, Amortized Cost, More than 10 years | 802 | |
Amortized Cost | 218,886 | 236,181 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 5,014 | |
AFS, Fair Value, 1 to 5 years | 142,227 | |
AFS, Fair Value, 5 to 10 years | 48,643 | |
AFS, Fair Value, More than 10 years | 852 | |
Fair Value | 196,736 | 212,452 |
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 | 12,352 | |
Fair value | 12,352 | 12,412 |
Asset-backed securities | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 198,279 | |
Amortized Cost | 198,279 | 239,220 |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 192,960 | |
Fair Value | 192,960 | $ 231,272 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 0 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 0 | |
Residential MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 1,806,004 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 1,620,235 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 1,438,048 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 1,215,805 | |
Commercial MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 700,722 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 618,438 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 686,239 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | $ 565,408 |
Investment Securities - AFS Sal
Investment Securities - AFS Sales Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales | $ 0 | $ 73,112 | $ 380,661 | $ 281,521 |
Gross realized gains | 0 | 46 | 1,373 | 1,009 |
Gross realized losses | 0 | 0 | (3,017) | (4,697) |
Securities gains (losses), net | 0 | 46 | (1,644) | (3,688) |
Income tax expense (benefit) attributable to sales | $ 0 | $ 11 | $ (374) | $ (979) |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Major classifications of loan portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Classifications of loans | ||||||
Total loans | $ 17,394,845 | $ 15,334,627 | ||||
Less allowance for credit losses - loans | (190,705) | $ (176,534) | (159,357) | $ (136,925) | $ (132,805) | $ (102,532) |
Loans and leases, net | 17,204,140 | 15,175,270 | ||||
Commercial | Owner occupied commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 3,110,612 | |||||
Commercial | Income producing commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 3,669,746 | |||||
Commercial | Commercial & industrial | ||||||
Classifications of loans | ||||||
Total loans | 2,550,191 | |||||
Commercial | Construction | ||||||
Classifications of loans | ||||||
Total loans | 1,739,208 | |||||
Commercial | Equipment financing | ||||||
Classifications of loans | ||||||
Total loans | 1,510,326 | |||||
Residential | Construction | ||||||
Classifications of loans | ||||||
Total loans | 463,278 | |||||
Residential | Residential mortgage | ||||||
Classifications of loans | ||||||
Total loans | 2,905,293 | |||||
Residential | HELOC | ||||||
Classifications of loans | ||||||
Total loans | 926,409 | |||||
Residential | Manufactured housing | ||||||
Classifications of loans | ||||||
Total loans | 339,969 | |||||
Consumer | ||||||
Classifications of loans | ||||||
Total loans | 179,813 | |||||
Loans receivable | ||||||
Classifications of loans | ||||||
Total loans | 17,394,845 | 15,334,627 | ||||
Loans receivable | Commercial | ||||||
Classifications of loans | ||||||
Total loans | 12,580,083 | 11,220,713 | ||||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 3,110,612 | 2,734,666 | ||||
Less allowance for credit losses - loans | (21,788) | (20,831) | (19,834) | (16,774) | (15,945) | (14,282) |
Loans receivable | Commercial | Income producing commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 3,669,746 | 3,261,626 | ||||
Less allowance for credit losses - loans | (38,775) | (33,607) | (32,082) | (33,284) | (33,539) | (24,156) |
Loans receivable | Commercial | Commercial & industrial | ||||||
Classifications of loans | ||||||
Total loans | 2,550,191 | 2,252,322 | ||||
Less allowance for credit losses - loans | (29,856) | (28,312) | (23,504) | (18,267) | (18,386) | (16,592) |
Loans receivable | Commercial | Construction | ||||||
Classifications of loans | ||||||
Total loans | 1,739,208 | 1,597,848 | ||||
Less allowance for credit losses - loans | (22,276) | (22,073) | (20,120) | (16,062) | (13,782) | (9,956) |
Loans receivable | Commercial | Equipment financing | ||||||
Classifications of loans | ||||||
Total loans | 1,510,326 | 1,374,251 | ||||
Less allowance for credit losses - loans | (28,604) | (26,195) | (23,395) | (18,409) | (19,264) | (16,290) |
Loans receivable | Residential | Construction | ||||||
Classifications of loans | ||||||
Total loans | 463,278 | 442,553 | ||||
Less allowance for credit losses - loans | (3,446) | (2,043) | (2,049) | (2,086) | (1,929) | (1,847) |
Loans receivable | Residential | Residential mortgage | ||||||
Classifications of loans | ||||||
Total loans | 2,905,293 | 2,355,061 | ||||
Less allowance for credit losses - loans | (25,431) | (24,082) | (20,809) | (17,035) | (14,964) | (12,390) |
Loans receivable | Residential | HELOC | ||||||
Classifications of loans | ||||||
Total loans | 926,409 | 850,269 | ||||
Less allowance for credit losses - loans | (10,609) | (10,337) | (8,707) | (7,487) | (7,128) | (6,568) |
Loans receivable | Residential | Manufactured housing | ||||||
Classifications of loans | ||||||
Total loans | 339,969 | 316,741 | ||||
Less allowance for credit losses - loans | (9,204) | (8,424) | (8,098) | (6,614) | (7,083) | 0 |
Loans receivable | Consumer | ||||||
Classifications of loans | ||||||
Total loans | 179,813 | 149,290 | ||||
Less allowance for credit losses - loans | $ (716) | $ (630) | $ (759) | $ (907) | $ (785) | $ (451) |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Narrative (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) extension | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net investment in leases | $ 59,846 | $ 45,988 |
Loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 58,000 | $ 52,000 |
Loans receivable | Commercial | Equipment financing | Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of extensions | extension | 1 | |
Extension from modification | 3 months | |
Extended weighted average maturity | 8 months | |
Loans receivable | Commercial | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted average payment delay term (in months) | 3 months | |
Loans receivable | Commercial | Commercial & industrial | Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Delayed payment | $ 22,700 | |
Loans receivable | Commercial | Commercial & industrial | Rate Reduction & Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Extended weighted average maturity | 3 years | |
Decrease in the weighted average interest rate | 0.57% | |
Loans receivable | Commercial | Residential Mortgage and Manufactured Housing | Rate Reduction & Extension | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Extended weighted average maturity | 15 years | |
Decrease in the weighted average interest rate | 5.76% |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Loans Held for Investment Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans sold | $ 42,643 | $ 59,660 | $ 83,116 | $ 111,439 |
Guaranteed portion of SBA/USDA loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans sold | 22,072 | 39,119 | 43,842 | 67,462 |
Equipment financing receivables | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans sold | $ 20,571 | $ 20,541 | $ 39,274 | $ 43,977 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Components of Net Investment in Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Net Investment in Leases | ||
Minimum future lease payments receivable | $ 65,275 | $ 49,723 |
Estimated residual value of leased equipment | 3,670 | 2,804 |
Initial direct costs | 1,131 | 767 |
Security deposits | (442) | (429) |
Unearned income | (9,788) | (6,877) |
Net investment in leases | $ 59,846 | $ 45,988 |
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 | Jun. 30, 2023 USD ($) |
Minimum future lease payments expected to be received | |
Remainder of 2023 | $ 11,352 |
2024 | 19,503 |
2025 | 15,648 |
2026 | 10,910 |
2027 | 6,564 |
Thereafter | 1,298 |
Total | $ 65,275 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 17,394,845 | $ 15,334,627 |
Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,110,612 | |
Commercial | Income producing commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,669,746 | |
Commercial | Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,550,191 | |
Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,739,208 | |
Commercial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,510,326 | |
Residential | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 463,278 | |
Residential | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,905,293 | |
Residential | HELOC | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 926,409 | |
Residential | Manufactured housing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 339,969 | |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 179,813 | |
Loans receivable | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 17,394,845 | 15,334,627 |
Nonaccrual Loans | 102,619 | 44,232 |
Loans receivable | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 17,261,733 | 15,263,066 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 23,741 | 21,828 |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,752 | 5,486 |
Loans receivable | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 15 |
Loans receivable | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,580,083 | 11,220,713 |
Nonaccrual Loans | 75,940 | 24,449 |
Loans receivable | Commercial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,491,461 | 11,182,980 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 8,915 | 10,010 |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,767 | 3,268 |
Loans receivable | Commercial | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 6 |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,110,612 | 2,734,666 |
