Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 119,141,235 | |
Entity Central Index Key | 0000857855 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 203,932 | $ 200,781 |
Interest-bearing deposits in banks | 758,001 | 803,094 |
Cash and cash equivalents | 961,933 | 1,003,875 |
Debt securities available-for-sale | 3,393,399 | 3,331,084 |
Debt securities held-to-maturity (fair value $2,042,912 and $2,095,620, respectively) | 2,465,133 | 2,490,848 |
Loans held for sale | 38,140 | 33,008 |
Loans and leases held for investment | 18,374,844 | 18,318,755 |
Allowance for credit losses - loans and leases | (210,934) | (208,071) |
Loans and leases, net | 18,163,910 | 18,110,684 |
Premises and equipment, net | 386,052 | 378,421 |
Bank owned life insurance | 342,486 | 345,371 |
Goodwill and other intangible assets, net | 987,539 | 990,087 |
Other assets | 626,296 | 613,873 |
Total assets | 27,364,888 | 27,297,251 |
Deposits: | ||
Noninterest-bearing demand | 6,409,659 | 6,534,307 |
Interest-bearing deposits | 16,922,350 | 16,776,304 |
Total deposits | 23,332,009 | 23,310,611 |
Long-term debt | 324,854 | 324,823 |
Accrued expenses and other liabilities | 407,915 | 400,292 |
Total liabilities | 24,064,778 | 24,035,726 |
Shareholders' equity: | ||
Preferred stock, $1 par value: 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference | 88,266 | 88,266 |
Common stock, $1 par value: 200,000,000 shares authorized, 119,136,518 and 119,010,319 shares issued and outstanding, respectively | 119,137 | 119,010 |
Common stock issuable: 560,833 and 620,108 shares, respectively | 11,923 | 13,110 |
Capital surplus | 2,702,807 | 2,699,112 |
Retained earnings | 614,612 | 581,219 |
Accumulated other comprehensive loss | (236,635) | (239,192) |
Total shareholders' equity | 3,300,110 | 3,261,525 |
Total liabilities and shareholders' equity | $ 27,364,888 | $ 27,297,251 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
HTM debt securities | $ 2,042,912,000 | $ 2,095,620,000 |
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) | 3,662 | 3,662 |
Preferred stock outstanding (in shares) | 3,662 | 3,662 |
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) | 119,136,518 | 119,010,319 |
Common stock outstanding (in shares) | 119,136,518 | 119,010,319 |
Common stock issuable (in shares) | 560,833 | 620,108 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest revenue: | ||
Loans, including fees | $ 283,983 | $ 236,431 |
Investment securities, including tax exempt of $1,721 and $2,110, respectively | 46,436 | 39,986 |
Deposits in banks and short-term investments | 6,309 | 3,070 |
Total interest revenue | 336,728 | 279,487 |
Interest expense: | ||
Deposits | 133,784 | 57,861 |
Short-term borrowings | 0 | 1,148 |
Federal Home Loan Bank advances | 0 | 5,112 |
Long-term debt | 3,795 | 3,896 |
Total interest expense | 137,579 | 68,017 |
Net interest revenue | 199,149 | 211,470 |
Provision for credit losses | 12,899 | 21,783 |
Net interest revenue after provision for credit losses | 186,250 | 189,687 |
Noninterest income: | ||
Wealth management fees | 6,313 | 5,724 |
Gains from sales of other loans | 1,537 | 1,916 |
Lending and loan servicing fees | 4,210 | 4,016 |
Securities losses, net | 0 | (1,644) |
Other | 10,752 | 6,977 |
Total noninterest income | 39,587 | 30,209 |
Total revenue | 225,837 | 219,896 |
Noninterest expenses: | ||
Salaries and employee benefits | 84,985 | 78,698 |
Communications and equipment | 11,920 | 10,008 |
Occupancy | 11,099 | 9,889 |
Advertising and public relations | 1,901 | 2,349 |
Postage, printing and supplies | 2,648 | 2,537 |
Professional fees | 5,988 | 6,072 |
Lending and loan servicing expense | 1,827 | 2,319 |
Outside services - electronic banking | 2,918 | 3,425 |
FDIC assessments and other regulatory charges | 7,566 | 4,001 |
Amortization of intangibles | 3,887 | 3,528 |
Merger-related and other charges | 2,087 | 8,631 |
Other | 8,176 | 8,348 |
Total noninterest expenses | 145,002 | 139,805 |
Income before income taxes | 80,835 | 80,091 |
Income tax expense | 18,204 | 17,791 |
Net of tax | 62,631 | 62,300 |
Net income available to common shareholders, basic | 60,713 | 60,242 |
Net income available to common shareholders, diluted | $ 60,713 | $ 60,242 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.51 | $ 0.52 |
Diluted (in dollars per share) | $ 0.51 | $ 0.52 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 119,662 | 115,451 |
Diluted (in shares) | 119,743 | 115,715 |
Service charges and fees | ||
Noninterest income: | ||
Service charges and other related fees | $ 9,264 | $ 8,699 |
Mortgage loan gains and other related fees | ||
Noninterest income: | ||
Service charges and other related fees | $ 7,511 | $ 4,521 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Investment securities, tax exempt | $ 1,721 | $ 2,110 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income, Before-tax Amount | $ 80,835 | $ 80,091 |
Net income, Tax (Expense) Benefit | (18,204) | (17,791) |
Net of tax | 62,631 | 62,300 |
Unrealized gains (losses) on available-for-sale securities: | ||
Unrealized holding gains, Before-tax Amount | 43,279 | |
Unrealized holding gains, Tax (Expense) Benefit | (10,284) | |
Unrealized holding gains, Net of Tax Amount | 32,995 | |
Reclassification adjustment for losses included in net income, Before-tax Amount | 1,644 | |
Reclassification adjustment for losses included in net income, Tax (Expense) Benefit | 0 | (374) |
Reclassification adjustment for losses included in net income, Net of Tax Amount | 1,270 | |
Net unrealized gains, Before-tax Amount | 356 | 44,923 |
Net unrealized gains, Tax (Expense) Benefit | (209) | |
Net unrealized gains, Tax (Expense) Benefit | (10,658) | |
Net unrealized gains, Net of Tax Amount | 147 | 34,265 |
Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale, Before-tax amount | 2,063 | |
Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale, Tax (Expense) Benefit | (493) | |
Amortization of unrealized losses on held-to-maturity securities transferred from available-for-sale, Net of Tax Amount | 1,570 | |
Unrealized losses on held-to-maturity securities transferred from available-for-sale: | ||
Amortization of unrealized losses, Before-tax Amount | 2,968 | |
Amortization of unrealized losses, Tax (Expense) Benefit | (720) | |
Amortization of unrealized losses, Net of Tax Amount | 2,248 | |
Derivative instruments designated as cash flow hedges: | ||
Unrealized holding gains (losses) on derivatives, Before-tax Amount | 2,524 | (1,202) |
Unrealized holding gains (losses) on derivatives, Tax (Expense) Benefit | (645) | 307 |
Unrealized holding gains (losses) on derivatives, Net of Tax Amount | 1,879 | (895) |
Gains on derivative instruments realized in net income, Before-tax Amount | (1,440) | (822) |
Gains on derivative instruments realized in net income, Tax (Expense) Benefit | 368 | 210 |
Gains on derivative instruments realized in net income, Net of Tax Amount | (1,072) | (612) |
Net cash flow hedge activity, Before-tax Amount | 1,084 | (2,024) |
Net cash flow hedge activity, Tax (Expense) Benefit | (277) | 517 |
Net cash flow hedge activity, Net of tax Amount | 807 | (1,507) |
Amortization of defined benefit pension plan net periodic pension cost components, Before-tax Amount | 44 | 61 |
Amortization of defined benefit pension plan net periodic pension cost components, Tax (Expense) Benefit | (11) | (16) |
Amortization of defined benefit pension plan net periodic pension cost components, Net of Tax Amount | 33 | 45 |
Total other comprehensive income, Before-tax Amount | 3,547 | 45,928 |
Total other comprehensive income, Tax (Expense) Benefit | (990) | (10,877) |
Total other comprehensive income, Net of Tax Amount | 2,557 | 35,051 |
Comprehensive income, Before-tax Amount | 84,382 | 126,019 |
Comprehensive income, Tax (Expense) Benefit | (19,194) | (28,668) |
Comprehensive income, Net of Tax Amount | $ 65,188 | $ 97,351 |
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, 2022 | 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 | 62,300 | 62,300 | |||||
Other comprehensive income | 35,051 | 35,051 | |||||
Impact of acquisitions (in shares) | 8,770,531 | ||||||
Impact of acquisitions | 306,461 | $ 8,771 | 297,690 | ||||
Preferred stock dividends | (1,719) | (1,719) | |||||
Common stock dividends | (26,819) | (26,819) | |||||
Impact of equity-based compensation awards (in shares) | 121,888 | ||||||
Impact of equity-based compensation awards | 2,520 | $ 122 | 498 | 1,900 | |||
Impact of other United sponsored equity plans (in shares) | 36,389 | ||||||
Impact of other United sponsored equity plans | (345) | $ 36 | (828) | 447 | |||
Ending balance (in shares) at Mar. 31, 2023 | 115,151,566 | ||||||
Ending balance at Mar. 31, 2023 | $ 3,078,123 | $ 115,152 | 96,422 | 11,977 | 2,606,403 | 542,606 | (294,437) |
Beginning balance (in shares) at Dec. 31, 2023 | 119,010,319 | 119,010,319 | |||||
Beginning balance at Dec. 31, 2023 | $ 3,261,525 | $ 119,010 | 88,266 | 13,110 | 2,699,112 | 581,219 | (239,192) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 62,631 | 62,631 | |||||
Other comprehensive income | 2,557 | 2,557 | |||||
Impact of acquisitions | 0 | ||||||
Preferred stock dividends | (1,573) | (1,573) | |||||
Common stock dividends | (27,665) | (27,665) | |||||
Impact of equity-based compensation awards (in shares) | 80,147 | ||||||
Impact of equity-based compensation awards | 3,112 | $ 80 | 76 | 2,956 | |||
Impact of other United sponsored equity plans (in shares) | 46,052 | ||||||
Impact of other United sponsored equity plans | $ (477) | $ 47 | (1,263) | 739 | |||
Ending balance (in shares) at Mar. 31, 2024 | 119,136,518 | 119,136,518 | |||||
Ending balance at Mar. 31, 2024 | $ 3,300,110 | $ 119,137 | $ 88,266 | $ 11,923 | $ 2,702,807 | $ 614,612 | $ (236,635) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends (in dollars per share) | $ 0.23 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities: | ||
Net income | $ 62,631 | $ 62,300 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion, net | 10,880 | 12,126 |
Provision for credit losses | 12,899 | 21,783 |
Stock based compensation | 2,403 | 2,482 |
Deferred income tax expense | 4,059 | 8,103 |
Securities losses, net | 0 | 1,644 |
Gains from sales of other loans | (1,537) | (1,916) |
Changes in assets and liabilities: | ||
Other assets | (12,359) | 10,303 |
Accrued expenses and other liabilities | 14,965 | (22,029) |
Loans held for sale | (5,132) | (4,703) |
Net cash provided by operating activities | 88,809 | 90,093 |
Debt securities held-to-maturity: | ||
Proceeds from maturities and calls | 27,051 | 31,550 |
Debt securities available-for-sale: | ||
Proceeds from sales | 647 | 380,661 |
Proceeds from maturities and calls | 229,902 | 83,794 |
Purchases | (302,962) | (25,862) |
Net increase in loans | (67,629) | (345,316) |
Payments for other investments | (4,353) | (74,323) |
Proceeds from other investments | 380 | 93,687 |
Proceeds from sales of premises and equipment | 16 | 2,169 |
Purchases of premises and equipment | (13,710) | (22,602) |
Net cash received in acquisition | 0 | 57,101 |
Other investing inflows | 8,145 | 436 |
Net cash (used in) provided by investing activities | (122,513) | 181,295 |
Financing activities: | ||
Net increase in deposits | 21,024 | 793,162 |
Net decrease in short-term borrowings | 0 | (292,732) |
Proceeds from FHLB advances | 100 | 1,580,000 |
Repayment of FHLB advances | (100) | (2,195,000) |
Cash dividends on common stock | (27,733) | (23,674) |
Cash dividends on preferred stock | (1,573) | (1,719) |
Other financing inflows | 1,211 | 1,058 |
Other financing outflows | (1,167) | (1,655) |
Net cash used in financing activities | (8,238) | (140,560) |
Net change in cash and cash equivalents | (41,942) | 130,828 |
Cash and cash equivalents, beginning of period | 1,003,875 | 646,853 |
Cash and cash equivalents, end of period | $ 961,933 | $ 777,681 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation United’s accounting and financial reporting policies conform to GAAP and reporting guidelines of banking regulatory authorities. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its 2023 10-K. |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Recently Adopted Standards In March 2023, 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 PAM and related disclosures to tax equity investments other than LIHTC, providing certain conditions are met. The election to apply PAM must be made on a tax-credit-program by tax-credit-program basis rather than at the reporting entity level or to individual investments. United adopted this update using a modified retrospective transition method as of January 1, 2024, with no impact to shareholders’ equity; thus, no cumulative effect adjustment to retained earnings was recorded. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 and 2023 is as follows. Three Months Ended March 31, (in thousands) 2024 2023 Significant non-cash investing and financing transactions: Commitments to fund equity investments $ 10,693 $ 20,000 Acquisitions: Assets acquired — 1,903,930 Liabilities assumed — 1,597,022 Net assets acquired — 306,908 Common stock issued and options converted — 306,461 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Acquisition of First Miami On July 1, 2023, United acquired all of the outstanding common stock of First Miami in a stock transaction. Information related to the fair value of assets and liabilities acquired is included in United’s 2023 10-K. During the first quarter of 2024, within the one-year measurement period related to the acquisition of First Miami, United received additional information regarding the lack of realizability of certain tax credits. As a result, the provisional fair value assigned to acquired other assets was adjusted to $18.8 million, other liabilities was adjusted to $16.9 million and goodwill was adjusted to $24.5 million, which represents a decrease of $2.06 million, a decrease of $726,000 and an increase of $1.34 million, respectively. Pro forma information - Progress The following table discloses certain pro forma information as if Progress had been acquired on January 1, 2022. These results combine the historical results of the acquired entity with United’s consolidated statement of income. Adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity; however pro forma financial results presented are not necessarily indicative of what would have occurred had the acquisitions taken place in earlier years. Merger-related costs related to the Progress acquisition of $7.49 million have been excluded from the three months ended March 31, 2023 pro forma information presented below. The actual results and pro forma information were as follows: Three Months Ended (in thousands) Revenue Net Income Actual Progress results included in statement of income since acquisition date $ 6,652 $ 1,810 Supplemental consolidated pro forma as if Progress had been acquired January 1, 2022 229,541 75,209 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows. (in thousands) Amortized Gross Unrealized Gross Unrealized Fair As of March 31, 2024 U.S. Treasuries $ 19,872 $ — $ 2,093 $ 17,779 U.S. Government agencies & GSEs 99,052 — 16,673 82,379 State and political subdivisions 292,236 23 52,802 239,457 Residential MBS, Agency & GSEs 1,360,395 9 223,439 1,136,965 Commercial MBS, Agency & GSEs 678,578 — 124,464 554,114 Supranational entities 15,000 — 2,782 12,218 Total $ 2,465,133 $ 32 $ 422,253 $ 2,042,912 As of December 31, 2023 U.S. Treasuries $ 19,864 $ — $ 1,914 $ 17,950 U.S. Government agencies & GSEs 99,052 — 15,689 83,363 State and political subdivisions 292,705 171 50,437 242,439 Residential MBS, Agency & GSEs 1,383,294 24 206,344 1,176,974 Commercial MBS, Agency & GSEs 680,933 — 118,539 562,394 Supranational entities $ 15,000 $ — $ 2,500 $ 12,500 Total $ 2,490,848 $ 195 $ 395,423 $ 2,095,620 The amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are presented below. (in thousands) Amortized Gross Unrealized Gross Unrealized Fair As of March 31, 2024 U.S. Treasuries $ 411,640 $ 5 $ 12,865 $ 398,780 U.S. Government agencies & GSEs 312,408 259 15,241 297,426 State and political subdivisions 181,829 — 18,566 163,263 Residential MBS, Agency & GSEs 1,337,504 250 132,233 1,205,521 Residential MBS, Non-agency 333,045 — 20,673 312,372 Commercial MBS, Agency & GSEs 693,011 100 39,653 653,458 Commercial MBS, Non-agency 20,165 — 542 19,623 Corporate bonds 213,371 130 17,601 195,900 Asset-backed securities 148,738 96 1,778 147,056 Total $ 3,651,711 $ 840 $ 259,152 $ 3,393,399 As of December 31, 2023 U.S. Treasuries $ 398,021 $ 39 $ 10,711 $ 387,349 U.S. Government agencies & GSEs 281,708 269 14,477 267,500 State and political subdivisions 182,546 5 18,502 164,049 Residential MBS, Agency & GSEs 1,315,064 300 125,012 1,190,352 Residential MBS, Non-agency 339,330 — 22,084 317,246 Commercial MBS, Agency & GSEs 656,004 1,073 39,017 618,060 Commercial MBS, Non-agency 24,269 — 675 23,594 Corporate bonds 218,285 64 17,127 201,222 Asset-backed securities 164,728 — 3,016 161,712 Total $ 3,579,955 $ 1,750 $ 250,621 $ 3,331,084 Securities with a carrying value of $2.90 billion and $4.12 billion, respectively, were pledged, primarily to secure public deposits at March 31, 2024 and to secure public deposits and provide contingent liquidity through the Bank Term Funding Program at the Federal Reserve Bank, at December 31, 2023. The Bank Term Funding Program was discontinued in the first quarter of 2024. The following table summarizes HTM debt securities in an unrealized loss position as of the dates indicated. Less than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of March 31, 2024 U.S. Treasuries $ — $ — $ 17,779 $ 2,093 $ 17,779 $ 2,093 U.S. Government agencies & GSEs — — 82,379 16,673 82,379 16,673 State and political subdivisions 13,297 88 217,862 52,714 231,159 52,802 Residential MBS, Agency & GSEs 355 3 1,135,361 223,436 1,135,716 223,439 Commercial MBS, Agency & GSEs — — 554,114 124,464 554,114 124,464 Supranational entities — — 12,218 2,782 12,218 2,782 Total unrealized loss position $ 13,652 $ 91 $ 2,019,713 $ 422,162 $ 2,033,365 $ 422,253 As of December 31, 2023 U.S. Treasuries $ — $ — $ 17,951 $ 1,914 $ 17,951 $ 1,914 U.S. Government agencies & GSEs — — 83,363 15,689 83,363 15,689 State and political subdivisions 2,986 13 217,547 50,424 220,533 50,437 Residential MBS, Agency & GSEs 311 2 1,175,263 206,342 1,175,574 206,344 Commercial MBS, Agency & GSEs 6,533 115 555,861 118,424 562,394 118,539 Supranational entities — — 12,500 2,500 12,500 2,500 Total unrealized loss position $ 9,830 $ 130 $ 2,062,485 $ 395,293 $ 2,072,315 $ 395,423 The following table summarizes AFS debt securities in an unrealized loss position as of the dates indicated. Less than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of March 31, 2024 U.S. Treasuries $ 270,743 $ 1,566 $ 102,963 $ 11,299 $ 373,706 $ 12,865 U.S. Government agencies & GSEs 40,825 216 177,406 15,025 218,231 15,241 State and political subdivisions — — 162,495 18,566 162,495 18,566 Residential MBS, Agency & GSEs 81,990 331 1,086,333 131,902 1,168,323 132,233 Residential MBS, Non-agency — — 312,372 20,673 312,372 20,673 Commercial MBS, Agency & GSEs 170,175 724 379,980 38,929 550,155 39,653 Commercial MBS, Non-agency — — 19,623 542 19,623 542 Corporate bonds 3,201 49 190,753 17,552 193,954 17,601 Asset-backed securities 3,214 3 118,321 1,775 121,535 1,778 Total unrealized loss position $ 570,148 $ 2,889 $ 2,550,246 $ 256,263 $ 3,120,394 $ 259,152 As of December 31, 2023 U.S. Treasuries $ 100,369 $ 39 $ 103,535 $ 10,672 $ 203,904 $ 10,711 U.S. Government agencies & GSEs 41,960 141 184,184 14,336 226,144 14,477 State and political subdivisions — — 163,278 18,502 163,278 18,502 Residential MBS, Agency & GSEs 50,014 672 1,108,290 124,340 1,158,304 125,012 Residential MBS, Non-agency — — 317,247 22,084 317,247 22,084 Commercial MBS, Agency & GSEs 98,052 2,494 342,390 36,523 440,442 39,017 Commercial MBS, Non-agency — — 23,594 675 23,594 675 Corporate bonds 4,016 116 195,329 17,011 199,345 17,127 Asset-backed securities 11,855 53 149,857 2,963 161,712 3,016 Total unrealized loss position $ 306,266 $ 3,515 $ 2,587,704 $ 247,106 $ 2,893,970 $ 250,621 At March 31, 2024, there were 639 AFS debt securities and 315 HTM debt securities that were in an unrealized loss position. United does not intend to sell nor does it believe it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2024 were primarily attributable to changes in interest rates. At March 31, 2024 and December 31, 2023, 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 March 31, 2024 or December 31, 2023. In addition, based on the assessments performed at March 31, 2024 and December 31, 2023, there was no ACL required related to the AFS portfolio. The following table presents accrued interest receivable on HTM and AFS debt securities, which was excluded from the estimate of credit losses, for the periods indicated. Accrued Interest Receivable (in thousands) March 31, 2024 December 31, 2023 HTM $ 5,942 $ 6,143 AFS 15,050 12,568 The amortized cost and fair value of AFS and HTM debt securities at March 31, 2024, by contractual maturity, are presented in the following table. AFS HTM (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year: U.S. Treasuries $ 122,246 $ 122,094 $ — $ — U.S. Government agencies & GSEs 371 357 — — State and political subdivisions 3,147 3,114 1,200 1,194 Corporate bonds 16,878 16,413 — — 142,642 141,978 1,200 1,194 1 to 5 years: U.S. Treasuries 289,394 276,686 19,872 17,779 U.S. Government agencies & GSEs 46,818 43,034 — — State and political subdivisions 27,823 25,762 27,197 25,579 Corporate bonds 152,155 140,542 — — 516,190 486,024 47,069 43,358 5 to 10 years: U.S. Government agencies & GSEs 129,138 122,597 72,635 61,301 State and political subdivisions 59,827 51,150 55,664 47,296 Corporate bonds 43,528 38,029 — — Supranational entities — — 15,000 12,218 232,493 211,776 143,299 120,815 More than 10 years: U.S. Government agencies & GSEs 136,081 131,438 26,417 21,078 State and political subdivisions 91,032 83,237 208,175 165,388 Corporate bonds 810 916 — — 227,923 215,591 234,592 186,466 Debt securities not due at a single maturity date: Asset-backed securities 148,738 147,056 — — Residential MBS 1,670,549 1,517,893 1,360,395 1,136,965 Commercial MBS 713,176 673,081 678,578 554,114 2,532,463 2,338,030 2,038,973 1,691,079 Total $ 3,651,711 $ 3,393,399 $ 2,465,133 $ 2,042,912 Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. 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 months ended March 31, 2024 and 2023 . Three Months Ended (in thousands) 2024 2023 Proceeds from sales $ 647 $ 380,661 Gross realized gains $ — $ 1,373 Gross realized losses — (3,017) Securities losses, net $ — $ (1,644) Income tax benefit attributable to sales $ — $ (374) |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans and Leases and Allowance for Credit Losses | Loans and Leases and Allowance for Credit Losses Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows. (in thousands) March 31, 2024 December 31, 2023 Owner occupied CRE $ 3,310,231 $ 3,264,051 Income producing CRE 4,206,322 4,263,952 Commercial & industrial 2,404,505 2,411,045 Commercial construction 1,936,074 1,859,538 Equipment financing 1,543,905 1,541,120 Total commercial 13,401,037 13,339,706 Residential mortgage 3,239,687 3,198,928 Home equity 969,020 958,987 Residential construction 257,279 301,650 Manufactured housing 328,121 336,474 Consumer 180,102 181,117 Total loans excluding fair value hedge basis adjustment 18,375,246 18,316,862 Fair value hedge basis adjustment (402) 1,893 Total loans 18,374,844 18,318,755 Less ACL - loans (210,934) (208,071) Loans, net $ 18,163,910 $ 18,110,684 Accrued interest receivable related to loans totaled $67.0 million at both March 31, 2024 and December 31, 2023, and was reported in other assets on the consolidated balance sheets. Accrued interest receivable was excluded from the estimate of credit losses. At March 31, 2024 and December 31, 2023, the loan portfolio included certain loans specifically pledged to the Federal Reserve as well as loans covered by a blanket lien on qualifying loan types with the FHLB to secure contingent funding sources. The following table presents the amortized cost of certain loans held for investment that were sold in the periods indicated. The gains on these loan sales were included in noninterest income on the consolidated statements of income. Three Months Ended March 31, (in thousands) 2024 2023 Guaranteed portion of SBA/USDA loans $ 9,388 $ 21,770 Equipment financing receivables 28,323 18,703 Total $ 37,711 $ 40,473 At March 31, 2024 and December 31, 2023, equipment financing receivables included leases of $74.8 million and $68.9 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below. (in thousands) March 31, 2024 December 31, 2023 Minimum future lease payments receivable $ 81,882 $ 75,198 Estimated residual value of leased equipment 4,737 4,445 Initial direct costs 1,566 1,402 Security deposits (437) (413) Unearned income (12,978) (11,711) Net investment in leases $ 74,770 $ 68,921 Minimum future lease payments expected to be received from equipment financing lease contracts as of March 31, 2024 were as follows: (in thousands) Year Remainder of 2024 $ 20,668 2025 23,996 2026 18,243 2027 12,703 2028 5,675 Thereafter 597 Total $ 81,882 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. 