Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | UNITED COMMUNITY BANKS INC | |
Entity Central Index Key | 857,855 | |
Trading Symbol | ucbi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 79,125,271 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest revenue: | ||
Loans, including fees | $ 96,469 | $ 72,727 |
Investment securities, including tax exempt of $972 and $279 | 18,295 | 17,712 |
Deposits in banks and short-term investments | 526 | 519 |
Total interest revenue | 115,290 | 90,958 |
Deposits: | ||
NOW | 1,113 | 597 |
Money market | 2,175 | 1,426 |
Savings | 49 | 27 |
Time | 2,956 | 1,008 |
Total deposit interest expense | 6,293 | 3,058 |
Short-term borrowings | 300 | 40 |
Federal Home Loan Bank advances | 2,124 | 1,430 |
Long-term debt | 3,288 | 2,876 |
Total interest expense | 12,005 | 7,404 |
Net interest revenue | 103,285 | 83,554 |
Provision for credit losses | 3,800 | 800 |
Net interest revenue after provision for credit losses | 99,485 | 82,754 |
Fee revenue: | ||
Service charges and fees | 8,925 | 10,604 |
Mortgage loan and other related fees | 5,359 | 4,424 |
Brokerage fees | 872 | 1,410 |
Gains from sales of SBA/USDA loans | 1,778 | 1,959 |
Securities losses, net | (940) | (2) |
Other | 6,402 | 3,679 |
Total fee revenue | 22,396 | 22,074 |
Total revenue | 121,881 | 104,828 |
Operating expenses: | ||
Salaries and employee benefits | 42,875 | 36,691 |
Communications and equipment | 4,632 | 4,918 |
Occupancy | 5,613 | 4,949 |
Advertising and public relations | 1,515 | 1,061 |
Postage, printing and supplies | 1,637 | 1,370 |
Professional fees | 4,044 | 3,044 |
FDIC assessments and other regulatory charges | 2,476 | 1,283 |
Amortization of intangibles | 1,898 | 973 |
Merger-related and other charges | 2,054 | 2,054 |
Other | 6,731 | 6,483 |
Total operating expenses | 73,475 | 62,826 |
Net income before income taxes | 48,406 | 42,002 |
Income tax expense | 10,748 | 18,478 |
Net income | 37,658 | 23,524 |
Net income available to common shareholders | $ 37,381 | $ 23,524 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.47 | $ 0.33 |
Diluted (in dollars per share) | $ 0.47 | $ 0.33 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 79,205 | 71,700 |
Diluted (in shares) | 79,215 | 71,708 |
Consolidated Statements of Inc3
Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Investment securities tax exemption | $ 972 | $ 279 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statement Of Comprehensive Income (Loss) [Abstract] | ||
Net income, Before-tax Amount | $ 48,406 | $ 42,002 |
Net income, Tax (Expense) Benefit | (10,748) | (18,478) |
Net income, Net of Tax Amount | 37,658 | 23,524 |
Unrealized gains (losses) on available-for-sale securities: | ||
Unrealized holding gains (losses) arising during period, Before-tax Amount | (29,265) | 6,508 |
Unrealized holding gains (losses) arising during period, Tax (Expense) Benefit | 7,155 | (2,464) |
Unrealized holding gains (losses) arising during period, Net of Tax Amount | (22,110) | 4,044 |
Reclassification adjustment for losses included in net income, Before-tax Amount | 940 | 2 |
Reclassification adjustment for losses included in net income, Tax (Expense) Benefit | (221) | (1) |
Reclassification adjustment for losses included in net income, Net of Tax Amount | 719 | 1 |
Net unrealized gains (losses), Before-tax Amount | (28,325) | 6,510 |
Net unrealized gains (losses), Tax (Expense) Benefit | 6,934 | (2,465) |
Net unrealized gains (losses), Net of Tax Amount | (21,391) | 4,045 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 222 | 310 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (54) | (116) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 168 | 194 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 147 | 413 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (38) | (161) |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Net of Tax Amount | 109 | 252 |
Reclassification of disproportionate tax effect related to terminated cash flow hedges, Before-tax Amount | 0 | |
Reclassification of disproportionate tax effect related to terminated cash flow hedges, Tax (Expense) Benefit | 3,400 | |
Reclassification of disproportionate tax effect related to terminated cash flow hedges, Net of Tax Amount | 3,400 | |
Net cash flow hedge activity, Before-tax Amount | 147 | 413 |
Net cash flow hedge activity, Tax (Expense) Benefit | (38) | 3,239 |
Net cash flow hedge activity, Net of Tax Amount | 109 | 3,652 |
Net actuarial loss on defined benefit pension plan, Before-tax Amount | (5) | (800) |
Net actuarial loss on defined benefit pension plan, Tax (Expense) Benefit | 1 | 312 |
Net actuarial loss on defined benefit pension plan, Net of Tax Amount | (4) | (488) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 227 | 200 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (58) | (79) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 169 | 121 |
Net defined benefit pension plan activity, Before-tax Amount | 222 | (600) |
Net defined benefit pension plan activity, Tax (Expense) Benefit | (57) | 233 |
Net defined benefit pension plan activity, Net of Tax Amount | 165 | (367) |
Total other comprehensive income (loss), Before-tax Amount | (27,734) | 6,633 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 6,785 | 891 |
Total other comprehensive income (loss), net of tax amount | (20,949) | 7,524 |
Comprehensive income, Before-tax Amount | 20,672 | 48,635 |
Comprehensive income, Tax (Expense) Benefit | (3,963) | (17,587) |
Comprehensive income, Net of Tax Amount | $ 16,709 | $ 31,048 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 136,201 | $ 129,108 |
Interest-bearing deposits in banks | 216,052 | 185,167 |
Cash and cash equivalents | 352,253 | 314,275 |
Securities available for sale | 2,419,049 | 2,615,850 |
Securities held to maturity (fair value $308,007 and $321,276) | 312,080 | 321,094 |
Loans held for sale (includes $26,493 and $26,252 at fair value) | 26,493 | 32,734 |
Loans and leases, net of unearned income | 8,184,249 | 7,735,572 |
Less allowance for loan and lease losses | (61,085) | (58,914) |
Loans and leases, net | 8,123,164 | 7,676,658 |
Premises and equipment, net | 208,243 | 208,852 |
Bank owned life insurance | 189,759 | 188,970 |
Accrued interest receivable | 31,349 | 32,459 |
Net deferred tax asset | 86,520 | 88,049 |
Derivative financial instruments | 27,202 | 22,721 |
Goodwill and other intangible assets | 328,328 | 244,397 |
Other assets | 159,815 | 169,401 |
Total assets | 12,264,255 | 11,915,460 |
Deposits: | ||
Demand | 3,226,111 | 3,087,797 |
NOW | 2,106,145 | 2,131,939 |
Money market | 2,052,486 | 2,016,748 |
Savings | 677,020 | 651,742 |
Time | 1,520,931 | 1,548,460 |
Brokered | 410,747 | 371,011 |
Total deposits | 9,993,440 | 9,807,697 |
Short-term borrowings | 50,000 | |
Federal Home Loan Bank advances | 434,574 | 504,651 |
Long-term debt | 325,955 | 120,545 |
Derivative financial instruments | 33,236 | 25,376 |
Accrued expenses and other liabilities | 120,295 | 103,857 |
Total liabilities | 10,907,500 | 10,612,126 |
Shareholders' equity: | ||
Common stock, $1 par value; 150,000,000 shares authorized; 79,122,620 and 77,579,561 shares issued and outstanding | 79,123 | 77,580 |
Common stock issuable; 612,831 and 607,869 shares | 9,392 | 9,083 |
Capital surplus | 1,496,307 | 1,451,814 |
Accumulated deficit | (181,877) | (209,902) |
Accumulated other comprehensive loss | (46,190) | (25,241) |
Total shareholders' equity | 1,356,755 | 1,303,334 |
Total liabilities and shareholders' equity | $ 12,264,255 | $ 11,915,460 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheet [Abstract] | ||
Held to maturity, fair value | $ 308,007 | $ 321,276 |
Loans held for sale, at fair value | $ 26,493 | $ 26,252 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 79,122,620 | 77,579,561 |
Common stock, shares outstanding | 79,122,620 | 77,579,561 |
Common stock issuable, shares | 612,831 | 607,869 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Common Stock Issuable | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total |
Balance at Dec. 31, 2016 | $ 70,899 | $ 7,327 | $ 1,275,849 | $ (251,857) | $ (26,483) | $ 1,075,735 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 23,524 | 23,524 | ||||
Other comprehensive income | 7,524 | 7,524 | ||||
Common stock issued to dividend reinvestment plan and employee benefit plans (5,204 and 4,239 shares for March 31, 2018 and March 31, 2017 respectively) | 4 | 106 | 110 | |||
Amortization of stock option and restricted stock awards | 1,321 | 1,321 | ||||
Vesting of restricted stock and exercise of stock options, net of shares surrendered to cover payroll taxes (48,310 shares issued, 46,074 shares deferred and 37,121 shares issued, 58,553 shares deferred for period ended March 31, 2018 and March 31, 2017 respectively) | 38 | 883 | (1,551) | (630) | ||
Deferred compensation plan, net, including dividend equivalents | 117 | 117 | ||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (45,558 and 32,279 shares for March 31, 2018 and March 31, 2017 respectively) | 32 | (368) | 229 | (107) | ||
Common stock dividends ($.09 and $.12 per share for March 31, 2017 and March 31, 2018) | (6,488) | (6,488) | ||||
Balance at Mar. 31, 2017 | 70,973 | 7,959 | 1,275,954 | (234,384) | (18,959) | 1,101,543 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of change in accounting principle | 437 | 437 | ||||
Balance at Dec. 31, 2017 | 77,580 | 9,083 | 1,451,814 | (209,902) | (25,241) | 1,303,334 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 37,658 | 37,658 | ||||
Other comprehensive income | (20,949) | (20,949) | ||||
Common stock issued to dividend reinvestment plan and employee benefit plans (5,204 and 4,239 shares for March 31, 2018 and March 31, 2017 respectively) | 5 | 139 | 144 | |||
Common stock issued for acquisition (1,443,987 shares) | 1,444 | 44,302 | 45,746 | |||
Amortization of stock option and restricted stock awards | 1,148 | 1,148 | ||||
Vesting of restricted stock and exercise of stock options, net of shares surrendered to cover payroll taxes (48,310 shares issued, 46,074 shares deferred and 37,121 shares issued, 58,553 shares deferred for period ended March 31, 2018 and March 31, 2017 respectively) | 48 | 850 | (1,725) | (827) | ||
Deferred compensation plan, net, including dividend equivalents | 143 | 143 | ||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (45,558 and 32,279 shares for March 31, 2018 and March 31, 2017 respectively) | 46 | (684) | 629 | (9) | ||
Common stock dividends ($.09 and $.12 per share for March 31, 2017 and March 31, 2018) | (9,633) | (9,633) | ||||
Balance at Mar. 31, 2018 | $ 79,123 | $ 9,392 | $ 1,496,307 | $ (181,877) | $ (46,190) | $ 1,356,755 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statement Of Changes In Shareholders' Equity [Abstract] | ||
Common stock issued to dividend reinvestment plan and employee benefit plans | 5,204 | 4,239 |
Common stock issued for acquisition, shares | 1,443,987 | |
Vesting of restricted stock and exercise of stock options, net of shares surrendered to cover payroll taxes, shares issued | 48,310 | 37,121 |
Vesting of restricted stock and exercise of stock options, net of shares surrendered to cover payroll taxes, shares deferred | 46,074 | 58,553 |
Shares issued from deferred compensation plan | 45,558 | 32,279 |
Common stock dividends (in dollars per share) | $ 0.12 | $ 0.09 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net income | $ 37,658 | $ 23,524 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 10,487 | 6,394 |
Provision for credit losses | 3,800 | 800 |
Stock based compensation | 1,148 | 1,321 |
Deferred income tax expense | 10,225 | 19,059 |
Securities losses, net | 940 | 2 |
Gains from sales of SBA/USDA loans | (1,778) | (1,959) |
Net losses and write downs on sales of other real estate owned | 188 | 373 |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | (385) | 4,784 |
Accrued expenses and other liabilities | 1,371 | (5,115) |
Loans held for sale | 8,833 | 13,387 |
Net cash provided by operating activities | 72,487 | 62,570 |
Investment securities held to maturity: | ||
Proceeds from maturities and calls of securities held to maturity | 13,832 | 13,351 |
Purchases of securities held to maturity | (4,781) | (13,433) |
Investment securities available for sale: | ||
Proceeds from sales of securities available for sale | 113,961 | 24,197 |
Proceeds from maturities and calls of securities available for sale | 85,331 | 137,312 |
Purchases of securities available for sale | (30,161) | (147,614) |
Net increase in loans | (79,404) | (15,873) |
Purchase of bank owned life insurance | (10,000) | |
Proceeds from sales of premises and equipment | 195 | 5 |