Nonaccrual Loans | 3,471 | 523 |
Loans receivable | Commercial | Owner occupied commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,105,295 | 2,731,574 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,842 | 1,522 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4 | 1,047 |
Loans receivable | Commercial | Owner occupied commercial real estate | Days Past Due Category, Over 90 | ||
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 | 3,669,746 | 3,261,626 |
Nonaccrual Loans | 32,542 | 3,885 |
Loans receivable | Commercial | Income producing commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,636,300 | 3,257,232 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 790 | 468 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 114 | 41 |
Loans receivable | Commercial | Income producing commercial real estate | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,550,191 | 2,252,322 |
Nonaccrual Loans | 30,823 | 14,470 |
Loans receivable | Commercial | Commercial & industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,517,176 | 2,234,284 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,532 | 3,288 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 660 | 274 |
Loans receivable | Commercial | Commercial & industrial | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 6 |
Loans receivable | Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,739,208 | 1,597,848 |
Nonaccrual Loans | 115 | 133 |
Loans receivable | Commercial | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,738,394 | 1,597,268 |
Loans receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 664 | 447 |
Loans receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 35 | 0 |
Loans receivable | Commercial | Construction | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,510,326 | 1,374,251 |
Nonaccrual Loans | 8,989 | 5,438 |
Loans receivable | Commercial | Equipment financing | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,494,296 | 1,362,622 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,087 | 4,285 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,954 | 1,906 |
Loans receivable | Commercial | Equipment financing | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 463,278 | 442,553 |
Nonaccrual Loans | 1,682 | 405 |
Loans receivable | Residential | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 460,627 | 441,673 |
Loans receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 967 | 20 |
Loans receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2 | 455 |
Loans receivable | Residential | Construction | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,905,293 | 2,355,061 |
Nonaccrual Loans | 11,419 | 10,919 |
Loans receivable | Residential | Residential mortgage | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,889,244 | 2,342,196 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,408 | 1,939 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,222 | 7 |
Loans receivable | Residential | Residential mortgage | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | HELOC | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 926,409 | 850,269 |
Nonaccrual Loans | 2,777 | 1,888 |
Loans receivable | Residential | HELOC | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 921,413 | 844,888 |
Loans receivable | Residential | HELOC | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,077 | 2,709 |
Loans receivable | Residential | HELOC | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 142 | 784 |
Loans receivable | Residential | HELOC | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Manufactured housing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 339,969 | 316,741 |
Nonaccrual Loans | 10,782 | 6,518 |
Loans receivable | Residential | Manufactured housing | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 320,342 | 302,386 |
Loans receivable | Residential | Manufactured housing | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 7,311 | 6,913 |
Loans receivable | Residential | Manufactured housing | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,534 | 924 |
Loans receivable | Residential | Manufactured housing | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 179,813 | 149,290 |
Nonaccrual Loans | 19 | 53 |
Loans receivable | Consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 178,646 | 148,943 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,063 | 237 |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 85 | 48 |
Loans receivable | Consumer | Days Past Due Category, Over 90 | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 0 | $ 9 |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Nonaccrual loans | ||
Nonaccrual loans with no allowance | $ 66,364 | $ 21,048 |
Nonaccrual loans with an allowance | 36,255 | 23,184 |
Nonaccrual loans | 102,619 | 44,232 |
Commercial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 63,749 | 18,145 |
Nonaccrual loans with an allowance | 12,191 | 6,304 |
Nonaccrual loans | 75,940 | 24,449 |
Commercial | Owner occupied commercial real estate | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 2,507 | 276 |
Nonaccrual loans with an allowance | 964 | 247 |
Nonaccrual loans | 3,471 | 523 |
Commercial | Income producing commercial real estate | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 32,470 | 3,798 |
Nonaccrual loans with an allowance | 72 | 87 |
Nonaccrual loans | 32,542 | 3,885 |
Commercial | Commercial & industrial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 28,665 | 13,917 |
Nonaccrual loans with an allowance | 2,158 | 553 |
Nonaccrual loans | 30,823 | 14,470 |
Commercial | Construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 51 | 69 |
Nonaccrual loans with an allowance | 64 | 64 |
Nonaccrual loans | 115 | 133 |
Commercial | Equipment financing | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 56 | 85 |
Nonaccrual loans with an allowance | 8,933 | 5,353 |
Nonaccrual loans | 8,989 | 5,438 |
Residential | Construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 328 | 311 |
Nonaccrual loans with an allowance | 1,354 | 94 |
Nonaccrual loans | 1,682 | 405 |
Residential | Residential mortgage | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 1,959 | 2,159 |
Nonaccrual loans with an allowance | 9,460 | 8,760 |
Nonaccrual loans | 11,419 | 10,919 |
Residential | HELOC | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 325 | 430 |
Nonaccrual loans with an allowance | 2,452 | 1,458 |
Nonaccrual loans | 2,777 | 1,888 |
Residential | Manufactured housing | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 0 | 0 |
Nonaccrual loans with an allowance | 10,782 | 6,518 |
Nonaccrual loans | 10,782 | 6,518 |
Consumer | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 3 | 3 |
Nonaccrual loans with an allowance | 16 | 50 |
Nonaccrual loans | $ 19 | $ 53 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Amortized Cost of Loans by Risk Category by Vintage Year (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | $ 4,978,428 | ||||
Originated in prior year | 3,546,181 | ||||
Originated two years prior | 2,415,804 | ||||
Originated three years prior | 966,556 | ||||
Originated four years prior | 605,713 | ||||
Originated five or more years prior | 943,534 | ||||
Revolvers | 1,810,870 | ||||
Revolvers converted to term loans | 67,541 | ||||
Total loans | $ 17,394,845 | $ 17,394,845 | 15,334,627 | ||
Current period gross charge-offs, Total | 12,172 | $ 3,583 | 21,696 | $ 9,207 | |
Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 4,853,439 | ||||
Originated in prior year | 3,489,583 | ||||
Originated two years prior | 2,349,242 | ||||
Originated three years prior | 892,371 | ||||
Originated four years prior | 543,350 | ||||
Originated five or more years prior | 895,196 | ||||
Revolvers | 1,756,105 | ||||
Revolvers converted to term loans | 60,283 | ||||
Total loans | 14,839,569 | ||||
Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 48,204 | ||||
Originated in prior year | 30,951 | ||||
Originated two years prior | 53,769 | ||||
Originated three years prior | 57,404 | ||||
Originated four years prior | 29,014 | ||||
Originated five or more years prior | 11,841 | ||||
Revolvers | 15,129 | ||||
Revolvers converted to term loans | 588 | ||||
Total loans | 246,900 | ||||
Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 76,785 | ||||
Originated in prior year | 25,647 | ||||
Originated two years prior | 12,793 | ||||
Originated three years prior | 16,781 | ||||
Originated four years prior | 33,349 | ||||
Originated five or more years prior | 36,497 | ||||
Revolvers | 39,636 | ||||
Revolvers converted to term loans | 6,670 | ||||
Total loans | 248,158 | ||||
Commercial | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 3,464,040 | ||||
Originated in prior year | 2,580,175 | ||||
Originated two years prior | 1,950,688 | ||||
Originated three years prior | 760,506 | ||||
Originated four years prior | 453,123 | ||||
Originated five or more years prior | 602,065 | ||||
Revolvers | 905,981 | ||||
Revolvers converted to term loans | 33,045 | ||||
Total loans | 10,749,623 | ||||
Commercial | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 48,204 | ||||
Originated in prior year | 30,951 | ||||
Originated two years prior | 53,769 | ||||
Originated three years prior | 57,404 | ||||
Originated four years prior | 29,014 | ||||
Originated five or more years prior | 11,841 | ||||
Revolvers | 15,129 | ||||
Revolvers converted to term loans | 588 | ||||
Total loans | 246,900 | ||||
Commercial | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 74,408 | ||||
Originated in prior year | 23,071 | ||||
Originated two years prior | 9,968 | ||||
Originated three years prior | 13,934 | ||||
Originated four years prior | 29,544 | ||||
Originated five or more years prior | 29,330 | ||||
Revolvers | 39,542 | ||||
Revolvers converted to term loans | 4,393 | ||||
Total loans | 224,190 | ||||
Commercial | Owner occupied commercial real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 364,128 | 364,128 | |||