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 (in thousands) 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of March 31, 2024 Owner occupied CRE $ 3,300,380 $ 7,136 $ 405 $ — $ 2,310 $ 3,310,231 Income producing CRE 4,176,324 812 — — 29,186 4,206,322 Commercial & industrial 2,371,045 10,707 2,619 — 20,134 2,404,505 Commercial construction 1,932,826 1,311 75 — 1,862 1,936,074 Equipment financing 1,525,225 7,746 2,105 — 8,829 1,543,905 Total commercial 13,305,800 27,712 5,204 — 62,321 13,401,037 Residential mortgage 3,217,293 5,182 643 — 16,569 3,239,687 Home equity 960,734 2,638 664 — 4,984 969,020 Residential construction 255,899 51 85 — 1,244 257,279 Manufactured housing 298,850 7,869 1,605 — 19,797 328,121 Consumer 179,582 428 38 — 54 180,102 Total loans $ 18,218,158 $ 43,880 $ 8,239 $ — $ 104,969 $ 18,375,246 As of December 31, 2023 Owner occupied CRE $ 3,258,015 $ 2,942 $ — $ — $ 3,094 $ 3,264,051 Income producing CRE 4,230,140 3,684 — — 30,128 4,263,952 Commercial & industrial 2,388,076 8,129 1,373 — 13,467 2,411,045 Commercial construction 1,857,660 — — — 1,878 1,859,538 Equipment financing 1,522,962 5,895 3,758 — 8,505 1,541,120 Total commercial 13,256,853 20,650 5,131 — 57,072 13,339,706 Residential mortgage 3,179,329 4,622 1,033 — 13,944 3,198,928 Home equity 950,841 4,106 268 — 3,772 958,987 Residential construction 299,230 1,255 221 — 944 301,650 Manufactured housing 304,794 12,622 3,197 — 15,861 336,474 Consumer 180,245 686 92 — 94 181,117 Total loans $ 18,171,292 $ 43,941 $ 9,942 $ — $ 91,687 $ 18,316,862 At March 31, 2024 and December 31, 2023, United had $55.5 million and $48.5 million, respectively, in loans for which repayment is expected to be provided substantially through the operation or sale of the collateral. Estimated credit losses for these loans are based on the net realizable value of the collateral relative to the amortized cost of the loan. The majority of these loans are income producing CRE and commercial and industrial loans. The following table presents nonaccrual loans held for investment by loan class for the periods indicated. Nonaccrual Loans March 31, 2024 December 31, 2023 (in thousands) With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied CRE $ 1,072 $ 1,238 $ 2,310 $ 2,451 $ 643 $ 3,094 Income producing CRE 29,153 33 29,186 11,003 19,125 30,128 Commercial & industrial 14,038 6,096 20,134 11,940 1,527 13,467 Commercial construction 1,778 84 1,862 1,784 94 1,878 Equipment financing 92 8,737 8,829 57 8,448 8,505 Total commercial 46,133 16,188 62,321 27,235 29,837 57,072 Residential mortgage 3,368 13,201 16,569 1,836 12,108 13,944 Home equity 1,426 3,558 4,984 1,276 2,496 3,772 Residential construction 781 463 1,244 398 546 944 Manufactured housing — 19,797 19,797 — 15,861 15,861 Consumer — 54 54 2 92 94 Total $ 51,708 $ 53,261 $ 104,969 $ 30,747 $ 60,940 $ 91,687 Risk Ratings United categorizes commercial loans 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. Consumer Purpose Loans. United applies a pass / fail grading system to all 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 gross charge-offs by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands) . (in thousands) Term Loans by Origination Year Revolvers Revolvers converted to term loans Total As of March 31, 2024 2024 2023 2022 2021 2020 Prior Owner occupied CRE Pass $ 121,015 $ 643,801 $ 665,648 $ 594,768 $ 546,727 $ 501,390 $ 113,065 $ 17,263 $ 3,203,677 Special Mention 831 1,837 14,475 13,905 9,131 11,771 — 2,774 54,724 Substandard 1,398 7,750 9,010 15,079 4,137 13,025 1,431 — 51,830 Total owner occupied CRE $ 123,244 $ 653,388 $ 689,133 $ 623,752 $ 559,995 $ 526,186 $ 114,496 $ 20,037 $ 3,310,231 Current period gross charge-offs $ — $ 192 $ 17 $ — $ — $ 219 $ — $ — $ 428 Income producing CRE Pass $ 157,636 $ 570,861 $ 929,507 $ 835,019 $ 681,583 $ 668,180 $ 51,731 $ 12,087 $ 3,906,604 Special Mention 27,581 51,055 26,868 21,336 28,963 12,362 49 — 168,214 Substandard 38,515 48,474 9,076 2,460 5,439 27,487 — 53 131,504 Total income producing CRE $ 223,732 $ 670,390 $ 965,451 $ 858,815 $ 715,985 $ 708,029 $ 51,780 $ 12,140 $ 4,206,322 Current period gross charge-offs $ — $ — $ — $ — $ — $ 229 $ — $ — $ 229 Commercial & industrial Pass $ 97,538 $ 559,393 $ 398,107 $ 275,540 $ 122,578 $ 197,346 $ 578,784 $ 11,182 $ 2,240,468 Special Mention 10,752 2,434 3,821 6,862 8,432 8,090 34,656 313 75,360 Substandard 685 25,705 3,818 15,705 4,935 4,715 31,806 1,308 88,677 Total commercial & industrial $ 108,975 $ 587,532 $ 405,746 $ 298,107 $ 135,945 $ 210,151 $ 645,246 $ 12,803 $ 2,404,505 Current period gross charge-offs $ — $ 3,105 $ 409 $ 107 $ 111 $ 532 $ — $ 522 $ 4,786 Commercial construction Pass $ 160,727 $ 627,053 $ 667,547 $ 263,091 $ 62,508 $ 74,320 $ 65,090 $ 936 $ 1,921,272 Special Mention 4,849 204 118 4 — — — — 5,175 Substandard 1,578 6,030 1,064 30 720 205 — — 9,627 Total commercial construction $ 167,154 $ 633,287 $ 668,729 $ 263,125 $ 63,228 $ 74,525 $ 65,090 $ 936 $ 1,936,074 Current period gross charge-offs $ — $ — $ 53 $ — $ — $ — $ — $ — $ 53 Equipment financing Pass $ 192,828 $ 578,878 $ 452,224 $ 201,010 $ 68,999 $ 34,265 $ — $ — $ 1,528,204 Special Mention — — 815 2,311 900 674 — — 4,700 Substandard — 1,954 4,439 3,189 592 827 — — 11,001 Total equipment financing $ 192,828 $ 580,832 $ 457,478 $ 206,510 $ 70,491 $ 35,766 $ — $ — $ 1,543,905 Current period gross charge-offs $ — $ 1,219 $ 3,457 $ 2,199 $ 383 $ 31 $ — $ — $ 7,289 Residential mortgage Pass $ 102,601 $ 823,173 $ 941,593 $ 721,699 $ 311,808 $ 315,388 $ 6 $ 3,262 $ 3,219,530 Substandard 1,311 2,772 3,431 2,104 1,982 8,276 — 281 20,157 Total residential mortgage $ 103,912 $ 825,945 $ 945,024 $ 723,803 $ 313,790 $ 323,664 $ 6 $ 3,543 $ 3,239,687 Current period gross charge-offs $ — $ — $ 13 $ — $ — $ 3 $ — $ — $ 16 Home equity Pass $ — $ — $ — $ — $ — $ — $ 935,162 $ 28,461 $ 963,623 Substandard — — — — — — — 5,397 5,397 Total home equity $ — $ — $ — $ — $ — $ — $ 935,162 $ 33,858 $ 969,020 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ 7 $ 7 Residential construction Pass $ 15,109 $ 176,092 $ 44,524 $ 9,044 $ 4,941 $ 6,127 $ — $ 92 $ 255,929 Substandard 215 963 30 — 7 135 — — 1,350 Total residential construction $ 15,324 $ 177,055 $ 44,554 $ 9,044 $ 4,948 $ 6,262 $ — $ 92 $ 257,279 Current period gross charge-offs $ — $ 85 $ — $ 48 $ — $ — $ — $ — $ 133 Manufactured housing Pass $ — $ 43,191 $ 67,155 $ 47,387 $ 42,030 $ 106,805 $ — $ — $ 306,568 Substandard 128 2,018 5,055 3,903 3,816 6,633 — — 21,553 Total consumer $ 128 $ 45,209 $ 72,210 $ 51,290 $ 45,846 $ 113,438 $ — $ — $ 328,121 Current period gross charge-offs $ — $ 234 $ 615 $ 304 $ 149 $ 305 $ — $ — $ 1,607 Consumer Pass $ 27,459 $ 71,656 $ 33,669 $ 13,687 $ 9,517 $ 1,309 $ 22,067 $ 462 $ 179,826 Substandard 127 25 54 48 13 9 — — 276 Total consumer $ 27,586 $ 71,681 $ 33,723 $ 13,735 $ 9,530 $ 1,318 $ 22,067 $ 462 $ 180,102 Current period gross charge-offs $ 648 $ 55 $ 86 $ 18 $ 5 $ — $ — $ 49 $ 861 (in thousands) Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Owner occupied CRE Pass $ 643,752 $ 681,834 $ 615,571 $ 553,047 $ 202,068 $ 337,495 $ 117,212 $ 18,671 $ 3,169,650 Special Mention 2,409 7,877 7,070 4,815 9,221 2,245 100 254 33,991 Substandard 11,128 8,929 15,405 7,104 5,395 8,340 1,421 2,688 60,410 Total owner occupied CRE $ 657,289 $ 698,640 $ 638,046 $ 564,966 $ 216,684 $ 348,080 $ 118,733 $ 21,613 $ 3,264,051 Current period gross charge-offs $ 207 $ 48 $ — $ 819 $ — $ — $ — $ — $ 1,074 Income producing CRE Pass $ 661,093 $ 931,559 $ 851,529 $ 750,415 $ 302,845 $ 419,111 $ 50,659 $ 13,247 $ 3,980,458 Special Mention 48,358 26,751 18,989 25,964 6,387 6,173 — — 132,622 Substandard 68,032 9,998 2,523 21,037 28,877 20,351 — 54 150,872 Total income producing CRE $ 777,483 $ 968,308 $ 873,041 $ 797,416 $ 338,109 $ 445,635 $ 50,659 $ 13,301 $ 4,263,952 Current period gross charge-offs $ 3,033 $ 2,534 $ — $ — $ — $ 2,291 $ — $ — $ 7,858 Commercial & industrial Pass $ 610,288 $ 425,626 $ 299,170 $ 130,586 $ 82,710 $ 130,190 $ 581,871 $ 13,332 $ 2,273,773 Special Mention 6,459 2,068 472 5,430 5,473 718 14,861 274 35,755 Substandard 10,906 5,713 22,635 8,557 4,499 1,610 46,282 1,315 101,517 Total commercial & industrial $ 627,653 $ 433,407 $ 322,277 $ 144,573 $ 92,682 $ 132,518 $ 643,014 $ 14,921 $ 2,411,045 Current period gross charge-offs $ 5,999 $ 1,627 $ 13,153 $ 2,377 $ 400 $ 157 $ — $ 1,825 $ 25,538 Commercial construction Pass $ 665,792 $ 638,761 $ 293,276 $ 95,046 $ 59,471 $ 24,698 $ 62,370 $ 966 $ 1,840,380 Special Mention 28 124 6 — — — — — 158 Substandard 16,253 1,784 31 723 127 82 — — 19,000 Total commercial construction $ 682,073 $ 640,669 $ 293,313 $ 95,769 $ 59,598 $ 24,780 $ 62,370 $ 966 $ 1,859,538 Current period gross charge-offs $ — $ 60 $ — $ — $ — $ — $ — $ — $ 60 Equipment financing Pass $ 673,201 $ 496,336 $ 233,422 $ 83,507 $ 41,053 $ 3,722 $ — $ — $ 1,531,241 Substandard 1,471 4,141 2,487 960 817 3 — — 9,879 Total equipment financing $ 674,672 $ 500,477 $ 235,909 $ 84,467 $ 41,870 $ 3,725 $ — $ — $ 1,541,120 Current period gross charge-offs $ 474 $ 10,902 $ 9,764 $ 1,960 $ 786 $ 320 $ — $ — $ 24,206 Residential mortgage Pass $ 839,825 $ 955,592 $ 734,078 $ 318,886 $ 84,736 $ 245,648 $ 6 $ 3,415 $ 3,182,186 Substandard 2,001 3,078 2,715 1,074 1,331 6,295 — 248 16,742 Total residential mortgage $ 841,826 $ 958,670 $ 736,793 $ 319,960 $ 86,067 $ 251,943 $ 6 $ 3,663 $ 3,198,928 Current period gross charge-offs $ — $ 51 $ — $ — $ — $ 38 $ — $ — $ 89 Home equity Pass $ — $ — $ — $ — $ — $ — $ 926,596 $ 28,412 $ 955,008 Substandard — — — — — — — 3,979 3,979 Total home equity $ — $ — $ — $ — $ — $ — $ 926,596 $ 32,391 $ 958,987 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ 167 $ 167 Residential construction Pass $ 208,798 $ 70,011 $ 9,827 $ 5,201 $ 1,046 $ 5,614 $ — $ 93 $ 300,590 Substandard 878 31 — 6 38 107 — — 1,060 Total residential construction $ 209,676 $ 70,042 $ 9,827 $ 5,207 $ 1,084 $ 5,721 $ — $ 93 $ 301,650 Current period gross charge-offs $ — $ 1,111 $ — $ — $ — $ — $ — $ — $ 1,111 Manufactured housing Pass $ 45,065 $ 69,424 $ 48,814 $ 43,735 $ 31,321 $ 80,284 $ — $ — $ 318,643 Substandard 1,078 4,665 3,601 3,020 1,291 4,176 — — 17,831 Total consumer $ 46,143 $ 74,089 $ 52,415 $ 46,755 $ 32,612 $ 84,460 $ — $ — $ 336,474 Current period gross charge-offs $ 38 $ 1,503 $ 985 $ 419 $ 279 $ 690 $ — $ — $ 3,914 Consumer Pass $ 86,142 $ 39,593 $ 16,191 $ 10,350 $ 1,212 $ 623 $ 26,239 $ 534 $ 180,884 Substandard 50 55 53 25 5 13 32 — 233 Total consumer $ 86,192 $ 39,648 $ 16,244 $ 10,375 $ 1,217 $ 636 $ 26,271 $ 534 $ 181,117 Current period gross charge-offs $ 3,245 $ 241 $ 233 $ 38 $ 15 $ 1 $ 5 $ 204 $ 3,982 Modifications to Borrowers Experiencing Financial Difficulty The period-end amortized cost and additional information regarding the modified terms of loans modified under the terms of a FDM during the three months ended March 31, 2024 and 2023 are presented in the following tables . Three Months Ended March 31, 2024 New FDMs Defaults within 12 months of modification (in thousands) Amortized Cost % of Total Class of Receivable Owner occupied CRE $ 1,950 0.1 % $ — Income producing CRE 28,540 0.7 — Commercial & industrial 6,575 0.3 — Equipment financing 1,393 0.1 228 Residential mortgage 1,228 — — Residential construction 100 — — Manufactured housing 128 — — Consumer 125 0.1 — Total $ 40,039 0.2 $ 228 Three Months Ended March 31, 2024 New FDMs (dollars in thousands) Weighted Average Modification Extension Owner occupied CRE $ 243 1 year Commercial & industrial 6,117 7 months Residential mortgage 27 1 year Consumer 125 5 months Total 6,512 Payment Delay Owner occupied CRE (1) 266 N/A Income producing CRE 28,540 1 year Commercial & industrial (1) 179 6 months Residential construction 100 6 months Total 29,085 Payment Delay and Extension Commercial & industrial 279 Payment delay: 4 months; Extension: 3 years Equipment financing 1,393 Extension and payment delay: 7 months Total 1,672 Rate Reduction and Extension Residential mortgage 1,201 Rate reduction: 444 basis points; Extension: 2 years Manufactured housing 128 Rate reduction: 624 basis points; Extension: 6 years Total 1,329 Rate Reduction and Payment Delay Owner occupied CRE 1,441 Rate reduction: 75 basis points; Payment delay: 6 months Total $ 40,039 (1) Payment delay FDMs in bankruptcy status are excluded from the weighted average payment delay calculation. Three Months Ended March 31, 2023 New FDMs Defaults within 12 months of modification Amortized Cost by Type of Modification (in thousands) Extension Payment Delay Rate Reduction & Extension Total % of Total Class of Receivable Commercial & industrial $ — $ 6,170 $ — $ 6,170 0.3 % $ — Equipment financing 5,211 — — 5,211 0.4 — Residential mortgage — — 57 57 — — Manufactured housing — — 152 152 — — Total $ 5,211 $ 6,170 $ 209 $ 11,590 0.1 $ — During the three months ended March 31, 2023, equipment financing FDMs typically consist of one or more three-month extensions beyond the original maturity date. For the three months ended March 31, 2023, commercial and industrial payment delay modifications consisted of one or more three-month periods during which principal payments were deferred but interest payments continued to be paid. During the three months ended March 31, 2023, FDMs categorized as rate reduction and extensions in the residential mortgage and manufactured housing categories resulted in a decrease in the weighted average interest rate on these FDMs of 621 bps and extended the weighted average maturity by 6.5 years. 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 March 31, 2024 and December 31, 2023, 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 commercial construction, income producing CRE, owner occupied CRE, multifamily loans (included in income producing CRE) and commercial & industrial loans, at March 31, 2024, the expected default rate was adjusted by a model overlay based on expectations of future performance. At March 31, 2024, the third party vendor’s baseline forecast was similar to the forecast at December 31, 2023. At March 31, 2024 United applied qualitative adjustments to the model output for the residential mortgage portfolio to account for the ongoing performance stability of the portfolio. United also applied qualitative adjustments to the equipment finance portfolio due to an elevated default rate that resulted from a higher level of recent charge-offs that was mostly coming from the long-haul trucking equipment segment, a small portion of the portfolio deemed not representative of the entire equipment financing portfolio. For periods beyond the reasonable and supportable forecast period of one year, United reverted to historical credit loss information on a straight line basis over two years. For most collateral types, United reverted to through-the-cycle average default rates using peer data from 2000 to 2017. For loans secured by residential mortgages and manufactured housing, the peer data was adjusted for changes in lending practices designed to mitigate the magnitude of losses observed during the 2008 mortgage crisis. The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated. Three Months Ended March 31, 2024 (in thousands) Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied CRE $ 23,542 $ (428) $ 226 $ (3,682) $ 19,658 Income producing CRE 47,755 (229) 24 (752) 46,798 Commercial & industrial 30,890 (4,786) 880 4,874 31,858 Commercial construction 21,741 (53) 33 (1,698) 20,023 Equipment financing 33,383 (7,289) 927 12,961 39,982 Residential mortgage 28,219 (16) 32 401 28,636 Home equity 9,647 (7) 61 14 9,715 Residential construction 1,833 (133) 14 (185) 1,529 Manufactured housing 10,339 (1,607) 38 3,274 12,044 Consumer 722 (861) 266 564 691 ACL - loans 208,071 (15,409) 2,501 15,771 210,934 ACL - unfunded commitments 16,057 — — (2,872) 13,185 Total ACL $ 224,128 $ (15,409) $ 2,501 $ 12,899 $ 224,119 Three Months Ended March 31, 2023 (in thousands) Beginning Initial ACL - PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied CRE $ 19,834 $ 181 $ (207) $ 117 $ 906 $ 20,831 Income producing CRE 32,082 307 (2,781) 475 3,524 33,607 Commercial & industrial 23,504 1,358 (898) 673 3,675 28,312 Commercial construction 20,120 39 — 37 1,877 22,073 Equipment financing 23,395 — (4,027) 652 6,175 26,195 Residential mortgage 20,809 157 (19) 106 3,029 24,082 Home equity 8,707 534 (121) 88 1,129 10,337 Residential construction 2,049 124 — 15 (145) 2,043 Manufactured housing 8,098 — (654) 26 954 8,424 Consumer 759 4 (817) 251 433 630 ACL - loans 159,357 2,704 (9,524) 2,440 21,557 176,534 ACL - unfunded commitments 21,163 — — — 226 21,389 Total ACL $ 180,520 $ 2,704 $ (9,524) $ 2,440 $ 21,783 $ 197,923 (1) Represents the initial ACL related to PCD loans acquired in the Progress transaction. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (in thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Cash flow hedge of subordinated debt $ 100,000 $ 13,840 $ — $ 100,000 $ 13,168 $ — Cash flow hedges of trust preferred securities 20,000 — — 20,000 — — Fair value hedges of AFS debt securities 649,520 — — 655,511 — — Fair value hedges of loans 1,650,000 — — 150,000 — — Total 2,419,520 13,840 — 925,511 13,168 — Derivatives not designated as hedging instruments: Customer derivative positions 1,173,714 1,358 77,635 1,177,275 3,461 68,384 Dealer offsets to customer derivative positions 1,173,714 25,588 1,337 1,197,364 23,061 4,597 Risk participations 89,811 1 6 90,597 1 8 Mortgage banking - loan commitments 67,260 1,630 — 48,452 1,089 — Mortgage banking - forward sales commitment 105,251 89 180 81,671 20 658 Bifurcated embedded derivatives 51,935 10,696 — 51,935 9,552 — Dealer offsets to bifurcated embedded derivatives 51,935 — 12,255 51,935 — 11,164 Total 2,713,620 39,362 91,413 2,699,229 37,184 84,811 Total derivatives $ 5,133,140 $ 53,202 $ 91,413 $ 3,624,740 $ 50,352 $ 84,811 Total gross derivative instruments $ 53,202 $ 91,413 $ 50,352 $ 84,811 Less: Amounts subject to master netting agreements (1,444) (1,444) (4,683) (4,683) Less: Cash collateral received/pledged (39,841) (12,593) (33,921) (11,330) Net amount $ 11,917 $ 77,376 $ 11,748 $ 68,798 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 As of March 31, 2024 and December 31, 2023, 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. 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 $5.32 million of gains from AOCI into earnings related to these agreements. Fair Value Hedges of Interest Rate Risk United uses interest rate derivatives to manage its exposure to changes in fair value attributable to changes in interest rates on certain of its fixed-rate financial instruments. 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 first quarter of 2024, United entered into additional fair value hedges on stated amounts of closed portfolios of loans 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. Affected Income Statement Line Item Increase/(Decrease) to Earnings Three Months Ended March 31, (in thousands) 2024 2023 Fair value hedges: AFS securities: Amounts related to interest settlements on derivatives $ 2,856 $ — Gain recognized on derivative 9,462 — Loss recognized on hedged items (9,798) — Net income recognized on AFS securities fair value hedges Interest revenue- investment securities $ 2,520 $ — Loans: Amounts related to interest settlements on derivatives 1,298 — Gain recognized on derivatives 2,158 — Loss recognized on hedged items (2,295) — Net income recognized on loan fair value hedges Interest revenue - loans, including fees 1,161 — Cash flow hedges: Long-term debt (1) Interest expense- long term debt $ 1,440 $ 822 (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $118,000 and $116,000 for the three months ended March 31, 2024 and 2023, respectively. The table below presents the carrying amount of hedged items and cumulative fair value hedging basis adjustments for the periods presented. All fair value hedges of AFS debt securities and loans at March 31, 2024 and December 31, 2023 were designated under the portfolio layer method. (in thousands) March 31, 2024 December 31, 2023 Balance Sheet Location Carrying Amount Hedge Accounting Basis Adjustment Hedged Portfolio Layer Carrying Amount Hedge Accounting Basis Adjustment Hedged Portfolio Layer Debt securities AFS (1) $ 783,148 $ (14,471) $ 649,520 $ 789,908 $ (4,673) $ 655,511 Loans and leases held for investment 5,408,116 (402) 1,650,000 1,017,379 1,893 150,000 (1) Carrying amount for AFS debt securities reflects amortized cost, which excludes the 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. 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. Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, (in thousands) 2024 2023 Customer derivatives and dealer offsets Other noninterest income $ (245) $ 367 Bifurcated embedded derivatives and dealer offsets Other noninterest income (192) (533) Mortgage banking derivatives Mortgage loan revenue 901 1,227 Risk participations Other noninterest income 2 (12) $ 466 $ 1,049 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 | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, 2024 December 31, 2023 Core deposit intangible $ 100,694 $ 104,174 Less: accumulated amortization (40,704) (40,495) Net core deposit intangible 59,990 63,679 Customer relationship intangible 8,400 8,400 Less: accumulated amortization (2,104) (1,906) Net customer relationship intangible 6,296 6,494 Total intangibles subject to amortization, net (1) 66,286 70,173 Goodwill 921,253 919,914 Total goodwill and other intangible assets, net $ 987,539 $ 990,087 (1) As intangible assets become fully amortized, they are excluded from balances presented. The following is a summary of changes in the carrying amounts of goodwill: Three Months Ended (in thousands) 2024 2023 Balance, beginning of period (1) $ 919,914 $ 751,174 Acquisitions — 145,544 Measurement period adjustment - First Miami (2) 1,339 — Balance, end of period (1) $ 921,253 $ 896,718 (1) Goodwill balances are shown net of accumulated impairment losses of $306 million incurred prior to 2023. (2) See Note 4 for further details. The estimated aggregate amortization expense for future periods for finite-lived intangibles is as follows: (in thousands) Year Remainder of 2024 $ 10,960 2025 12,774 2026 10,896 2027 9,018 2028 7,236 Thereafter 15,402 Total $ 66,286 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