Purchases of premises and equipment | (6,107) | (3,404) |
Net cash paid for acquisition | (56,800) | |
Proceeds from sale of other real estate | 957 | 3,077 |
Net cash provided by (used in) investing activities | 37,023 | (12,382) |
Financing activities: | ||
Net change in deposits | 186,089 | 114,828 |
Net change in short-term borrowings | (264,923) | (5,000) |
Repayments of long-term debt | (12,309) | |
Proceeds from FHLB advances | 760,000 | 1,510,000 |
Repayments of FHLB advances | (830,000) | (1,650,000) |
Proceeds from issuance of subordinated debt, net of issuance costs | 98,188 | |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 144 | 110 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock | (836) | (737) |
Cash dividends on common stock | (7,885) | (5,764) |
Net cash used in financing activities | (71,532) | (36,563) |
Net change in cash and cash equivalents, including restricted cash | 37,978 | 13,625 |
Cash and cash equivalents, including restricted cash, at beginning of period | 314,275 | 217,348 |
Cash and cash equivalents, including restricted cash, at end of period | 352,253 | 230,973 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 13,069 | 8,089 |
Income taxes paid | 811 | 680 |
Significant non-cash investing and financing transactions: | ||
Unsettled security purchases | 4,790 | 14,000 |
Unsettled government guaranteed loan purchases | 14,674 | |
Unsettled government guaranteed loan sales | 14,240 | 16,115 |
Transfers of loans to foreclosed properties | 625 | $ 561 |
Acquisitions: | ||
Assets acquired | 480,679 | |
Liabilities assumed | 350,433 | |
Net assets acquired | 130,246 | |
Common stock issued in acquisitions | $ 45,746 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 1 – Accounting Policies The accounting and financial reporting policies of United Community Banks, Inc. (“United”) and its subsidiaries conform to accounting principles generally accepted in the United States (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. In addition to those items mentioned below, a more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2017. In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate statement. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. Cash and Cash Equivalents Restricted Cash The terms of securitizations acquired with NLFC Holdings Corp. (“NLFC”) require various restricted cash accounts. These cash accounts were funded from either a portion of the proceeds from the issuance of notes or from the collections on leases and loans that were conveyed in the securitization. These restricted cash accounts provide additional collateral to the note holders under specific provisions of the securitizations which govern when funds in these accounts may be released as well as conditions under which collections on contracts transferred to the securitizations may be used to fund deposits into the restricted cash accounts. At March 31, 2018, these restricted cash accounts totaled $11.8 million and were included in interest-bearing deposits in banks on the consolidated balance sheet. Loans and Leases Equipment Financing Lease Receivables Equipment financing lease receivables are recorded as the sum of the future minimum lease payments, initial deferred costs and estimated or contractual residual values less unearned income. The determination of residual value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. Interest income is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of leases are deferred and included as a component of equipment financing receivables. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the lease using the effective interest method. |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Standards Updates [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Note 2 –Accounting Standards Updates and Recently Adopted Standards Accounting Standards Updates In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality Recently Adopted Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In January 2016, the FASB issued ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3 – Acquisitions Acquisition of NLFC Holdings Corp. On February 1, 2018, United completed the acquisition of NLFC and its wholly-owned subsidiary, Navitas Credit Corp (“Navitas”). Navitas is a specialty lending company providing equipment finance credit services to small and medium-sized businesses nationwide. In connection with the acquisition, United acquired $394 million of assets and assumed $350 million of liabilities. Under the terms of the merger agreement, NLFC shareholders received $130 million in total consideration, $84.5 million of which was paid in cash and $45.7 million was paid in United common stock. The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $87.0 million, representing the intangible value of NLFC’s business and reputation within the markets it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United’s operating results for the period ended March 31, 2018 include the operating results of the acquired assets and assumed liabilities for the period subsequent to the acquisition date of February 1, 2018. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) As Recorded by Fair Value Adjustments (1) As Recorded by Assets Cash and cash equivalents $ 27,700 $ - $ 27,700 Loans and leases, net 365,533 (6,655 ) 358,878 Premises and equipment, net 628 (304 ) 324 Net deferred tax asset - 2,737 2,737 Other assets 5,117 (1,066 ) 4,051 Total assets acquired $ 398,978 $ (5,288 ) $ 393,690 Liabilities Short-term borrowings $ 214,923 $ - $ 214,923 Long-term debt 119,402 - 119,402 Other liabilities 17,059 (951 ) 16,108 Total liabilities assumed 351,384 (951 ) 350,433 Excess of assets acquired over liabilities assumed $ 47,594 Aggregate fair value adjustments $ (4,337 ) Total identifiable net assets $ 43,257 Consideration transferred Cash 84,500 Common stock issued (1,443,987 shares) 45,746 Total fair value of consideration transferred 130,246 Goodwill $ 86,989 (1) The following table presents additional information related to the acquired loan and lease portfolio at the acquisition date (in thousands) February 1, 2018 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 22,164 Non-accretable difference 4,418 Cash flows expected to be collected 17,746 Accretable yield 1,830 Fair value $ 15,916 Excluded from ASC 310-30: Fair value $ 342,962 Gross contractual amounts receivable 391,998 Estimate of contractual cash flows not expected to be collected 9,171 In January 2018, after announcement of its intention to acquire NLFC but prior to the completion of the acquisition, United purchased $19.9 million in loans from NLFC in a transaction separate from the business combination. Pro forma information The following table discloses the impact of the merger with NLFC since the acquisition date through March 31, 2018. The table also presents certain pro forma information as if NLFC had been acquired on January 1, 2017. These results combine the historical results of the acquired entity with United’s consolidated statement of income and, while adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not necessarily indicative of what would have occurred had the acquisition taken place in earlier years. Merger-related costs from the NLFC acquisition of $4.71 million have been excluded from the three months 2018 pro forma information presented below and included in the three months 2017 pro forma information below. The actual results and pro forma information were as follows (in thousands) Three Months Ended March 31, Revenue Net Income 2018 Actual NLFC results included in statement of income since acquisition date $ 3,613 $ 810 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 124,831 39,065 2017 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 $ 108,506 $ 20,880 Acquisition of Four Oaks Fincorp, Inc. On November 1, 2017, United completed the acquisition of Four Oaks FinCorp, Inc. (“FOFN”) and its wholly-owned bank subsidiary, Four Oaks Bank & Trust Company. Information related to the fair value of assets and liabilities acquired from FOFN is included in United’s Annual Report on Form 10-K for the year ended December 31, 2017. During first quarter 2018, within the one-year measurement period, United received additional information regarding the acquisition date fair values of loans held for sale and servicing assets. As a result, the provisional values assigned to the acquired loans held for sale and servicing assets have been adjusted to $10.7 million and $65,000, respectively, which represent an increase of $2.59 million and a decrease of $354,000, respectively, from amounts previously disclosed. The tax effect of these adjustments was reflected as a decrease to the deferred tax asset of $1.08 million, with the net amount of $1.16 million reflected as a decrease to goodwill. |
Balance Sheet Offsetting and Re
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | 3 Months Ended |
Mar. 31, 2018 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | Note 4 – Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings United enters into reverse repurchase agreements in order to invest short-term funds. In addition, United enters into repurchase agreements and reverse repurchase agreements with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet in accordance with ASC 210-20, Offsetting. The following table presents a summary of amounts outstanding under reverse repurchase agreements and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements as of the dates indicated (in thousands) Gross Gross Gross Amounts not Offset March 31, 2018 Recognized the Balance Net Asset Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ - $ - $ - $ - Derivatives 27,202 - 27,202 (4,065 ) (12,069 ) 11,068 Total $ 77,202 $ (50,000 ) $ 27,202 $ (4,065 ) $ (12,069 ) $ 11,068 Weighted average interest rate of reverse repurchase agreements 2.25 % Gross Gross Net Gross Amounts not Offset Recognized the Balance Liability Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ - $ - $ - $ - Derivatives 33,236 - 33,236 (4,065 ) (18,461 ) 10,710 Total $ 83,236 $ (50,000 ) $ 33,236 $ (4,065 ) $ (18,461 ) $ 10,710 Weighted average interest rate of repurchase agreements 1.50 % Gross Gross Gross Amounts not Offset December 31, 2017 Recognized the Balance Net Asset Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 100,000 $ (100,000 ) $ - $ - $ - $ - Derivatives 22,721 - 22,721 (1,490 ) (6,369 ) 14,862 Total $ 122,721 $ (100,000 ) $ 22,721 $ (1,490 ) $ (6,369 ) $ 14,862 Weighted average interest rate of reverse repurchase agreements 1.95 % Gross Gross Net Gross Amounts not Offset Recognized the Balance Liability Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 100,000 $ (100,000 ) $ - $ - $ - $ - Derivatives 25,376 - 25,376 (1,490 ) (17,190 ) 6,696 Total $ 125,376 $ (100,000 ) $ 25,376 $ (1,490 ) $ (17,190 ) $ 6,696 Weighted average interest rate of repurchase agreements 1.20 % At March 31, 2018, United recognized the right to reclaim cash collateral of $18.5 million and the obligation to return cash collateral of $12.1 million. At December 31, 2017, United recognized the right to reclaim cash collateral of $17.2 million and the obligation to return cash collateral of $6.37 million. The right to reclaim cash collateral and the obligation to return cash collateral were included in the consolidated balance sheets in other assets and other liabilities, respectively. The following table presents additional detail regarding repurchase agreements accounted for as secured borrowings and the securities underlying these agreements as of the dates indicated (in thousands) Remaining Contractual Maturity of the Agreements Overnight and As of March 31, 2018 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ - $ - $ - $ 50,000 $ 50,000 Total $ - $ - $ - $ 50,000 $ 50,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 50,000 Amounts related to agreements not included in offsetting disclosure $ - Remaining Contractual Maturity of the Agreements Overnight and As of December 31, 2017 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ - $ - $ 100,000 $ - $ 100,000 Total $ - $ - $ 100,000 $ - $ 100,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 100,000 Amounts related to agreements not included in offsetting disclosure $ - United is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. United manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investment Securities [Abstract] | |