Originated in prior year | 697,446 | 697,446 | |||
Originated two years prior | 666,242 | 666,242 | |||
Originated three years prior | 628,265 | 628,265 | |||
Originated four years prior | 226,464 | 226,464 | |||
Originated five or more years prior | 387,646 | 387,646 | |||
Revolvers | 118,672 | 118,672 | |||
Revolvers converted to term loans | 21,749 | 21,749 | |||
Total loans | 3,110,612 | 3,110,612 | |||
Current period gross charge-offs, in current fiscal year | 0 | ||||
Current period gross charge-offs, in prior year | 0 | ||||
Current period gross charge-offs, two years prior | 0 | ||||
Current period gross charge-offs, three years prior | 0 | ||||
Current period gross charge-offs, four years prior | 0 | ||||
Current period gross charge-offs, five or more years prior | 207 | ||||
Revolvers | 0 | ||||
Revolvers converted to term loans | 0 | ||||
Current period gross charge-offs, Total | 207 | ||||
Commercial | Owner occupied commercial real estate | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 359,037 | 359,037 | 669,451 | ||
Originated in prior year | 683,426 | 683,426 | 671,395 | ||
Originated two years prior | 650,179 | 650,179 | 611,900 | ||
Originated three years prior | 613,901 | 613,901 | 204,990 | ||
Originated four years prior | 214,542 | 214,542 | 127,738 | ||
Originated five or more years prior | 372,915 | 372,915 | 253,890 | ||
Revolvers | 114,607 | 114,607 | 114,975 | ||
Revolvers converted to term loans | 18,740 | 18,740 | 5,779 | ||
Total loans | 3,027,347 | 3,027,347 | 2,660,118 | ||
Commercial | Owner occupied commercial real estate | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 1,626 | 1,626 | 4,236 | ||
Originated in prior year | 5,675 | 5,675 | 8,036 | ||
Originated two years prior | 6,968 | 6,968 | 4,641 | ||
Originated three years prior | 6,764 | 6,764 | 10,299 | ||
Originated four years prior | 8,612 | 8,612 | 1,232 | ||
Originated five or more years prior | 5,260 | 5,260 | 11,596 | ||
Revolvers | 3,855 | 3,855 | 3,875 | ||
Revolvers converted to term loans | 268 | 268 | 279 | ||
Total loans | 39,028 | 39,028 | 44,194 | ||
Commercial | Owner occupied commercial real estate | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 3,465 | 3,465 | 9,835 | ||
Originated in prior year | 8,345 | 8,345 | 77 | ||
Originated two years prior | 9,095 | 9,095 | 2,873 | ||
Originated three years prior | 7,600 | 7,600 | 4,490 | ||
Originated four years prior | 3,310 | 3,310 | 1,204 | ||
Originated five or more years prior | 9,471 | 9,471 | 8,055 | ||
Revolvers | 210 | 210 | 209 | ||
Revolvers converted to term loans | 2,741 | 2,741 | 3,611 | ||
Total loans | 44,237 | 44,237 | 30,354 | ||
Commercial | Income producing commercial real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 387,561 | 387,561 | |||
Originated in prior year | 883,953 | 883,953 | |||
Originated two years prior | 772,909 | 772,909 | |||
Originated three years prior | 794,864 | 794,864 | |||
Originated four years prior | 320,145 | 320,145 | |||
Originated five or more years prior | 451,666 | 451,666 | |||
Revolvers | 52,883 | 52,883 | |||
Revolvers converted to term loans | 5,765 | 5,765 | |||
Total loans | 3,669,746 | 3,669,746 | |||
Current period gross charge-offs, in current fiscal year | 0 | ||||
Current period gross charge-offs, in prior year | 3,033 | ||||
Current period gross charge-offs, two years prior | 0 | ||||
Current period gross charge-offs, three years prior | 0 | ||||
Current period gross charge-offs, four years prior | 0 | ||||
Current period gross charge-offs, five or more years prior | 1,781 | ||||
Revolvers | 0 | ||||
Revolvers converted to term loans | 0 | ||||
Current period gross charge-offs, Total | 4,814 | ||||
Commercial | Income producing commercial real estate | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 306,457 | 306,457 | 812,804 | ||
Originated in prior year | 828,657 | 828,657 | 753,936 | ||
Originated two years prior | 750,600 | 750,600 | 733,946 | ||
Originated three years prior | 763,295 | 763,295 | 248,259 | ||
Originated four years prior | 271,098 | 271,098 | 171,108 | ||
Originated five or more years prior | 414,954 | 414,954 | 255,485 | ||
Revolvers | 52,883 | 52,883 | 50,026 | ||
Revolvers converted to term loans | 5,706 | 5,706 | 9,953 | ||
Total loans | 3,393,650 | 3,393,650 | 3,035,517 | ||
Commercial | Income producing commercial real estate | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 58,790 | 58,790 | 41,423 | ||
Originated in prior year | 22,100 | 22,100 | 1,137 | ||
Originated two years prior | 21,311 | 21,311 | 44,802 | ||
Originated three years prior | 14,353 | 14,353 | 32,821 | ||
Originated four years prior | 31,383 | 31,383 | 21,647 | ||
Originated five or more years prior | 4,974 | 4,974 | 50 | ||
Revolvers | 0 | 0 | 805 | ||
Revolvers converted to term loans | 0 | 0 | 0 | ||
Total loans | 152,911 | 152,911 | 142,685 | ||
Commercial | Income producing commercial real estate | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 22,314 | 22,314 | 52,384 | ||
Originated in prior year | 33,196 | 33,196 | 1,357 | ||
Originated two years prior | 998 | 998 | 1,867 | ||
Originated three years prior | 17,216 | 17,216 | 4,180 | ||
Originated four years prior | 17,664 | 17,664 | 13,209 | ||
Originated five or more years prior | 31,738 | 31,738 | 10,365 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 59 | 59 | 62 | ||
Total loans | 123,185 | 123,185 | 83,424 | ||
Commercial | Commercial & industrial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 413,361 | 413,361 | |||
Originated in prior year | 555,545 | 555,545 | |||
Originated two years prior | 409,496 | 409,496 | |||
Originated three years prior | 174,008 | 174,008 | |||
Originated four years prior | 125,963 | 125,963 | |||
Originated five or more years prior | 188,410 | 188,410 | |||
Revolvers | 664,762 | 664,762 | |||
Revolvers converted to term loans | 18,646 | 18,646 | |||
Total loans | 2,550,191 | 2,550,191 | |||
Current period gross charge-offs, in current fiscal year | 1,330 | ||||
Current period gross charge-offs, in prior year | 1,132 | ||||
Current period gross charge-offs, two years prior | 0 | ||||
Current period gross charge-offs, three years prior | 444 | ||||
Current period gross charge-offs, four years prior | 198 | ||||
Current period gross charge-offs, five or more years prior | 41 | ||||
Revolvers | 0 | ||||
Revolvers converted to term loans | 1,506 | ||||
Current period gross charge-offs, Total | 4,651 | ||||
Commercial | Commercial & industrial | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 391,898 | 391,898 | 535,594 | ||
Originated in prior year | 545,473 | 545,473 | 388,851 | ||
Originated two years prior | 366,189 | 366,189 | 186,292 | ||
Originated three years prior | 159,719 | 159,719 | 134,789 | ||
Originated four years prior | 121,611 | 121,611 | 119,547 | ||
Originated five or more years prior | 184,837 | 184,837 | 71,503 | ||
Revolvers | 600,042 | 600,042 | 670,161 | ||
Revolvers converted to term loans | 15,490 | 15,490 | 15,880 | ||
Total loans | 2,385,259 | 2,385,259 | 2,122,617 | ||
Commercial | Commercial & industrial | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 209 | 209 | 1,695 | ||
Originated in prior year | 478 | 478 | 21,745 | ||
Originated two years prior | 4,385 | 4,385 | 2,686 | ||
Originated three years prior | 476 | 476 | 1,047 | ||
Originated four years prior | 88 | 88 | 1,244 | ||
Originated five or more years prior | 855 | 855 | 167 | ||
Revolvers | 18,596 | 18,596 | 10,449 | ||
Revolvers converted to term loans | 181 | 181 | 309 | ||
Total loans | 25,268 | 25,268 | 39,342 | ||
Commercial | Commercial & industrial | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 21,254 | 21,254 | 10,431 | ||
Originated in prior year | 9,594 | 9,594 | 19,477 | ||
Originated two years prior | 38,922 | 38,922 | 3,880 | ||
Originated three years prior | 13,813 | 13,813 | 4,557 | ||
Originated four years prior | 4,264 | 4,264 | 11,019 | ||
Originated five or more years prior | 2,718 | 2,718 | 1,189 | ||
Revolvers | 46,124 | 46,124 | 39,333 | ||
Revolvers converted to term loans | 2,975 | 2,975 | 477 | ||
Total loans | 139,664 | 139,664 | 90,363 | ||
Commercial | Construction | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 348,168 | 348,168 | |||
Originated in prior year | 665,054 | 665,054 | |||
Originated two years prior | 384,020 | 384,020 | |||
Originated three years prior | 194,496 | 194,496 | |||
Originated four years prior | 58,734 | 58,734 | |||
Originated five or more years prior | 31,362 | 31,362 | |||
Revolvers | 56,057 | 56,057 | |||
Revolvers converted to term loans | 1,317 | 1,317 | |||
Total loans | 1,739,208 | 1,739,208 | |||
Current period gross charge-offs, in current fiscal year | 0 | ||||
Current period gross charge-offs, in prior year | 0 | ||||
Current period gross charge-offs, two years prior | 0 | ||||
Current period gross charge-offs, three years prior | 0 | ||||
Current period gross charge-offs, four years prior | 0 | ||||
Current period gross charge-offs, five or more years prior | 0 | ||||
Revolvers | 0 | ||||
Revolvers converted to term loans | 0 | ||||
Current period gross charge-offs, Total | 0 | ||||
Commercial | Construction | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 347,916 | 347,916 | 732,147 | ||
Originated in prior year | 660,378 | 660,378 | 391,963 | ||
Originated two years prior | 383,957 | 383,957 | 256,087 | ||
Originated three years prior | 192,245 | 192,245 | 78,778 | ||
Originated four years prior | 58,733 | 58,733 | 11,977 | ||
Originated five or more years prior | 31,262 | 31,262 | 19,973 | ||
Revolvers | 56,057 | 56,057 | 70,819 | ||
Revolvers converted to term loans | 1,077 | 1,077 | 1,433 | ||
Total loans | 1,731,625 | 1,731,625 | 1,563,177 | ||
Commercial | Construction | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 58 | 58 | 850 | ||
Originated in prior year | 135 | 135 | 33 | ||
Originated two years prior | 28 | 28 | 1,640 | ||