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 those assumptions, United uses a fair value hierarchy that distinguishes between 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 (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 purchased to provide returns mirroring those promised to participants in the employee deferred compensation plan. These assets are mutual funds classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the participant, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Deferred compensation plan liabilities are unsecured general obligations of United. Mortgage Loans Held for Sale United has elected the fair value option for most of its newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan, and are classified as Level 2. Derivative Financial Instruments United uses derivatives to manage interest rate risk. The valuation of these instruments is typically determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. United also uses best effort and mandatory delivery forward loan sale commitments to hedge risk in its mortgage lending business. United incorporates CVAs as necessary to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. Management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. However, the CVAs associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. Generally, management’s assessment of the significance of the CVAs has indicated that they are not a significant input to the overall valuation of the derivatives. In cases when management’s assessment indicates that the CVA is a significant input, the related derivative is disclosed as a Level 3 value. In other cases, derivatives are categorized as Level 3 when there is not an observable forward-rate curve available for the duration of the contract. Other derivatives classified as Level 3 include structured derivatives for which broker quotes, used as a key valuation input, were not observable. Risk participation agreements are classified as Level 3 instruments due to the incorporation of significant Level 3 inputs used to evaluate the probability of funding and the likelihood of customer default. Interest rate lock commitments, which relate to mortgage loan commitments, are categorized as Level 3 instruments as the fair value of these instruments is based on unobservable inputs for commitments that United does not expect to fund. Servicing Rights for Residential and SBA/USDA Loans United recognizes servicing rights upon the sale of residential and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of these assets, the key valuation inputs are unobservable and management classifies these assets as Level 3. Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall. (in thousands) March 31, 2024 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 398,780 $ — $ — $ 398,780 U.S. Government agencies & GSEs — 297,426 — 297,426 State and political subdivisions — 163,263 — 163,263 Residential MBS — 1,517,893 — 1,517,893 Commercial MBS — 673,081 — 673,081 Corporate bonds — 193,740 2,160 195,900 Asset-backed securities — 147,056 — 147,056 Equity securities with readily determinable fair values 4,553 1,787 — 6,340 Mortgage loans held for sale — 38,140 — 38,140 Deferred compensation plan assets 13,124 — — 13,124 Servicing rights for SBA/USDA loans — — 5,507 5,507 Residential mortgage servicing rights — — 37,358 37,358 Derivative financial instruments — 40,391 12,811 53,202 Total assets $ 416,457 $ 3,072,777 $ 57,836 $ 3,547,070 Liabilities: Deferred compensation plan liability $ 13,119 $ — $ — $ 13,119 Derivative financial instruments — 78,228 13,185 91,413 Total liabilities $ 13,119 $ 78,228 $ 13,185 $ 104,532 (in thousands) December 31, 2023 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 387,349 $ — $ — $ 387,349 U.S. Government agencies & GSEs — 267,500 — 267,500 State and political subdivisions — 164,049 — 164,049 Residential MBS — 1,507,598 — 1,507,598 Commercial MBS — 641,654 — 641,654 Corporate bonds — 199,017 2,205 201,222 Asset-backed securities — 161,712 — 161,712 Equity securities with readily determinable fair values 5,767 1,628 — 7,395 Mortgage loans held for sale — 33,008 — 33,008 Deferred compensation plan assets 12,791 — — 12,791 Servicing rights for SBA/USDA loans — — 5,444 5,444 Residential mortgage servicing rights — — 35,897 35,897 Derivative financial instruments — 39,710 10,642 50,352 Total assets $ 405,907 $ 3,015,876 $ 54,188 $ 3,475,971 Liabilities: Deferred compensation plan liability $ 12,838 $ — $ — $ 12,838 Derivative financial instruments — 73,639 11,172 84,811 Total liabilities $ 12,838 $ 73,639 $ 11,172 $ 97,649 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. 2024 2023 (in thousands) 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 March 31, Beginning balance $ 10,642 $ 11,172 $ 5,444 $ 35,897 $ 2,205 $ 11,513 $ 12,840 $ 5,188 $ 36,559 $ 2,212 Business combinations — — — — — — — 95 — — Additions 1,466 — 170 718 — — 3 460 632 — Transfers from Level 2 484 925 — — — — — — — — Sales and settlements (923) — (241) (760) — (11) — (220) (452) — Fair value adjustments included in OCI — — — — (45) — — — — 15 Fair value adjustments included in earnings 1,142 1,088 134 1,503 — (154) (1,648) 766 (658) — Ending balance $ 12,811 $ 13,185 $ 5,507 $ 37,358 $ 2,160 $ 11,348 $ 11,195 $ 6,289 $ 36,081 $ 2,227 The following table presents quantitative information about significant Level 3 inputs for fair value on a recurring basis as of the dates indicated. Level 3 Assets and Liabilities Valuation Technique Significant Unobservable Inputs March 31, 2024 December 31, 2023 Range Weighted Average Range Weighted Average SBA/USDA loan servicing rights Discounted cash flow Discount rate 3.6% - 25.0% 12.7 % 8.4% - 25.0% 16.2 % Prepayment rate 2.0 - 38.0 19.3 3.5 - 37.4 18.5 Residential mortgage servicing rights Discounted cash flow Discount rate 10.0 - 12.5 10.1 10.0 - 15.0 10.0 Prepayment rate 6.5 - 30.0 7.9 6.5 - 29.9 8.0 Corporate bonds Discounted cash flow Discount rate 6.6 - 7.2 7.0 6.1 - 6.7 6.5 Derivative assets - mortgage Internal model Pull through rate 64.0 - 100 90.5 60.0 - 100 90.5 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. 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. Mortgage Loans Held for Sale (in thousands) March 31, 2024 December 31, 2023 Outstanding principal balance $ 36,951 $ 31,788 Fair value 38,140 33,008 Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale Location Three Months Ended (in thousands) 2024 2023 Mortgage loan gains and other related fees $ (31) $ 231 Changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of assets that were still held as of March 31, 2024 and December 31, 2023, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented. (in thousands) Level 1 Level 2 Level 3 Total March 31, 2024 Loans held for investment $ — $ — $ 15,579 $ 15,579 December 31, 2023 Loans held for investment $ — $ — $ 36,984 $ 36,984 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 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 values associated with these instruments are 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. Fair Value Level (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total March 31, 2024 Assets: HTM debt securities $ 2,465,133 $ 17,779 $ 2,025,133 $ — $ 2,042,912 Loans and leases, net 18,163,910 — — 17,622,063 17,622,063 Liabilities: Deposits 23,332,009 — 23,320,033 — 23,320,033 Long-term debt 324,854 — — 310,182 310,182 December 31, 2023 Assets: HTM debt securities $ 2,490,848 $ 17,950 $ 2,077,670 $ — $ 2,095,620 Loans and leases, net 18,110,684 — — 17,585,073 17,585,073 Liabilities: Deposits 23,310,611 — 23,305,223 — 23,305,223 Long-term debt 324,823 — — 310,060 310,060 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
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 exercise period not to exceed ten years. Certain options and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan document). As of March 31, 2024, the plan covered 2.13 million shares that could be issued pursuant to additional awards granted under the plan. The table below presents restricted stock unit and option activity for the three months ended March 31, 2024. Restricted Stock Unit Awards Options Shares Weighted- Aggregate Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2023 929,367 $ 28.85 406,737 $ 21.19 Granted 171,905 28.42 — — Released / Exercised (42,467) 30.67 $ 1,175 (55,654) 20.32 $ 375 Cancelled (55,672) 27.55 (2,353) 26.05 Outstanding at March 31, 2024 1,003,133 28.80 26,402 348,730 21.29 5.0 1,755 Vested / Exercisable at March 31, 2024 — — 348,730 21.29 5.0 1,755 No compensation expense relating to options was included in earnings for the three months ended March 31, 2024 and 2023. 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 three months ended March 31, 2024 and 2023, expense of $2.22 million and $2.36 million, respectively, was recognized related to restricted stock unit and performance stock unit awards granted to United employees, which was included in salaries and employee benefits expense. In addition, for the three months ended March 31, 2024 and 2023, $183,000 and $122,000, respectively, was recognized in other expense for restricted stock unit awards granted to members of United’s Board of Directors. |
Reclassifications Out of AOCI
Reclassifications Out of AOCI | 3 Months Ended |
Mar. 31, 2024 | |
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. Amounts shown in parentheses reduce earnings. (in thousands) Details about AOCI Components Three Months Ended Affected Line Item in the Statement Where Net Income is Presented 2024 2023 Realized losses on AFS securities: $ — $ (1,644) Securities losses, net — 374 Income tax expense $ — $ (1,270) Net of tax Amortization of unrealized losses on HTM securities transferred from AFS: $ (2,063) $ (2,968) Investment securities interest revenue 493 720 Income tax expense $ (1,570) $ (2,248) Net of tax Reclassifications related to derivative instruments accounted for as cash flow hedges: Interest rate contracts $ 1,440 $ 822 Long-term debt interest expense (368) (210) Income tax expense $ 1,072 $ 612 Net of tax Amortization of defined benefit pension plan net periodic pension cost components: Prior service cost $ (44) $ (61) Salaries and employee benefits expense 11 16 Income tax expense $ (33) $ (45) Net of tax Total reclassifications for the period $ (531) $ (2,951) Net of tax |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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. Three Months Ended (in thousands, except per share data) 2024 2023 Net income $ 62,631 $ 62,300 Dividends on preferred stock (1,573) (1,719) Earnings allocated to participating securities (345) (339) Net income available to common shareholders $ 60,713 $ 60,242 Weighted average shares outstanding: Basic 119,662 115,451 Effect of dilutive securities: Stock options 81 233 Restricted stock units — 31 Diluted 119,743 115,715 Net income per common share: Basic $ 0.51 $ 0.52 Diluted $ 0.51 $ 0.52 At March 31, 2024, United excluded from the computation of earnings per share 984 potentially dilutive shares of common stock issuable upon exercise of stock options because of their antidilutive effect. At March 31, 2023, United had no potentially dilutive instruments outstanding that were not included in the computation. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Matters | Regulatory Matters As of March 31, 2024, 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 March 31, 2024, and there have been no conditions or events since quarter-end that would change the status of well-capitalized. Regulatory capital ratios at March 31, 2024 and December 31, 2023, 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: United Community Banks, Inc. United Community Bank (dollars in thousands) Minimum (1) Well- March 31, December 31, March 31, December 31, Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.39 % 12.16 % 12.60 % 12.22 % Tier 1 capital 6.0 8.0 12.83 12.60 12.60 12.22 Total capital 8.0 10.0 14.64 14.49 13.63 13.23 Leverage ratio 4.0 5.0 9.69 9.47 9.50 9.17 CET1 capital $ 2,468,825 $ 2,432,518 $ 2,502,765 $ 2,435,962 Tier 1 capital 2,557,091 2,520,784 2,502,765 2,435,962 Total capital 2,917,664 2,898,474 2,707,793 2,638,009 Risk-weighted assets 19,933,869 20,007,236 19,861,459 19,933,429 Average total assets for the leverage ratio 26,400,773 26,621,561 26,351,912 26,563,946 (1) As of March 31, 2024 and December 31, 2023 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated. (in thousands) March 31, 2024 December 31, 2023 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 4,075,892 $ 4,305,483 Letters of credit 66,587 61,808 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 March 31, 2024 December 31, 2023 Investments in LIHTC: Carrying amount Other assets $ 57,728 $ 48,867 Amount of future funding commitments included in carrying amount Other liabilities 22,178 14,176 Lending exposure Loans and leases held for investment 11,691 803 Renewable energy investments: Carrying amount Other assets 4,594 18,631 Amount of future funding commitments (1) N/A 14,406 14,406 Fintech funds and certain other equity method investments: Carrying amount Other assets 34,401 33,720 Amount of future funding commitments not included in carrying amount N/A 28,313 25,008 (1) Starting in 2024, United no longer records future funding commitments related to its renewable energy investments on the balance sheet. Prior to 2024, these commitments were included in other liabilities. The following table presents a summary of tax credits and amortization expense associated with the United’s tax credit investment activity. Activity related to renewable energy investments was not material to the financials for the period presented. (dollars in thousands) Income Statement Location Three Months Ended Investments in LIHTC: Income tax credits and other income tax benefits Income tax expense $ (1,996) Amortization expense Income tax expense 1,831 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net of tax | $ 62,631 | $ 62,300 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation United’s accounting and financial reporting policies conform to GAAP and reporting guidelines of banking regulatory authorities. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its 2023 10-K. |
Recently Adopted Standards and Accounting Standards Updates Issued But Not Yet Adopted | Recently Adopted Standards In March 2023, 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 PAM and related disclosures to tax equity investments other than LIHTC, providing certain conditions are met. The election to apply PAM must be made on a tax-credit-program by tax-credit-program basis rather than at the reporting entity level or to individual investments. United adopted this update using a modified retrospective transition method as of January 1, 2024, with no impact to shareholders’ equity; thus, no cumulative effect adjustment to retained earnings was recorded. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 and 2023 is as follows. Three Months Ended March 31, (in thousands) 2024 2023 Significant non-cash investing and financing transactions: Commitments to fund equity investments $ 10,693 $ 20,000 Acquisitions: Assets acquired — 1,903,930 Liabilities assumed — 1,597,022 Net assets acquired — 306,908 Common stock issued and options converted — 306,461 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Actual Results and Pro Forma Information | The actual results and pro forma information were as follows: Three Months Ended (in thousands) Revenue Net Income Actual Progress results included in statement of income since acquisition date $ 6,652 $ 1,810 Supplemental consolidated pro forma as if Progress had been acquired January 1, 2022 229,541 75,209 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost Basis, Unrealized Gains and Losses and Fair value of HTM Debt Securities | The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows. (in thousands) Amortized Gross Unrealized Gross Unrealized Fair As of March 31, 2024 U.S. Treasuries $ 19,872 $ — $ 2,093 $ 17,779 U.S. Government agencies & GSEs 99,052 — 16,673 82,379 State and political subdivisions 292,236 23 52,802 239,457 Residential MBS, Agency & GSEs 1,360,395 9 223,439 1,136,965 Commercial MBS, Agency & GSEs 678,578 — 124,464 554,114 Supranational entities 15,000 — 2,782 12,218 Total $ 2,465,133 $ 32 $ 422,253 $ 2,042,912 As of December 31, 2023 U.S. Treasuries $ 19,864 $ — $ 1,914 $ 17,950 U.S. Government agencies & GSEs 99,052 — 15,689 83,363 State and political subdivisions 292,705 171 50,437 242,439 Residential MBS, Agency & GSEs 1,383,294 24 206,344 1,176,974 Commercial MBS, Agency & GSEs 680,933 — 118,539 562,394 Supranational entities $ 15,000 $ — $ 2,500 $ 12,500 Total $ 2,490,848 $ 195 $ 395,423 $ 2,095,620 |
Schedule of Amortized Cost Basis, Unrealized Gains and Losses and Fair Value of AFS Debt Securities | The amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are presented below. (in thousands) Amortized Gross Unrealized Gross Unrealized Fair As of March 31, 2024 U.S. Treasuries $ 411,640 $ 5 $ 12,865 $ 398,780 U.S. Government agencies & GSEs 312,408 259 15,241 297,426 State and political subdivisions 181,829 — 18,566 163,263 Residential MBS, Agency & GSEs 1,337,504 250 132,233 1,205,521 Residential MBS, Non-agency 333,045 — 20,673 312,372 Commercial MBS, Agency & GSEs 693,011 100 39,653 653,458 Commercial MBS, Non-agency 20,165 — 542 19,623 Corporate bonds 213,371 130 17,601 195,900 Asset-backed securities 148,738 96 1,778 147,056 Total $ 3,651,711 $ 840 $ 259,152 $ 3,393,399 As of December 31, 2023 U.S. Treasuries $ 398,021 $ 39 $ 10,711 $ 387,349 U.S. Government agencies & GSEs 281,708 269 14,477 267,500 State and political subdivisions 182,546 5 18,502 164,049 Residential MBS, Agency & GSEs 1,315,064 300 125,012 1,190,352 Residential MBS, Non-agency 339,330 — 22,084 317,246 Commercial MBS, Agency & GSEs 656,004 1,073 39,017 618,060 Commercial MBS, Non-agency 24,269 — 675 23,594 Corporate bonds 218,285 64 17,127 201,222 Asset-backed securities 164,728 — 3,016 161,712 Total $ 3,579,955 $ 1,750 $ 250,621 $ 3,331,084 |
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. Less than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of March 31, 2024 U.S. Treasuries $ — $ — $ 17,779 $ 2,093 $ 17,779 $ 2,093 U.S. Government agencies & GSEs — — 82,379 16,673 82,379 16,673 State and political subdivisions 13,297 88 217,862 52,714 231,159 52,802 Residential MBS, Agency & GSEs 355 3 1,135,361 223,436 1,135,716 223,439 Commercial MBS, Agency & GSEs — — 554,114 124,464 554,114 124,464 Supranational entities — — 12,218 2,782 12,218 2,782 Total unrealized loss position $ 13,652 $ 91 $ 2,019,713 $ 422,162 $ 2,033,365 $ 422,253 As of December 31, 2023 U.S. Treasuries $ — $ — $ 17,951 $ 1,914 $ 17,951 $ 1,914 U.S. Government agencies & GSEs — — 83,363 15,689 83,363 15,689 State and political subdivisions 2,986 13 217,547 50,424 220,533 50,437 Residential MBS, Agency & GSEs 311 2 1,175,263 206,342 1,175,574 206,344 Commercial MBS, Agency & GSEs 6,533 115 555,861 118,424 562,394 118,539 Supranational entities — — 12,500 2,500 12,500 2,500 Total unrealized loss position $ 9,830 $ 130 $ 2,062,485 $ 395,293 $ 2,072,315 $ 395,423 |
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. Less than 12 Months 12 Months or More Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of March 31, 2024 U.S. Treasuries $ 270,743 $ 1,566 $ 102,963 $ 11,299 $ 373,706 $ 12,865 U.S. Government agencies & GSEs 40,825 216 177,406 15,025 218,231 15,241 State and political subdivisions — — 162,495 18,566 162,495 18,566 Residential MBS, Agency & GSEs 81,990 331 1,086,333 131,902 1,168,323 132,233 Residential MBS, Non-agency — — 312,372 20,673 312,372 20,673 Commercial MBS, Agency & GSEs 170,175 724 379,980 38,929 550,155 39,653 Commercial MBS, Non-agency — — 19,623 542 19,623 542 Corporate bonds 3,201 49 190,753 17,552 193,954 17,601 Asset-backed securities 3,214 3 118,321 1,775 121,535 1,778 Total unrealized loss position $ 570,148 $ 2,889 $ 2,550,246 $ 256,263 $ 3,120,394 $ 259,152 As of December 31, 2023 U.S. Treasuries $ 100,369 $ 39 $ 103,535 $ 10,672 $ 203,904 $ 10,711 U.S. Government agencies & GSEs 41,960 141 184,184 14,336 226,144 14,477 State and political subdivisions — — 163,278 18,502 163,278 18,502 Residential MBS, Agency & GSEs 50,014 672 1,108,290 124,340 1,158,304 125,012 Residential MBS, Non-agency — — 317,247 22,084 317,247 22,084 Commercial MBS, Agency & GSEs 98,052 2,494 342,390 36,523 440,442 39,017 Commercial MBS, Non-agency — — 23,594 675 23,594 675 Corporate bonds 4,016 116 195,329 17,011 199,345 17,127 Asset-backed securities 11,855 53 149,857 2,963 161,712 3,016 Total unrealized loss position $ 306,266 $ 3,515 $ 2,587,704 $ 247,106 $ 2,893,970 $ 250,621 |
Schedule of Accrued Interest Receivable | The following table presents accrued interest receivable on HTM and AFS debt securities, which was excluded from the estimate of credit losses, for the periods indicated. Accrued Interest Receivable (in thousands) March 31, 2024 December 31, 2023 HTM $ 5,942 $ 6,143 AFS 15,050 12,568 |
Schedule of Amortized Cost and Fair Value of AFS and HTM Securities by Contractual Maturity | The amortized cost and fair value of AFS and HTM debt securities at March 31, 2024, by contractual maturity, are presented in the following table. AFS HTM (in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year: U.S. Treasuries $ 122,246 $ 122,094 $ — $ — U.S. Government agencies & GSEs 371 357 — — State and political subdivisions 3,147 3,114 1,200 1,194 Corporate bonds 16,878 16,413 — — 142,642 141,978 1,200 1,194 1 to 5 years: U.S. Treasuries 289,394 276,686 19,872 17,779 U.S. Government agencies & GSEs 46,818 43,034 — — State and political subdivisions 27,823 25,762 27,197 25,579 Corporate bonds 152,155 140,542 — — 516,190 486,024 47,069 43,358 5 to 10 years: U.S. Government agencies & GSEs 129,138 122,597 72,635 61,301 State and political subdivisions 59,827 51,150 55,664 47,296 Corporate bonds 43,528 38,029 — — Supranational entities — — 15,000 12,218 232,493 211,776 143,299 120,815 More than 10 years: U.S. Government agencies & GSEs 136,081 131,438 26,417 21,078 State and political subdivisions 91,032 83,237 208,175 165,388 Corporate bonds 810 916 — — 227,923 215,591 234,592 186,466 Debt securities not due at a single maturity date: Asset-backed securities 148,738 147,056 — — Residential MBS 1,670,549 1,517,893 1,360,395 1,136,965 Commercial MBS 713,176 673,081 678,578 554,114 2,532,463 2,338,030 2,038,973 1,691,079 Total $ 3,651,711 $ 3,393,399 $ 2,465,133 $ 2,042,912 |
Schedule of AFS Securities Sales Activity | The following table summarizes AFS securities sales activity for the three months ended March 31, 2024 and 2023 . Three Months Ended (in thousands) 2024 2023 Proceeds from sales $ 647 $ 380,661 Gross realized gains $ — $ 1,373 Gross realized losses — (3,017) Securities losses, net $ — $ (1,644) Income tax benefit attributable to sales $ — $ (374) |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Major Classifications of Loan Portfolio | Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows. (in thousands) March 31, 2024 December 31, 2023 Owner occupied CRE $ 3,310,231 $ 3,264,051 Income producing CRE 4,206,322 4,263,952 Commercial & industrial 2,404,505 2,411,045 Commercial construction 1,936,074 1,859,538 Equipment financing 1,543,905 1,541,120 Total commercial 13,401,037 13,339,706 Residential mortgage 3,239,687 3,198,928 Home equity 969,020 958,987 Residential construction 257,279 301,650 Manufactured housing 328,121 336,474 Consumer 180,102 181,117 Total loans excluding fair value hedge basis adjustment 18,375,246 18,316,862 Fair value hedge basis adjustment (402) 1,893 Total loans 18,374,844 18,318,755 Less ACL - loans (210,934) (208,071) Loans, net $ 18,163,910 $ 18,110,684 |
Schedule of Loans Held for Investment Sold | The following table presents the amortized cost of certain loans held for investment that were sold in the periods indicated. The gains on these loan sales were included in noninterest income on the consolidated statements of income. Three Months Ended March 31, (in thousands) 2024 2023 Guaranteed portion of SBA/USDA loans $ 9,388 $ 21,770 Equipment financing receivables 28,323 18,703 Total $ 37,711 $ 40,473 |
Schedule of Components of Net Investment in Leases | At March 31, 2024 and December 31, 2023, equipment financing receivables included leases of $74.8 million and $68.9 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below. (in thousands) March 31, 2024 December 31, 2023 Minimum future lease payments receivable $ 81,882 $ 75,198 Estimated residual value of leased equipment 4,737 4,445 Initial direct costs 1,566 1,402 Security deposits (437) (413) Unearned income (12,978) (11,711) Net investment in leases $ 74,770 $ 68,921 |