Securities | Note 5 – Securities The amortized cost basis, unrealized gains and losses and fair value of securities held-to-maturity as of the dates indicated are as follows (in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of March 31, 2018 State and political subdivisions $ 67,258 $ 1,118 $ 633 $ 67,743 Mortgage-backed securities (1) 244,822 1,372 5,930 240,264 Total $ 312,080 $ 2,490 $ 6,563 $ 308,007 As of December 31, 2017 State and political subdivisions $ 71,959 $ 1,574 $ 178 $ 73,355 Mortgage-backed securities (1) 249,135 2,211 3,425 247,921 Total $ 321,094 $ 3,785 $ 3,603 $ 321,276 The cost basis, unrealized gains and losses, and fair value of securities available-for-sale as of the dates indicated are presented below (in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of March 31, 2018 U.S. Treasuries $ 122,156 $ - $ 2,570 $ 119,586 U.S. Government agencies 25,955 265 319 25,901 State and political subdivisions 203,430 228 2,634 201,024 Mortgage-backed securities (1) 1,693,380 3,721 34,125 1,662,976 Corporate bonds 199,412 773 1,635 198,550 Asset-backed securities 210,445 992 482 210,955 Other 57 - - 57 Total $ 2,454,835 $ 5,979 $ 41,765 $ 2,419,049 As of December 31, 2017 U.S. Treasuries $ 122,025 $ - $ 912 $ 121,113 U.S. Government agencies 26,129 269 26 26,372 State and political subdivisions 195,663 2,019 396 197,286 Mortgage-backed securities (1) 1,738,056 7,089 17,934 1,727,211 Corporate bonds 305,265 1,513 425 306,353 Asset-backed securities 236,533 1,078 153 237,458 Other 57 - - 57 Total $ 2,623,728 $ 11,968 $ 19,846 $ 2,615,850 (1) Securities with a carrying value of $876 million and $1.04 billion were pledged to secure public deposits, derivatives and other secured borrowings at March 31, 2018 and December 31, 2017, respectively. The following table summarizes held-to-maturity securities in an unrealized loss position as of the dates indicated ( in thousands) Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Loss Fair Value Unrealized As of March 31, 2018 State and political subdivisions $ 37,160 $ 633 $ - $ - $ 37,160 $ 633 Mortgage-backed securities 110,751 3,012 62,629 2,918 173,380 5,930 Total unrealized loss position $ 147,911 $ 3,645 $ 62,629 $ 2,918 $ 210,540 $ 6,563 As of December 31, 2017 State and political subdivisions $ 8,969 $ 178 $ - $ - $ 8,969 $ 178 Mortgage-backed securities 95,353 1,448 65,868 1,977 161,221 3,425 Total unrealized loss position $ 104,322 $ 1,626 $ 65,868 $ 1,977 $ 170,190 $ 3,603 The following table summarizes available-for-sale securities in an unrealized loss position as of the dates indicated (in thousands) Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of March 31, 2018 U.S. Treasuries $ 119,586 $ 2,570 $ - $ - $ 119,586 $ 2,570 U.S. Government agencies 19,895 303 1,640 16 21,535 319 State and political subdivisions 155,125 2,549 5,066 85 160,191 2,634 Mortgage-backed securities 1,065,689 21,354 312,916 12,771 1,378,605 34,125 Corporate bonds 117,081 1,535 900 100 117,981 1,635 Asset-backed securities 68,962 478 5,053 4 74,015 482 Total unrealized loss position $ 1,546,338 $ 28,789 $ 325,575 $ 12,976 $ 1,871,913 $ 41,765 As of December 31, 2017 U.S. Treasuries $ 121,113 $ 912 $ - $ - $ 121,113 $ 912 U.S. Government agencies 1,976 13 1,677 13 3,653 26 State and political subdivisions 61,494 365 5,131 31 66,625 396 Mortgage-backed securities 964,205 8,699 328,923 9,235 1,293,128 17,934 Corporate bonds 55,916 325 900 100 56,816 425 Asset-backed securities 28,695 126 5,031 27 33,726 153 Total unrealized loss position $ 1,233,399 $ 10,440 $ 341,662 $ 9,406 $ 1,575,061 $ 19,846 At March 31, 2018, there were 276 available-for-sale securities and 67 held-to-maturity securities that were in an unrealized loss position. United does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2018 were primarily attributable to changes in interest rates. Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, among other factors. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. No impairment charges were recognized during the three months ended March 31, 2018 or 2017. Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes available-for-sale securities sales activity for the three months ended March 31, 2018 and 2017 (in thousands) Three Months Ended 2018 2017 Proceeds from sales $ 113,961 $ 24,197 Gross gains on sales $ 417 $ 98 Gross losses on sales (1,357 ) (100 ) Net losses on sales of securities $ (940 ) $ (2 ) Income tax benefit attributable to sales $ (221 ) $ (1 ) The amortized cost and fair value of held-to-maturity and available-for-sale securities at March 31, 2018, by contractual maturity, are presented in the following table (in thousands) Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value US Treasuries: 1 to 5 years $ 74,495 $ 72,916 $ - $ - 5 to 10 years 47,661 46,670 - - 122,156 119,586 - - US Government agencies: 1 to 5 years 18,859 18,588 - - 5 to 10 years 1,990 1,945 - - More than 10 years 5,106 5,368 - - 25,955 25,901 - - State and political subdivisions: Within 1 year 1,500 1,503 5,431 5,475 1 to 5 years 45,297 44,826 13,075 13,497 5 to 10 years 27,558 27,167 10,509 11,160 More than 10 years 129,075 127,528 38,243 37,611 203,430 201,024 67,258 67,743 Corporate bonds: 1 to 5 years 181,136 180,705 - - 5 to 10 years 17,276 16,945 - - More than 10 years 1,000 900 - - 199,412 198,550 - - Asset-backed securities: 1 to 5 years 5,842 5,995 - - 5 to 10 years 48,479 48,643 - - More than 10 years 156,124 156,317 - - 210,445 210,955 - - Other: More than 10 years 57 57 - - 57 57 - - Total securities other than mortgage-backed securities: Within 1 year 1,500 1,503 5,431 5,475 1 to 5 years 325,629 323,030 13,075 13,497 5 to 10 years 142,964 141,370 10,509 11,160 More than 10 years 291,362 290,170 38,243 37,611 Mortgage-backed securities 1,693,380 1,662,976 244,822 240,264 $ 2,454,835 $ 2,419,049 $ 312,080 $ 308,007 Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2018 | |
Loans and Allowance for Credit Losses [Abstract] | |
Loans and Leases and Allowance for Credit Losses | Note 6 – 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, December 31, 2018 2017 Owner occupied commercial real estate $ 1,897,826 $ 1,923,993 Income producing commercial real estate 1,677,300 1,595,174 Commercial & industrial 1,142,428 1,130,990 Commercial construction 690,530 711,936 Equipment financing 422,532 - Total commercial 5,830,616 5,362,093 Residential mortgage 992,111 973,544 Home equity lines of credit 712,275 731,227 Residential construction 189,662 183,019 Consumer direct 143,737 127,504 Indirect auto 315,848 358,185 Total loans 8,184,249 7,735,572 Less allowance for loan losses (61,085 ) (58,914 ) Loans, net $ 8,123,164 $ 7,676,658 At March 31, 2018 and December 31, 2017, loans totaling $3.84 billion and $3.73 billion, respectively, were pledged as collateral to secure Federal Home Loan Bank advances, securitized notes payable and other contingent funding sources. At March 31, 2018, the carrying value and outstanding balance of purchased credit impaired (“PCI”) loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (in thousands) Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 17,686 $ 7,981 Additions due to acquisitions 1,830 - Accretion (2,546 ) (1,690 ) Reclassification from nonaccretable difference 591 889 Changes in expected cash flows that do not affect nonaccretable difference 475 582 Balance at end of period $ 18,036 $ 7,762 In addition to the accretable yield on PCI loans, the fair value adjustments on purchased loans outside the scope of ASC 310-30 are also accreted to interest revenue over the life of the loans. At March 31, 2018 and December 31, 2017, the remaining accretable fair value discount on loans acquired through a business combination and not accounted for under ASC 310-30 were $4.97 million and $14.7 million, respectively. In addition, indirect auto loans purchased at a premium outside of a business combination have a remaining premium of $6.55 million and $7.84 million, respectively, as of March 31, 2018 and December 31, 2017. During the three months ended March 31, 2018, United did not purchase any indirect auto loans. During the three months ended March 31, 2017, United purchased indirect auto loans of $39.8 million. At March 31, 2018, equipment financing assets included leases of $24.9 million. The components of the net investment in leases are presented below (in thousands) March 31, 2018 Minimum future lease payments receivable $ 26,098 Estimated residual value of leased equipment 3,480 Initial direct costs 111 Security deposits (1,184 ) Purchase accounting premium 1,388 Unearned income (4,949 ) Net investment in leases $ 24,944 Minimum future lease payments expected to be received from lease contracts as of March 31, 2018 are as follows (in thousands) Year Remainder of 2018 $ 8,469 2019 8,337 2020 5,504 2021 2,656 2022 1,053 Thereafter 79 Total $ 26,098 Allowance for Credit Losses The allowance for loan losses represents management’s estimate of probable incurred losses in the loan portfolio as of the end of the period. The allowance for unfunded commitments is included in other liabilities in the consolidated balance sheet. Combined, the allowance for loan losses and allowance for unfunded commitments are referred to as the allowance for credit losses. The following table presents the balance and activity in the allowance for credit losses by portfolio segment for the periods indicated (in thousands) Three Months Ended March 31, 2018 Beginning Balance Charge- Recoveries (Release) Provision Ending Owner occupied commercial real estate $ 14,776 $ (60 ) $ 103 $ (258 ) $ 14,561 Income producing commercial real estate 9,381 (657 ) 235 817 9,776 Commercial & industrial 3,971 (384 ) 389 99 4,075 Commercial construction 10,523 (363 ) 97 (223 ) 10,034 Equipment financing - (139 ) 97 2,333 2,291 Residential mortgage 10,097 (70 ) 123 71 10,221 Home equity lines of credit 5,177 (124 ) 35 (156 ) 4,932 Residential construction 2,729 - 64 251 3,044 Consumer direct 710 (651 ) 160 514 733 Indirect auto 1,550 (436 ) 80 224 1,418 Total allowance for loan losses 58,914 (2,884 ) 1,383 3,672 61,085 Allowance for unfunded commitments 2,312 - - 128 2,440 Total allowance for credit losses $ 61,226 $ (2,884 ) $ 1,383 $ 3,800 $ 63,525 Three Months Ended March 31, 2017 Beginning Balance Charge- Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 16,446 $ (25 ) $ 237 $ (989 ) $ 15,669 Income producing commercial real estate 8,843 (897 ) 27 905 8,878 Commercial & industrial 3,810 (216 ) 368 (237 ) 3,725 Commercial construction 13,405 (202 ) 572 (985 ) 12,790 Residential mortgage 8,545 (542 ) 12 1,056 9,071 Home equity lines of credit 4,599 (471 ) 49 353 4,530 Residential construction 3,264 - 9 (6 ) 3,267 Consumer direct 708 (442 ) 207 136 609 Indirect auto 1,802 (420 ) 55 567 2,004 Total allowance for loan losses 61,422 (3,215 ) 1,536 800 60,543 Allowance for unfunded commitments 2,002 - - - 2,002 Total allowance for credit losses $ 63,424 $ (3,215 ) $ 1,536 $ 800 $ 62,545 The following table represents the recorded investment in loans by portfolio segment and the balance of the allowance for loan losses assigned to each segment based on the method of evaluating the loans for impairment as of the dates indicated (in thousands) Allowance for Credit Losses March 31, 2018 December 31, 2017 Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 1,686 $ 12,875 $ - $ 14,561 $ 1,255 $ 13,521 $ - $ 14,776 Income producing commercial real estate 631 9,085 60 9,776 562 8,813 6 9,381 Commercial & industrial 61 4,014 - 4,075 27 3,944 - 3,971 Commercial construction 151 9,775 108 10,034 156 10,367 - 10,523 Equipment financing - 2,291 - 2,291 - - - - Residential mortgage 1,151 9,070 - 10,221 1,174 8,919 4 10,097 Home equity lines of credit 90 4,842 - 4,932 - 5,177 - 5,177 Residential construction 73 2,962 9 3,044 75 2,654 - 2,729 Consumer direct 7 724 2 733 7 700 3 710 Indirect auto 35 1,383 - 1,418 - 1,550 - 1,550 Total allowance for loan losses 3,885 57,021 179 61,085 3,256 55,645 13 58,914 Allowance for unfunded commitments - 2,440 - 2,440 - 2,312 - 2,312 Total allowance for credit losses $ 3,885 $ 59,461 $ 179 $ 63,525 $ 3,256 $ 57,957 $ 13 $ 61,226 Loans Outstanding March 31, 2018 December 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 24,051 $ 1,853,032 $ 20,743 $ 1,897,826 $ 21,823 $ 1,876,411 $ 25,759 $ 1,923,993 Income producing commercial real estate 16,320 1,621,347 39,633 1,677,300 16,483 1,533,851 44,840 1,595,174 Commercial & industrial 2,536 1,139,101 791 1,142,428 2,654 1,126,894 1,442 1,130,990 Commercial construction 3,910 676,727 9,893 690,530 3,813 699,266 8,857 711,936 Equipment financing - 408,935 13,597 422,532 - - - - Residential mortgage 14,921 964,665 12,525 992,111 14,193 946,210 13,141 973,544 Home equity lines of credit 341 709,853 2,081 712,275 101 728,235 2,891 731,227 