Originated three years prior | 52 | 52 | 13,237 | ||
Originated four years prior | 0 | 0 | 4,891 | ||
Originated five or more years prior | 0 | 0 | 28 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 0 | 0 | 0 | ||
Total loans | 273 | 273 | 20,679 | ||
Commercial | Construction | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 194 | 194 | 133 | ||
Originated in prior year | 4,541 | 4,541 | 0 | ||
Originated two years prior | 35 | 35 | 45 | ||
Originated three years prior | 2,199 | 2,199 | 2 | ||
Originated four years prior | 1 | 1 | 3,876 | ||
Originated five or more years prior | 100 | 100 | 9,693 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 240 | 240 | 243 | ||
Total loans | 7,310 | 7,310 | 13,992 | ||
Commercial | Equipment financing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 423,186 | 423,186 | |||
Originated in prior year | 593,799 | 593,799 | |||
Originated two years prior | 302,702 | 302,702 | |||
Originated three years prior | 118,310 | 118,310 | |||
Originated four years prior | 62,833 | 62,833 | |||
Originated five or more years prior | 9,496 | 9,496 | |||
Revolvers | 0 | 0 | |||
Revolvers converted to term loans | 0 | 0 | |||
Total loans | 1,510,326 | 1,510,326 | |||
Current period gross charge-offs, in current fiscal year | 0 | ||||
Current period gross charge-offs, in prior year | 3,129 | ||||
Current period gross charge-offs, two years prior | 3,086 | ||||
Current period gross charge-offs, three years prior | 895 | ||||
Current period gross charge-offs, four years prior | 389 | ||||
Current period gross charge-offs, five or more years prior | 280 | ||||
Revolvers | 0 | ||||
Revolvers converted to term loans | 0 | ||||
Current period gross charge-offs, Total | 7,779 | ||||
Commercial | Equipment financing | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 422,344 | 422,344 | 714,044 | ||
Originated in prior year | 589,302 | 589,302 | 374,030 | ||
Originated two years prior | 299,127 | 299,127 | 162,463 | ||
Originated three years prior | 117,201 | 117,201 | 93,690 | ||
Originated four years prior | 61,859 | 61,859 | 22,753 | ||
Originated five or more years prior | 9,413 | 9,413 | 1,214 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 0 | 0 | 0 | ||
Total loans | 1,499,246 | 1,499,246 | 1,368,194 | ||
Commercial | Equipment financing | 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 | ||||
Commercial | Equipment financing | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 842 | 842 | 1,625 | ||
Originated in prior year | 4,497 | 4,497 | 2,160 | ||
Originated two years prior | 3,575 | 3,575 | 1,303 | ||
Originated three years prior | 1,109 | 1,109 | 705 | ||
Originated four years prior | 974 | 974 | 236 | ||
Originated five or more years prior | 83 | 83 | 28 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 0 | 0 | 0 | ||
Total loans | 11,080 | 11,080 | 6,057 | ||
Residential | Construction | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 174,803 | 174,803 | |||
Originated in prior year | 240,867 | 240,867 | |||
Originated two years prior | 32,516 | 32,516 | |||
Originated three years prior | 6,143 | 6,143 | |||
Originated four years prior | 1,435 | 1,435 | |||
Originated five or more years prior | 7,483 | 7,483 | |||
Revolvers | 0 | 0 | |||
Revolvers converted to term loans | 31 | 31 | |||
Total loans | 463,278 | 463,278 | |||
Current period gross charge-offs, in current fiscal year | 0 | ||||
Current period gross charge-offs, in prior year | 637 | ||||
Current period gross charge-offs, two years prior | 0 | ||||
Current period gross charge-offs, three years prior | 0 | ||||
Current period gross charge-offs, four years prior | 0 | ||||
Current period gross charge-offs, five or more years prior | 0 | ||||
Revolvers | 0 | ||||
Revolvers converted to term loans | 0 | ||||
Current period gross charge-offs, Total | 637 | ||||
Residential | Construction | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 174,579 | 174,579 | 344,443 | ||
Originated in prior year | 239,543 | 239,543 | 82,289 | ||
Originated two years prior | 32,086 | 32,086 | 4,478 | ||
Originated three years prior | 6,143 | 6,143 | 1,742 | ||
Originated four years prior | 1,417 | 1,417 | 1,545 | ||
Originated five or more years prior | 7,349 | 7,349 | 7,549 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 31 | 31 | 31 | ||
Total loans | 461,148 | 461,148 | 442,077 | ||
Residential | Construction | 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 | Construction | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 224 | 224 | 32 | ||
Originated in prior year | 1,324 | 1,324 | 268 | ||
Originated two years prior | 430 | 430 | 0 | ||
Originated three years prior | 0 | 0 | 20 | ||
Originated four years prior | 18 | 18 | 3 | ||
Originated five or more years prior | 134 | 134 | 153 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 0 | 0 | 0 | ||
Total loans | 2,130 | 2,130 | 476 | ||
Residential | Residential mortgage | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 446,982 | 446,982 | |||
Originated in prior year | 989,691 | 989,691 | |||
Originated two years prior | 759,990 | 759,990 | |||
Originated three years prior | 338,268 | 338,268 | |||
Originated four years prior | 91,979 | 91,979 | |||
Originated five or more years prior | 274,204 | 274,204 | |||
Revolvers | 477 | 477 | |||
Revolvers converted to term loans | 3,702 | 3,702 | |||
Total loans | 2,905,293 | 2,905,293 | |||
Current period gross charge-offs, in current fiscal year | 0 | ||||
Current period gross charge-offs, in prior year | 23 | ||||
Current period gross charge-offs, two years prior | 0 | ||||
Current period gross charge-offs, three years prior | 0 | ||||
Current period gross charge-offs, four years prior | 0 | ||||
Current period gross charge-offs, five or more years prior | 22 | ||||
Revolvers | 0 | ||||
Revolvers converted to term loans | 0 | ||||
Current period gross charge-offs, Total | 45 | ||||
Residential | Residential mortgage | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 446,768 | 446,768 | 894,960 | ||
Originated in prior year | 988,186 | 988,186 | 742,821 | ||
Originated two years prior | 758,310 | 758,310 | 329,762 | ||
Originated three years prior | 337,356 | 337,356 | 91,300 | ||
Originated four years prior | 90,331 | 90,331 | 55,785 | ||
Originated five or more years prior | 266,705 | 266,705 | 223,846 | ||
Revolvers | 477 | 477 | 8 | ||
Revolvers converted to term loans | 3,516 | 3,516 | 3,133 | ||
Total loans | 2,891,649 | 2,891,649 | 2,341,615 | ||
Residential | Residential mortgage | 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 | Residential mortgage | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 214 | 214 | 1,195 | ||
Originated in prior year | 1,505 | 1,505 | 964 | ||
Originated two years prior | 1,680 | 1,680 | 1,364 | ||
Originated three years prior | 912 | 912 | 1,836 | ||
Originated four years prior | 1,648 | 1,648 | 2,589 | ||
Originated five or more years prior | 7,499 | 7,499 | 5,296 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 186 | 186 | 202 | ||
Total loans | 13,644 | 13,644 | 13,446 | ||
Residential | HELOC | |||||
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 | 897,097 | 897,097 | |||
Revolvers converted to term loans | 29,312 | 29,312 | |||
Total loans | 926,409 | 926,409 | |||
Current period gross charge-offs, in current fiscal year | 0 | ||||
Current period gross charge-offs, in prior year | 0 | ||||
Current period gross charge-offs, two years prior | 0 | ||||
Current period gross charge-offs, three years prior | 0 | ||||
Current period gross charge-offs, four years prior | 0 | ||||
Current period gross charge-offs, five or more years prior | 0 | ||||
Revolvers | 0 | ||||
Revolvers converted to term loans | 145 | ||||
Current period gross charge-offs, Total | 145 | ||||
Residential | HELOC | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 0 | ||
Originated in prior year | 0 | 0 | 0 | ||
Originated two years prior | 0 | 0 | 0 | ||
Originated three years prior | 0 | 0 | 0 | ||
Originated four years prior | 0 | 0 | 0 | ||
Originated five or more years prior | 0 | 0 | 0 | ||
Revolvers | 897,097 | 897,097 | 824,153 | ||
Revolvers converted to term loans | 26,231 | 26,231 | 23,948 | ||
Total loans | 923,328 | 923,328 | 848,101 | ||
Residential | HELOC | 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 | HELOC | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 0 | ||
Originated in prior year | 0 | 0 | 0 | ||
Originated two years prior | 0 | 0 | 0 | ||
Originated three years prior | 0 | 0 | 0 | ||
Originated four years prior | 0 | 0 | 0 | ||
Originated five or more years prior | 0 | 0 | 0 | ||
Revolvers | 0 | 0 | 93 | ||
Revolvers converted to term loans | 3,081 | 3,081 | 2,075 | ||
Total loans | 3,081 | 3,081 | 2,168 | ||
Residential | Manufactured housing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 35,411 | 35,411 | |||
Originated in prior year | 77,376 | 77,376 | |||
Originated two years prior | 54,547 | 54,547 | |||
Originated three years prior | 48,168 | 48,168 | |||
Originated four years prior | 34,368 | 34,368 | |||
Originated five or more years prior | 90,099 | 90,099 | |||
Revolvers | 0 | 0 | |||
Revolvers converted to term loans | 0 | 0 | |||
Total loans | 339,969 | 339,969 | |||
Current period gross charge-offs, in current fiscal year | 3 | ||||
Current period gross charge-offs, in prior year | 434 | ||||
Current period gross charge-offs, two years prior | 201 | ||||
Current period gross charge-offs, three years prior | 268 | ||||
Current period gross charge-offs, four years prior | 105 | ||||
Current period gross charge-offs, five or more years prior | 263 | ||||
Revolvers | 0 | ||||
Revolvers converted to term loans | 0 | ||||
Current period gross charge-offs, Total | 1,274 | ||||
Residential | Manufactured housing | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 35,151 | 35,151 | 78,097 | ||
Originated in prior year | 74,072 | 74,072 | 54,976 | ||
Originated two years prior | 52,438 | 52,438 | 48,908 | ||