Schedule of Minimum Future Lease Payments Expected to be Received from Equipment Financing Lease Contracts | Minimum future lease payments expected to be received from equipment financing lease contracts as of March 31, 2024 were as follows: (in thousands) Year Remainder of 2024 $ 20,668 2025 23,996 2026 18,243 2027 12,703 2028 5,675 Thereafter 597 Total $ 81,882 |
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. 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 (in thousands) 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of March 31, 2024 Owner occupied CRE $ 3,300,380 $ 7,136 $ 405 $ — $ 2,310 $ 3,310,231 Income producing CRE 4,176,324 812 — — 29,186 4,206,322 Commercial & industrial 2,371,045 10,707 2,619 — 20,134 2,404,505 Commercial construction 1,932,826 1,311 75 — 1,862 1,936,074 Equipment financing 1,525,225 7,746 2,105 — 8,829 1,543,905 Total commercial 13,305,800 27,712 5,204 — 62,321 13,401,037 Residential mortgage 3,217,293 5,182 643 — 16,569 3,239,687 Home equity 960,734 2,638 664 — 4,984 969,020 Residential construction 255,899 51 85 — 1,244 257,279 Manufactured housing 298,850 7,869 1,605 — 19,797 328,121 Consumer 179,582 428 38 — 54 180,102 Total loans $ 18,218,158 $ 43,880 $ 8,239 $ — $ 104,969 $ 18,375,246 As of December 31, 2023 Owner occupied CRE $ 3,258,015 $ 2,942 $ — $ — $ 3,094 $ 3,264,051 Income producing CRE 4,230,140 3,684 — — 30,128 4,263,952 Commercial & industrial 2,388,076 8,129 1,373 — 13,467 2,411,045 Commercial construction 1,857,660 — — — 1,878 1,859,538 Equipment financing 1,522,962 5,895 3,758 — 8,505 1,541,120 Total commercial 13,256,853 20,650 5,131 — 57,072 13,339,706 Residential mortgage 3,179,329 4,622 1,033 — 13,944 3,198,928 Home equity 950,841 4,106 268 — 3,772 958,987 Residential construction 299,230 1,255 221 — 944 301,650 Manufactured housing 304,794 12,622 3,197 — 15,861 336,474 Consumer 180,245 686 92 — 94 181,117 Total loans $ 18,171,292 $ 43,941 $ 9,942 $ — $ 91,687 $ 18,316,862 |
Schedule of Nonaccrual Loans by Loan Class | The following table presents nonaccrual loans held for investment by loan class for the periods indicated. Nonaccrual Loans March 31, 2024 December 31, 2023 (in thousands) With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied CRE $ 1,072 $ 1,238 $ 2,310 $ 2,451 $ 643 $ 3,094 Income producing CRE 29,153 33 29,186 11,003 19,125 30,128 Commercial & industrial 14,038 6,096 20,134 11,940 1,527 13,467 Commercial construction 1,778 84 1,862 1,784 94 1,878 Equipment financing 92 8,737 8,829 57 8,448 8,505 Total commercial 46,133 16,188 62,321 27,235 29,837 57,072 Residential mortgage 3,368 13,201 16,569 1,836 12,108 13,944 Home equity 1,426 3,558 4,984 1,276 2,496 3,772 Residential construction 781 463 1,244 398 546 944 Manufactured housing — 19,797 19,797 — 15,861 15,861 Consumer — 54 54 2 92 94 Total $ 51,708 $ 53,261 $ 104,969 $ 30,747 $ 60,940 $ 91,687 |
Schedule of Amortized Cost of Loans by Risk Category by Vintage Year | The following tables present the risk category of term loans and gross charge-offs by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands) . (in thousands) Term Loans by Origination Year Revolvers Revolvers converted to term loans Total As of March 31, 2024 2024 2023 2022 2021 2020 Prior Owner occupied CRE Pass $ 121,015 $ 643,801 $ 665,648 $ 594,768 $ 546,727 $ 501,390 $ 113,065 $ 17,263 $ 3,203,677 Special Mention 831 1,837 14,475 13,905 9,131 11,771 — 2,774 54,724 Substandard 1,398 7,750 9,010 15,079 4,137 13,025 1,431 — 51,830 Total owner occupied CRE $ 123,244 $ 653,388 $ 689,133 $ 623,752 $ 559,995 $ 526,186 $ 114,496 $ 20,037 $ 3,310,231 Current period gross charge-offs $ — $ 192 $ 17 $ — $ — $ 219 $ — $ — $ 428 Income producing CRE Pass $ 157,636 $ 570,861 $ 929,507 $ 835,019 $ 681,583 $ 668,180 $ 51,731 $ 12,087 $ 3,906,604 Special Mention 27,581 51,055 26,868 21,336 28,963 12,362 49 — 168,214 Substandard 38,515 48,474 9,076 2,460 5,439 27,487 — 53 131,504 Total income producing CRE $ 223,732 $ 670,390 $ 965,451 $ 858,815 $ 715,985 $ 708,029 $ 51,780 $ 12,140 $ 4,206,322 Current period gross charge-offs $ — $ — $ — $ — $ — $ 229 $ — $ — $ 229 Commercial & industrial Pass $ 97,538 $ 559,393 $ 398,107 $ 275,540 $ 122,578 $ 197,346 $ 578,784 $ 11,182 $ 2,240,468 Special Mention 10,752 2,434 3,821 6,862 8,432 8,090 34,656 313 75,360 Substandard 685 25,705 3,818 15,705 4,935 4,715 31,806 1,308 88,677 Total commercial & industrial $ 108,975 $ 587,532 $ 405,746 $ 298,107 $ 135,945 $ 210,151 $ 645,246 $ 12,803 $ 2,404,505 Current period gross charge-offs $ — $ 3,105 $ 409 $ 107 $ 111 $ 532 $ — $ 522 $ 4,786 Commercial construction Pass $ 160,727 $ 627,053 $ 667,547 $ 263,091 $ 62,508 $ 74,320 $ 65,090 $ 936 $ 1,921,272 Special Mention 4,849 204 118 4 — — — — 5,175 Substandard 1,578 6,030 1,064 30 720 205 — — 9,627 Total commercial construction $ 167,154 $ 633,287 $ 668,729 $ 263,125 $ 63,228 $ 74,525 $ 65,090 $ 936 $ 1,936,074 Current period gross charge-offs $ — $ — $ 53 $ — $ — $ — $ — $ — $ 53 Equipment financing Pass $ 192,828 $ 578,878 $ 452,224 $ 201,010 $ 68,999 $ 34,265 $ — $ — $ 1,528,204 Special Mention — — 815 2,311 900 674 — — 4,700 Substandard — 1,954 4,439 3,189 592 827 — — 11,001 Total equipment financing $ 192,828 $ 580,832 $ 457,478 $ 206,510 $ 70,491 $ 35,766 $ — $ — $ 1,543,905 Current period gross charge-offs $ — $ 1,219 $ 3,457 $ 2,199 $ 383 $ 31 $ — $ — $ 7,289 Residential mortgage Pass $ 102,601 $ 823,173 $ 941,593 $ 721,699 $ 311,808 $ 315,388 $ 6 $ 3,262 $ 3,219,530 Substandard 1,311 2,772 3,431 2,104 1,982 8,276 — 281 20,157 Total residential mortgage $ 103,912 $ 825,945 $ 945,024 $ 723,803 $ 313,790 $ 323,664 $ 6 $ 3,543 $ 3,239,687 Current period gross charge-offs $ — $ — $ 13 $ — $ — $ 3 $ — $ — $ 16 Home equity Pass $ — $ — $ — $ — $ — $ — $ 935,162 $ 28,461 $ 963,623 Substandard — — — — — — — 5,397 5,397 Total home equity $ — $ — $ — $ — $ — $ — $ 935,162 $ 33,858 $ 969,020 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ 7 $ 7 Residential construction Pass $ 15,109 $ 176,092 $ 44,524 $ 9,044 $ 4,941 $ 6,127 $ — $ 92 $ 255,929 Substandard 215 963 30 — 7 135 — — 1,350 Total residential construction $ 15,324 $ 177,055 $ 44,554 $ 9,044 $ 4,948 $ 6,262 $ — $ 92 $ 257,279 Current period gross charge-offs $ — $ 85 $ — $ 48 $ — $ — $ — $ — $ 133 Manufactured housing Pass $ — $ 43,191 $ 67,155 $ 47,387 $ 42,030 $ 106,805 $ — $ — $ 306,568 Substandard 128 2,018 5,055 3,903 3,816 6,633 — — 21,553 Total consumer $ 128 $ 45,209 $ 72,210 $ 51,290 $ 45,846 $ 113,438 $ — $ — $ 328,121 Current period gross charge-offs $ — $ 234 $ 615 $ 304 $ 149 $ 305 $ — $ — $ 1,607 Consumer Pass $ 27,459 $ 71,656 $ 33,669 $ 13,687 $ 9,517 $ 1,309 $ 22,067 $ 462 $ 179,826 Substandard 127 25 54 48 13 9 — — 276 Total consumer $ 27,586 $ 71,681 $ 33,723 $ 13,735 $ 9,530 $ 1,318 $ 22,067 $ 462 $ 180,102 Current period gross charge-offs $ 648 $ 55 $ 86 $ 18 $ 5 $ — $ — $ 49 $ 861 (in thousands) Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Owner occupied CRE Pass $ 643,752 $ 681,834 $ 615,571 $ 553,047 $ 202,068 $ 337,495 $ 117,212 $ 18,671 $ 3,169,650 Special Mention 2,409 7,877 7,070 4,815 9,221 2,245 100 254 33,991 Substandard 11,128 8,929 15,405 7,104 5,395 8,340 1,421 2,688 60,410 Total owner occupied CRE $ 657,289 $ 698,640 $ 638,046 $ 564,966 $ 216,684 $ 348,080 $ 118,733 $ 21,613 $ 3,264,051 Current period gross charge-offs $ 207 $ 48 $ — $ 819 $ — $ — $ — $ — $ 1,074 Income producing CRE Pass $ 661,093 $ 931,559 $ 851,529 $ 750,415 $ 302,845 $ 419,111 $ 50,659 $ 13,247 $ 3,980,458 Special Mention 48,358 26,751 18,989 25,964 6,387 6,173 — — 132,622 Substandard 68,032 9,998 2,523 21,037 28,877 20,351 — 54 150,872 Total income producing CRE $ 777,483 $ 968,308 $ 873,041 $ 797,416 $ 338,109 $ 445,635 $ 50,659 $ 13,301 $ 4,263,952 Current period gross charge-offs $ 3,033 $ 2,534 $ — $ — $ — $ 2,291 $ — $ — $ 7,858 Commercial & industrial Pass $ 610,288 $ 425,626 $ 299,170 $ 130,586 $ 82,710 $ 130,190 $ 581,871 $ 13,332 $ 2,273,773 Special Mention 6,459 2,068 472 5,430 5,473 718 14,861 274 35,755 Substandard 10,906 5,713 22,635 8,557 4,499 1,610 46,282 1,315 101,517 Total commercial & industrial $ 627,653 $ 433,407 $ 322,277 $ 144,573 $ 92,682 $ 132,518 $ 643,014 $ 14,921 $ 2,411,045 Current period gross charge-offs $ 5,999 $ 1,627 $ 13,153 $ 2,377 $ 400 $ 157 $ — $ 1,825 $ 25,538 Commercial construction Pass $ 665,792 $ 638,761 $ 293,276 $ 95,046 $ 59,471 $ 24,698 $ 62,370 $ 966 $ 1,840,380 Special Mention 28 124 6 — — — — — 158 Substandard 16,253 1,784 31 723 127 82 — — 19,000 Total commercial construction $ 682,073 $ 640,669 $ 293,313 $ 95,769 $ 59,598 $ 24,780 $ 62,370 $ 966 $ 1,859,538 Current period gross charge-offs $ — $ 60 $ — $ — $ — $ — $ — $ — $ 60 Equipment financing Pass $ 673,201 $ 496,336 $ 233,422 $ 83,507 $ 41,053 $ 3,722 $ — $ — $ 1,531,241 Substandard 1,471 4,141 2,487 960 817 3 — — 9,879 Total equipment financing $ 674,672 $ 500,477 $ 235,909 $ 84,467 $ 41,870 $ 3,725 $ — $ — $ 1,541,120 Current period gross charge-offs $ 474 $ 10,902 $ 9,764 $ 1,960 $ 786 $ 320 $ — $ — $ 24,206 Residential mortgage Pass $ 839,825 $ 955,592 $ 734,078 $ 318,886 $ 84,736 $ 245,648 $ 6 $ 3,415 $ 3,182,186 Substandard 2,001 3,078 2,715 1,074 1,331 6,295 — 248 16,742 Total residential mortgage $ 841,826 $ 958,670 $ 736,793 $ 319,960 $ 86,067 $ 251,943 $ 6 $ 3,663 $ 3,198,928 Current period gross charge-offs $ — $ 51 $ — $ — $ — $ 38 $ — $ — $ 89 Home equity Pass $ — $ — $ — $ — $ — $ — $ 926,596 $ 28,412 $ 955,008 Substandard — — — — — — — 3,979 3,979 Total home equity $ — $ — $ — $ — $ — $ — $ 926,596 $ 32,391 $ 958,987 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ 167 $ 167 Residential construction Pass $ 208,798 $ 70,011 $ 9,827 $ 5,201 $ 1,046 $ 5,614 $ — $ 93 $ 300,590 Substandard 878 31 — 6 38 107 — — 1,060 Total residential construction $ 209,676 $ 70,042 $ 9,827 $ 5,207 $ 1,084 $ 5,721 $ — $ 93 $ 301,650 Current period gross charge-offs $ — $ 1,111 $ — $ — $ — $ — $ — $ — $ 1,111 Manufactured housing Pass $ 45,065 $ 69,424 $ 48,814 $ 43,735 $ 31,321 $ 80,284 $ — $ — $ 318,643 Substandard 1,078 4,665 3,601 3,020 1,291 4,176 — — 17,831 Total consumer $ 46,143 $ 74,089 $ 52,415 $ 46,755 $ 32,612 $ 84,460 $ — $ — $ 336,474 Current period gross charge-offs $ 38 $ 1,503 $ 985 $ 419 $ 279 $ 690 $ — $ — $ 3,914 Consumer Pass $ 86,142 $ 39,593 $ 16,191 $ 10,350 $ 1,212 $ 623 $ 26,239 $ 534 $ 180,884 Substandard 50 55 53 25 5 13 32 — 233 Total consumer $ 86,192 $ 39,648 $ 16,244 $ 10,375 $ 1,217 $ 636 $ 26,271 $ 534 $ 181,117 Current period gross charge-offs $ 3,245 $ 241 $ 233 $ 38 $ 15 $ 1 $ 5 $ 204 $ 3,982 |
Schedule of Modifications to Borrowers Experiencing Financial Difficulty | The period-end amortized cost and additional information regarding the modified terms of loans modified under the terms of a FDM during the three months ended March 31, 2024 and 2023 are presented in the following tables . Three Months Ended March 31, 2024 New FDMs Defaults within 12 months of modification (in thousands) Amortized Cost % of Total Class of Receivable Owner occupied CRE $ 1,950 0.1 % $ — Income producing CRE 28,540 0.7 — Commercial & industrial 6,575 0.3 — Equipment financing 1,393 0.1 228 Residential mortgage 1,228 — — Residential construction 100 — — Manufactured housing 128 — — Consumer 125 0.1 — Total $ 40,039 0.2 $ 228 Three Months Ended March 31, 2024 New FDMs (dollars in thousands) Weighted Average Modification Extension Owner occupied CRE $ 243 1 year Commercial & industrial 6,117 7 months Residential mortgage 27 1 year Consumer 125 5 months Total 6,512 Payment Delay Owner occupied CRE (1) 266 N/A Income producing CRE 28,540 1 year Commercial & industrial (1) 179 6 months Residential construction 100 6 months Total 29,085 Payment Delay and Extension Commercial & industrial 279 Payment delay: 4 months; Extension: 3 years Equipment financing 1,393 Extension and payment delay: 7 months Total 1,672 Rate Reduction and Extension Residential mortgage 1,201 Rate reduction: 444 basis points; Extension: 2 years Manufactured housing 128 Rate reduction: 624 basis points; Extension: 6 years Total 1,329 Rate Reduction and Payment Delay Owner occupied CRE 1,441 Rate reduction: 75 basis points; Payment delay: 6 months Total $ 40,039 (1) Payment delay FDMs in bankruptcy status are excluded from the weighted average payment delay calculation. Three Months Ended March 31, 2023 New FDMs Defaults within 12 months of modification Amortized Cost by Type of Modification (in thousands) Extension Payment Delay Rate Reduction & Extension Total % of Total Class of Receivable Commercial & industrial $ — $ 6,170 $ — $ 6,170 0.3 % $ — Equipment financing 5,211 — — 5,211 0.4 — Residential mortgage — — 57 57 — — Manufactured housing — — 152 152 — — Total $ 5,211 $ 6,170 $ 209 $ 11,590 0.1 $ — |
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. Three Months Ended March 31, 2024 (in thousands) Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied CRE $ 23,542 $ (428) $ 226 $ (3,682) $ 19,658 Income producing CRE 47,755 (229) 24 (752) 46,798 Commercial & industrial 30,890 (4,786) 880 4,874 31,858 Commercial construction 21,741 (53) 33 (1,698) 20,023 Equipment financing 33,383 (7,289) 927 12,961 39,982 Residential mortgage 28,219 (16) 32 401 28,636 Home equity 9,647 (7) 61 14 9,715 Residential construction 1,833 (133) 14 (185) 1,529 Manufactured housing 10,339 (1,607) 38 3,274 12,044 Consumer 722 (861) 266 564 691 ACL - loans 208,071 (15,409) 2,501 15,771 210,934 ACL - unfunded commitments 16,057 — — (2,872) 13,185 Total ACL $ 224,128 $ (15,409) $ 2,501 $ 12,899 $ 224,119 Three Months Ended March 31, 2023 (in thousands) Beginning Initial ACL - PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied CRE $ 19,834 $ 181 $ (207) $ 117 $ 906 $ 20,831 Income producing CRE 32,082 307 (2,781) 475 3,524 33,607 Commercial & industrial 23,504 1,358 (898) 673 3,675 28,312 Commercial construction 20,120 39 — 37 1,877 22,073 Equipment financing 23,395 — (4,027) 652 6,175 26,195 Residential mortgage 20,809 157 (19) 106 3,029 24,082 Home equity 8,707 534 (121) 88 1,129 10,337 Residential construction 2,049 124 — 15 (145) 2,043 Manufactured housing 8,098 — (654) 26 954 8,424 Consumer 759 4 (817) 251 433 630 ACL - loans 159,357 2,704 (9,524) 2,440 21,557 176,534 ACL - unfunded commitments 21,163 — — — 226 21,389 Total ACL $ 180,520 $ 2,704 $ (9,524) $ 2,440 $ 21,783 $ 197,923 (1) Represents the initial ACL related to PCD loans acquired in the Progress transaction. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 December 31, 2023 Notional Amount Fair Value Notional Amount Fair Value (in thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Cash flow hedge of subordinated debt $ 100,000 $ 13,840 $ — $ 100,000 $ 13,168 $ — Cash flow hedges of trust preferred securities 20,000 — — 20,000 — — Fair value hedges of AFS debt securities 649,520 — — 655,511 — — Fair value hedges of loans 1,650,000 — — 150,000 — — Total 2,419,520 13,840 — 925,511 13,168 — Derivatives not designated as hedging instruments: Customer derivative positions 1,173,714 1,358 77,635 1,177,275 3,461 68,384 Dealer offsets to customer derivative positions 1,173,714 25,588 1,337 1,197,364 23,061 4,597 Risk participations 89,811 1 6 90,597 1 8 Mortgage banking - loan commitments 67,260 1,630 — 48,452 1,089 — Mortgage banking - forward sales commitment 105,251 89 180 81,671 20 658 Bifurcated embedded derivatives 51,935 10,696 — 51,935 9,552 — Dealer offsets to bifurcated embedded derivatives 51,935 — 12,255 51,935 — 11,164 Total 2,713,620 39,362 91,413 2,699,229 37,184 84,811 Total derivatives $ 5,133,140 $ 53,202 $ 91,413 $ 3,624,740 $ 50,352 $ 84,811 Total gross derivative instruments $ 53,202 $ 91,413 $ 50,352 $ 84,811 Less: Amounts subject to master netting agreements (1,444) (1,444) (4,683) (4,683) Less: Cash collateral received/pledged (39,841) (12,593) (33,921) (11,330) Net amount $ 11,917 $ 77,376 $ 11,748 $ 68,798 |
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. Affected Income Statement Line Item Increase/(Decrease) to Earnings Three Months Ended March 31, (in thousands) 2024 2023 Fair value hedges: AFS securities: Amounts related to interest settlements on derivatives $ 2,856 $ — Gain recognized on derivative 9,462 — Loss recognized on hedged items (9,798) — Net income recognized on AFS securities fair value hedges Interest revenue- investment securities $ 2,520 $ — Loans: Amounts related to interest settlements on derivatives 1,298 — Gain recognized on derivatives 2,158 — Loss recognized on hedged items (2,295) — Net income recognized on loan fair value hedges Interest revenue - loans, including fees 1,161 — Cash flow hedges: Long-term debt (1) Interest expense- long term debt $ 1,440 $ 822 (1) Includes premium amortization expense excluded from the assessment of hedge effectiveness of $118,000 and $116,000 for the three months ended March 31, 2024 and 2023, respectively. |
Schedule of Fair Value Hedging Instruments, Carrying Value and Basis Adjustments | The table below presents the carrying amount of hedged items and cumulative fair value hedging basis adjustments for the periods presented. All fair value hedges of AFS debt securities and loans at March 31, 2024 and December 31, 2023 were designated under the portfolio layer method. (in thousands) March 31, 2024 December 31, 2023 Balance Sheet Location Carrying Amount Hedge Accounting Basis Adjustment Hedged Portfolio Layer Carrying Amount Hedge Accounting Basis Adjustment Hedged Portfolio Layer Debt securities AFS (1) $ 783,148 $ (14,471) $ 649,520 $ 789,908 $ (4,673) $ 655,511 Loans and leases held for investment 5,408,116 (402) 1,650,000 1,017,379 1,893 150,000 (1) Carrying amount for AFS debt securities reflects amortized cost, which excludes the 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. Location of Gain (Loss) Recognized in Income on Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, (in thousands) 2024 2023 Customer derivatives and dealer offsets Other noninterest income $ (245) $ 367 Bifurcated embedded derivatives and dealer offsets Other noninterest income (192) (533) Mortgage banking derivatives Mortgage loan revenue 901 1,227 Risk participations Other noninterest income 2 (12) $ 466 $ 1,049 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) March 31, 2024 December 31, 2023 Core deposit intangible $ 100,694 $ 104,174 Less: accumulated amortization (40,704) (40,495) Net core deposit intangible 59,990 63,679 Customer relationship intangible 8,400 8,400 Less: accumulated amortization (2,104) (1,906) Net customer relationship intangible 6,296 6,494 Total intangibles subject to amortization, net (1) 66,286 70,173 Goodwill 921,253 919,914 Total goodwill and other intangible assets, net $ 987,539 $ 990,087 (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: Three Months Ended (in thousands) 2024 2023 Balance, beginning of period (1) $ 919,914 $ 751,174 Acquisitions — 145,544 Measurement period adjustment - First Miami (2) 1,339 — Balance, end of period (1) $ 921,253 $ 896,718 (1) Goodwill balances are shown net of accumulated impairment losses of $306 million incurred prior to 2023. (2) See Note 4 for further details. |
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) Year Remainder of 2024 $ 10,960 2025 12,774 2026 10,896 2027 9,018 2028 7,236 Thereafter 15,402 Total $ 66,286 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall. (in thousands) March 31, 2024 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 398,780 $ — $ — $ 398,780 U.S. Government agencies & GSEs — 297,426 — 297,426 State and political subdivisions — 163,263 — 163,263 Residential MBS — 1,517,893 — 1,517,893 Commercial MBS — 673,081 — 673,081 Corporate bonds — 193,740 2,160 195,900 Asset-backed securities — 147,056 — 147,056 Equity securities with readily determinable fair values 4,553 1,787 — 6,340 Mortgage loans held for sale — 38,140 — 38,140 Deferred compensation plan assets 13,124 — — 13,124 Servicing rights for SBA/USDA loans — — 5,507 5,507 Residential mortgage servicing rights — — 37,358 37,358 Derivative financial instruments — 40,391 12,811 53,202 Total assets $ 416,457 $ 3,072,777 $ 57,836 $ 3,547,070 Liabilities: Deferred compensation plan liability $ 13,119 $ — $ — $ 13,119 Derivative financial instruments — 78,228 13,185 91,413 Total liabilities $ 13,119 $ 78,228 $ 13,185 $ 104,532 (in thousands) December 31, 2023 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 387,349 $ — $ — $ 387,349 U.S. Government agencies & GSEs — 267,500 — 267,500 State and political subdivisions — 164,049 — 164,049 Residential MBS — 1,507,598 — 1,507,598 Commercial MBS — 641,654 — 641,654 Corporate bonds — 199,017 2,205 201,222 Asset-backed securities — 161,712 — 161,712 Equity securities with readily determinable fair values 5,767 1,628 — 7,395 Mortgage loans held for sale — 33,008 — 33,008 Deferred compensation plan assets 12,791 — — 12,791 Servicing rights for SBA/USDA loans — — 5,444 5,444 Residential mortgage servicing rights — — 35,897 35,897 Derivative financial instruments — 39,710 10,642 50,352 Total assets $ 405,907 $ 3,015,876 $ 54,188 $ 3,475,971 Liabilities: Deferred compensation plan liability $ 12,838 $ — $ — $ 12,838 Derivative financial instruments — 73,639 11,172 84,811 Total liabilities $ 12,838 $ 73,639 $ 11,172 $ 97,649 |
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. 2024 2023 (in thousands) 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 March 31, Beginning balance $ 10,642 $ 11,172 $ 5,444 $ 35,897 $ 2,205 $ 11,513 $ 12,840 $ 5,188 $ 36,559 $ 2,212 Business combinations — — — — — — — 95 — — Additions 1,466 — 170 718 — — 3 460 632 — Transfers from Level 2 484 925 — — — — — — — — Sales and settlements (923) — (241) (760) — (11) — (220) (452) — Fair value adjustments included in OCI — — — — (45) — — — — 15 Fair value adjustments included in earnings 1,142 1,088 134 1,503 — (154) (1,648) 766 (658) — Ending balance $ 12,811 $ 13,185 $ 5,507 $ 37,358 $ 2,160 $ 11,348 $ 11,195 $ 6,289 $ 36,081 $ 2,227 |
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. 2024 2023 (in thousands) 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 March 31, Beginning balance $ 10,642 $ 11,172 $ 5,444 $ 35,897 $ 2,205 $ 11,513 $ 12,840 $ 5,188 $ 36,559 $ 2,212 Business combinations — — — — — — — 95 — — Additions 1,466 — 170 718 — — 3 460 632 — Transfers from Level 2 484 925 — — — — — — — — Sales and settlements (923) — (241) (760) — (11) — (220) (452) — Fair value adjustments included in OCI — — — — (45) — — — — 15 Fair value adjustments included in earnings 1,142 1,088 134 1,503 — (154) (1,648) 766 (658) — Ending balance $ 12,811 $ 13,185 $ 5,507 $ 37,358 $ 2,160 $ 11,348 $ 11,195 $ 6,289 $ 36,081 $ 2,227 |
Schedule of Quantitative Information About Level 3 Fair Value Measurements for Fair Value on a Recurring Basis | The following table presents quantitative information about significant Level 3 inputs for fair value on a recurring basis as of the dates indicated. Level 3 Assets and Liabilities Valuation Technique Significant Unobservable Inputs March 31, 2024 December 31, 2023 Range Weighted Average Range Weighted Average SBA/USDA loan servicing rights Discounted cash flow Discount rate 3.6% - 25.0% 12.7 % 8.4% - 25.0% 16.2 % Prepayment rate 2.0 - 38.0 19.3 3.5 - 37.4 18.5 Residential mortgage servicing rights Discounted cash flow Discount rate 10.0 - 12.5 10.1 10.0 - 15.0 10.0 Prepayment rate 6.5 - 30.0 7.9 6.5 - 29.9 8.0 Corporate bonds Discounted cash flow Discount rate 6.6 - 7.2 7.0 6.1 - 6.7 6.5 Derivative assets - mortgage Internal model Pull through rate 64.0 - 100 90.5 60.0 - 100 90.5 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. Mortgage Loans Held for Sale (in thousands) March 31, 2024 December 31, 2023 Outstanding principal balance $ 36,951 $ 31,788 Fair value 38,140 33,008 Gain (Loss) from Change in Fair Value on Mortgage Loans Held for Sale Location Three Months Ended (in thousands) 2024 2023 Mortgage loan gains and other related fees $ (31) $ 231 |