Residential construction 1,571 187,642 449 189,662 1,577 180,978 464 183,019 Consumer direct 268 142,090 1,379 143,737 270 126,114 1,120 127,504 Indirect auto 1,355 314,493 - 315,848 1,396 356,789 - 358,185 Total loans $ 65,273 $ 8,017,885 $ 101,091 $ 8,184,249 $ 62,310 $ 7,574,748 $ 98,514 $ 7,735,572 Impaired Loans Management considers all non-PCI relationships that are on nonaccrual with a balance of $500,000 or greater and all troubled debt restructurings (“TDRs”) to be impaired. A loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due according to the original contractual terms of the loan will not be collected. All TDRs are considered impaired regardless of accrual status. Impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. A specific reserve is established for impaired loans for the amount of calculated impairment. Interest payments received on impaired nonaccrual loans are applied as a reduction of the recorded investment in the loan. For impaired loans not on nonaccrual status, interest is accrued according to the terms of the loan agreement. Loans are evaluated for impairment quarterly and specific reserves are established in the allowance for loan losses for any measured impairment. Each quarter, management prepares an analysis of the allowance for credit losses to determine the appropriate balance that measures and quantifies the amount of probable incurred losses in the loan portfolio and unfunded loan commitments. The allowance is comprised of specific reserves on individually impaired loans, which are determined as described above, and general reserves which are determined based on historical loss experience as adjusted for current trends and economic conditions multiplied by a loss emergence period factor. Management calculates the loss emergence period for each pool in the loan portfolio based on the weighted average length of time between the date a loan first exceeds 30 days past due and the date the loan is charged off. On junior lien home equity loans, management has limited ability to monitor the delinquency status of the first lien unless the first lien is also held by United. As a result, management applies the weighted average historical loss factor for this category and appropriately adjusts it to reflect the increased risk of loss from these credits. Management carefully reviews the resulting loss factors for each category of the loan portfolio and evaluates whether qualitative adjustments are necessary to take into consideration recent credit trends such as increases or decreases in past due, nonaccrual, criticized and classified loans, and other macro environmental factors such as changes in unemployment rates, lease vacancy rates and trends in property values and absorption rates. Management believes that its method of determining the balance of the allowance for credit losses provides a reasonable and reliable basis for measuring and reporting losses that are incurred in the loan portfolio as of the reporting date. When a loan officer determines that a loan is uncollectible, he or she is responsible for recommending that the loan be placed on nonaccrual status, evaluating the loan for impairment, and, if necessary, fully or partially charging off the loan or establishing a specific reserve. Full or partial charge-offs may also be recommended by the Collections Department, the Special Assets Department, the Loss Mitigation Department and the Foreclosure/OREO Department. Nonaccrual real estate loans are generally charged down to fair value less costs to sell at the time they are placed on nonaccrual status. Commercial and consumer asset quality committees meet monthly to review charge-offs that have occurred during the previous month. Participants include the Chief Credit Officer, Senior Risk Officers and Senior Credit Officers. Generally, closed-end retail loans (installment and residential mortgage loans) past due 90 cumulative days are written down to their collateral value less estimated selling costs. Open-end (revolving) unsecured retail loans which are past due 90 cumulative days from their contractual due date are generally charged-off. The following table presents loans individually evaluated for impairment by class as of the dates indicated (in thousands) March 31, 2018 December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 6,804 $ 5,880 $ - $ 1,238 $ 1,176 $ - Income producing commercial real estate 7,632 7,610 - 2,177 2,165 - Commercial & industrial 248 134 - 1,758 1,471 - Commercial construction 130 130 - 134 134 - Equipment financing - - - - - - Total commercial 14,814 13,754 - 5,307 4,946 - Residential mortgage 3,587 3,404 - 2,661 2,566 - Home equity lines of credit 550 234 - 393 101 - Residential construction 455 395 - 405 330 - Consumer direct 23 23 - 29 29 - Indirect auto 62 61 - 1,396 1,396 - Total with no related allowance recorded 19,491 17,871 - 10,191 9,368 - With an allowance recorded: Owner occupied commercial real estate 18,912 18,171 1,686 21,262 20,647 1,255 Income producing commercial real estate 8,979 8,710 631 14,419 14,318 562 Commercial & industrial 2,869 2,402 61 1,287 1,183 27 Commercial construction 4,028 3,780 151 3,917 3,679 156 Equipment financing - - - - - - Total commercial 34,788 33,063 2,529 40,885 39,827 2,000 Residential mortgage 11,961 11,517 1,151 12,086 11,627 1,174 Home equity lines of credit 116 107 90 - - - Residential construction 1,262 1,176 73 1,325 1,247 75 Consumer direct 251 245 7 244 241 7 Indirect auto 1,295 1,294 35 - - - Total with an allowance recorded 49,673 47,402 3,885 54,540 52,942 3,256 Total $ 69,164 $ 65,273 $ 3,885 $ 64,731 $ 62,310 $ 3,256 As of March 31, 2018 and December 31, 2017, $3.89 million and $3.26 million, respectively, of specific reserves were allocated to customers whose loan terms have been modified in TDRs. United committed to lend additional amounts totaling up to $82,000 and $75,000 as of March 31, 2018 and December 31, 2017, respectively, to customers with outstanding loans that are classified as TDRs. The modification of the TDR terms included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a restructuring of the borrower’s debt into an “A/B note structure” where the A note would fall within the borrower’s ability to pay and the remainder would be included in the B note; a mandated bankruptcy restructuring; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. Modified PCI loans are not accounted for as TDRs because they are not separated from the pools, and as such are not classified as impaired loans. Loans modified under the terms of a TDR during the three months ended March 31, 2018 and 2017 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the periods presented and were initially restructured within one year prior to default (dollars in thousands) New TDRs Pre- Modification Outstanding Post- Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted during the Three Months Ended March 31, Number of Contracts Recorded Investment Rate Reduction Structure Other Total Number of Contracts Recorded Investment Three Months Ended March 31, 2018 Owner occupied commercial real estate 3 $ 994 $ - $ 978 $ - $ 978 2 $ 1,586 Income producing commercial real estate - - - - - - - - Commercial & industrial 1 81 - 5 - 5 - - Commercial construction - - - - - - - - Equipment financing - - - - - - - - Total commercial 4 1,075 - 983 - 983 2 1,586 Residential mortgage 2 340 - 340 - 340 - - Home equity lines of credit - - - - - - - - Residential construction - - - - - - - - Consumer direct - - - - - - - - Indirect auto - - - - - - - - Total loans $ 6 $ 1,415 $ - $ 1,323 $ - $ 1,323 2 $ 1,586 Three Months Ended March 31, 2017 Owner occupied commercial real estate - $ - $ - $ - $ - $ - - $ - Income producing commercial real estate - - - - - - - - Commercial & industrial 1 25 - 25 - 25 - - Commercial construction - - - - - - - - Total commercial 1 25 - 25 - 25 - - Residential mortgage 7 353 - 353 - 353 2 655 Home equity lines of credit - - - - - - - - Residential construction 1 40 40 - - 40 - - Consumer direct 1 6 - 6 - 6 - - Indirect auto - - - - - - - - Total loans 10 $ 424 $ 40 $ 384 $ - $ 424 2 $ 655 TDRs that subsequently default and are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. The average balances of impaired loans and income recognized on impaired loans while they were considered impaired are presented below for the periods indicated (in thousands) 2018 2017 Three Months Ended March 31, Average Balance Interest Cash Basis Average Balance Interest Cash Basis Revenue Owner occupied commercial real estate $ 24,658 $ 245 $ 280 $ 29,858 $ 345 $ 336 Income producing commercial real estate 16,433 210 235 28,410 351 345 Commercial & industrial 2,596 40 42 1,939 27 28 Commercial construction 3,936 51 52 5,001 53 53 Equipment financing - - - - - - Total commercial 47,623 546 609 65,208 776 762 Residential mortgage 14,993 149 150 13,608 138 143 Home equity lines of credit 344 4 4 63 1 1 Residential construction 1,590 24 24 1,619 23 23 Consumer direct 291 5 5 287 5 6 Indirect auto 1,378 18 18 1,122 14 14 Total $ 66,219 $ 746 $ 810 $ 81,907 $ 957 $ 949 Nonaccrual loans include both homogeneous loans that are collectively evaluated for impairment and individually evaluated impaired loans. United’s policy is to place loans on nonaccrual status when, in the opinion of management, the principal and interest on a loan is not likely to be repaid in full or when the loan becomes 90 days past due and is not well secured and in the process of collection. When a loan is classified on nonaccrual status, interest previously accrued but not collected is reversed against current interest revenue. Principal and interest payments received on a nonaccrual loan are applied to reduce the loan’s recorded investment. PCI loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. However, these loans are considered to be performing, even though they may be contractually past due, as any non-payment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period loan loss provision or future period yield adjustments. The accrual of interest is discontinued on PCI loans if management can no longer reliably estimate future cash flows on the loan. No PCI loans were classified as nonaccrual at March 31, 2018 or December 31, 2017 as the carrying value of the respective loan or pool of loans cash flows were considered estimable and probable of collection. Therefore, interest revenue, through accretion of the difference between the carrying value of the loans and the expected cash flows, is being recognized on all PCI loans. The gross additional interest revenue that would have been earned if the loans classified as nonaccrual had performed in accordance with the original terms was approximately $342,000 and $277,000 for the three months ended March 31, 2018 and 2017, respectively. The following table presents the recorded investment in nonaccrual loans by loan class as of the dates indicated (in thousands) March 31, December 31, 2018 2017 Owner occupied commercial real estate $ 6,757 $ 4,923 Income producing commercial real estate 3,942 3,208 Commercial & industrial 1,917 2,097 Commercial construction 574 758 Equipment financing 428 - Total commercial 13,618 10,986 Residential mortgage 8,724 8,776 Home equity lines of credit 2,149 2,024 Residential construction 378 192 Consumer direct 146 43 Indirect auto 1,225 1,637 Total $ 26,240 $ 23,658 Excluding PCI loans, substantially all loans more than 90 days past due were on nonaccrual status at March 31, 2018 and December 31, 2017. The following table presents the aging of the recorded investment in past due loans by class of loans as of the dates indicated (in thousands) Loans Past Due Loans Not As of March 31, 2018 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total Owner occupied commercial real estate $ 2,515 $ 3,034 $ 2,295 $ 7,844 $ 1,869,239 $ 20,743 $ 1,897,826 Income producing commercial real estate 518 732 2,865 4,115 1,633,552 39,633 1,677,300 Commercial & industrial 1,591 762 165 2,518 1,139,119 791 1,142,428 Commercial construction 643 261 316 1,220 679,417 9,893 690,530 Equipment financing 1,227 171 426 1,824 407,111 13,597 422,532 Total commercial 6,494 4,960 6,067 17,521 5,728,438 84,657 5,830,616 Residential mortgage 4,040 2,325 3,373 9,738 969,848 12,525 992,111 Home equity lines of credit 2,405 236 759 3,400 706,794 2,081 712,275 Residential construction 1,031 75 246 1,352 187,861 449 189,662 Consumer direct 724 92 85 901 141,457 1,379 143,737 Indirect auto 425 278 1,004 1,707 314,141 - 315,848 Total loans 15,119 7,966 11,534 34,619 8,048,539 101,091 8,184,249 Loans Past Due Loans Not As of December 31, 2017 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total Owner occupied commercial real estate $ 3,810 $ 1,776 $ 1,530 $ 7,116 $ 1,891,118 $ 25,759 $ 1,923,993 Income producing commercial real estate 1,754 353 1,939 4,046 1,546,288 44,840 1,595,174 Commercial & industrial 2,139 869 1,133 4,141 1,125,407 1,442 1,130,990 Commercial construction 568 132 158 858 702,221 8,857 711,936 Total commercial 8,271 3,130 4,760 16,161 5,265,034 80,898 5,362,093 Residential mortgage 6,717 1,735 3,438 11,890 948,513 13,141 973,544 Home equity lines of credit 3,246 225 578 4,049 724,287 2,891 731,227 Residential construction 885 105 93 1,083 181,472 464 183,019 Consumer direct 739 133 - 872 125,512 1,120 127,504 Indirect auto 1,152 459 1,263 2,874 355,311 - 358,185 Total loans $ 21,010 $ 5,787 $ 10,132 $ 36,929 $ 7,600,129 $ 98,514 $ 7,735,572 Risk Ratings United categorizes commercial loans, with the exception of equipment financing receivables, into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continual basis. United uses the following definitions for its risk ratings: Watch. Substandard. Doubtful. Loss. Equipment Financing Receivables and Consumer Purpose Loans. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands) Pass Watch Substandard Doubtful / Total As of March 31, 2018 Owner occupied commercial real estate $ 1,807,564 $ 31,628 $ 37,891 $ - $ 1,877,083 Income producing commercial real estate 1,596,626 17,825 23,216 - 1,637,667 Commercial & industrial 1,108,779 20,129 12,729 - 1,141,637 Commercial construction 653,223 22,459 4,955 - 680,637 Equipment financing 408,509 - 426 - 408,935 Total commercial 5,574,701 92,041 79,217 - 5,745,959 Residential mortgage 959,613 37 19,936 - 979,586 Home equity lines of credit 703,199 - 6,995 - 710,194 Residential construction 187,382 - 1,831 - 189,213 Consumer direct 140,783 595 980 - 142,358 Indirect auto 313,124 - 2,724 - 315,848 Total loans, excluding PCI loans $ 7,878,802 $ 92,673 $ 111,683 $ - $ 8,083,158 Owner occupied commercial real estate $ 4,816 $ 4,970 $ 10,957 $ - $ 20,743 Income producing commercial real estate 13,695 20,265 5,673 - 39,633 Commercial & industrial 330 270 191 - 791 Commercial construction 4,166 1,722 4,005 - 9,893 Equipment financing 13,183 - 414 - 13,597 Total commercial 36,190 27,227 21,240 - 84,657 Residential mortgage 8,555 395 3,575 - 12,525 Home equity lines of credit 1,436 - 645 - 2,081 Residential construction 396 - 53 - 449 Consumer direct 891 193 295 - 1,379 Indirect auto - - - - - Total PCI loans $ 47,468 $ 27,815 $ 25,808 $ - $ 101,091 As of December 31, 2017 Owner occupied commercial real estate $ 1,833,469 $ 33,571 $ 31,194 $ - $ 1,898,234 Income producing commercial real estate 1,495,805 30,780 23,749 - 1,550,334 Commercial & industrial 1,097,907 18,052 13,589 - 1,129,548 Commercial construction 693,873 2,947 6,259 - 703,079 Total commercial 5,121,054 85,350 74,791 - 5,281,195 Residential mortgage 939,706 - 20,697 - 960,403 Home equity lines of credit 721,142 - 7,194 - 728,336 Residential construction 180,567 - 1,988 - 182,555 Consumer direct 125,860 - 524 - 126,384 Indirect auto 354,788 - 3,397 - 358,185 Total loans, excluding PCI loans $ 7,443,117 $ 85,350 $ 108,591 $ - $ 7,637,058 Owner occupied commercial real estate $ 2,400 $ 8,163 $ 15,196 $ - $ 25,759 Income producing commercial real estate 13,392 21,928 9,520 - 44,840 Commercial & industrial 383 672 387 - 1,442 Commercial construction 3,866 2,228 2,763 - 8,857 Total commercial 20,041 32,991 27,866 - 80,898 Residential mortgage 9,566 173 3,402 - 13,141 Home equity lines of credit 1,579 427 885 - 2,891 Residential construction 423 - 41 - 464 Consumer direct 1,076 10 34 - 1,120 Indirect auto - - - - - Total PCI loans $ 32,685 $ 33,601 $ 32,228 $ - $ 98,514 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2018 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Note 7 – Reclassifications Out of Accumulated Other Comprehensive Income The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) Amounts Reclassified from Accumulated Other Details about Accumulated Other For the three months Affected Line Item in the Statement Comprehensive Income Components 2018 2017 Where Net Income is Presented Realized losses on available-for-sale securities: $ (940 ) $ (2 ) Securities losses, net 221 1 Income tax benefit $ (719 ) $ (1 ) Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (222 ) $ (310 ) Investment securities interest revenue 54 116 Income tax benefit $ (168 ) $ (194 ) Net of tax Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ (147 ) $ (149 ) Money market deposit interest expense Amortization of losses on de-designated positions - (264 ) Federal Home Loan Bank advances interest expense (147 ) (413 ) Total before tax 38 161 Income tax benefit $ (109 ) $ (252 ) Net of tax Reclassification of disproportionate tax effect related to terminated cash flow hedges: $ - $ (3,400 ) Income tax expense Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan: Prior service cost $ (167 ) $ (140 ) Salaries and employee benefits expense Actuarial losses (60 ) (60 ) Salaries and employee benefits expense (227 ) (200 ) Total before tax 58 79 Income tax benefit $ (169 ) $ (121 ) Net of tax Total reclassifications for the period $ (1,165 ) $ (3,968 ) Net of tax Amounts shown above in parentheses reduce earnings. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8 – Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) Three Months Ended March 31, 2018 2017 Net income $ 37,658 $ 23,524 Dividends and undistributed earnings allocated to unvested shares (277 ) - Net income available to common shareholders $ 37,381 $ 23,524 Weighted average shares outstanding: Basic 79,205 71,700 Effect of dilutive securities Stock options 10 8 Diluted 79,215 71,708 Net income per common share: Basic $ .47 $ .33 Diluted $ .47 $ .33 At March 31, 2018, United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 32,464 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $31.50. At March 31, 2017, United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 64,942 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $28.34; and 575,835 shares of common stock issuable upon the vesting of restricted stock unit awards. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
Derivatives and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | Note 9 – Derivatives and Hedging Activities Risk Management Objective of Using Derivatives United is exposed to certain risks arising from both its business operations and economic conditions. United principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. United manages interest rate risk primarily by managing the amount, sources, and duration of its investment securities portfolio and wholesale funding and through the use of derivative financial instruments. Specifically, United enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Derivative financial instruments are used to manage differences in the amount, timing, and duration of known or expected cash receipts and known or expected cash payments principally related to loans, investment securities, wholesale borrowings and deposits. In conjunction with the FASB’s fair value measurement guidance, United made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a gross basis. The table below presents the fair value of derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheet (in thousands) Interest Rate Products Balance Sheet March 31, December 31, Fair value hedge of corporate bonds Derivative assets $ - $ 336 $ - $ 336 Fair value hedge of brokered CD's Derivative liabilities $ 2,377 $ 2,053 $ 2,377 $ 2,053 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet March 31, December 31, Customer derivative positions Derivative assets $ 993 $ 2,659 Dealer offsets to customer derivative positions Derivative assets 12,332 6,867 Mortgage banking - loan commitment Derivative assets 1,733 1,150 Mortgage banking - forward sales commitment Derivative assets - 13 Bifurcated embedded derivatives Derivative assets 12,144 11,057 Interest rate caps Derivative assets - 639 $ 27,202 $ 22,385 Customer derivative positions Derivative liabilities $ 14,942 $ 7,032 Dealer offsets to customer derivative positions Derivative liabilities 273 1,551 Risk participations Derivative liabilities 23 20 Mortgage banking - forward sales commitment Derivative liabilities 233 49 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 14,935 14,279 De-designated hedges Derivative liabilities 453 392 $ 30,859 $ 23,323 Customer derivative positions are between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back swap/cap program. United also has three interest rate swap contracts that are not designated as hedging instruments but are economic hedges of market-linked brokered certificates of deposit. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and are marked to market through earnings. The fair value marks on the market linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day London Interbank Offered Rate (“LIBOR”) and therefore provide an economic hedge. To accommodate customers, United occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. This allows customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Credit risk participation agreements arise when United contracts with other financial institutions, as a guarantor, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third party default on the underlying swap. These transactions are typically executed in conjunction with a participation in a loan with the same customer. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of the credit risk participation. 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. Most of this hedging activity is executed on a matched basis, with a loan sale commitment hedging a specific loan. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. United accounts for most newly originated mortgage loans at fair value pursuant to the fair value option, and these loans are not reflected in the table above. Fair value adjustments on these derivative instruments are recorded within mortgage loan and other related fee income in the consolidated statement of income. Cash Flow Hedges of Interest Rate Risk At March 31, 2018 and December 31, 2017 United did not have any active cash flow hedges. Changes in balance sheet composition and interest rate risk position made cash flow hedges no longer necessary as protection against rising interest rates. The loss remaining in other comprehensive income on the de-designated swaps is being amortized into earnings over the original term of the swaps as the forecasted transactions that the swaps were originally designated to hedge are still expected to occur. United expects that $454,000 will be reclassified as an increase to interest expense over the next twelve months related to these cash flow hedges. The table below presents the effect of cash flow hedges on the consolidated statements of income for the periods indicated (in thousands) Gain (Loss) Reclassified from Location 2018 2017 Three Months Ended March 31, Interest rate swaps Interest expense $ (147 ) $ (413 ) Fair Value Hedges of Interest Rate Risk United is exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in interest rates. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. Interest rate swaps designated as fair value hedges of brokered deposits involve the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges of fixed-rate investments involve the receipt of variable-rate payments from a counterparty in exchange for United making fixed-rate payments over the life of the instrument without the exchange of the underlying notional amount. At March 31, 2018, United had four interest rate swaps with a notional amount of $40.7 million that were designated as fair value hedges of interest rate risk and were pay-variable / receive-fixed swaps hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. At December 31, 2017, United had four interest rate swaps with an aggregate notional amount of $40.7 million that were designated as fair value hedges of interest rate risk and was pay-variable / receive-fixed, hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. Also at December 31, 2017, United had one interest rate swap with a notional value of $30 million that was designated as a pay-fixed / receive-variable fair value hedge of changes in the fair value of a fixed-rate corporate bond. 