Originated three years prior | 46,466 | 46,466 | 34,836 | ||
Originated four years prior | 33,278 | 33,278 | 31,060 | ||
Originated five or more years prior | 86,573 | 86,573 | 61,148 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 0 | 0 | 0 | ||
Total loans | 327,978 | 327,978 | 309,025 | ||
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 | 260 | 260 | 1,130 | ||
Originated in prior year | 3,304 | 3,304 | 1,267 | ||
Originated two years prior | 2,109 | 2,109 | 1,427 | ||
Originated three years prior | 1,702 | 1,702 | 990 | ||
Originated four years prior | 1,090 | 1,090 | 1,188 | ||
Originated five or more years prior | 3,526 | 3,526 | 1,714 | ||
Revolvers | 0 | 0 | 0 | ||
Revolvers converted to term loans | 0 | 0 | 0 | ||
Total loans | 11,991 | 11,991 | 7,716 | ||
Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 57,267 | 57,267 | |||
Originated in prior year | 53,899 | 53,899 | |||
Originated two years prior | 25,340 | 25,340 | |||
Originated three years prior | 12,409 | 12,409 | |||
Originated four years prior | 2,263 | 2,263 | |||
Originated five or more years prior | 1,998 | 1,998 | |||
Revolvers | 26,518 | 26,518 | |||
Revolvers converted to term loans | 119 | 119 | |||
Total loans | 179,813 | 179,813 | |||
Current period gross charge-offs, in current fiscal year | 1,838 | ||||
Current period gross charge-offs, in prior year | 103 | ||||
Current period gross charge-offs, two years prior | 62 | ||||
Current period gross charge-offs, three years prior | 24 | ||||
Current period gross charge-offs, four years prior | 13 | ||||
Current period gross charge-offs, five or more years prior | 1 | ||||
Revolvers | 2 | ||||
Revolvers converted to term loans | 101 | ||||
Current period gross charge-offs, Total | 2,144 | ||||
Consumer | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 57,267 | 57,267 | 71,899 | ||
Originated in prior year | 53,898 | 53,898 | 29,322 | ||
Originated two years prior | 25,280 | 25,280 | 15,406 | ||
Originated three years prior | 12,381 | 12,381 | 3,987 | ||
Originated four years prior | 2,263 | 2,263 | 1,837 | ||
Originated five or more years prior | 1,977 | 1,977 | 588 | ||
Revolvers | 26,518 | 26,518 | 25,963 | ||
Revolvers converted to term loans | 119 | 119 | 126 | ||
Total loans | 179,703 | 179,703 | 149,128 | ||
Consumer | 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 | ||||
Consumer | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Originated in current fiscal year | 0 | 0 | 20 | ||
Originated in prior year | 1 | 1 | 77 | ||
Originated two years prior | 60 | 60 | 34 | ||
Originated three years prior | 28 | 28 | 1 | ||
Originated four years prior | 0 | 0 | 25 | ||
Originated five or more years prior | 21 | 21 | 4 | ||
Revolvers | 0 | 0 | 1 | ||
Revolvers converted to term loans | 0 | 0 | 0 | ||
Total loans | $ 110 | $ 110 | $ 162 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses - Modifications to Borrowers Experiencing Financial Difficulty (Details) - Loans receivable $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 100,590 |
% of Total Class of Receivable | 0.60% |
Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 48,982 |
Payment Delay | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 29,517 |
Rate Reduction & Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 22,091 |
Commercial | Income producing commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 59,340 |
% of Total Class of Receivable | 1.60% |
Commercial | Income producing commercial real estate | Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 38,138 |
Commercial | Income producing commercial real estate | Payment Delay | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 0 |
Commercial | Income producing commercial real estate | Rate Reduction & Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 21,202 |
Commercial | Commercial & industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 32,235 |
% of Total Class of Receivable | 1.30% |
Commercial | Commercial & industrial | Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 2,718 |
Commercial | Commercial & industrial | Payment Delay | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 29,517 |
Commercial | Commercial & industrial | Rate Reduction & Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 0 |
Commercial | Equipment financing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 8,069 |
% of Total Class of Receivable | 0.50% |
Commercial | Equipment financing | Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 8,069 |
Commercial | Equipment financing | Payment Delay | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 0 |
Commercial | Equipment financing | Rate Reduction & Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 0 |
Residential | Residential mortgage | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 687 |
% of Total Class of Receivable | 0% |
Residential | Residential mortgage | Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 57 |
Residential | Residential mortgage | Payment Delay | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 0 |
Residential | Residential mortgage | Rate Reduction & Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 630 |
Residential | Manufactured housing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 259 |
% of Total Class of Receivable | 0.10% |
Residential | Manufactured housing | Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 0 |
Residential | Manufactured housing | Payment Delay | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | 0 |
Residential | Manufactured housing | Rate Reduction & Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Post-Modification Amortized Cost by Type of Modification | $ 259 |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
ACL | ||||
ACL - loans, Beginning Balance | $ 176,534 | $ 132,805 | $ 159,357 | $ 102,532 |
ACL- loans, Initial ACL - PCD loans | 2,704 | 12,737 | ||
ACL - loans, Charge-Offs | (12,172) | (3,583) | (21,696) | (9,207) |
ACL - loans, Recoveries | 3,773 | 4,652 | 6,213 | 7,298 |
ACL - loans, Provision | 22,570 | 3,051 | 44,127 | 23,565 |
ACL - loans, Ending Balance | 190,705 | 136,925 | 190,705 | 136,925 |
ACL - unfunded commitments, Beginning Balance | 21,389 | 13,564 | 21,163 | 10,992 |
ACL - unfunded commitments, Provision | 183 | 2,553 | 409 | 5,125 |
ACL - unfunded commitments, Ending Balance | 21,572 | 16,117 | 21,572 | 16,117 |
Total ACL, Beginning Balance | 197,923 | 146,369 | 180,520 | 113,524 |
Total ACL, Initial ACL - PCD loans | 2,704 | 12,737 | ||
Total ACL, Charge-Offs | (12,172) | (3,583) | (21,696) | (9,207) |
Total ACL, Recoveries | 3,773 | 4,652 | 6,213 | 7,298 |
Total ACL, Provision | 22,753 | 5,604 | 44,536 | 28,690 |
Total ACL, Ending Balance | 212,277 | 153,042 | 212,277 | 153,042 |
Commercial | Owner occupied commercial real estate | ||||
ACL | ||||
ACL - loans, Charge-Offs | (207) | |||
Commercial | Income producing commercial real estate | ||||
ACL | ||||
ACL - loans, Charge-Offs | (4,814) | |||
Commercial | Commercial & industrial | ||||
ACL | ||||
ACL - loans, Charge-Offs | (4,651) | |||
Commercial | Construction | ||||
ACL | ||||
ACL - loans, Charge-Offs | 0 | |||
Commercial | Equipment financing | ||||
ACL | ||||
ACL - loans, Charge-Offs | (7,779) | |||
Residential | Construction | ||||
ACL | ||||
ACL - loans, Charge-Offs | (637) | |||
Residential | Residential mortgage | ||||
ACL | ||||
ACL - loans, Charge-Offs | (45) | |||
Residential | HELOC | ||||
ACL | ||||
ACL - loans, Charge-Offs | (145) | |||
Residential | Manufactured housing | ||||
ACL | ||||
ACL - loans, Charge-Offs | (1,274) | |||
Consumer | ||||
ACL | ||||
ACL - loans, Charge-Offs | (2,144) | |||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||
ACL | ||||
ACL - loans, Beginning Balance | 20,831 | 15,945 | 19,834 | 14,282 |
ACL- loans, Initial ACL - PCD loans | 181 | 266 | ||
ACL - loans, Charge-Offs | 0 | 0 | (207) | 0 |
ACL - loans, Recoveries | 205 | 1,496 | 322 | 1,541 |
ACL - loans, Provision | 752 | (667) | 1,658 | 685 |
ACL - loans, Ending Balance | 21,788 | 16,774 | 21,788 | 16,774 |
Loans receivable | Commercial | Income producing commercial real estate | ||||
ACL | ||||
ACL - loans, Beginning Balance | 33,607 | 33,539 | 32,082 | 24,156 |
ACL- loans, Initial ACL - PCD loans | 307 | 4,366 | ||
ACL - loans, Charge-Offs | (2,033) | 0 | (4,814) | 0 |
ACL - loans, Recoveries | 849 | 116 | 1,324 | 406 |
ACL - loans, Provision | 6,352 | (371) | 9,876 | 4,356 |
ACL - loans, Ending Balance | 38,775 | 33,284 | 38,775 | 33,284 |
Loans receivable | Commercial | Commercial & industrial | ||||
ACL | ||||
ACL - loans, Beginning Balance | 28,312 | 18,386 | 23,504 | 16,592 |
ACL- loans, Initial ACL - PCD loans | 1,358 | 2,337 | ||
ACL - loans, Charge-Offs | (3,753) | (1,011) | (4,651) | (4,605) |
ACL - loans, Recoveries | 1,007 | 1,313 | 1,680 | 1,978 |
ACL - loans, Provision | 4,290 | (421) | 7,965 | 1,965 |
ACL - loans, Ending Balance | 29,856 | 18,267 | 29,856 | 18,267 |
Loans receivable | Commercial | Construction | ||||
ACL | ||||
ACL - loans, Beginning Balance | 22,073 | 13,782 | 20,120 | 9,956 |
ACL- loans, Initial ACL - PCD loans | 39 | 2,857 | ||
ACL - loans, Charge-Offs | 0 | 0 | 0 | (41) |
ACL - loans, Recoveries | 105 | 144 | 142 | 558 |
ACL - loans, Provision | 98 | 2,136 | 1,975 | 2,732 |
ACL - loans, Ending Balance | 22,276 | 16,062 | 22,276 | 16,062 |
Loans receivable | Commercial | Equipment financing | ||||
ACL | ||||
ACL - loans, Beginning Balance | 26,195 | 19,264 | 23,395 | 16,290 |
ACL- loans, Initial ACL - PCD loans | 0 | 0 | ||
ACL - loans, Charge-Offs | (3,752) | (1,709) | (7,779) | (2,657) |
ACL - loans, Recoveries | 1,215 | 802 | 1,867 | 1,483 |
ACL - loans, Provision | 4,946 | 52 | 11,121 | 3,293 |
ACL - loans, Ending Balance | 28,604 | 18,409 | 28,604 | 18,409 |
Loans receivable | Residential | Construction | ||||
ACL | ||||
ACL - loans, Beginning Balance | 2,043 | 1,929 | 2,049 | 1,847 |
ACL- loans, Initial ACL - PCD loans | 124 | 1 | ||
ACL - loans, Charge-Offs | (637) | 0 | (637) | 0 |