Schedule of Presentation of Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the fair value hierarchy and carrying value of assets that were still held as of March 31, 2024 and December 31, 2023, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented. (in thousands) Level 1 Level 2 Level 3 Total March 31, 2024 Loans held for investment $ — $ — $ 15,579 $ 15,579 December 31, 2023 Loans held for investment $ — $ — $ 36,984 $ 36,984 |
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. Fair Value Level (in thousands) Carrying Amount Level 1 Level 2 Level 3 Total March 31, 2024 Assets: HTM debt securities $ 2,465,133 $ 17,779 $ 2,025,133 $ — $ 2,042,912 Loans and leases, net 18,163,910 — — 17,622,063 17,622,063 Liabilities: Deposits 23,332,009 — 23,320,033 — 23,320,033 Long-term debt 324,854 — — 310,182 310,182 December 31, 2023 Assets: HTM debt securities $ 2,490,848 $ 17,950 $ 2,077,670 $ — $ 2,095,620 Loans and leases, net 18,110,684 — — 17,585,073 17,585,073 Liabilities: Deposits 23,310,611 — 23,305,223 — 23,305,223 Long-term debt 324,823 — — 310,060 310,060 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024. Restricted Stock Unit Awards Options Shares Weighted- Aggregate Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2023 929,367 $ 28.85 406,737 $ 21.19 Granted 171,905 28.42 — — Released / Exercised (42,467) 30.67 $ 1,175 (55,654) 20.32 $ 375 Cancelled (55,672) 27.55 (2,353) 26.05 Outstanding at March 31, 2024 1,003,133 28.80 26,402 348,730 21.29 5.0 1,755 Vested / Exercisable at March 31, 2024 — — 348,730 21.29 5.0 1,755 |
Reclassifications Out of AOCI (
Reclassifications Out of AOCI (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Reclassifications Out of AOCI | The following table presents the details regarding amounts reclassified out of AOCI for the periods indicated. Amounts shown in parentheses reduce earnings. (in thousands) Details about AOCI Components Three Months Ended Affected Line Item in the Statement Where Net Income is Presented 2024 2023 Realized losses on AFS securities: $ — $ (1,644) Securities losses, net — 374 Income tax expense $ — $ (1,270) Net of tax Amortization of unrealized losses on HTM securities transferred from AFS: $ (2,063) $ (2,968) Investment securities interest revenue 493 720 Income tax expense $ (1,570) $ (2,248) Net of tax Reclassifications related to derivative instruments accounted for as cash flow hedges: Interest rate contracts $ 1,440 $ 822 Long-term debt interest expense (368) (210) Income tax expense $ 1,072 $ 612 Net of tax Amortization of defined benefit pension plan net periodic pension cost components: Prior service cost $ (44) $ (61) Salaries and employee benefits expense 11 16 Income tax expense $ (33) $ (45) Net of tax Total reclassifications for the period $ (531) $ (2,951) Net of tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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. Three Months Ended (in thousands, except per share data) 2024 2023 Net income $ 62,631 $ 62,300 Dividends on preferred stock (1,573) (1,719) Earnings allocated to participating securities (345) (339) Net income available to common shareholders $ 60,713 $ 60,242 Weighted average shares outstanding: Basic 119,662 115,451 Effect of dilutive securities: Stock options 81 233 Restricted stock units — 31 Diluted 119,743 115,715 Net income per common share: Basic $ 0.51 $ 0.52 Diluted $ 0.51 $ 0.52 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of Minimum Amounts Required for Capital Adequacy Purposes | Regulatory capital ratios at March 31, 2024 and December 31, 2023, 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: United Community Banks, Inc. United Community Bank (dollars in thousands) Minimum (1) Well- March 31, December 31, March 31, December 31, Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.39 % 12.16 % 12.60 % 12.22 % Tier 1 capital 6.0 8.0 12.83 12.60 12.60 12.22 Total capital 8.0 10.0 14.64 14.49 13.63 13.23 Leverage ratio 4.0 5.0 9.69 9.47 9.50 9.17 CET1 capital $ 2,468,825 $ 2,432,518 $ 2,502,765 $ 2,435,962 Tier 1 capital 2,557,091 2,520,784 2,502,765 2,435,962 Total capital 2,917,664 2,898,474 2,707,793 2,638,009 Risk-weighted assets 19,933,869 20,007,236 19,861,459 19,933,429 Average total assets for the leverage ratio 26,400,773 26,621,561 26,351,912 26,563,946 (1) As of March 31, 2024 and December 31, 2023 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Amount of Off-balance Sheet Instruments | The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated. (in thousands) March 31, 2024 December 31, 2023 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 4,075,892 $ 4,305,483 Letters of credit 66,587 61,808 |
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 March 31, 2024 December 31, 2023 Investments in LIHTC: Carrying amount Other assets $ 57,728 $ 48,867 Amount of future funding commitments included in carrying amount Other liabilities 22,178 14,176 Lending exposure Loans and leases held for investment 11,691 803 Renewable energy investments: Carrying amount Other assets 4,594 18,631 Amount of future funding commitments (1) N/A 14,406 14,406 Fintech funds and certain other equity method investments: Carrying amount Other assets 34,401 33,720 Amount of future funding commitments not included in carrying amount N/A 28,313 25,008 (1) Starting in 2024, United no longer records future funding commitments related to its renewable energy investments on the balance sheet. Prior to 2024, these commitments were included in other liabilities. The following table presents a summary of tax credits and amortization expense associated with the United’s tax credit investment activity. Activity related to renewable energy investments was not material to the financials for the period presented. (dollars in thousands) Income Statement Location Three Months Ended Investments in LIHTC: Income tax credits and other income tax benefits Income tax expense $ (1,996) Amortization expense Income tax expense 1,831 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Significant non-cash investing and financing transactions: | ||
Commitments to fund equity investments | $ 10,693 | $ 20,000 |
Acquisitions: | ||
Assets acquired | 0 | 1,903,930 |
Liabilities assumed | 0 | 1,597,022 |
Net assets acquired | 0 | 306,908 |
Common stock issued and options converted | $ 0 | $ 306,461 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Measurement period (in year) | 1 year | |||
Goodwill | $ 921,253 | $ 896,718 | $ 919,914 | $ 751,174 |
Decrease in other assets | 2,060 | |||
Decrease in other liabilities | 726 | |||
Goodwill, period increase (decrease) | 1,340 | |||
Merger-related and other charges | 2,087 | 8,631 | ||
First Miami Bancorp, Inc | ||||
Business Acquisition [Line Items] | ||||
Other assets | 18,800 | |||
Other liabilities | 16,900 | |||
Goodwill | 24,500 | |||
Goodwill, period increase (decrease) | $ 1,339 | 0 | ||
Progress | Merger-related costs | ||||
Business Acquisition [Line Items] | ||||
Merger-related and other charges | $ 7,490 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |
Supplemental consolidated pro forma revenue | $ 229,541 |
Supplemental consolidated pro forma net income | 75,209 |
Progress | |
Business Acquisition [Line Items] | |
Actual revenue included since acquisition date | 6,652 |
Actual net income included since acquisition date | $ 1,810 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost Basis, Unrealized Gains and Losses and Fair value of HTM Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
HTM debt securities: | ||
Amortized Cost | $ 2,465,133 | $ 2,490,848 |
Gross Unrealized Gains | 32 | 195 |
Gross Unrealized Losses | 422,253 | 395,423 |
Fair Value | 2,042,912 | 2,095,620 |
U.S. Treasuries | ||
HTM debt securities: | ||
Amortized Cost | 19,872 | 19,864 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,093 | 1,914 |
Fair Value | 17,779 | 17,950 |
U.S. Government agencies & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 99,052 | 99,052 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 16,673 | 15,689 |
Fair Value | 82,379 | 83,363 |
State and political subdivisions | ||
HTM debt securities: | ||
Amortized Cost | 292,236 | 292,705 |
Gross Unrealized Gains | 23 | 171 |
Gross Unrealized Losses | 52,802 | 50,437 |
Fair Value | 239,457 | 242,439 |
Residential MBS, Agency & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 1,360,395 | 1,383,294 |
Gross Unrealized Gains | 9 | 24 |
Gross Unrealized Losses | 223,439 | 206,344 |
Fair Value | 1,136,965 | 1,176,974 |
Commercial MBS, Agency & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 678,578 | 680,933 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 124,464 | 118,539 |
Fair Value | 554,114 | 562,394 |
Supranational entities | ||
HTM debt securities: | ||
Amortized Cost | 15,000 | 15,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,782 | 2,500 |
Fair Value | $ 12,218 | $ 12,500 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost Basis, Unrealized Gains and Losses and Fair Value of AFS Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
AFS debt securities: | ||
Amortized Cost | $ 3,651,711 | $ 3,579,955 |
Gross Unrealized Gains | 840 | 1,750 |
Gross Unrealized Losses | 259,152 | 250,621 |
Fair Value | 3,393,399 | 3,331,084 |
U.S. Treasuries | ||
AFS debt securities: | ||
Amortized Cost | 411,640 | 398,021 |
Gross Unrealized Gains | 5 | 39 |
Gross Unrealized Losses | 12,865 | 10,711 |
Fair Value | 398,780 | 387,349 |
U.S. Government agencies & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 312,408 | 281,708 |
Gross Unrealized Gains | 259 | 269 |
Gross Unrealized Losses | 15,241 | 14,477 |
Fair Value | 297,426 | 267,500 |
State and political subdivisions | ||
AFS debt securities: | ||
Amortized Cost | 181,829 | 182,546 |
Gross Unrealized Gains | 0 | 5 |
Gross Unrealized Losses | 18,566 | 18,502 |
Fair Value | 163,263 | 164,049 |
Residential MBS, Agency & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 1,337,504 | 1,315,064 |
Gross Unrealized Gains | 250 | 300 |
Gross Unrealized Losses | 132,233 | 125,012 |
Fair Value | 1,205,521 | 1,190,352 |
Residential MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 333,045 | 339,330 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 20,673 | 22,084 |
Fair Value | 312,372 | 317,246 |
Commercial MBS, Agency & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 693,011 | 656,004 |
Gross Unrealized Gains | 100 | 1,073 |
Gross Unrealized Losses | 39,653 | 39,017 |
Fair Value | 653,458 | 618,060 |
Commercial MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 20,165 | 24,269 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 542 | 675 |
Fair Value | 19,623 | 23,594 |
Corporate bonds | ||
AFS debt securities: | ||
Amortized Cost | 213,371 | 218,285 |
Gross Unrealized Gains | 130 | 64 |
Gross Unrealized Losses | 17,601 | 17,127 |
Fair Value | 195,900 | 201,222 |
Asset-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 148,738 | 164,728 |
Gross Unrealized Gains | 96 | 0 |
Gross Unrealized Losses | 1,778 | 3,016 |
Fair Value | $ 147,056 | $ 161,712 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) |
Debt Securities, Available For Sale And Held To Maturity [Line Items] | ||
Number of AFS debt securities in unrealized loss position | security | 639 | |
Number of HTM debt securities in unrealized loss position | security | 315 | |
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 | $ 2,900,000,000 | $ 4,120,000,000 |
Investment Securities - HTM Deb
Investment Securities - HTM Debt Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 13,652 | $ 9,830 |
Unrealized Loss, Less than 12 Months | 91 | 130 |
Fair Value, 12 Months or More | 2,019,713 | 2,062,485 |
Unrealized Loss, 12 Months or More | 422,162 | 395,293 |
Fair Value, Total | 2,033,365 | 2,072,315 |
Unrealized Loss, Total | 422,253 | 395,423 |
U.S. Treasuries | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 17,779 | 17,951 |
Unrealized Loss, 12 Months or More | 2,093 | 1,914 |
Fair Value, Total | 17,779 | 17,951 |
Unrealized Loss, Total | 2,093 | 1,914 |
U.S. Government agencies & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 82,379 | 83,363 |
Unrealized Loss, 12 Months or More | 16,673 | 15,689 |
Fair Value, Total | 82,379 | 83,363 |
Unrealized Loss, Total | 16,673 | 15,689 |
State and political subdivisions | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 13,297 | 2,986 |
Unrealized Loss, Less than 12 Months | 88 | 13 |
Fair Value, 12 Months or More | 217,862 | 217,547 |
Unrealized Loss, 12 Months or More | 52,714 | 50,424 |
Fair Value, Total | 231,159 | 220,533 |
Unrealized Loss, Total | 52,802 | 50,437 |
Residential MBS, Agency & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 355 | 311 |
Unrealized Loss, Less than 12 Months | 3 | 2 |
Fair Value, 12 Months or More | 1,135,361 | 1,175,263 |
Unrealized Loss, 12 Months or More | 223,436 | 206,342 |
Fair Value, Total | 1,135,716 | 1,175,574 |
Unrealized Loss, Total | 223,439 | 206,344 |
Commercial MBS, Agency & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 6,533 |
Unrealized Loss, Less than 12 Months | 0 | 115 |
Fair Value, 12 Months or More | 554,114 | 555,861 |
Unrealized Loss, 12 Months or More | 124,464 | 118,424 |
Fair Value, Total | 554,114 | 562,394 |
Unrealized Loss, Total | 124,464 | 118,539 |
Supranational entities | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 12,218 | 12,500 |
Unrealized Loss, 12 Months or More | 2,782 | 2,500 |
Fair Value, Total | 12,218 | 12,500 |
Unrealized Loss, Total | $ 2,782 | $ 2,500 |
Investment Securities - AFS Deb
Investment Securities - AFS Debt Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 570,148 | $ 306,266 |
Unrealized Loss, Less than 12 Months | 2,889 | 3,515 |
Fair Value, 12 Months or More | 2,550,246 | 2,587,704 |
Unrealized Loss, 12 Months or More | 256,263 | 247,106 |
Fair Value, Total | 3,120,394 | 2,893,970 |
Unrealized Loss, Total | 259,152 | 250,621 |
U.S. Treasuries | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 270,743 | 100,369 |
Unrealized Loss, Less than 12 Months | 1,566 | 39 |
Fair Value, 12 Months or More | 102,963 | 103,535 |
Unrealized Loss, 12 Months or More | 11,299 | 10,672 |
Fair Value, Total | 373,706 | 203,904 |
Unrealized Loss, Total | 12,865 | 10,711 |
U.S. Government agencies & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 40,825 | 41,960 |
Unrealized Loss, Less than 12 Months | 216 | 141 |
Fair Value, 12 Months or More | 177,406 | 184,184 |
Unrealized Loss, 12 Months or More | 15,025 | 14,336 |
Fair Value, Total | 218,231 | 226,144 |
Unrealized Loss, Total | 15,241 | 14,477 |
State and political subdivisions | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 162,495 | 163,278 |
Unrealized Loss, 12 Months or More | 18,566 | 18,502 |
Fair Value, Total | 162,495 | 163,278 |
Unrealized Loss, Total | 18,566 | 18,502 |
Residential MBS, Agency & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 81,990 | 50,014 |
Unrealized Loss, Less than 12 Months | 331 | 672 |
Fair Value, 12 Months or More | 1,086,333 | 1,108,290 |
Unrealized Loss, 12 Months or More | 131,902 | 124,340 |
Fair Value, Total | 1,168,323 | 1,158,304 |
Unrealized Loss, Total | 132,233 | 125,012 |
Residential MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 312,372 | 317,247 |
Unrealized Loss, 12 Months or More | 20,673 | 22,084 |
Fair Value, Total | 312,372 | 317,247 |
Unrealized Loss, Total | 20,673 | 22,084 |
Commercial MBS, Agency & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 170,175 | 98,052 |
Unrealized Loss, Less than 12 Months | 724 | 2,494 |
Fair Value, 12 Months or More | 379,980 | 342,390 |
Unrealized Loss, 12 Months or More | 38,929 | 36,523 |
Fair Value, Total | 550,155 | 440,442 |
Unrealized Loss, Total | 39,653 | 39,017 |
Commercial MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 19,623 | 23,594 |
Unrealized Loss, 12 Months or More | 542 | 675 |
Fair Value, Total | 19,623 | 23,594 |
Unrealized Loss, Total | 542 | 675 |
Corporate bonds | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 3,201 | 4,016 |
Unrealized Loss, Less than 12 Months | 49 | 116 |
Fair Value, 12 Months or More | 190,753 | 195,329 |
Unrealized Loss, 12 Months or More | 17,552 | 17,011 |
Fair Value, Total | 193,954 | 199,345 |
Unrealized Loss, Total | 17,601 | 17,127 |
Asset-backed securities | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 3,214 | 11,855 |
Unrealized Loss, Less than 12 Months | 3 | 53 |
Fair Value, 12 Months or More | 118,321 | 149,857 |
Unrealized Loss, 12 Months or More | 1,775 | 2,963 |
Fair Value, Total | 121,535 | 161,712 |
Unrealized Loss, Total | $ 1,778 | $ 3,016 |
Investment Securities - Accrued
Investment Securities - Accrued Interest Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
HTM | ||
Accrued interest receivable | ||
Accrued interest receivable | $ 5,942 | $ 6,143 |
AFS | ||
Accrued interest receivable | ||
Accrued interest receivable | $ 15,050 | $ 12,568 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Fair value of AFS and HTM Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | $ 142,642 | |
AFS, Amortized Cost, 1 to 5 years | 516,190 | |
AFS, Amortized Cost, 5 to 10 years | 232,493 | |
AFS, Amortized Cost, More than 10 years | 227,923 | |
AFS, Amortized Cost, Not due at single maturity | 2,532,463 | |
Amortized Cost | 3,651,711 | $ 3,579,955 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 141,978 | |
AFS, Fair Value, 1 to 5 years | 486,024 | |
AFS, Fair Value, 5 to 10 years | 211,776 | |
AFS, Fair Value, More than 10 years | 215,591 | |
AFS, Fair Value, Not due at single maturity | 2,338,030 | |
Fair Value | 3,393,399 | 3,331,084 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 1,200 | |
HTM, Amortized Cost, 1 to 5 years | 47,069 | |
HTM, Amortized Cost, 5 to 10 years | 143,299 | |
HTM, Amortized Cost, More than 10 years | 234,592 | |
HTM, Amortized Cost, Not due at single maturity | 2,038,973 | |
Amortized Cost | 2,465,133 | 2,490,848 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 1,194 | |
HTM, Fair Value, 1 to 5 years | 43,358 | |
HTM, Fair Value, 5 to 10 years | 120,815 | |
HTM, Fair Value, More than 10 years | 186,466 | |
HTM, Fair Value, Not due at single maturity | 1,691,079 | |
Fair value | 2,042,912 | 2,095,620 |
U.S. Treasuries | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 122,246 | |
AFS, Amortized Cost, 1 to 5 years | 289,394 | |
Amortized Cost | 411,640 | 398,021 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 122,094 | |
AFS, Fair Value, 1 to 5 years | 276,686 | |
Fair Value | 398,780 | 387,349 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 19,872 | |
Amortized Cost | 19,872 | 19,864 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 17,779 | |
Fair value | 17,779 | 17,950 |
U.S. Government agencies & GSEs | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 371 | |
AFS, Amortized Cost, 1 to 5 years | 46,818 | |
AFS, Amortized Cost, 5 to 10 years | 129,138 | |
AFS, Amortized Cost, More than 10 years | 136,081 | |
Amortized Cost | 312,408 | 281,708 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 357 | |
AFS, Fair Value, 1 to 5 years | 43,034 | |
AFS, Fair Value, 5 to 10 years | 122,597 | |
AFS, Fair Value, More than 10 years | 131,438 | |
Fair Value | 297,426 | 267,500 |
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 | 72,635 | |
HTM, Amortized Cost, More than 10 years | 26,417 | |
Amortized Cost | 99,052 | 99,052 |
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 | 61,301 | |
HTM, Fair Value, More than 10 years | 21,078 | |
Fair value | 82,379 | 83,363 |
State and political subdivisions | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 3,147 | |
AFS, Amortized Cost, 1 to 5 years | 27,823 | |
AFS, Amortized Cost, 5 to 10 years | 59,827 | |
AFS, Amortized Cost, More than 10 years | 91,032 | |
Amortized Cost | 181,829 | 182,546 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 3,114 | |
AFS, Fair Value, 1 to 5 years | 25,762 | |
AFS, Fair Value, 5 to 10 years | 51,150 | |
AFS, Fair Value, More than 10 years | 83,237 | |
Fair Value | 163,263 | 164,049 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 1,200 | |
HTM, Amortized Cost, 1 to 5 years | 27,197 | |
HTM, Amortized Cost, 5 to 10 years | 55,664 | |
HTM, Amortized Cost, More than 10 years | 208,175 | |
Amortized Cost | 292,236 | 292,705 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 1,194 | |
HTM, Fair Value, 1 to 5 years | 25,579 | |
HTM, Fair Value, 5 to 10 years | 47,296 | |
HTM, Fair Value, More than 10 years | 165,388 | |
Fair value | 239,457 | 242,439 |
Corporate bonds | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 16,878 | |
AFS, Amortized Cost, 1 to 5 years | 152,155 | |
AFS, Amortized Cost, 5 to 10 years | 43,528 | |
AFS, Amortized Cost, More than 10 years | 810 | |
Amortized Cost | 213,371 | 218,285 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 16,413 | |
AFS, Fair Value, 1 to 5 years | 140,542 | |
AFS, Fair Value, 5 to 10 years | 38,029 | |
AFS, Fair Value, More than 10 years | 916 | |
Fair Value | 195,900 | 201,222 |
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 | 12,218 | |
Fair value | 12,218 | 12,500 |
Asset-backed securities | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 148,738 | |
Amortized Cost | 148,738 | 164,728 |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 147,056 | |
Fair Value | 147,056 | $ 161,712 |
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 | 1,670,549 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 1,517,893 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 1,360,395 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 1,136,965 | |
Commercial MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 713,176 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 673,081 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 678,578 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | $ 554,114 |
Investment Securities - AFS Sal
Investment Securities - AFS Sales Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales | $ 647 | $ 380,661 |
Gross realized gains | 0 | 1,373 |
Gross realized losses | 0 | (3,017) |
Securities losses, net | 0 | (1,644) |
Income tax benefit attributable to sales | $ 0 | $ (374) |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Major classifications of loan portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | $ 18,375,246 | $ 18,316,862 | ||
Fair value hedge basis adjustment | (402) | 1,893 | ||
Total loans | 18,374,844 | 18,318,755 | ||
Less ACL - loans | (210,934) | (208,071) | $ (176,534) | $ (159,357) |
Loans and leases, net | 18,163,910 | 18,110,684 | ||
Commercial | Owner occupied CRE | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 3,310,231 | 3,264,051 | ||
Commercial | Income producing CRE | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 4,206,322 | 4,263,952 | ||
Commercial | Commercial & industrial | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 2,404,505 | 2,411,045 | ||
Commercial | Commercial construction | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 1,936,074 | 1,859,538 | ||
Commercial | Equipment financing | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 1,543,905 | 1,541,120 | ||
Residential | Commercial construction | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 257,279 | 301,650 | ||
Residential | Residential mortgage | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 3,239,687 | 3,198,928 | ||
Residential | Home equity | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 969,020 | 958,987 | ||
Residential | Manufactured housing | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 328,121 | 336,474 | ||
Consumer | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 180,102 | 181,117 | ||
Loans receivable | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 18,375,246 | 18,316,862 | ||
Loans receivable | Commercial | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 13,401,037 | 13,339,706 | ||
Loans receivable | Commercial | Owner occupied CRE | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 3,310,231 | 3,264,051 | ||
Less ACL - loans | (19,658) | (23,542) | (20,831) | (19,834) |
Loans receivable | Commercial | Income producing CRE | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 4,206,322 | 4,263,952 | ||
Less ACL - loans | (46,798) | (47,755) | (33,607) | (32,082) |
Loans receivable | Commercial | Commercial & industrial | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 2,404,505 | 2,411,045 | ||