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 three months ended March 31, 2018 and 2017, United recognized net losses of $79,000 and net losses of $125,000, respectively, related to ineffectiveness in the fair value hedging relationships. United also recognized a net increase in interest expense of $14,000 and a net reduction in interest expense of $32,000, respectively, for the three months ended March 31, 2018 and 2017 related to fair value hedges of brokered time deposits, which includes net settlements on the derivatives. United recognized an increase in interest revenue on securities of $17,000 and a reduction of interest revenue on securities of $93,000 during the three months ended March 31, 2018 and 2017, respectively, related to fair value hedges of corporate bonds. The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of income for the periods indicated (in thousands) Location of Gain Amount of Gain (Loss) Amount of Gain (Loss) (Loss) Recognized Recognized in Income Recognized in Income in Income on on Derivative on Hedged Item Derivative 2018 2017 2018 2017 Three Months Ended March 31, Fair value hedges of brokered CDs Interest expense $ (693 ) $ (274 ) $ 545 $ 189 Fair value hedges of corporate bonds Interest revenue (336 ) 106 405 (146 ) $ (1,029 ) $ (168 ) $ 950 $ 43 In certain cases, the estate of deceased brokered certificate of deposit holders may put the certificate of deposit back to United at par upon the death of the holder. When these estate puts occur, a gain or loss is recognized for the difference between the fair value and the par amount of the deposits put back. The change in the fair value of brokered time deposits that are being hedged in fair value hedging relationships reported in the table above includes gains and losses from estate puts and such gains and losses are included in the amount of reported ineffectiveness gains or losses. Derivatives Not Designated as Hedging Instruments under ASC 815 The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments under ASC 815 for the periods indicated (in thousands) Location of Gain Amount of Gain (Loss) (Loss) Recognized Recognized in Income in Income on on Derivative Derivative 2018 2017 Three Months Ended March 31, Customer derivatives and dealer offsets Other fee revenue $ 772 $ 475 Bifurcated embedded derivatives and dealer offsets Other fee revenue 370 63 Interest rate caps Other fee revenue 276 - De-designated hedges Other fee revenue (67 ) - Mortgage banking derivatives Mortgage loan revenue 1,264 124 Risk participations Other fee revenue (2 ) 4 $ 2,613 $ 666 Credit-Risk-Related Contingent Features United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each 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. As of March 31, 2018, collateral totaling $18.5 million was pledged toward derivatives in a liability position. United’s agreements with each of its derivative counterparties contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivatives counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that contain a provision where 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. As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), all newly eligible derivatives entered into are cleared through a central clearinghouse. Derivatives that are centrally cleared do not have credit-risk-related features that require additional collateral if our credit rating were downgraded. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Stock-Based Compensation | Note 10 – Stock-Based Compensation United has an equity compensation plan that allows for grants of incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards (also referred to as “nonvested stock” awards), stock awards, performance share awards or stock appreciation rights. Options granted under the plan can have an exercise price no less than the fair market value of the underlying stock at the date of grant. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain options, restricted stock and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan). Through March 31, 2018, incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards, base salary stock grants and performance share awards have been granted under the plan. As of March 31, 2018, 1.93 million additional awards remained available for grant under the plan. The following table shows stock option activity for the first three months of 2018. Options Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2017 60,287 $ 24.12 Exercised (7,000 ) 12.31 Outstanding at March 31, 2018 53,287 25.67 2.7 $ 318 Exercisable at March 31, 2018 50,787 26.12 2.5 281 The fair value of each option is estimated on the date of grant using the Black-Scholes model. No stock options were granted during the three months ended March 31, 2018 and 2017. United recognized $6,000 and $7,000 in compensation expense related to stock options during each of the three months ended March 31, 2018 and 2017, respectively. The amount of compensation expense was determined based on the fair value of the options at the time of grant, multiplied by the number of options granted that were expected to vest, which was then amortized over the vesting period. The table below presents restricted stock units activity for the first three months of 2018. Restricted Stock Unit Awards Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2017 663,817 $ 22.40 Granted 7,507 28.94 Vested (115,899 ) 18.34 $ 3,713 Cancelled (3,170 ) 21.45 Outstanding at March 31, 2018 552,255 23.34 2.8 17,479 Compensation expense for restricted stock units is based on the fair value of restricted stock unit awards at the time of grant, which is equal to the value of United’s common stock on the date of grant. United recognizes the impact of forfeitures as they occur. The value of restricted stock unit awards is amortized into expense over the vesting period. For the three months ended March 31, 2018 and 2017, compensation expense of $1.07 million and $1.26 million, respectively, was recognized related to restricted stock unit awards. In addition, for the three months ended March 31, 2018 and 2017, $68,000 and $52,000, respectively, was recognized in other operating expense for restricted stock unit awards granted to members of United’s board of directors. A deferred income tax benefit related to expense for options and restricted stock of $296,000 and $514,000 was included in the determination of income tax expense for the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, there was $10.1 million of unrecognized expense related to non-vested stock options and restricted stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.8 years. |
Common and Preferred Stock Issu
Common and Preferred Stock Issued / Common Stock Issuable | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Common and Preferred Stock Issued / Common Stock Issuable | Note 11 – Common and Preferred Stock Issued / Common Stock Issuable United sponsors a Dividend Reinvestment and Share Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from United. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. In the three months ended March 31, 2018 and 2017, 1,411 shares and 904 shares, respectively, were issued through the DRIP. In addition, United has an Employee Stock Purchase Program (“ESPP”) that allows eligible employees to purchase shares of common stock at a 10% discount, with no commission charges. During the first three months of 2018 and 2017, United issued 3,793 shares and 3,335 shares, respectively, through the ESPP. United offers its common stock as an investment option in its deferred compensation plan. United also allows for the deferral of restricted stock unit awards. The common stock component of the deferred compensation plan is accounted for as an equity instrument and is reflected in the consolidated financial statements as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United’s common stock and settlement must be accomplished in shares at the time the deferral period is completed. At March 31, 2018 and December 31, 2017, 612,831 and 607,869 shares of common stock, respectively, were issuable under the deferred compensation plan. On March 22, 2016, United announced that its Board of Directors had authorized a program to repurchase up to $50 million of United’s outstanding common stock through December 31, 2017. In November 2017, the Board of Directors extended this program to December 31, 2018. Under the program, the shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program depends on a number of factors, including the market price of United’s common stock, general market and economic conditions, and applicable legal requirements. During the first three months of 2018 and 2017, United did not repurchase any shares under the program. As of March 31, 2018, $36.3 million of United’s outstanding common stock may be repurchased under the program. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 – Income Taxes The income tax provision for the three months ended March 31, 2018 and 2017 was $10.7 million and $18.5 million, respectively, which represents an effective tax rate of 22.2% and 44.0%, respectively, for each period. Upon reversal of United’s former full deferred tax valuation allowance in 2013, certain disproportionate tax effects were retained in accumulated other comprehensive income (loss). During the first quarter of 2017, with the maturity and termination of certain dedesignated cash flow hedges, the disproportionate tax effect associated with these hedges was reversed and recorded as a tax expense of $3.40 million, which was the primary reason for the increase in the effective tax rate for that period. At March 31, 2018 and December 31, 2017, United maintained a valuation allowance on its net deferred tax asset of $4.57 million and $4.41 million, respectively. Management assesses the valuation allowance recorded against its net deferred tax asset at each reporting period. The determination of whether a valuation allowance for its net deferred tax asset is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. United evaluated the need for a valuation allowance at March 31, 2018. Based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of its net deferred tax asset will be realized based upon future taxable income. The remaining valuation allowance of $4.57 million is related to specific state income tax credits that have short carryforward periods and are expected to expire unused. The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management's conclusion at March 31, 2018 that it was more likely than not that the net deferred tax asset of $86.5 million will be realized is based upon management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts that consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased for some or all of its net deferred tax asset. Such an increase to the net deferred tax asset valuation allowance could have a material adverse effect on United’s financial condition and results of operations. United is subject to income taxation in the United States and various state jurisdictions. United’s federal and state income tax returns are filed on a consolidated basis. Currently, no years for which United filed a federal income tax return are under examination by the IRS, and there are no state tax examinations currently in progress. United is no longer subject to income tax examinations from state and local income tax authorities for years before 2014. Although it is not possible to know the ultimate outcome of future examinations, management believes that the liability recorded for uncertain tax positions is appropriate. At March 31, 2018 and December 31, 2017, unrecognized income tax benefits totaled $3.27 million and $3.16 million, respectively. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value [Abstract] | |