ACL - loans, Recoveries | 14 | 76 | 29 | 99 |
ACL - loans, Provision | 2,026 | 81 | 1,881 | 139 |
ACL - loans, Ending Balance | 3,446 | 2,086 | 3,446 | 2,086 |
Loans receivable | Residential | Residential mortgage | ||||
ACL | ||||
ACL - loans, Beginning Balance | 24,082 | 14,964 | 20,809 | 12,390 |
ACL- loans, Initial ACL - PCD loans | 157 | 385 | ||
ACL - loans, Charge-Offs | (26) | 0 | (45) | (53) |
ACL - loans, Recoveries | 69 | 51 | 175 | 201 |
ACL - loans, Provision | 1,306 | 2,020 | 4,335 | 4,112 |
ACL - loans, Ending Balance | 25,431 | 17,035 | 25,431 | 17,035 |
Loans receivable | Residential | HELOC | ||||
ACL | ||||
ACL - loans, Beginning Balance | 10,337 | 7,128 | 8,707 | 6,568 |
ACL- loans, Initial ACL - PCD loans | 534 | 60 | ||
ACL - loans, Charge-Offs | (24) | 0 | (145) | (9) |
ACL - loans, Recoveries | 83 | 346 | 171 | 436 |
ACL - loans, Provision | 213 | 13 | 1,342 | 432 |
ACL - loans, Ending Balance | 10,609 | 7,487 | 10,609 | 7,487 |
Loans receivable | Residential | Manufactured housing | ||||
ACL | ||||
ACL - loans, Beginning Balance | 8,424 | 7,083 | 8,098 | 0 |
ACL- loans, Initial ACL - PCD loans | 0 | 2,438 | ||
ACL - loans, Charge-Offs | (620) | (135) | (1,274) | (308) |
ACL - loans, Recoveries | 0 | 0 | 26 | 9 |
ACL - loans, Provision | 1,400 | (334) | 2,354 | 4,475 |
ACL - loans, Ending Balance | 9,204 | 6,614 | 9,204 | 6,614 |
Loans receivable | Consumer | ||||
ACL | ||||
ACL - loans, Beginning Balance | 630 | 785 | 759 | 451 |
ACL- loans, Initial ACL - PCD loans | 4 | 27 | ||
ACL - loans, Charge-Offs | (1,327) | (728) | (2,144) | (1,534) |
ACL - loans, Recoveries | 226 | 308 | 477 | 587 |
ACL - loans, Provision | 1,187 | 542 | 1,620 | 1,376 |
ACL - loans, Ending Balance | $ 716 | $ 907 | $ 716 | $ 907 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 5,037,539 | $ 2,577,047 |
Derivative Asset | ||
Total gross derivative instruments | 58,750 | 50,636 |
Less: Amounts subject to master netting agreements | (916) | (346) |
Less: Cash collateral received/pledged | (46,248) | (38,386) |
Net amount | 11,586 | 11,904 |
Derivative Liability | ||
Total gross derivative instruments | 104,786 | 99,543 |
Less: Amounts subject to master netting agreements | (916) | (346) |
Less: Cash collateral received/pledged | (12,801) | (13,089) |
Net amount | 91,069 | 86,108 |
Derivative assets | ||
Derivative Asset | ||
Total gross derivative instruments | 58,750 | 50,636 |
Derivative liabilities | ||
Derivative Liability | ||
Total gross derivative instruments | 104,786 | 99,543 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 817,473 | 120,000 |
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 | 40,000 | 20,000 |
Designated as hedging instrument | Fair value hedge of AFS debt securities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 677,473 | 0 |
Designated as hedging instrument | Derivative assets | ||
Derivative Asset | ||
Derivatives designated as hedging instruments | 16,261 | 16,191 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of subordinated debt | ||
Derivative Asset | ||
Cash flow hedge | 16,261 | 16,191 |
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 AFS debt securities | ||
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 AFS debt securities | ||
Derivative Liability | ||
Fair value hedge | 0 | 0 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 4,220,066 | 2,457,047 |
Not designated as hedging instrument | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,034,468 | 1,097,578 |
Not designated as hedging instrument | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,803,106 | 1,097,578 |
Not designated as hedging instrument | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 130,392 | 88,586 |
Not designated as hedging instrument | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 48,090 | 19,685 |
Not designated as hedging instrument | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 100,140 | 49,750 |
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 | 42,489 | 34,445 |
Not designated as hedging instrument | Derivative assets | Customer derivative positions | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 874 | 341 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to customer derivative positions | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 29,360 | 22,393 |
Not designated as hedging instrument | Derivative assets | Risk participations | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 0 | 15 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - loan commitment | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 991 | 394 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - forward sales commitment | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 383 | 198 |
Not designated as hedging instrument | Derivative assets | Bifurcated embedded derivatives | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 10,881 | 11,104 |
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 | 104,786 | 99,543 |
Not designated as hedging instrument | Derivative liabilities | Customer derivative positions | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 91,307 | 86,358 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 901 | 274 |
Not designated as hedging instrument | Derivative liabilities | Risk participations | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 22 | 1 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - loan commitment | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 2 | 0 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 14 | 71 |
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 | $ 12,540 | $ 12,839 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | Jun. 30, 2023 USD ($) contract | Dec. 31, 2022 USD ($) |
Derivative Instruments [Line Items] | ||
Gains to be reclassified from accumulated other comprehensive income into earnings over the next twelve months | $ 5,550 | |
Aggregate notional amount | 5,037,539 | $ 2,577,047 |
Debt Securities AFS | Fair Value Hedging | ||
Derivative Instruments [Line Items] | ||
Aggregate notional amount | $ 677,000 | |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Fair Value Hedging | Interest expense- deposits | Interest Expense | ||||
Fair value hedges: | ||||
Net income recognized | $ 0 | $ 0 | $ 0 | $ 28 |
Fair Value Hedging | Interest revenue- investment securities | Interest Revenue | ||||
Fair value hedges: | ||||
Net income recognized | 910 | 0 | 910 | 0 |
Recognized on derivative interest settlements | 2,310 | 0 | 2,310 | 0 |
Recognized on derivatives | 13,889 | 0 | 13,889 | 0 |
Recognized on hedged items | (15,289) | 0 | (15,289) | 0 |
Cash flow hedging | Interest expense- long term debt | Interest Expense | ||||
Fair value hedges: | ||||
Net income recognized | 1,234 | (106) | 2,056 | (247) |
Premium amortization expense excluded from assessment of hedge effectiveness | $ 112 | $ 118 | $ 229 | $ 234 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Carrying Amount and Cumulative Fair Value Hedging Adjustments on Hedged Liability (Details) - Fair Value Hedging - Debt Securities AFS $ in Thousands | Jun. 30, 2023 USD ($) |
Derivative [Line Items] | |
Amortized Cost | $ 804,658 |
Hedge Accounting Basis Adjustment | $ (15,289) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains and Losses Recognized in Income on Derivatives Not Designated as Hedging Instruments (Details) - Not designated as hedging instrument - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 399 | $ 3,239 | $ 1,448 | $ 8,756 |
Customer derivatives and dealer offsets | ||||
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 545 | 445 | 912 | 1,214 |
Bifurcated embedded derivatives and dealer offsets | ||||
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | (474) | 85 | (1,007) | 198 |
Mortgage banking derivatives | ||||
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 174 | 2,616 | 1,401 | 7,250 |
Risk participations | ||||
Derivative Instruments [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 154 | $ 93 | $ 142 | $ 94 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying Amount (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and other intangible assets | ||||||
Total intangible assets subject to amortization | $ 61,105 | $ 28,074 | ||||
Goodwill | 896,718 | $ 896,718 | 751,174 | $ 751,174 | $ 751,174 | $ 452,007 |
Total goodwill and other intangible assets, net | 957,823 | 779,248 | ||||
Core deposit intangible | ||||||
Goodwill and other intangible assets | ||||||
Intangibles subject to amortization, gross | 86,880 | 46,900 | ||||
Less: accumulated amortization | (32,665) | (26,112) | ||||
Total intangible assets subject to amortization | 54,215 | 20,788 | ||||
Customer relationship intangible | ||||||
Goodwill and other intangible assets | ||||||
Intangibles subject to amortization, gross | 8,400 | 8,400 | ||||
Less: accumulated amortization | (1,510) | (1,114) | ||||
Total intangible assets subject to amortization | $ 6,890 | $ 7,286 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Customer relationship intangible | Progress | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset acquired | $ 40 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||||||||
Goodwill, beginning balance | $ 896,718 | $ 751,174 | $ 751,174 | $ 452,007 | ||||
Acquisitions | 0 | 0 | 145,544 | 299,167 | ||||
Goodwill, ending balance | 896,718 | 751,174 | 896,718 | 751,174 | ||||
Accumulated impairment losses on goodwill | $ 306,000 | $ 306,000 | $ 306,000 | $ 306,000 | $ 306,000 | $ 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 | Jun. 30, 2023 | Dec. 31, 2022 |
Estimated Aggregate Amortization Expense For Future Periods | ||
Remainder of 2023 | $ 6,521 | |
2024 | 11,791 | |
2025 | 10,031 | |
2026 | 8,491 | |
2027 | 6,950 | |
Thereafter | 17,321 | |
Total intangible assets subject to amortization | $ 61,105 | $ 28,074 |
Preferred Stock (Details)
Preferred Stock (Details) - Preferred Stock - Depositary Shares, 1/1000th Of Preferred Share | 1 Months Ended | 3 Months Ended | 6 Months Ended |