Less ACL - loans | (31,858) | (30,890) | (28,312) | (23,504) |
Loans receivable | Commercial | Commercial construction | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 1,936,074 | 1,859,538 | ||
Less ACL - loans | (20,023) | (21,741) | (22,073) | (20,120) |
Loans receivable | Commercial | Equipment financing | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 1,543,905 | 1,541,120 | ||
Less ACL - loans | (39,982) | (33,383) | (26,195) | (23,395) |
Loans receivable | Residential | Commercial construction | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 257,279 | 301,650 | ||
Less ACL - loans | (1,529) | (1,833) | (2,043) | (2,049) |
Loans receivable | Residential | Residential mortgage | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 3,239,687 | 3,198,928 | ||
Less ACL - loans | (28,636) | (28,219) | (24,082) | (20,809) |
Loans receivable | Residential | Home equity | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 969,020 | 958,987 | ||
Less ACL - loans | (9,715) | (9,647) | (10,337) | (8,707) |
Loans receivable | Residential | Manufactured housing | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 328,121 | 336,474 | ||
Less ACL - loans | (12,044) | (10,339) | (8,424) | (8,098) |
Loans receivable | Consumer | ||||
Classifications of loans | ||||
Total loans excluding fair value hedge basis adjustment | 180,102 | 181,117 | ||
Less ACL - loans | $ (691) | $ (722) | $ (630) | $ (759) |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 extension | Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net investment in leases | $ 74,770 | $ 68,921 | |
Commercial | Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ACL loans | $ 55,500 | 48,500 | |
Commercial | Commercial & industrial | Extension | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Extended weighted average maturity | 7 months | ||
Commercial | Commercial & industrial | Payment Delay | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Extended weighted average maturity | 6 months | ||
Loans receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | $ 67,000 | $ 67,000 | |
Loans receivable | Commercial | Equipment financing | Extension | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of extensions | extension | 1 | ||
Extension from modification | 3 months | ||
Loans receivable | Commercial | Commercial & industrial | Payment Delay | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of extensions | extension | 1 | ||
Weighted average payment delay term (in months) | 3 months | ||
Loans receivable | Commercial | Residential Mortgage and Manufactured Housing | Rate Reduction & Extension | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Decrease in the weighted average interest rate | 6.21% | ||
Extended weighted average maturity | 6 years 6 months |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Loans Held for Investment Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans sold | $ 37,711 | $ 40,473 |
Guaranteed portion of SBA/USDA loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans sold | 9,388 | 21,770 |
Equipment financing receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans sold | $ 28,323 | $ 18,703 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Components of Net Investment in Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Net Investment in Leases | ||
Minimum future lease payments receivable | $ 81,882 | $ 75,198 |
Estimated residual value of leased equipment | 4,737 | 4,445 |
Initial direct costs | 1,566 | 1,402 |
Security deposits | (437) | (413) |
Unearned income | (12,978) | (11,711) |
Net investment in leases | $ 74,770 | $ 68,921 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Minimum Future Lease Payments Expected to be Received from Equipment Financing Lease Contracts (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Minimum future lease payments expected to be received | |
Remainder of 2024 | $ 20,668 |
2025 | 23,996 |
2026 | 18,243 |
2027 | 12,703 |
2028 | 5,675 |
Thereafter | 597 |
Total | $ 81,882 |
Loans and Leases and Allowanc_8
Loans and Leases and Allowance for Credit Losses - Loans by Aging Category and Accrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | $ 18,375,246 | $ 18,316,862 |
Commercial | Owner occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 3,310,231 | 3,264,051 |
Commercial | Income producing CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 4,206,322 | 4,263,952 |
Commercial | Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 2,404,505 | 2,411,045 |
Commercial | Commercial construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 1,936,074 | 1,859,538 |
Commercial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 1,543,905 | 1,541,120 |
Residential | Commercial construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 257,279 | 301,650 |
Residential | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 3,239,687 | 3,198,928 |
Residential | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 969,020 | 958,987 |
Residential | Manufactured housing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 328,121 | 336,474 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 180,102 | 181,117 |
Loans receivable | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 18,375,246 | 18,316,862 |
Nonaccrual Loans | 104,969 | 91,687 |
Loans receivable | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 18,218,158 | 18,171,292 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 43,880 | 43,941 |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 8,239 | 9,942 |
Loans receivable | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 13,401,037 | 13,339,706 |
Nonaccrual Loans | 62,321 | 57,072 |
Loans receivable | Commercial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 13,305,800 | 13,256,853 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 27,712 | 20,650 |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 5,204 | 5,131 |
Loans receivable | Commercial | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Owner occupied CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 3,310,231 | 3,264,051 |
Nonaccrual Loans | 2,310 | 3,094 |
Loans receivable | Commercial | Owner occupied CRE | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 3,300,380 | 3,258,015 |
Loans receivable | Commercial | Owner occupied CRE | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 7,136 | 2,942 |
Loans receivable | Commercial | Owner occupied CRE | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 405 | 0 |
Loans receivable | Commercial | Owner occupied CRE | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Income producing CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 4,206,322 | 4,263,952 |
Nonaccrual Loans | 29,186 | 30,128 |
Loans receivable | Commercial | Income producing CRE | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 4,176,324 | 4,230,140 |
Loans receivable | Commercial | Income producing CRE | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 812 | 3,684 |
Loans receivable | Commercial | Income producing CRE | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 0 | 0 |
Loans receivable | Commercial | Income producing CRE | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 2,404,505 | 2,411,045 |
Nonaccrual Loans | 20,134 | 13,467 |
Loans receivable | Commercial | Commercial & industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 2,371,045 | 2,388,076 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 10,707 | 8,129 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 2,619 | 1,373 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Commercial construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 1,936,074 | 1,859,538 |
Nonaccrual Loans | 1,862 | 1,878 |
Loans receivable | Commercial | Commercial construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 1,932,826 | 1,857,660 |
Loans receivable | Commercial | Commercial construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 1,311 | 0 |
Loans receivable | Commercial | Commercial construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 75 | 0 |
Loans receivable | Commercial | Commercial construction | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 1,543,905 | 1,541,120 |
Nonaccrual Loans | 8,829 | 8,505 |
Loans receivable | Commercial | Equipment financing | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 1,525,225 | 1,522,962 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 7,746 | 5,895 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 2,105 | 3,758 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Commercial construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 257,279 | 301,650 |
Nonaccrual Loans | 1,244 | 944 |
Loans receivable | Residential | Commercial construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 255,899 | 299,230 |
Loans receivable | Residential | Commercial construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 51 | 1,255 |
Loans receivable | Residential | Commercial construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 85 | 221 |
Loans receivable | Residential | Commercial construction | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 3,239,687 | 3,198,928 |
Nonaccrual Loans | 16,569 | 13,944 |
Loans receivable | Residential | Residential mortgage | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 3,217,293 | 3,179,329 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 5,182 | 4,622 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 643 | 1,033 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 969,020 | 958,987 |
Nonaccrual Loans | 4,984 | 3,772 |
Loans receivable | Residential | Home equity | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 960,734 | 950,841 |
Loans receivable | Residential | Home equity | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 2,638 | 4,106 |
Loans receivable | Residential | Home equity | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 664 | 268 |
Loans receivable | Residential | Home equity | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Manufactured housing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 328,121 | 336,474 |
Nonaccrual Loans | 19,797 | 15,861 |
Loans receivable | Residential | Manufactured housing | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 298,850 | 304,794 |
Loans receivable | Residential | Manufactured housing | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 7,869 | 12,622 |
Loans receivable | Residential | Manufactured housing | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 1,605 | 3,197 |
Loans receivable | Residential | Manufactured housing | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 180,102 | 181,117 |
Nonaccrual Loans | 54 | 94 |
Loans receivable | Consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 179,582 | 180,245 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 428 | 686 |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans excluding fair value hedge basis adjustment | 38 | 92 |
Loans receivable | Consumer | Loans Past Due, > 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans and Leases and Allowanc_9
Loans and Leases and Allowance for Credit Losses - Nonaccrual Loans by Loan Class (Details) - Loans receivable - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Nonaccrual loans | ||
Nonaccrual loans with no allowance | $ 51,708 | $ 30,747 |
Nonaccrual loans with an allowance | 53,261 | 60,940 |
Nonaccrual loans | 104,969 | 91,687 |
Commercial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 46,133 | 27,235 |
Nonaccrual loans with an allowance | 16,188 | 29,837 |
Nonaccrual loans | 62,321 | 57,072 |
Commercial | Owner occupied CRE | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 1,072 | 2,451 |
Nonaccrual loans with an allowance | 1,238 | 643 |
Nonaccrual loans | 2,310 | 3,094 |
Commercial | Income producing CRE | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 29,153 | 11,003 |
Nonaccrual loans with an allowance | 33 | 19,125 |
Nonaccrual loans | 29,186 | 30,128 |
Commercial | Commercial & industrial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 14,038 | 11,940 |
Nonaccrual loans with an allowance | 6,096 | 1,527 |
Nonaccrual loans | 20,134 | 13,467 |
Commercial | Commercial construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 1,778 | 1,784 |
Nonaccrual loans with an allowance | 84 | 94 |
Nonaccrual loans | 1,862 | 1,878 |
Commercial | Equipment financing | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 92 | 57 |
Nonaccrual loans with an allowance | 8,737 | 8,448 |
Nonaccrual loans | 8,829 | 8,505 |
Residential | Commercial construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 781 | 398 |
Nonaccrual loans with an allowance | 463 | 546 |
Nonaccrual loans | 1,244 | 944 |
Residential | Residential mortgage | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 3,368 | 1,836 |
Nonaccrual loans with an allowance | 13,201 | 12,108 |
Nonaccrual loans | 16,569 | 13,944 |
Residential | Home equity | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 1,426 | 1,276 |
Nonaccrual loans with an allowance | 3,558 | 2,496 |
Nonaccrual loans | 4,984 | 3,772 |
Residential | Manufactured housing | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 0 | 0 |
Nonaccrual loans with an allowance | 19,797 | 15,861 |
Nonaccrual loans | 19,797 | 15,861 |
Consumer | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 0 | 2 |
Nonaccrual loans with an allowance | 54 | 92 |
Nonaccrual loans | $ 54 | $ 94 |
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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans excluding fair value hedge basis adjustment | $ 18,375,246 | $ 18,316,862 | |
Current period gross charge-offs, Total | 15,409 | $ 9,524 | |
Commercial | Owner occupied CRE | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 123,244 | 657,289 | |
Originated in prior year | 653,388 | 698,640 | |
Originated two years prior | 689,133 | 638,046 | |
Originated three years prior | 623,752 | 564,966 | |
Originated four years prior | 559,995 | 216,684 | |
Originated five or more years prior | 526,186 | 348,080 | |
Revolvers | 114,496 | 118,733 | |
Revolvers converted to term loans | 20,037 | 21,613 | |
Total loans excluding fair value hedge basis adjustment | 3,310,231 | 3,264,051 | |
Current period gross charge-offs, in current fiscal year | 0 | 207 | |
Current period gross charge-offs, in prior year | 192 | 48 | |
Current period gross charge-offs, two years prior | 17 | 0 | |
Current period gross charge-offs, three years prior | 0 | 819 | |
Current period gross charge-offs, four years prior | 0 | 0 | |
Current period gross charge-offs, five or more years prior | 219 | 0 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Current period gross charge-offs, Total | 428 | 1,074 | |
Commercial | Owner occupied CRE | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 121,015 | 643,752 | |
Originated in prior year | 643,801 | 681,834 | |
Originated two years prior | 665,648 | 615,571 | |
Originated three years prior | 594,768 | 553,047 | |
Originated four years prior | 546,727 | 202,068 | |
Originated five or more years prior | 501,390 | 337,495 | |
Revolvers | 113,065 | 117,212 | |
Revolvers converted to term loans | 17,263 | 18,671 | |
Total loans excluding fair value hedge basis adjustment | 3,203,677 | 3,169,650 | |
Commercial | Owner occupied CRE | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 831 | 2,409 | |
Originated in prior year | 1,837 | 7,877 | |
Originated two years prior | 14,475 | 7,070 | |
Originated three years prior | 13,905 | 4,815 | |
Originated four years prior | 9,131 | 9,221 | |
Originated five or more years prior | 11,771 | 2,245 | |
Revolvers | 0 | 100 | |
Revolvers converted to term loans | 2,774 | 254 | |
Total loans excluding fair value hedge basis adjustment | 54,724 | 33,991 | |
Commercial | Owner occupied CRE | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 1,398 | 11,128 | |
Originated in prior year | 7,750 | 8,929 | |
Originated two years prior | 9,010 | 15,405 | |
Originated three years prior | 15,079 | 7,104 | |
Originated four years prior | 4,137 | 5,395 | |
Originated five or more years prior | 13,025 | 8,340 | |
Revolvers | 1,431 | 1,421 | |
Revolvers converted to term loans | 0 | 2,688 | |
Total loans excluding fair value hedge basis adjustment | 51,830 | 60,410 | |
Commercial | Income producing CRE | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 223,732 | 777,483 | |
Originated in prior year | 670,390 | 968,308 | |
Originated two years prior | 965,451 | 873,041 | |
Originated three years prior | 858,815 | 797,416 | |
Originated four years prior | 715,985 | 338,109 | |
Originated five or more years prior | 708,029 | 445,635 | |
Revolvers | 51,780 | 50,659 | |
Revolvers converted to term loans | 12,140 | 13,301 | |
Total loans excluding fair value hedge basis adjustment | 4,206,322 | 4,263,952 | |
Current period gross charge-offs, in current fiscal year | 0 | 3,033 | |
Current period gross charge-offs, in prior year | 0 | 2,534 | |
Current period gross charge-offs, two years prior | 0 | 0 | |
Current period gross charge-offs, three years prior | 0 | 0 | |
Current period gross charge-offs, four years prior | 0 | 0 | |
Current period gross charge-offs, five or more years prior | 229 | 2,291 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Current period gross charge-offs, Total | 229 | 7,858 | |
Commercial | Income producing CRE | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 157,636 | 661,093 | |
Originated in prior year | 570,861 | 931,559 | |
Originated two years prior | 929,507 | 851,529 | |
Originated three years prior | 835,019 | 750,415 | |
Originated four years prior | 681,583 | 302,845 | |
Originated five or more years prior | 668,180 | 419,111 | |
Revolvers | 51,731 | 50,659 | |
Revolvers converted to term loans | 12,087 | 13,247 | |
Total loans excluding fair value hedge basis adjustment | 3,906,604 | 3,980,458 | |
Commercial | Income producing CRE | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 27,581 | 48,358 | |
Originated in prior year | 51,055 | 26,751 | |
Originated two years prior | 26,868 | 18,989 | |
Originated three years prior | 21,336 | 25,964 | |
Originated four years prior | 28,963 | 6,387 | |
Originated five or more years prior | 12,362 | 6,173 | |
Revolvers | 49 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 168,214 | 132,622 | |
Commercial | Income producing CRE | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 38,515 | 68,032 | |
Originated in prior year | 48,474 | 9,998 | |
Originated two years prior | 9,076 | 2,523 | |
Originated three years prior | 2,460 | 21,037 | |
Originated four years prior | 5,439 | 28,877 | |
Originated five or more years prior | 27,487 | 20,351 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 53 | 54 | |
Total loans excluding fair value hedge basis adjustment | 131,504 | 150,872 | |
Commercial | Commercial & industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 108,975 | 627,653 | |
Originated in prior year | 587,532 | 433,407 | |
Originated two years prior | 405,746 | 322,277 | |
Originated three years prior | 298,107 | 144,573 | |
Originated four years prior | 135,945 | 92,682 | |
Originated five or more years prior | 210,151 | 132,518 | |
Revolvers | 645,246 | 643,014 | |
Revolvers converted to term loans | 12,803 | 14,921 | |
Total loans excluding fair value hedge basis adjustment | 2,404,505 | 2,411,045 | |
Current period gross charge-offs, in current fiscal year | 0 | 5,999 | |
Current period gross charge-offs, in prior year | 3,105 | 1,627 | |
Current period gross charge-offs, two years prior | 409 | 13,153 | |
Current period gross charge-offs, three years prior | 107 | 2,377 | |
Current period gross charge-offs, four years prior | 111 | 400 | |
Current period gross charge-offs, five or more years prior | 532 | 157 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 522 | 1,825 | |
Current period gross charge-offs, Total | 4,786 | 25,538 | |
Commercial | Commercial & industrial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 97,538 | 610,288 | |
Originated in prior year | 559,393 | 425,626 | |
Originated two years prior | 398,107 | 299,170 | |
Originated three years prior | 275,540 | 130,586 | |
Originated four years prior | 122,578 | 82,710 | |
Originated five or more years prior | 197,346 | 130,190 | |
Revolvers | 578,784 | 581,871 | |
Revolvers converted to term loans | 11,182 | 13,332 | |
Total loans excluding fair value hedge basis adjustment | 2,240,468 | 2,273,773 | |
Commercial | Commercial & industrial | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 10,752 | 6,459 | |
Originated in prior year | 2,434 | 2,068 | |
Originated two years prior | 3,821 | 472 | |
Originated three years prior | 6,862 | 5,430 | |
Originated four years prior | 8,432 | 5,473 | |
Originated five or more years prior | 8,090 | 718 | |
Revolvers | 34,656 | 14,861 | |
Revolvers converted to term loans | 313 | 274 | |
Total loans excluding fair value hedge basis adjustment | 75,360 | 35,755 | |
Commercial | Commercial & industrial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 685 | 10,906 | |
Originated in prior year | 25,705 | 5,713 | |
Originated two years prior | 3,818 | 22,635 | |
Originated three years prior | 15,705 | 8,557 | |
Originated four years prior | 4,935 | 4,499 | |
Originated five or more years prior | 4,715 | 1,610 | |
Revolvers | 31,806 | 46,282 | |
Revolvers converted to term loans | 1,308 | 1,315 | |
Total loans excluding fair value hedge basis adjustment | 88,677 | 101,517 | |
Commercial | Commercial construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 167,154 | 682,073 | |
Originated in prior year | 633,287 | 640,669 | |
Originated two years prior | 668,729 | 293,313 | |
Originated three years prior | 263,125 | 95,769 | |
Originated four years prior | 63,228 | 59,598 | |
Originated five or more years prior | 74,525 | 24,780 | |
Revolvers | 65,090 | 62,370 | |
Revolvers converted to term loans | 936 | 966 | |
Total loans excluding fair value hedge basis adjustment | 1,936,074 | 1,859,538 | |
Current period gross charge-offs, in current fiscal year | 0 | 0 | |
Current period gross charge-offs, in prior year | 0 | 60 | |
Current period gross charge-offs, two years prior | 53 | 0 | |
Current period gross charge-offs, three years prior | 0 | 0 | |
Current period gross charge-offs, four years prior | 0 | 0 | |
Current period gross charge-offs, five or more years prior | 0 | 0 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Current period gross charge-offs, Total | 53 | 60 | |
Commercial | Commercial construction | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 160,727 | 665,792 | |
Originated in prior year | 627,053 | 638,761 | |
Originated two years prior | 667,547 | 293,276 | |
Originated three years prior | 263,091 | 95,046 | |
Originated four years prior | 62,508 | 59,471 | |
Originated five or more years prior | 74,320 | 24,698 | |
Revolvers | 65,090 | 62,370 | |
Revolvers converted to term loans | 936 | 966 | |
Total loans excluding fair value hedge basis adjustment | 1,921,272 | 1,840,380 | |
Commercial | Commercial construction | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 4,849 | 28 | |
Originated in prior year | 204 | 124 | |
Originated two years prior | 118 | 6 | |
Originated three years prior | 4 | 0 | |
Originated four years prior | 0 | 0 | |
Originated five or more years prior | 0 | 0 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 5,175 | 158 | |
Commercial | Commercial construction | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 1,578 | 16,253 | |
Originated in prior year | 6,030 | 1,784 | |
Originated two years prior | 1,064 | 31 | |
Originated three years prior | 30 | 723 | |
Originated four years prior | 720 | 127 | |
Originated five or more years prior | 205 | 82 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 9,627 | 19,000 | |
Commercial | Equipment financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 192,828 | 674,672 | |
Originated in prior year | 580,832 | 500,477 | |
Originated two years prior | 457,478 | 235,909 | |
Originated three years prior | 206,510 | 84,467 | |
Originated four years prior | 70,491 | 41,870 | |
Originated five or more years prior | 35,766 | 3,725 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 1,543,905 | 1,541,120 | |
Current period gross charge-offs, in current fiscal year | 0 | 474 | |
Current period gross charge-offs, in prior year | 1,219 | 10,902 | |
Current period gross charge-offs, two years prior | 3,457 | 9,764 | |
Current period gross charge-offs, three years prior | 2,199 | 1,960 | |
Current period gross charge-offs, four years prior | 383 | 786 | |
Current period gross charge-offs, five or more years prior | 31 | 320 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Current period gross charge-offs, Total | 7,289 | 24,206 | |
Commercial | Equipment financing | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 192,828 | 673,201 | |
Originated in prior year | 578,878 | 496,336 | |
Originated two years prior | 452,224 | 233,422 | |
Originated three years prior | 201,010 | 83,507 | |
Originated four years prior | 68,999 | 41,053 | |
Originated five or more years prior | 34,265 | 3,722 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 1,528,204 | 1,531,241 | |
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 | 815 | ||
Originated three years prior | 2,311 | ||
Originated four years prior | 900 | ||
Originated five or more years prior | 674 | ||
Revolvers | 0 | ||
Revolvers converted to term loans | 0 | ||
Total loans excluding fair value hedge basis adjustment | 4,700 | ||
Commercial | Equipment financing | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 0 | 1,471 | |
Originated in prior year | 1,954 | 4,141 | |
Originated two years prior | 4,439 | 2,487 | |
Originated three years prior | 3,189 | 960 | |
Originated four years prior | 592 | 817 | |
Originated five or more years prior | 827 | 3 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 11,001 | 9,879 | |
Residential | Commercial construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 15,324 | 209,676 | |
Originated in prior year | 177,055 | 70,042 | |
Originated two years prior | 44,554 | 9,827 | |
Originated three years prior | 9,044 | 5,207 | |
Originated four years prior | 4,948 | 1,084 | |
Originated five or more years prior | 6,262 | 5,721 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 92 | 93 | |
Total loans excluding fair value hedge basis adjustment | 257,279 | 301,650 | |
Current period gross charge-offs, in current fiscal year | 0 | 0 | |
Current period gross charge-offs, in prior year | 85 | 1,111 | |
Current period gross charge-offs, two years prior | 0 | 0 | |
Current period gross charge-offs, three years prior | 48 | 0 | |
Current period gross charge-offs, four years prior | 0 | 0 | |
Current period gross charge-offs, five or more years prior | 0 | 0 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Current period gross charge-offs, Total | 133 | 1,111 | |
Residential | Commercial construction | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 15,109 | 208,798 | |
Originated in prior year | 176,092 | 70,011 | |
Originated two years prior | 44,524 | 9,827 | |
Originated three years prior | 9,044 | 5,201 | |
Originated four years prior | 4,941 | 1,046 | |
Originated five or more years prior | 6,127 | 5,614 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 92 | 93 | |
Total loans excluding fair value hedge basis adjustment | 255,929 | 300,590 | |
Residential | Commercial construction | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 215 | 878 | |
Originated in prior year | 963 | 31 | |
Originated two years prior | 30 | 0 | |
Originated three years prior | 0 | 6 | |
Originated four years prior | 7 | 38 | |
Originated five or more years prior | 135 | 107 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 1,350 | 1,060 | |
Residential | Residential mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 103,912 | 841,826 | |
Originated in prior year | 825,945 | 958,670 | |
Originated two years prior | 945,024 | 736,793 | |
Originated three years prior | 723,803 | 319,960 | |
Originated four years prior | 313,790 | 86,067 | |
Originated five or more years prior | 323,664 | 251,943 | |
Revolvers | 6 | 6 | |
Revolvers converted to term loans | 3,543 | 3,663 | |
Total loans excluding fair value hedge basis adjustment | 3,239,687 | 3,198,928 | |
Current period gross charge-offs, in current fiscal year | 0 | 0 | |
Current period gross charge-offs, in prior year | 0 | 51 | |
Current period gross charge-offs, two years prior | 13 | 0 | |
Current period gross charge-offs, three years prior | 0 | 0 | |
Current period gross charge-offs, four years prior | 0 | 0 | |
Current period gross charge-offs, five or more years prior | 3 | 38 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Current period gross charge-offs, Total | 16 | 89 | |
Residential | Residential mortgage | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 102,601 | 839,825 | |
Originated in prior year | 823,173 | 955,592 | |
Originated two years prior | 941,593 | 734,078 | |
Originated three years prior | 721,699 | 318,886 | |
Originated four years prior | 311,808 | 84,736 | |
Originated five or more years prior | 315,388 | 245,648 | |
Revolvers | 6 | 6 | |
Revolvers converted to term loans | 3,262 | 3,415 | |
Total loans excluding fair value hedge basis adjustment | 3,219,530 | 3,182,186 | |
Residential | Residential mortgage | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 1,311 | 2,001 | |
Originated in prior year | 2,772 | 3,078 | |
Originated two years prior | 3,431 | 2,715 | |
Originated three years prior | 2,104 | 1,074 | |
Originated four years prior | 1,982 | 1,331 | |
Originated five or more years prior | 8,276 | 6,295 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 281 | 248 | |
Total loans excluding fair value hedge basis adjustment | 20,157 | 16,742 | |
Residential | Home equity | |||
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 | 935,162 | 926,596 | |
Revolvers converted to term loans | 33,858 | 32,391 | |
Total loans excluding fair value hedge basis adjustment | 969,020 | 958,987 | |
Current period gross charge-offs, in current fiscal year | 0 | 0 | |
Current period gross charge-offs, in prior year | 0 | 0 | |
Current period gross charge-offs, two years prior | 0 | 0 | |
Current period gross charge-offs, three years prior | 0 | 0 | |
Current period gross charge-offs, four years prior | 0 | 0 | |
Current period gross charge-offs, five or more years prior | 0 | 0 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 7 | 167 | |
Current period gross charge-offs, Total | 7 | 167 | |
Residential | Home equity | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 0 | 0 | |
Originated in prior year | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated three years prior | 0 | 0 | |
Originated four years prior | 0 | 0 | |
Originated five or more years prior | 0 | 0 | |
Revolvers | 935,162 | 926,596 | |
Revolvers converted to term loans | 28,461 | 28,412 | |
Total loans excluding fair value hedge basis adjustment | 963,623 | 955,008 | |
Residential | Home equity | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 0 | 0 | |
Originated in prior year | 0 | 0 | |
Originated two years prior | 0 | 0 | |
Originated three years prior | 0 | 0 | |
Originated four years prior | 0 | 0 | |
Originated five or more years prior | 0 | 0 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 5,397 | 3,979 | |
Total loans excluding fair value hedge basis adjustment | 5,397 | 3,979 | |
Residential | Manufactured housing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 128 | 46,143 | |
Originated in prior year | 45,209 | 74,089 | |
Originated two years prior | 72,210 | 52,415 | |
Originated three years prior | 51,290 | 46,755 | |
Originated four years prior | 45,846 | 32,612 | |
Originated five or more years prior | 113,438 | 84,460 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 328,121 | 336,474 | |
Current period gross charge-offs, in current fiscal year | 0 | 38 | |
Current period gross charge-offs, in prior year | 234 | 1,503 | |
Current period gross charge-offs, two years prior | 615 | 985 | |
Current period gross charge-offs, three years prior | 304 | 419 | |
Current period gross charge-offs, four years prior | 149 | 279 | |
Current period gross charge-offs, five or more years prior | 305 | 690 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Current period gross charge-offs, Total | 1,607 | 3,914 | |
Residential | Manufactured housing | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 0 | 45,065 | |
Originated in prior year | 43,191 | 69,424 | |
Originated two years prior | 67,155 | 48,814 | |
Originated three years prior | 47,387 | 43,735 | |
Originated four years prior | 42,030 | 31,321 | |
Originated five or more years prior | 106,805 | 80,284 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 306,568 | 318,643 | |
Residential | Manufactured housing | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 128 | 1,078 | |
Originated in prior year | 2,018 | 4,665 | |
Originated two years prior | 5,055 | 3,601 | |
Originated three years prior | 3,903 | 3,020 | |
Originated four years prior | 3,816 | 1,291 | |
Originated five or more years prior | 6,633 | 4,176 | |
Revolvers | 0 | 0 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | 21,553 | 17,831 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 27,586 | 86,192 | |
Originated in prior year | 71,681 | 39,648 | |
Originated two years prior | 33,723 | 16,244 | |
Originated three years prior | 13,735 | 10,375 | |
Originated four years prior | 9,530 | 1,217 | |
Originated five or more years prior | 1,318 | 636 | |
Revolvers | 22,067 | 26,271 | |
Revolvers converted to term loans | 462 | 534 | |
Total loans excluding fair value hedge basis adjustment | 180,102 | 181,117 | |
Current period gross charge-offs, in current fiscal year | 648 | 3,245 | |
Current period gross charge-offs, in prior year | 55 | 241 | |
Current period gross charge-offs, two years prior | 86 | 233 | |
Current period gross charge-offs, three years prior | 18 | 38 | |
Current period gross charge-offs, four years prior | 5 | 15 | |
Current period gross charge-offs, five or more years prior | 0 | 1 | |
Revolvers | 0 | 5 | |
Revolvers converted to term loans | 49 | 204 | |
Current period gross charge-offs, Total | 861 | 3,982 | |
Consumer | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 27,459 | 86,142 | |
Originated in prior year | 71,656 | 39,593 | |
Originated two years prior | 33,669 | 16,191 | |
Originated three years prior | 13,687 | 10,350 | |
Originated four years prior | 9,517 | 1,212 | |
Originated five or more years prior | 1,309 | 623 | |
Revolvers | 22,067 | 26,239 | |
Revolvers converted to term loans | 462 | 534 | |
Total loans excluding fair value hedge basis adjustment | 179,826 | 180,884 | |
Consumer | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Originated in current fiscal year | 127 | 50 | |
Originated in prior year | 25 | 55 | |
Originated two years prior | 54 | 53 | |
Originated three years prior | 48 | 25 | |
Originated four years prior | 13 | 5 | |
Originated five or more years prior | 9 | 13 | |
Revolvers | 0 | 32 | |
Revolvers converted to term loans | 0 | 0 | |
Total loans excluding fair value hedge basis adjustment | $ 276 | $ 233 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses - Modifications to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 6,512 | |
Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 29,085 | |
Payment Delay & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 1,672 | |
Rate Reduction & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 1,329 | |
Rate Reduction & Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 40,039 | |
Commercial | Owner occupied CRE | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 243 | |
Weighted average maturity | 1 year | |
Commercial | Owner occupied CRE | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 266 | |
Commercial | Owner occupied CRE | Rate Reduction & Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 1,441 | |
Weighted average maturity | 6 months | |
Weighted average interest rate | 0.75% | |
Commercial | Income producing CRE | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 28,540 | |
Weighted average maturity | 1 year | |
Commercial | Commercial & industrial | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 6,117 | |
Weighted average maturity | 7 months | |
Commercial | Commercial & industrial | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 179 | |
Weighted average maturity | 6 months | |
Commercial | Commercial & industrial | Payment Delay & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 279 | |
Commercial | Commercial & industrial | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted average maturity | 4 months | |
Commercial | Commercial & industrial | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Weighted average maturity | 3 years | |
Commercial | Equipment financing | Payment Delay & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 1,393 | |
Weighted average maturity | 7 months | |
Residential | Residential mortgage | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 27 | |
Weighted average maturity | 1 year | |
Residential | Residential mortgage | Rate Reduction & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 1,201 | |
Weighted average maturity | 2 years | |
Weighted average interest rate | 4.44% | |
Residential | Residential construction | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 100 | |
Weighted average maturity | 6 months | |
Residential | Manufactured housing | Rate Reduction & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 128 | |
Weighted average maturity | 6 years | |
Weighted average interest rate | 6.24% | |
Consumer | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 125 | |
Weighted average maturity | 5 months | |
Loans receivable | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 40,039 | $ 11,590 |
% of Total Class of Receivable | 0.20% | 0.10% |
Defaults within 12 months of modification | $ 228 | $ 0 |
Loans receivable | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 5,211 | |
Loans receivable | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 6,170 | |
Loans receivable | Rate Reduction & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 209 | |
Loans receivable | Commercial | Owner occupied CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 1,950 | |
% of Total Class of Receivable | 0.10% | |
Defaults within 12 months of modification | $ 0 | |
Loans receivable | Commercial | Income producing CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 28,540 | |
% of Total Class of Receivable | 0.70% | |
Defaults within 12 months of modification | $ 0 | |
Loans receivable | Commercial | Commercial & industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 6,575 | $ 6,170 |
% of Total Class of Receivable | 0.30% | 0.30% |
Defaults within 12 months of modification | $ 0 | $ 0 |
Loans receivable | Commercial | Commercial & industrial | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | |
Loans receivable | Commercial | Commercial & industrial | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 6,170 | |
Loans receivable | Commercial | Commercial & industrial | Rate Reduction & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | |
Loans receivable | Commercial | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 1,393 | $ 5,211 |
% of Total Class of Receivable | 0.10% | 0.40% |
Defaults within 12 months of modification | $ 228 | $ 0 |
Loans receivable | Commercial | Equipment financing | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 5,211 | |
Loans receivable | Commercial | Equipment financing | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | |
Loans receivable | Commercial | Equipment financing | Rate Reduction & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | |
Loans receivable | Residential | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 1,228 | $ 57 |
% of Total Class of Receivable | 0% | 0% |
Defaults within 12 months of modification | $ 0 | $ 0 |
Loans receivable | Residential | Residential mortgage | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | |
Loans receivable | Residential | Residential mortgage | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | |
Loans receivable | Residential | Residential mortgage | Rate Reduction & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 57 | |
Loans receivable | Residential | Residential construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 100 | |
% of Total Class of Receivable | 0% | |
Defaults within 12 months of modification | $ 0 | |
Loans receivable | Residential | Manufactured housing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 128 | $ 152 |
% of Total Class of Receivable | 0% | 0% |
Defaults within 12 months of modification | $ 0 | $ 0 |
Loans receivable | Residential | Manufactured housing | Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | |
Loans receivable | Residential | Manufactured housing | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 0 | |
Loans receivable | Residential | Manufactured housing | Rate Reduction & Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 152 | |
Loans receivable | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 125 | |
% of Total Class of Receivable | 0.10% | |
Defaults within 12 months of modification | $ 0 |
Loans and Leases and Allowan_12
Loans and Leases and Allowance for Credit Losses - Balance and Activity in the ACL by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
ACL | |||
ACL - loans, Beginning Balance | $ 208,071 | $ 159,357 | $ 159,357 |
ACL- loans, Initial ACL - PCD loans | 2,704 | ||
ACL - loans, Charge-Offs | (15,409) | (9,524) | |
ACL - loans, Recoveries | 2,501 | 2,440 | |
ACL - loans, Provision | 15,771 | 21,557 | |
ACL - loans, Ending Balance | 210,934 | 176,534 | 208,071 |
ACL - unfunded commitments, Beginning Balance | 16,057 | 21,163 | 21,163 |
ACL - unfunded commitments, Provision | (2,872) | 226 | |
ACL - unfunded commitments, Ending Balance | 13,185 | 21,389 | 16,057 |
Total ACL, Beginning Balance | 224,128 | 180,520 | 180,520 |
Total ACL, Initial ACL - PCD loans | 2,704 | ||
Total ACL, Charge-Offs | (15,409) | (9,524) | |
Total ACL, Recoveries | 2,501 | 2,440 | |
Total ACL, Provision | 12,899 | 21,783 | |
Total ACL, Ending Balance | 224,119 | 197,923 | 224,128 |
Commercial | Owner occupied CRE | |||
ACL | |||
ACL - loans, Charge-Offs | (428) | (1,074) | |
Commercial | Income producing CRE | |||
ACL | |||
ACL - loans, Charge-Offs | (229) | (7,858) | |
Commercial | Commercial & industrial | |||
ACL | |||
ACL - loans, Charge-Offs | (4,786) | (25,538) | |
Commercial | Commercial construction | |||
ACL | |||
ACL - loans, Charge-Offs | (53) | (60) | |
Commercial | Equipment financing | |||
ACL | |||
ACL - loans, Charge-Offs | (7,289) | (24,206) | |
Residential | Commercial construction | |||
ACL | |||
ACL - loans, Charge-Offs | (133) | (1,111) | |
Residential | Residential mortgage | |||
ACL | |||
ACL - loans, Charge-Offs | (16) | (89) | |
Residential | Home equity | |||
ACL | |||
ACL - loans, Charge-Offs | (7) | (167) | |
Residential | Manufactured housing | |||
ACL | |||
ACL - loans, Charge-Offs | (1,607) | (3,914) | |
Consumer | |||
ACL | |||
ACL - loans, Charge-Offs | (861) | (3,982) | |
Loans receivable | Commercial | Owner occupied CRE | |||
ACL | |||
ACL - loans, Beginning Balance | 23,542 | 19,834 | 19,834 |
ACL- loans, Initial ACL - PCD loans | 181 | ||
ACL - loans, Charge-Offs | (428) | (207) | |
ACL - loans, Recoveries | 226 | 117 | |
ACL - loans, Provision | (3,682) | 906 | |
ACL - loans, Ending Balance | 19,658 | 20,831 | 23,542 |
Loans receivable | Commercial | Income producing CRE | |||
ACL | |||
ACL - loans, Beginning Balance | 47,755 | 32,082 | 32,082 |
ACL- loans, Initial ACL - PCD loans | 307 | ||
ACL - loans, Charge-Offs | (229) | (2,781) | |
ACL - loans, Recoveries | 24 | 475 | |
ACL - loans, Provision | (752) | 3,524 | |
ACL - loans, Ending Balance | 46,798 | 33,607 | 47,755 |
Loans receivable | Commercial | Commercial & industrial | |||
ACL | |||
ACL - loans, Beginning Balance | 30,890 | 23,504 | 23,504 |
ACL- loans, Initial ACL - PCD loans | 1,358 | ||
ACL - loans, Charge-Offs | (4,786) | (898) | |
ACL - loans, Recoveries | 880 | 673 | |
ACL - loans, Provision | 4,874 | 3,675 | |
ACL - loans, Ending Balance | 31,858 | 28,312 | 30,890 |
Loans receivable | Commercial | Commercial construction | |||
ACL | |||
ACL - loans, Beginning Balance | 21,741 | 20,120 | 20,120 |
ACL- loans, Initial ACL - PCD loans | 39 | ||
ACL - loans, Charge-Offs | (53) | 0 | |
ACL - loans, Recoveries | 33 | 37 | |
ACL - loans, Provision | (1,698) | 1,877 | |
ACL - loans, Ending Balance | 20,023 | 22,073 | 21,741 |
Loans receivable | Commercial | Equipment financing | |||
ACL | |||
ACL - loans, Beginning Balance | 33,383 | 23,395 | 23,395 |
ACL- loans, Initial ACL - PCD loans | 0 | ||
ACL - loans, Charge-Offs | (7,289) | (4,027) | |
ACL - loans, Recoveries | 927 | 652 | |
ACL - loans, Provision | 12,961 | 6,175 | |
ACL - loans, Ending Balance | 39,982 | 26,195 | 33,383 |
Loans receivable | Residential | Commercial construction | |||
ACL | |||
ACL - loans, Beginning Balance | 1,833 | 2,049 | 2,049 |
ACL- loans, Initial ACL - PCD loans | 124 | ||
ACL - loans, Charge-Offs | (133) | 0 | |
ACL - loans, Recoveries | 14 | 15 | |
ACL - loans, Provision | (185) | (145) | |
ACL - loans, Ending Balance | 1,529 | 2,043 | 1,833 |
Loans receivable | Residential | Residential mortgage | |||
ACL | |||
ACL - loans, Beginning Balance | 28,219 | 20,809 | 20,809 |
ACL- loans, Initial ACL - PCD loans | 157 | ||
ACL - loans, Charge-Offs | (16) | (19) | |
ACL - loans, Recoveries | 32 | 106 | |
ACL - loans, Provision | 401 | 3,029 | |
ACL - loans, Ending Balance | 28,636 | 24,082 | 28,219 |
Loans receivable | Residential | Home equity | |||
ACL | |||
ACL - loans, Beginning Balance | 9,647 | 8,707 | 8,707 |
ACL- loans, Initial ACL - PCD loans | 534 | ||
ACL - loans, Charge-Offs | (7) | (121) | |
ACL - loans, Recoveries | 61 | 88 | |
ACL - loans, Provision | 14 | 1,129 | |
ACL - loans, Ending Balance | 9,715 | 10,337 | 9,647 |
Loans receivable | Residential | Manufactured housing | |||
ACL | |||
ACL - loans, Beginning Balance | 10,339 | 8,098 | 8,098 |
ACL- loans, Initial ACL - PCD loans | 0 | ||
ACL - loans, Charge-Offs | (1,607) | (654) | |
ACL - loans, Recoveries | 38 | 26 | |
ACL - loans, Provision | 3,274 | 954 | |
ACL - loans, Ending Balance | 12,044 | 8,424 | 10,339 |
Loans receivable | Consumer | |||
ACL | |||
ACL - loans, Beginning Balance | 722 | 759 | 759 |
ACL- loans, Initial ACL - PCD loans | 4 | ||
ACL - loans, Charge-Offs | (861) | (817) | |
ACL - loans, Recoveries | 266 | 251 | |
ACL - loans, Provision | 564 | 433 | |
ACL - loans, Ending Balance | $ 691 | $ 630 | $ 722 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 5,133,140 | $ 3,624,740 |
Derivative Asset | ||
Total gross derivative instruments | 53,202 | 50,352 |
Less: Amounts subject to master netting agreements | (1,444) | (4,683) |
Less: Cash collateral received/pledged | (39,841) | (33,921) |
Net amount | 11,917 | 11,748 |
Derivative Liability | ||
Total gross derivative instruments | 91,413 | 84,811 |
Less: Amounts subject to master netting agreements | (1,444) | (4,683) |
Less: Cash collateral received/pledged | (12,593) | (11,330) |
Net amount | 77,376 | 68,798 |
Derivative assets | ||
Derivative Asset | ||
Total gross derivative instruments | 53,202 | 50,352 |
Derivative liabilities | ||
Derivative Liability | ||
Total gross derivative instruments | 91,413 | 84,811 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,419,520 | 925,511 |
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 hedges of trust preferred securities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 20,000 | 20,000 |
Designated as hedging instrument | Fair value hedges of AFS debt securities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 649,520 | 655,511 |
Designated as hedging instrument | Fair value hedges of loans | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,650,000 | 150,000 |
Designated as hedging instrument | Derivative assets | ||
Derivative Asset | ||
Derivatives designated as hedging instruments | 13,840 | 13,168 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of subordinated debt | ||