May 31, 2023 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 USD ($) shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Repurchase program authorized amount | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 |
Stock repurchase conversion ratio | 0.001 | ||
Shares repurchased (in shares) | shares | 10,668 | 10,668 | |
Repurchase program remaining authorization | $ 24,800,000 | $ 24,800,000 |
Assets and Liabilities Measur_3
Assets and Liabilities Measured at Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Debt securities available-for-sale | $ 3,359,989 | $ 3,614,333 |
Mortgage loans held for sale | 27,104 | 11,794 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 333,423 | 149,352 |
U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 237,096 | 250,116 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 161,101 | 303,748 |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 196,736 | 212,452 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 192,960 | 231,272 |
Recurring | ||
Assets: | ||
Equity securities with readily determinable fair values | 12,183 | 13,637 |
Mortgage loans held for sale | 27,104 | 11,794 |
Deferred compensation plan assets | 11,728 | 11,436 |
Servicing rights for SBA/USDA loans | 6,148 | 5,188 |
Residential mortgage servicing rights | 37,194 | 36,559 |
Derivative financial instruments | 58,750 | 50,636 |
Total assets | 3,513,096 | 3,743,583 |
Liabilities: | ||
Deferred compensation plan liability | 11,766 | 11,460 |
Derivative financial instruments | 104,786 | 99,543 |
Total liabilities | 116,552 | 111,003 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 333,423 | 149,352 |
Recurring | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 237,096 | 250,116 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 161,101 | 303,748 |
Recurring | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,620,235 | 1,795,481 |
Recurring | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 618,438 | 671,912 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 196,736 | 212,452 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 192,960 | 231,272 |
Recurring | Level 1 | ||
Assets: | ||
Equity securities with readily determinable fair values | 10,651 | 12,278 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 11,728 | 11,436 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 355,802 | 173,066 |
Liabilities: | ||
Deferred compensation plan liability | 11,766 | 11,460 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 11,766 | 11,460 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 333,423 | 149,352 |
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 determinable fair values | 1,532 | 1,359 |
Mortgage loans held for sale | 27,104 | 11,794 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 46,878 | 39,123 |
Total assets | 3,099,897 | 3,515,045 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 92,222 | 86,703 |
Total liabilities | 92,222 | 86,703 |
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 | 237,096 | 250,116 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 161,101 | 303,748 |
Recurring | Level 2 | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,620,235 | 1,795,481 |
Recurring | Level 2 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 618,438 | 671,912 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 194,553 | 210,240 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 192,960 | 231,272 |
Recurring | Level 3 | ||
Assets: | ||
Equity securities with readily determinable fair values | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 6,148 | 5,188 |
Residential mortgage servicing rights | 37,194 | 36,559 |
Derivative financial instruments | 11,872 | 11,513 |
Total assets | 57,397 | 55,472 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 12,564 | 12,840 |
Total liabilities | 12,564 | 12,840 |
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 | 2,183 | 2,212 |
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 of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Assets | ||||
Assets: | ||||
Beginning balance | $ 11,348 | $ 7,902 | $ 11,513 | $ 6,758 |
Business combinations | 0 | 0 | ||
Additions | 0 | 0 | 0 | 0 |
Transfers from Level 3 | 0 | (290) | ||
Sales and settlements | 0 | 0 | (11) | 0 |
Fair value adjustments included in OCI | 0 | 0 | 0 | 0 |
Fair value adjustments included in earnings | 524 | 2,297 | 370 | 3,731 |
Ending balance | 11,872 | 10,199 | 11,872 | 10,199 |
SBA/USDA loan servicing rights | ||||
Assets: | ||||
Beginning balance | 6,289 | 6,962 | 5,188 | 6,513 |
Business combinations | 95 | 0 | ||
Additions | 464 | 800 | 924 | 1,388 |
Transfers from Level 3 | 0 | 0 | ||
Sales and settlements | (231) | (408) | (451) | (637) |
Fair value adjustments included in OCI | 0 | 0 | 0 | 0 |
Fair value adjustments included in earnings | (374) | (1,187) | 392 | (1,097) |
Ending balance | 6,148 | 6,167 | 6,148 | 6,167 |
Residential mortgage servicing rights | ||||
Assets: | ||||
Beginning balance | 36,081 | 32,641 | 36,559 | 25,161 |
Business combinations | 0 | 0 | ||
Additions | (848) | 1,723 | 1,480 | 3,890 |
Transfers from Level 3 | 0 | 0 | ||
Sales and settlements | (496) | (638) | (948) | (1,314) |
Fair value adjustments included in OCI | 0 | 0 | 0 | 0 |
Fair value adjustments included in earnings | 761 | 1,405 | 103 | 7,394 |
Ending balance | 37,194 | 35,131 | 37,194 | 35,131 |
Corporate Bonds | ||||
Assets: | ||||
Beginning balance | 2,227 | 2,332 | 2,212 | 2,395 |
Business combinations | 0 | 0 | ||
Additions | 0 | 0 | 0 | 0 |
Transfers from Level 3 | 0 | 0 | ||
Sales and settlements | 0 | 0 | 0 | 0 |
Fair value adjustments included in OCI | (44) | (45) | (29) | (108) |
Fair value adjustments included in earnings | 0 | 0 | 0 | 0 |
Ending balance | 2,183 | 2,287 | 2,183 | 2,287 |
Derivative Liabilities | ||||
Liabilities: | ||||
Beginning balance | 11,195 | 8,531 | 12,840 | 5,048 |
Business combinations | 0 | 0 | ||
Additions | 167 | 99 | 170 | 99 |
Transfers from Level 3 | 0 | 0 | ||
Sales and settlements | 0 | (1) | 0 | (1) |
Fair value adjustments included in OCI | 0 | 0 | 0 | 0 |
Fair value adjustments included in earnings | 1,202 | 2,166 | (446) | 5,649 |
Ending balance | $ 12,564 | $ 10,795 | $ 12,564 | $ 10,795 |
Assets and Liabilities Measur_5
Assets and Liabilities Measured at Fair Value - Quantitative Information About Level 3 Fair Value Measurements for Fair Value on a Recurring Basis (Details) - Recurring - Level 3 | Jun. 30, 2023 | Dec. 31, 2022 |
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 | 0.080 | 0.119 |
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 | 0.250 |
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 | 0.132 | 0.175 |
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 | 0.004 | 0 |
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 | 0.354 | 0.354 |
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 | 0.169 | 0.164 |
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 | 0.115 |
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 | 0.295 | 0.312 |
Residential mortgage servicing rights | Prepayment rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.077 | 0.075 |
Corporate bonds | Discount rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.066 | 0.061 |
Corporate bonds | Discount rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.072 | 0.064 |
Corporate bonds | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.069 | 0.063 |
Derivative assets - mortgage | Pull through rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.600 | 0.265 |
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 | 0.894 | 0.907 |
Assets and Liabilities Measur_6
Assets and Liabilities Measured at Fair Value - Loans Held for Sale at Fair Value Under the Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Mortgage Loans Held for Sale | |||||
Outstanding principal balance | $ 26,520 | $ 26,520 | $ 11,473 | ||
Fair value | 27,104 | 27,104 | $ 11,794 | ||
Mortgage loan gains and other related fees | $ 33 | $ 163 | $ 264 | $ (1,011) |
Assets and Liabilities Measur_7
Assets and Liabilities Measured at Fair Value - Presentation of Assets Measured at Fair Value on Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | $ 31,148 | $ 7,808 |
Mortgage loans held for sale | 1,806 | |
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 | $ 31,148 | 7,808 |
Mortgage loans held for sale | $ 1,806 |
Assets and Liabilities Measur_8
Assets and Liabilities Measured at Fair Value - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 | |
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 a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
HTM debt securities | $ 2,132,396 | $ 2,191,073 |
Liabilities: | ||
FHLB advances | 0 | 550,000 |
Carrying Amount | ||
Assets: | ||
HTM debt securities | 2,553,835 | 2,613,648 |
Loans and leases, net | 17,204,140 | 15,175,270 |
Liabilities: | ||
Deposits | 22,251,988 | 19,876,507 |
FHLB advances | 550,000 | |
Long-term debt | 324,754 | 324,663 |
Fair Value | ||
Assets: | ||
HTM debt securities | 2,132,396 | 2,191,073 |
Loans and leases, net | 16,591,141 | 14,609,239 |
Liabilities: | ||
Deposits | 22,245,777 | 19,863,380 |
FHLB advances | 549,913 | |
Long-term debt | 304,481 | 313,380 |
Fair Value | Level 1 | ||
Assets: | ||
HTM debt securities | 17,495 | 17,417 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
FHLB advances | 0 | |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
HTM debt securities | 2,114,901 | 2,173,656 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 22,245,777 | 19,863,380 |
FHLB advances | 0 | |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
HTM debt securities | 0 | 0 |
Loans and leases, net | 16,591,141 | 14,609,239 |
Liabilities: | ||
Deposits | 0 | 0 |
FHLB advances | 549,913 | |
Long-term debt | $ 304,481 | $ 313,380 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Plan vesting period (in years) | 4 years | |
Plan exercisable period (in years) | 10 years | |