Derivative Asset | ||
Cash flow hedge | 13,840 | 13,168 |
Designated as hedging instrument | Derivative assets | Cash flow hedges of trust preferred securities | ||
Derivative Asset | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative assets | Fair value hedges of AFS debt securities | ||
Derivative Asset | ||
Fair value hedge | 0 | 0 |
Designated as hedging instrument | Derivative assets | Fair value hedges of loans | ||
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 hedges of trust preferred securities | ||
Derivative Liability | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Fair value hedges of AFS debt securities | ||
Derivative Liability | ||
Fair value hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Fair value hedges of loans | ||
Derivative Liability | ||
Fair value hedge | 0 | 0 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,713,620 | 2,699,229 |
Not designated as hedging instrument | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,173,714 | 1,177,275 |
Not designated as hedging instrument | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,173,714 | 1,197,364 |
Not designated as hedging instrument | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 89,811 | 90,597 |
Not designated as hedging instrument | Mortgage banking - loan commitments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 67,260 | 48,452 |
Not designated as hedging instrument | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 105,251 | 81,671 |
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 | 39,362 | 37,184 |
Not designated as hedging instrument | Derivative assets | Customer derivative positions | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 1,358 | 3,461 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to customer derivative positions | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 25,588 | 23,061 |
Not designated as hedging instrument | Derivative assets | Risk participations | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 1 | 1 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - loan commitments | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 1,630 | 1,089 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - forward sales commitment | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 89 | 20 |
Not designated as hedging instrument | Derivative assets | Bifurcated embedded derivatives | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 10,696 | 9,552 |
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 | 91,413 | 84,811 |
Not designated as hedging instrument | Derivative liabilities | Customer derivative positions | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 77,635 | 68,384 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 1,337 | 4,597 |
Not designated as hedging instrument | Derivative liabilities | Risk participations | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 6 | 8 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - loan commitments | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 180 | 658 |
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 | $ 12,255 | $ 11,164 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | Mar. 31, 2024 USD ($) contract |
Derivative Instruments [Line Items] | |
Gains to be reclassified from accumulated other comprehensive income into earnings over the next twelve months | $ | $ 5,320 |
Economic hedge, not designated as hedging instrument | Interest rate swaps | |
Derivative Instruments [Line Items] | |
Number of derivative contracts | contract | 3 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effect of Derivatives in Hedging Relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value Hedging | Interest revenue- investment securities | Interest Revenue | ||
Fair value hedges: | ||
Amounts related to interest settlements on derivatives | $ 2,856 | $ 0 |
Gain recognized on derivative | 9,462 | 0 |
Loss recognized on hedged items | (9,798) | 0 |
Net income recognized on AFS securities fair value hedges | 2,520 | 0 |
Fair Value Hedging | Interest revenue - loans, including fees | Interest Revenue | ||
Fair value hedges: | ||
Amounts related to interest settlements on derivatives | 1,298 | 0 |
Gain recognized on derivative | 2,158 | 0 |
Loss recognized on hedged items | (2,295) | 0 |
Net income recognized on AFS securities fair value hedges | 1,161 | 0 |
Cash flow hedging | Interest expense- long term debt | Interest Expense | ||
Fair value hedges: | ||
Net income recognized on AFS securities fair value hedges | 1,440 | 822 |
Premium amortization expense excluded from assessment of hedge effectiveness | $ 118 | $ 116 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Carrying Amount and Cumulative Fair Value Hedging Adjustments on Hedged Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Hedge Accounting Basis Adjustment | $ (402) | $ 1,893 |
Fair Value Hedging | Debt Securities AFS | ||
Derivative [Line Items] | ||
Carrying Amount | 783,148 | 789,908 |
Hedge Accounting Basis Adjustment | (14,471) | (4,673) |
Fair Value Hedging | Loans and leases held for investment | ||
Derivative [Line Items] | ||
Carrying Amount | 5,408,116 | 1,017,379 |
Hedge Accounting Basis Adjustment | (402) | 1,893 |
Fair Value Hedging | Debt Securities AFS | ||
Derivative [Line Items] | ||
Hedged Portfolio Layer | 649,520 | 655,511 |
Fair Value Hedging | Loans and leases held for investment | ||
Derivative [Line Items] | ||
Hedged Portfolio Layer | $ 1,650,000 | $ 150,000 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains and Losses Recognized in Income on Derivatives Not Designated as Hedging Instruments (Details) - Not designated as hedging instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 466 | $ 1,049 |
Customer derivatives and dealer offsets | ||
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | (245) | 367 |
Bifurcated embedded derivatives and dealer offsets | ||
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | (192) | (533) |
Mortgage banking derivatives | ||
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | 901 | 1,227 |
Risk participations | ||
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 2 | $ (12) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying Amount (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and other intangible assets | ||||
Total intangible assets subject to amortization | $ 66,286 | $ 70,173 | ||
Goodwill | 921,253 | 919,914 | $ 896,718 | $ 751,174 |
Total goodwill and other intangible assets, net | 987,539 | 990,087 | ||
Core deposit intangible | ||||
Goodwill and other intangible assets | ||||
Intangibles subject to amortization, gross | 100,694 | 104,174 | ||
Less: accumulated amortization | (40,704) | (40,495) | ||
Total intangible assets subject to amortization | 59,990 | 63,679 | ||
Customer relationship intangible | ||||
Goodwill and other intangible assets | ||||
Intangibles subject to amortization, gross | 8,400 | 8,400 | ||
Less: accumulated amortization | (2,104) | (1,906) | ||
Total intangible assets subject to amortization | $ 6,296 | $ 6,494 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 919,914 | $ 751,174 | ||
Acquisitions | 0 | 145,544 | ||
Measurement period adjustment - First Miami | 1,340 | |||
Goodwill, ending balance | 921,253 | 896,718 | ||
Accumulated impairment losses on goodwill | 306,000 | 306,000 | $ 306,000 | $ 306,000 |
First Miami Bancorp, Inc | ||||
Goodwill [Roll Forward] | ||||
Measurement period adjustment - First Miami | 1,339 | $ 0 | ||
Goodwill, ending balance | $ 24,500 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Estimated Aggregate Amortization Expense for Future Periods (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Estimated Aggregate Amortization Expense For Future Periods | ||
Remainder of 2024 | $ 10,960 | |
2025 | 12,774 | |
2026 | 10,896 | |
2027 | 9,018 | |
2028 | 7,236 | |
Thereafter | 15,402 | |
Total intangible assets subject to amortization | $ 66,286 | $ 70,173 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Debt securities available-for-sale | $ 3,393,399 | $ 3,331,084 |
Mortgage loans held for sale | 38,140 | 33,008 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 398,780 | 387,349 |
U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 297,426 | 267,500 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 163,263 | 164,049 |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 195,900 | 201,222 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 147,056 | 161,712 |
Recurring | ||
Assets: | ||
Equity securities with readily determinable fair values | 6,340 | 7,395 |
Mortgage loans held for sale | 38,140 | 33,008 |
Deferred compensation plan assets | 13,124 | 12,791 |
Servicing rights for SBA/USDA loans | 5,507 | 5,444 |
Residential mortgage servicing rights | 37,358 | 35,897 |
Derivative financial instruments | 53,202 | 50,352 |
Total assets | 3,547,070 | 3,475,971 |
Liabilities: | ||
Deferred compensation plan liability | 13,119 | 12,838 |
Derivative financial instruments | 91,413 | 84,811 |
Total liabilities | 104,532 | 97,649 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 398,780 | 387,349 |
Recurring | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 297,426 | 267,500 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 163,263 | 164,049 |
Recurring | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,517,893 | 1,507,598 |
Recurring | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 673,081 | 641,654 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 195,900 | 201,222 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 147,056 | 161,712 |
Recurring | Level 1 | ||
Assets: | ||
Equity securities with readily determinable fair values | 4,553 | 5,767 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 13,124 | 12,791 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 416,457 | 405,907 |
Liabilities: | ||
Deferred compensation plan liability | 13,119 | 12,838 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 13,119 | 12,838 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 398,780 | 387,349 |
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 | 1,787 | 1,628 |
Mortgage loans held for sale | 38,140 | 33,008 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 40,391 | 39,710 |
Total assets | 3,072,777 | 3,015,876 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 78,228 | 73,639 |
Total liabilities | 78,228 | 73,639 |
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 | 297,426 | 267,500 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 163,263 | 164,049 |
Recurring | Level 2 | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,517,893 | 1,507,598 |
Recurring | Level 2 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 673,081 | 641,654 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 193,740 | 199,017 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 147,056 | 161,712 |
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 | 5,507 | 5,444 |
Residential mortgage servicing rights | 37,358 | 35,897 |
Derivative financial instruments | 12,811 | 10,642 |
Total assets | 57,836 | 54,188 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 13,185 | 11,172 |
Total liabilities | 13,185 | 11,172 |
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 | 2,160 | 2,205 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Liabilities | ||
Liabilities: | ||
Beginning balance | $ 11,172 | $ 12,840 |
Business combinations | 0 | 0 |
Additions | 0 | 3 |
Transfers from Level 2 | 925 | 0 |
Sales and settlements | 0 | 0 |
Fair value adjustments included in OCI | 0 | 0 |
Fair value adjustments included in earnings | 1,088 | (1,648) |
Ending balance | 13,185 | 11,195 |
Derivative Assets | ||
Assets: | ||
Beginning balance | 10,642 | 11,513 |
Business combinations | 0 | 0 |
Additions | 1,466 | 0 |
Transfers from Level 2 | 484 | 0 |
Sales and settlements | (923) | (11) |
Fair value adjustments included in OCI | 0 | 0 |
Fair value adjustments included in earnings | 1,142 | (154) |
Ending balance | 12,811 | 11,348 |
SBA/USDA loan servicing rights | ||
Assets: | ||
Beginning balance | 5,444 | 5,188 |
Business combinations | 0 | 95 |
Additions | 170 | 460 |
Transfers from Level 2 | 0 | 0 |
Sales and settlements | (241) | (220) |
Fair value adjustments included in OCI | 0 | 0 |
Fair value adjustments included in earnings | 134 | 766 |
Ending balance | 5,507 | 6,289 |
Residential mortgage servicing rights | ||
Assets: | ||
Beginning balance | 35,897 | 36,559 |
Business combinations | 0 | 0 |
Additions | 718 | 632 |
Transfers from Level 2 | 0 | 0 |
Sales and settlements | (760) | (452) |
Fair value adjustments included in OCI | 0 | 0 |
Fair value adjustments included in earnings | 1,503 | (658) |
Ending balance | 37,358 | 36,081 |
Corporate Bonds | ||
Assets: | ||
Beginning balance | 2,205 | 2,212 |
Business combinations | 0 | 0 |
Additions | 0 | 0 |
Transfers from Level 2 | 0 | 0 |
Sales and settlements | 0 | 0 |
Fair value adjustments included in OCI | (45) | 15 |
Fair value adjustments included in earnings | 0 | 0 |
Ending balance | $ 2,160 | $ 2,227 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 0.036 | 0.084 |
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 | 0.127 | 0.162 |
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 | 0.020 | 0.035 |
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 | 0.380 | 0.374 |
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 | 0.193 | 0.185 |
Residential mortgage servicing rights | Discount rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.100 | 0.100 |
Residential mortgage servicing rights | Discount rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.125 | 0.150 |
Residential mortgage servicing rights | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.101 | 0.100 |
Residential mortgage servicing rights | Prepayment rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.065 | 0.065 |
Residential mortgage servicing rights | Prepayment rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.300 | 0.299 |
Residential mortgage servicing rights | Prepayment rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.079 | 0.080 |
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 | 0.067 |
Corporate bonds | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.070 | 0.065 |
Derivative assets - mortgage | Pull through rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.640 | 0.600 |
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 | 0.905 | 0.905 |
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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Mortgage Loans Held for Sale | |||
Outstanding principal balance | $ 36,951 | $ 31,788 | |
Fair value | 38,140 | $ 33,008 | |
Mortgage loan gains and other related fees | $ (31) | $ 231 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | $ 15,579 | $ 36,984 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | $ 15,579 | $ 36,984 |
Assets and Liabilities Measur_8
Assets and Liabilities Measured at Fair Value - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
HTM debt securities | $ 2,042,912 | $ 2,095,620 |
Carrying Amount | ||
Assets: | ||
HTM debt securities | 2,465,133 | 2,490,848 |
Loans and leases, net | 18,163,910 | 18,110,684 |
Liabilities: | ||
Deposits | 23,332,009 | 23,310,611 |
Long-term debt | 324,854 | 324,823 |
Fair Value | ||
Assets: | ||
HTM debt securities | 2,042,912 | 2,095,620 |
Loans and leases, net | 17,622,063 | 17,585,073 |
Liabilities: | ||
Deposits | 23,320,033 | 23,305,223 |
Long-term debt | 310,182 | 310,060 |
Fair Value | Level 1 | ||
Assets: | ||
HTM debt securities | 17,779 | 17,950 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
HTM debt securities | 2,025,133 | 2,077,670 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 23,320,033 | 23,305,223 |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
HTM debt securities | 0 | 0 |
Loans and leases, net | 17,622,063 | 17,585,073 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | $ 310,182 | $ 310,060 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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) | 2,130 | |
Income tax benefit related to expense for share-based awards | $ 614,000 | $ 634,000 |
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 | $ 22,300,000 | |
Recognition period for unrecognized compensation expense (in years) | 2 years 7 months 6 days | |
Restricted stock units and performance stock units | Employees | Salaries and employee benefits expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 2,220,000 | 2,360,000 |
Restricted stock units and performance stock units | Directors | Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 183,000 | $ 122,000 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units and Options Outstanding and Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Options, Shares | |
Beginning balance, outstanding (in shares) | shares | 406,737 |
Granted (in shares) | shares | 0 |
Released / Exercised (in shares) | shares | (55,654) |
Cancelled (in shares) | shares | (2,353) |
Ending balance, outstanding (in shares) | shares | 348,730 |
Vested / Exercisable (in shares) | shares | 348,730 |
Options, Weighted Average Exercise Price | |
Beginning balance, outstanding (in dollars per share) | $ / shares | $ 21.19 |
Granted (in dollars per share) | $ / shares | 0 |
Released / Exercised (in dollars per shares) | $ / shares | 20.32 |
Cancelled (in dollars per share) | $ / shares | 26.05 |
Ending balance, outstanding (in dollars per share) | $ / shares | 21.29 |
Vested / Exercisable (in dollars per share) | $ / shares | $ 21.29 |
Outstanding, Weighted Average Remaining Term (in years) | 5 years |
Vested / Exercisable, Weighted Average Remaining Term (in years) | 5 years |
Released / Exercised during period, Aggregate Intrinsic Value | $ | $ 375 |
Outstanding, Aggregate Intrinsic Value | $ | 1,755 |
Vested / Exercisable, Aggregate Intrinsic Value | $ | $ 1,755 |
Restricted Stock Unit Awards | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 929,367 |
Granted (in shares) | shares | 171,905 |
Released / Exercised (in shares) | shares | (42,467) |
Cancelled (in shares) | shares | (55,672) |
Outstanding, ending balance (in shares) | shares | 1,003,133 |
Vested / Exercisable (in shares) | shares | 0 |
Weighted- Average Grant- Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 28.85 |
Granted (in dollars per share) | $ / shares | 28.42 |
Released / Exercised (in dollars per share) | $ / shares | 30.67 |
Cancelled (in dollars per share) | $ / shares | 27.55 |
Outstanding, ending balance (in dollars per share) | $ / shares | 28.80 |
Vested / Exercisable (in dollars per share) | $ / shares | $ 0 |
Aggregate Intrinsic Value, Released / Exercised | $ | $ 1,175 |
Aggregate Intrinsic Value, Outstanding | $ | $ 26,402 |
Reclassifications Out of AOCI_2
Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities losses, net | $ 0 | $ (1,644) |
Income tax expense | (18,204) | (17,791) |
Investment securities interest revenue | 336,728 | 279,487 |
Long-term debt interest expense | (3,795) | (3,896) |
Salaries and employee benefits expense | (84,985) | (78,698) |
Other expense | (8,176) | (8,348) |
Total before tax | 80,835 | 80,091 |
Net of tax | 62,631 | 62,300 |
Reclassifications Out of AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (531) | (2,951) |
Reclassifications Out of AOCI | Realized losses on AFS securities: | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities losses, net | 0 | (1,644) |
Income tax expense | 0 | 374 |
Net of tax | 0 | (1,270) |
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 expense | 493 | 720 |
Investment securities interest revenue | (2,063) | (2,968) |
Net of tax | (1,570) | (2,248) |
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 expense | (368) | (210) |
Long-term debt interest expense | 1,440 | 822 |
Net of tax | 1,072 | 612 |
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 expense | 11 | 16 |
Net of tax | (33) | (45) |
Reclassifications Out of AOCI | Prior service cost | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits expense | $ (44) | $ (61) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Computation of basic and diluted earnings per share | ||
Net income | $ 62,631 | $ 62,300 |
Dividends on preferred stock | (1,573) | (1,719) |
Earnings allocated to participating securities | (345) | (339) |
Net income available to common shareholders, basic | 60,713 | 60,242 |
Net income available to common shareholders, diluted | $ 60,713 | $ 60,242 |
Weighted average shares outstanding: | ||
Basic (in shares) | 119,662 | 115,451 |
Effect of dilutive securities: | ||
Diluted (in shares) | 119,743 | 115,715 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.51 | $ 0.52 |
Diluted (in dollars per share) | $ 0.51 | $ 0.52 |
Stock options | ||
Effect of dilutive securities: | ||
Restricted stock units (in shares) | 81 | 233 |
Restricted stock units | ||
Effect of dilutive securities: | ||
Restricted stock units (in shares) | 0 | 31 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive instruments outstanding not included in EPS analysis (in shares) | 984 | 0 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital, Minimum | 0.045 | |
CET1 capital, Well-Capitalized | 0.065 | |
CET1 capital | 0.1239 | 0.1216 |
Tier 1 capital, Minimum | 0.060 | |
Tier 1 capital, Well-Capitalized | 0.080 | |
Tier 1 capital | 0.1283 | 0.1260 |
Total capital, Minimum | 0.080 | |
Total capital, Well-Capitalized | 0.100 | |
Total capital | 0.1464 | 0.1449 |
Leverage ratio, Minimum | 0.040 | |
Leverage ratio, Well-Capitalized | 0.050 | |
Leverage ratio | 0.0969 | 0.0947 |
CET1 capital | $ 2,468,825 | $ 2,432,518 |
Tier 1 capital | 2,557,091 | 2,520,784 |
Total capital | 2,917,664 | 2,898,474 |
Risk-weighted assets | 19,933,869 | 20,007,236 |
Average total assets for the leverage ratio | $ 26,400,773 | $ 26,621,561 |
United Community Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital | 0.1260 | 0.1222 |
Tier 1 capital | 0.1260 | 0.1222 |
Total capital | 0.1363 | 0.1323 |
Leverage ratio | 0.0950 | 0.0917 |
CET1 capital | $ 2,502,765 | $ 2,435,962 |
Tier 1 capital | 2,502,765 | 2,435,962 |
Total capital | 2,707,793 | 2,638,009 |
Risk-weighted assets | 19,861,459 | 19,933,429 |
Average total assets for the leverage ratio | $ 26,351,912 | $ 26,563,946 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual Amount of Off-balance Sheet Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments whose contract amounts represent credit risk: | $ 4,075,892 | $ 4,305,483 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments whose contract amounts represent credit risk: | $ 66,587 | $ 61,808 |
Commitments and Contingencies_2
Commitments and Contingencies - Tax Credit and Certain Equity Method Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Renewable energy investments: | ||
Other Commitments [Line Items] | ||
Amount of future funding commitments | $ 14,406 | $ 14,406 |
Fintech funds and certain other equity method investments: | ||
Other Commitments [Line Items] | ||
Amount of future funding commitments | 28,313 | 25,008 |
Other assets | Investments in LIHTC: | ||
Other Commitments [Line Items] | ||
Investments in LIHTC: Carrying amount | 57,728 | 48,867 |
Other assets | Renewable energy investments: | ||
Other Commitments [Line Items] | ||
Carrying amount | 4,594 | 18,631 |
Other assets | Fintech funds and certain other equity method investments: | ||
Other Commitments [Line Items] | ||
Carrying amount | 34,401 | 33,720 |
Other liabilities | Investments in LIHTC: | ||
Other Commitments [Line Items] | ||
Investments in LIHTC: Amount of future funding commitments included in carrying amount | 22,178 | 14,176 |
Loans and leases held for investment | Investments in LIHTC: | ||
Other Commitments [Line Items] | ||
Investments in LIHTC: Lending exposure | $ 11,691 | $ 803 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Tax Credits and Amortization Expense (Details) - Investments in LIHTC: - Income tax expense $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Other Commitments [Line Items] | |
Income tax credits and other income tax benefits | $ (1,996) |
Amortization expense | $ 1,831 |