Additional awards remaining available under plan (in shares) | 2,510 | |
Income tax benefit related to expense for share-based awards | $ 1,220,000 | $ 1,240,000 |
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 | $ 20,200,000 | |
Recognition period for unrecognized compensation expense (in years) | 2 years 4 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 | $ 4,460,000 | 4,620,000 |
Directors | Restricted stock units and performance stock units | Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 331,000 | $ 238,000 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units and Options Outstanding and Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Options, Shares | |
Beginning balance, outstanding (in shares) | shares | 40,338 |
Granted (in shares) | shares | 643,298 |
Released / Exercised (in shares) | shares | (164,864) |
Cancelled (in shares) | shares | (4,620) |
Ending balance, outstanding (in shares) | shares | 514,152 |
Exercisable (in shares) | shares | 514,152 |
Options, Weighted Average Exercise Price | |
Beginning balance, outstanding (in dollars per share) | $ / shares | $ 11.88 |
Granted (in dollars per share) | $ / shares | 20.91 |
Released / Exercised (in dollars per shares) | $ / shares | 17.96 |
Cancelled (in dollars per share) | $ / shares | 25.97 |
Ending balance, outstanding (in dollars per share) | $ / shares | 21.10 |
Exercisable (in dollars per share) | $ / shares | $ 21.10 |
Outstanding, Weighted Average Remaining Term (in years) | 5 years 7 months 6 days |
Exercisable, Weighted Average Remaining Term (in years) | 5 years 7 months 6 days |
Released / Exercised during period, Aggregate Intrinsic Value | $ | $ 1,584 |
Outstanding, Aggregate Intrinsic Value | $ | 2,082 |
Exercisable, Aggregate Intrinsic Value | $ | $ 2,082 |
Restricted Stock Units | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 778,686 |
Granted (in shares) | shares | 292,631 |
Released / Exercised (in shares) | shares | (121,277) |
Cancelled (in shares) | shares | (27,980) |
Outstanding, ending balance (in shares) | shares | 922,060 |
Vested (in shares) | shares | 0 |
Weighted- Average Grant- Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 28.28 |
Granted (in dollars per share) | $ / shares | 30.33 |
Released / Exercised (in dollars per share) | $ / shares | 27.18 |
Cancelled (in dollars per share) | $ / shares | 28.51 |
Outstanding, ending balance (in dollars per share) | $ / shares | 29.07 |
Vested (in dollars per share) | $ / shares | $ 0 |
Aggregate Intrinsic Value, Released / Exercised | $ | $ 3,855 |
Aggregate Intrinsic Value, Outstanding | $ | $ 23,042 |
Reclassifications Out of AOCI_2
Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains (losses), net | $ 0 | $ 46 | $ (1,644) | $ (3,688) |
Income tax benefit | (18,225) | (19,125) | (36,016) | (31,510) |
Investment securities interest revenue | 295,775 | 187,378 | 575,262 | 358,437 |
Long-term debt interest expense | (3,774) | (4,173) | (7,670) | (8,309) |
Salaries and employee benefits expense | (76,250) | (69,233) | (154,948) | (140,239) |
Other expense | (7,533) | (6,176) | (15,881) | (9,894) |
Total before tax | 81,513 | 85,967 | 161,604 | 146,371 |
Net income | 63,288 | 66,842 | 125,588 | 114,861 |
Reclassifications Out of AOCI | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (1,041) | (1,518) | (3,992) | (4,494) |
Reclassifications Out of AOCI | Realized losses on AFS securities: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains (losses), net | 0 | 46 | (1,644) | (3,688) |
Income tax benefit | 0 | (11) | 374 | 979 |
Net income | 0 | 35 | (1,270) | (2,709) |
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 | 604 | 422 | 1,324 | 422 |
Investment securities interest revenue | (2,518) | (1,769) | (5,486) | (1,769) |
Net income | (1,914) | (1,347) | (4,162) | (1,347) |
Reclassifications Out of AOCI | Reclassifications related to derivative instruments accounted for as cash flow hedges: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax benefit | (315) | 27 | (525) | 63 |
Long-term debt interest expense | 1,234 | (106) | 2,056 | (247) |
Net income | 919 | (79) | 1,531 | (184) |
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 | 15 | 44 | 31 | 87 |
Total before tax | (61) | (171) | (122) | (341) |
Net income | (46) | (127) | (91) | (254) |
Reclassifications Out of AOCI | Prior service cost | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits expense | (61) | (93) | (122) | (185) |
Reclassifications Out of AOCI | Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other expense | $ 0 | $ (78) | $ 0 | $ (156) |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Computation of basic and diluted earnings per share | ||||
Net income | $ 63,288 | $ 66,842 | $ 125,588 | $ 114,861 |
Dividends on preferred stock | (1,719) | (1,719) | (3,438) | (3,438) |
Earnings allocated to participating securities | (342) | (362) | (680) | (596) |
Net income available to common shareholders, basic | 61,227 | 64,761 | 121,470 | 110,827 |
Net income available to common shareholders, diluted | $ 61,227 | $ 64,761 | $ 121,470 | $ 110,827 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 115,774 | 106,610 | 115,614 | 106,580 |
Effect of dilutive securities: | ||||
Diluted (in shares) | 115,869 | 106,716 | 115,795 | 106,697 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.53 | $ 0.61 | $ 1.05 | $ 1.04 |
Diluted (in dollars per share) | $ 0.53 | $ 0.61 | $ 1.05 | $ 1.04 |
Stock options | ||||
Effect of dilutive securities: | ||||
Restricted stock units (in shares) | 95 | 36 | 166 | 41 |
Restricted stock units | ||||
Effect of dilutive securities: | ||||
Restricted stock units (in shares) | 0 | 70 | 15 | 76 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive instruments outstanding not included in EPS analysis (in shares) | 78,412 | 0 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital, Minimum | 0.045 | |
CET1 capital, Well-Capitalized | 0.065 | |
CET1 capital | 0.1219 | 0.1226 |
Tier 1 capital, Minimum | 0.060 | |
Tier 1 capital, Well-Capitalized | 0.080 | |
Tier 1 capital | 0.1269 | 0.1281 |
Total capital, Minimum | 0.080 | |
Total capital, Well-Capitalized | 0.100 | |
Total capital | 0.1457 | 0.1479 |
Leverage ratio, Minimum | 0.040 | |
Leverage ratio, Well-Capitalized | 0.050 | |
Leverage ratio | 0.0979 | 0.0969 |
CET1 capital | $ 2,366,637 | $ 2,164,211 |
Tier 1 capital | 2,462,802 | 2,260,633 |
Total capital | 2,827,580 | 2,610,216 |
Risk-weighted assets | 19,409,980 | 17,648,573 |
Average total assets for the leverage ratio | $ 25,160,884 | $ 23,322,018 |
United Community Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital | 0.1242 | 0.1283 |
Tier 1 capital | 0.1242 | 0.1283 |
Total capital | 0.1339 | 0.1370 |
Leverage ratio | 0.0956 | 0.0969 |
CET1 capital | $ 2,400,649 | $ 2,255,337 |
Tier 1 capital | 2,400,649 | 2,255,337 |
Total capital | 2,589,591 | 2,408,895 |
Risk-weighted assets | 19,335,994 | 17,583,347 |
Average total assets for the leverage ratio | $ 25,120,784 | $ 23,285,253 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual Amount of Off-balance Sheet Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments whose contract amounts represent credit risk: | $ 4,755,317 | $ 4,683,790 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments whose contract amounts represent credit risk: | $ 55,652 | $ 46,896 |
Commitment and Contingencies -
Commitment and Contingencies - Tax Credit and Certain Equity Method Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fintech funds and certain other equity method investments: | ||
Other Commitments [Line Items] | ||
Amount of future funding commitments | $ 26,568 | $ 23,690 |
Other assets | Investments in LIHTC: | ||
Other Commitments [Line Items] | ||
Investments in LIHTC: Carrying amount | 52,112 | 50,054 |
Other assets | Renewable energy investments: | ||
Other Commitments [Line Items] | ||
Carrying amount | 39,737 | 19,617 |
Other assets | Fintech funds and certain other equity method investments: | ||
Other Commitments [Line Items] | ||
Carrying amount | 32,722 | 27,569 |
Other liabilities | Investments in LIHTC: | ||
Other Commitments [Line Items] | ||
Investments in LIHTC: Amount of future funding commitments included in carrying amount | 15,292 | 18,090 |
Other liabilities | Renewable energy investments: | ||
Other Commitments [Line Items] | ||
Amount of future funding commitments | 20,360 | 18,781 |
Other liabilities | Fintech funds and certain other equity method investments: | ||
Other Commitments [Line Items] | ||
Amount of future funding commitments | $ 470 | $ 470 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Aug. 03, 2023 USD ($) shares | Jul. 01, 2023 USD ($) office shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | |
Subsequent Event [Line Items] | |||||
Total assets | $ 26,120,197 | $ 26,120,197 | $ 24,008,884 | ||
Total loans | 17,394,845 | 17,394,845 | 15,334,627 | ||
Total deposits | 22,251,988 | 22,251,988 | $ 19,876,507 | ||
Stock repurchased value | $ 222 | $ 222 | |||
Preferred Shares | Depositary Shares, 1/1000th Of Preferred Share | |||||
Subsequent Event [Line Items] | |||||
Shares repurchased (in shares) | shares | 10,668 | 10,668 | |||
Repurchase program remaining authorization | $ 24,800 | $ 24,800 | |||
Subsequent event | Preferred Shares | Depositary Shares, 1/1000th Of Preferred Share | |||||
Subsequent Event [Line Items] | |||||
Shares repurchased (in shares) | shares | 167,322 | ||||
Stock repurchased value | $ 3,450 | ||||
Repurchase program remaining authorization | $ 21,300 | ||||
First Miami Bancorp, Inc | |||||
Subsequent Event [Line Items] | |||||
Total assets | 992,000 | 992,000 | |||
Total loans | 618,000 | 618,000 | |||
Total deposits | 836,000 | 836,000 | |||
Assets under management | $ 308,000 | $ 308,000 | |||
First Miami Bancorp, Inc | Subsequent event | |||||
Subsequent Event [Line Items] | |||||
Number of banking branches | office | 3 | ||||
Issuance of stock (in shares) | shares | 3,500,000 | ||||
Common stock value | $ 87,700 |