Assets and Liabilities Measured at Fair Value | Note 13 – Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Level 2 Level 3 In instances where 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. United’s 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. Securities Available-for-Sale Investment securities available-for-sale 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, United States Department of Treasury (“Treasury”) securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds, corporate debt securities and asset-backed securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market, or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include asset-backed securities in less liquid markets. Securities classified as Level 3 are valued based on estimates obtained from broker-dealers and are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Mortgage Loans Held for Sale United has elected the fair value option for most of its newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2). Loans United does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for credit losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, a creditor may measure impairment based on a loan's observable market price, or the fair value of the collateral if repayment of the loan is dependent upon the sale of the underlying collateral. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. In accordance with ASC 820, Fair Value Measures and Disclosures Derivative Financial Instruments United uses interest rate swaps and interest rate floors to manage its 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. To comply with the provisions of ASC 820, United incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and 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, mutual puts, and guarantees. Although management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2017, management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Derivatives classified as Level 3 included structured derivatives for which broker quotes, used as a key valuation input, were not observable consistent with a Level 2 disclosure. The fair value of risk participations incorporates Level 3 inputs to evaluate the likelihood of customer default. The fair value of interest rate lock commitments, which is related to mortgage loan commitments, is categorized as Level 3 based on unobservable inputs for commitments that United does not expect to fund. Servicing Rights for SBA/USDA Loans United recognizes servicing rights upon the sale of SBA/USDA loans sold with servicing retained. Management has elected to carry this asset at fair value. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. Residential Mortgage Servicing Rights United recognizes servicing rights upon the sale of residential mortgage loans sold with servicing retained. Effective January 1, 2017, management elected to carry this asset at fair value. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. Pension Plan Assets For information on the fair value of pension plan assets, see Note 18 in the Annual Report on Form 10-K for the year ended December 31, 2017. 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, 2018 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 119,586 $ - $ - $ 119,586 U.S. Agencies - 25,901 - 25,901 State and political subdivisions - 201,024 - 201,024 Mortgage-backed securities - 1,662,976 - 1,662,976 Corporate bonds - 197,650 900 198,550 Asset-backed securities - 210,955 - 210,955 Other - 57 - 57 Mortgage loans held for sale - 26,493 - 26,493 Deferred compensation plan assets 6,168 - - 6,168 Servicing rights for SBA/USDA loans - - 7,470 7,470 Residential mortgage servicing rights - - 9,718 9,718 Derivative financial instruments - 13,325 13,877 27,202 Total assets $ 125,754 $ 2,338,381 $ 31,965 $ 2,496,100 Liabilities: Deferred compensation plan liability $ 6,168 $ - $ - $ 6,168 Derivative financial instruments - 15,448 17,788 33,236 Total liabilities $ 6,168 $ 15,448 $ 17,788 $ 39,404 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 121,113 $ - $ - $ 121,113 U.S. Agencies - 26,372 - 26,372 State and political subdivisions - 197,286 - 197,286 Mortgage-backed securities - 1,727,211 - 1,727,211 Corporate bonds - 305,453 900 306,353 Asset-backed securities - 237,458 - 237,458 Other - 57 - 57 Mortgage loans held for sale - 26,252 - 26,252 Deferred compensation plan assets 5,716 - - 5,716 Servicing rights for SBA/USDA loans - - 7,740 7,740 Residential mortgage servicing rights - - 8,262 8,262 Derivative financial instruments - 10,514 12,207 22,721 Total assets $ 126,829 $ 2,530,603 $ 29,109 $ 2,686,541 Liabilities: Deferred compensation plan liability $ 5,716 $ - $ - $ 5,716 Derivative financial instruments - 8,632 16,744 25,376 Total liabilities $ 5,716 $ 8,632 $ 16,744 $ 31,092 The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) Servicing Residential rights for mortgage Securities Derivative Derivative SBA/USDA servicing Available- Asset Liability loans rights for-Sale Three Months Ended March 31, 2018 Balance at beginning of period $ 12,207 $ 16,744 $ 7,740 $ 8,262 $ 900 Business combinations - - (354 ) - - Additions - - 479 926 - Sales and settlements (1,029 ) (1,347 ) (91 ) (80 ) - Amounts included in earnings - fair value adjustments 2,699 2,391 (304 ) 610 - Balance at end of period $ 13,877 $ 17,788 $ 7,470 $ 9,718 $ 900 Three Months Ended March 31, 2017 Balance at beginning of period $ 11,777 $ 16,347 $ 5,752 $ - $ 675 Transfer from amortization method to fair value - - - 5,070 - Additions - - 553 866 - Sales and settlements (384 ) (550 ) (263 ) (40 ) - Amounts included in earnings - fair value adjustments 1,256 783 (45 ) 75 - Balance at end of period $ 12,649 $ 16,580 $ 5,997 $ 5,971 $ 675 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) Fair Value Weighted Average Level 3 Assets March 31, December 31, Valuation March 31, December 31, and Liabilities 2018 2017 Technique Unobservable Inputs 2018 2017 Servicing rights for $ 7,470 $ 7,740 Discounted Discount rate 12.8 % 12.5 % SBA/USDA loans cash flow Prepayment rate 9.2 % 8.3 % Residential mortgage 9,718 8,262 Discounted Discount rate 10.0 % 10.0 % servicing rights cash flow Prepayment rate 8.4 % 9.5 % Corporate bonds 900 900 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets – mortgage 1,733 1,150 Internal model Pull through rate 81.5 % 80 % Derivative assets - other 12,144 11,057 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk 23 20 Internal model Probable exposure rate .5 % .4 % participations Probability of default rate 1.8 % 1.8 % Derivative liabilities - other 17,765 16,724 Dealer priced Dealer priced N/A N/A Fair Value Option At March 31, 2018, mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $26.5 million and $25.7 million, respectively. At December 31, 2017, mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $26.3 million and $25.4 million, respectively. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. During the first quarters of 2018 and 2017, changes in fair value of these loans resulted in net losses of $72,000 and net gains of $252,000, respectively, which were recorded in mortgage loan and other related fees. These changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of March 31, 2018 and December 31, 2017, 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, 2018 Loans $ - $ - $ 5,913 $ 5,913 December 31, 2017 Loans $ - $ - $ 6,905 $ 6,905 Loans that are reported above as being measured at fair value on a nonrecurring basis are generally impaired loans that have either been partially charged off or have specific reserves assigned to them. Nonaccrual impaired loans that are collateral dependent are generally written down to 80% of appraised value which considers the estimated costs to sell. Specific reserves are established for impaired loans based on appraised value of collateral or discounted cash flows, although only those specific reserves based on the fair value of collateral are considered nonrecurring fair value adjustments. Assets and Liabilities Not Measured at Fair Value For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. Cash and cash equivalents and repurchase agreements have short maturities and therefore the carrying value approximates fair value. Due to the short-term settlement of accrued interest receivable and payable, the carrying amount closely approximates fair value. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term in maturity and are priced at variable rates. Therefore, the estimated fair value associated with these instruments is immaterial. The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) Carrying Fair Value Level Amount Level 1 Level 2 Level 3 Total March 31, 2018 Assets: Securities held to maturity $ 312,080 $ - $ 308,007 $ - $ 308,007 Loans and leases, net 8,123,164 - - 8,093,286 8,093,286 Liabilities: Deposits 9,993,440 - 9,992,805 - 9,992,805 Federal Home Loan Bank advances 434,574 - 434,422 - 434,422 Long-term debt 325,955 - - 339,117 339,117 December 31, 2017 Assets: Securities held to maturity $ 321,094 $ - $ 321,276 $ - $ 321,276 Loans, net 7,676,658 - - 7,674,460 7,674,460 Loans held for sale 6,482 - 6,514 - 6,514 Liabilities: Deposits 9,807,697 - 9,809,264 - 9,809,264 Federal Home Loan Bank advances 504,651 - 504,460 - 504,460 Long-term debt 120,545 - - 123,844 123,844 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – 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, December 31, 2018 2017 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,955,259 $ 1,910,777 Letters of credit 25,212 28,075 United’s wholly-owned bank subsidiary, United Community Bank (the “Bank”), holds minor investments in certain limited partnerships for Community Reinvestment Act purposes. As of March 31, 2018, the Bank had committed to fund an additional $4.94 million related to future capital calls that has not been reflected in the consolidated balance sheet. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 15 – 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, December 31, 2018 2017 Core deposit intangible $ 62,652 $ 62,652 Less: accumulated amortization (42,532 ) (41,229 ) Net core deposit intangible 20,120 21,423 Noncompete agreement 3,144 3,144 Less: accumulated amortization (1,355 ) (761 ) Net noncompete agreement 1,789 2,383 Total intangibles subject to amortization, net 21,909 23,806 Goodwill 306,419 220,591 Total goodwill and other intangible assets, net $ 328,328 $ 244,397 The following is a summary of changes in the carrying amounts of goodwill (in thousands) For the Three Months Ended March 31, Goodwill, net of Accumulated Accumulated Impairment Impairment 2018 Goodwill Losses Losses Balance, beginning of period $ 526,181 $ (305,590 ) $ 220,591 Acquisition of NLFC 86,989 - 86,989 Measurement period adjustments (1,161 ) - (1,161 ) Balance, end of period $ 612,009 $ (305,590 ) $ 306,419 2017 Balance, beginning of period $ 447,615 $ (305,590 ) $ 142,025 Measurement period adjustments - - - Balance, end of period $ 447,615 $ (305,590 ) $ 142,025 The estimated aggregate amortization expense for future periods for core deposit intangibles and noncompete agreements is as follows (in thousands) Year Remainder of 2018 $ 4,949 2019 4,551 2020 3,315 2021 2,557 2022 1,982 Thereafter 4,555 Total $ 21,909 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Note 16 - Long-term Debt Long-term debt consisted of the following (in thousands) Stated Earliest March 31, December 31, Issue Maturity Call 2018 2017 Date Date Date Interest Rate Obligations of the Bank and its Subsidiaries: NER 15-1 Class B notes $ 3,290 $ - 2015 2019 n/a 3.400% NER 15-1 Class C notes 7,560 - 2015 2019 n/a 4.500% NER 15-1 Class D notes 3,421 - 2015 2021 n/a 5.750% NER 16-1 Class A-2 notes 57,801 - 2016 2021 n/a 2.200% NER 16-1 Class B notes 25,489 - 2016 2021 n/a 3.220% NER 16-1 Class C notes 6,319 - 2016 2021 n/a 5.050% NER 16-1 Class D notes 3,213 - 2016 2023 n/a 7.870% Total securitized notes payable 107,093 - Obligations of the Holding Company: 2022 senior debentures $ 50,000 $ 50,000 2015 2022 2020 5.000% through August 13, 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 13, 2025 3-month LIBOR plus 3.71% thereafter Total senior debentures 85,000 85,000 2028 subordinated debentures 100,000 - 2018 2028 2023 4.500% through January 30, 2023 3-month LIBOR plus 2.12% thereafter 2025 subordinated debentures 11,500 11,500 2015 2025 2020 6.250% Total subordinated debentures 111,500 11,500 Southern Bancorp Capital Trust I 4,382 4,382 2004 2034 2009 Prime + 1.00% United Community Statutory Trust III 1,238 1,238 2008 2038 2013 Prime + 3.00% Tidelands Statutory Trust I 8,248 8,248 2006 2036 2011 3-month LIBOR plus 1.38% Tidelands Statutory Trust II 6,186 6,186 2008 2038 2013 3-month LIBOR plus 5.075% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 2011 3-month LIBOR plus 1.35% Total trust preferred securities 32,426 32,426 Less discount (10,064 ) (8,381 ) Total long-term debt $ 325,955 $ 120,545 Interest is currently paid semiannually or quarterly for all senior and subordinated debentures and trust preferred securities. Senior Debentures The 2022 senior debentures are redeemable, in whole or in part, on or after August 14, 2020 at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest, and will mature on February 14, 2022 if not redeemed prior to that date. The 2027 senior debentures are redeemable, in whole or in part, on or after August 14, 2025 at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest, and will mature on February 14, 2027 if not redeemed prior to that date. Subordinated Debentures United acquired, as part of the FOFN acquisition, $11.5 million aggregate principal amount of subordinated debentures. The notes are due on November 30, 2025. United may prepay the notes at any time after November 30, 2020, subject to compliance with applicable laws. In January 2018, United issued $100 million fixed to floating rate subordinated notes due January 30, 2028. The subordinated debentures qualify as Tier 2 regulatory capital. Securitized Notes Payable United acquired, as part of the NLFC acquisition, Navitas Equipment Receivables LLC 2015-1 (“NER 15-1”) and Navitas Equipment Receivables LLC 2016-1 (“NER 16-1”), which are bankruptcy-remote special purpose entities (“SPEs”) whose sole purpose is to receive loans to secure financings. Each of these SPEs provided financing by issuing notes to investors through a private offering of Receivable-Backed Notes under Rule 144A of the Securities and Exchange Act of 1934. These notes are collateralized by specific qualifying loans and by cash placed in restricted cash accounts. These notes will continue amortizing sequentially based on collections on the underlying loans available to pay the note holders at each monthly payment date after payment of certain amounts as specified in the securitization documents including fees to various parties to the securitizations, interest due to the note holders and certain other payments. Sequentially, each subsequent class of note holders receive principal payments until paid down in full prior to the remaining subsequent class of note holders receiving principal payments. In addition to the pay downs on these notes, they also have legal final maturity dates as reflected in the table above. Trust Preferred Securities Trust preferred securities qualify as Tier 1 capital under risk based capital guidelines subject to certain limitations. The trust preferred securities are mandatorily redeemable upon maturity, or upon earlier redemption as provided in the indentures. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Restricted Cash The terms of securitizations acquired with NLFC Holdings Corp. (“NLFC”) require various restricted cash accounts. These cash accounts were funded from either a portion of the proceeds from the issuance of notes or from the collections on leases and loans that were conveyed in the securitization. These restricted cash accounts provide additional collateral to the note holders under specific provisions of the securitizations which govern when funds in these accounts may be released as well as conditions under which collections on contracts transferred to the securitizations may be used to fund deposits into the restricted cash accounts. At March 31, 2018, these restricted cash accounts totaled $11.8 million and were included in interest-bearing deposits in banks on the consolidated balance sheet. |
Loans and Leases | Loans and Leases Equipment Financing Lease Receivables Equipment financing lease receivables are recorded as the sum of the future minimum lease payments, initial deferred costs and estimated or contractual residual values less unearned income. The determination of residual value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. Interest income is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of leases are deferred and included as a component of equipment financing receivables. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the lease using the effective interest method. |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Accounting Standards Updates In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality Recently Adopted Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In January 2016, the FASB issued ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Business Acquisition [Line Items] | |
Schedule of actual results and pro forma information | Three Months Ended March 31, Revenue Net Income 2018 Actual NLFC results included in statement of income since acquisition date $ 3,613 $ 810 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 124,831 39,065 2017 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 $ 108,506 $ 20,880 |
NLFC Holdings Corporation | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | As Recorded by Fair Value Adjustments (1) As Recorded by Assets Cash and cash equivalents $ 27,700 $ - $ 27,700 Loans and leases, net 365,533 (6,655 ) 358,878 Premises and equipment, net 628 (304 ) 324 Net deferred tax asset - 2,737 2,737 Other assets 5,117 (1,066 ) 4,051 Total assets acquired $ 398,978 $ (5,288 ) $ 393,690 Liabilities Short-term borrowings $ 214,923 $ - $ 214,923 Long-term debt 119,402 - 119,402 Other liabilities 17,059 (951 ) 16,108 Total liabilities assumed 351,384 (951 ) 350,433 Excess of assets acquired over liabilities assumed $ 47,594 Aggregate fair value adjustments $ (4,337 ) Total identifiable net assets $ 43,257 Consideration transferred Cash 84,500 Common stock issued (1,443,987 shares) 45,746 Total fair value of consideration transferred 130,246 Goodwill $ 86,989 (1) |
Schedule of additional information related to acquired loan portfolio at acquisition date | February 1, 2018 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 22,164 Non-accretable difference 4,418 Cash flows expected to be collected 17,746 Accretable yield 1,830 Fair value $ 15,916 Excluded from ASC 310-30: Fair value $ 342,962 Gross contractual amounts receivable 391,998 Estimate of contractual cash flows not expected to be collected 9,171 |
Balance Sheet Offsetting and 28
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Offsetting [Abstract] | |
Schedule of summary of amounts outstanding under reverse repurchase agreements | Gross Gross Gross Amounts not Offset March 31, 2018 Recognized the Balance Net Asset Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ - $ - $ - $ - Derivatives 27,202 - 27,202 (4,065 ) (12,069 ) 11,068 Total $ 77,202 $ (50,000 ) $ 27,202 $ (4,065 ) $ (12,069 ) $ 11,068 Weighted average interest rate of reverse repurchase agreements 2.25 % Gross Gross Net Gross Amounts not Offset Recognized the Balance Liability Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ - $ - $ - $ - Derivatives 33,236 - 33,236 (4,065 ) (18,461 ) 10,710 Total $ 83,236 $ (50,000 ) $ 33,236 $ (4,065 ) $ (18,461 ) $ 10,710 Weighted average interest rate of repurchase agreements 1.50 % Gross Gross Gross Amounts not Offset December 31, 2017 Recognized the Balance Net Asset Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 100,000 $ (100,000 ) $ - $ - $ - $ - Derivatives 22,721 - 22,721 (1,490 ) (6,369 ) 14,862 Total $ 122,721 $ (100,000 ) $ 22,721 $ (1,490 ) $ (6,369 ) $ 14,862 Weighted average interest rate of reverse repurchase agreements 1.95 % Gross Gross Net Gross Amounts not Offset Recognized the Balance Liability Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 100,000 $ (100,000 ) $ - $ - $ - $ - Derivatives 25,376 - 25,376 (1,490 ) (17,190 ) 6,696 Total $ 125,376 $ (100,000 ) $ 25,376 $ (1,490 ) $ (17,190 ) $ 6,696 Weighted average interest rate of repurchase agreements 1.20 % |
Schedule of repurchase agreements remaining contractual maturity of the agreements | Remaining Contractual Maturity of the Agreements Overnight and As of March 31, 2018 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ - $ - $ - $ 50,000 $ 50,000 Total $ - $ - $ - $ 50,000 $ 50,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 50,000 Amounts related to agreements not included in offsetting disclosure $ - Remaining Contractual Maturity of the Agreements Overnight and As of December 31, 2017 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ - $ - $ 100,000 $ - $ 100,000 Total $ - $ - $ 100,000 $ - $ 100,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 100,000 Amounts related to agreements not included in offsetting disclosure $ - |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investment Securities [Abstract] | |
Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of March 31, 2018 State and political subdivisions $ 67,258 $ 1,118 $ 633 $ 67,743 Mortgage-backed securities (1) 244,822 1,372 5,930 240,264 Total $ 312,080 $ 2,490 $ 6,563 $ 308,007 As of December 31, 2017 State and political subdivisions $ 71,959 $ 1,574 $ 178 $ 73,355 Mortgage-backed securities (1) 249,135 2,211 3,425 247,921 Total $ 321,094 $ 3,785 $ 3,603 $ 321,276 |
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of March 31, 2018 U.S. Treasuries $ 122,156 $ - $ 2,570 $ 119,586 U.S. Government agencies 25,955 265 319 25,901 State and political subdivisions 203,430 228 2,634 201,024 Mortgage-backed securities (1) 1,693,380 3,721 34,125 1,662,976 Corporate bonds 199,412 773 1,635 198,550 Asset-backed securities 210,445 992 482 210,955 Other 57 - - 57 Total $ 2,454,835 $ 5,979 $ 41,765 $ 2,419,049 As of December 31, 2017 U.S. Treasuries $ 122,025 $ - $ 912 $ 121,113 U.S. Government agencies 26,129 269 26 26,372 State and political subdivisions 195,663 2,019 396 197,286 Mortgage-backed securities (1) 1,738,056 7,089 17,934 1,727,211 Corporate bonds 305,265 1,513 425 306,353 Asset-backed securities 236,533 1,078 153 237,458 Other 57 - - 57 Total $ 2,623,728 $ 11,968 $ 19,846 $ 2,615,850 (1) |
Schedule of held to maturity securities in an unrealized loss position | Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Loss Fair Value Unrealized As of March 31, 2018 State and political subdivisions $ 37,160 $ 633 $ - $ - $ 37,160 $ 633 Mortgage-backed securities 110,751 3,012 62,629 2,918 173,380 5,930 Total unrealized loss position $ 147,911 $ 3,645 $ 62,629 $ 2,918 $ 210,540 $ 6,563 As of December 31, 2017 State and political subdivisions $ 8,969 $ 178 $ - $ - $ 8,969 $ 178 Mortgage-backed securities 95,353 1,448 65,868 1,977 161,221 3,425 Total unrealized loss position $ 104,322 $ 1,626 $ 65,868 $ 1,977 $ 170,190 $ 3,603 |
Schedule of available for sale securities in an unrealized loss position | Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of March 31, 2018 U.S. Treasuries $ 119,586 $ 2,570 $ - $ - $ 119,586 $ 2,570 U.S. Government agencies 19,895 303 1,640 16 21,535 319 State and political subdivisions 155,125 2,549 5,066 85 160,191 2,634 Mortgage-backed securities 1,065,689 21,354 312,916 12,771 1,378,605 34,125 Corporate bonds 117,081 1,535 900 100 117,981 1,635 Asset-backed securities 68,962 478 5,053 4 74,015 482 Total unrealized loss position $ 1,546,338 $ 28,789 $ 325,575 $ 12,976 $ 1,871,913 $ 41,765 As of December 31, 2017 U.S. Treasuries $ 121,113 $ 912 $ - $ - $ 121,113 $ 912 U.S. Government agencies 1,976 13 1,677 13 3,653 26 State and political subdivisions 61,494 365 5,131 31 66,625 396 Mortgage-backed securities 964,205 8,699 328,923 9,235 1,293,128 17,934 Corporate bonds 55,916 325 900 100 56,816 425 Asset-backed securities 28,695 126 5,031 27 33,726 153 Total unrealized loss position $ 1,233,399 $ 10,440 $ 341,662 $ 9,406 $ 1,575,061 $ 19,846 |
Schedule of summary of securities sales activities | Three Months Ended 2018 2017 Proceeds from sales $ 113,961 $ 24,197 Gross gains on sales $ 417 $ 98 Gross losses on sales (1,357 ) (100 ) Net losses on sales of securities $ (940 ) $ (2 ) Income tax benefit attributable to sales $ (221 ) $ (1 ) |
Schedule of amortized cost and fair value of available for sale and held to maturity securities by contractual maturity | Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value US Treasuries: 1 to 5 years $ 74,495 $ 72,916 $ - $ - 5 to 10 years 47,661 46,670 - - 122,156 119,586 - - US Government agencies: 1 to 5 years 18,859 18,588 - - 5 to 10 years 1,990 1,945 - - More than 10 years 5,106 5,368 - - 25,955 25,901 - - State and political subdivisions: Within 1 year 1,500 1,503 5,431 5,475 1 to 5 years 45,297 44,826 13,075 13,497 5 to 10 years 27,558 27,167 10,509 11,160 More than 10 years 129,075 127,528 38,243 37,611 203,430 201,024 67,258 67,743 Corporate bonds: 1 to 5 years 181,136 180,705 - - 5 to 10 years 17,276 16,945 - - More than 10 years 1,000 900 - - 199,412 198,550 - - Asset-backed securities: 1 to 5 years 5,842 5,995 - - 5 to 10 years 48,479 48,643 - - More than 10 years 156,124 156,317 - - 210,445 210,955 - - Other: More than 10 years 57 57 - - 57 57 - - Total securities other than mortgage-backed securities: Within 1 year 1,500 1,503 5,431 5,475 1 to 5 years 325,629 323,030 13,075 13,497 5 to 10 years 142,964 141,370 10,509 11,160 More than 10 years 291,362 290,170 38,243 37,611 Mortgage-backed securities 1,693,380 1,662,976 244,822 240,264 $ 2,454,835 $ 2,419,049 $ 312,080 $ 308,007 |
Loans and Leases and Allowanc30
Loans and Leases and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Loans and Allowance for Credit Losses [Abstract] | |
Schedule of major classifications of loans and lease portfolio | March 31, December 31, 2018 2017 Owner occupied commercial real estate $ 1,897,826 $ 1,923,993 Income producing commercial real estate 1,677,300 1,595,174 Commercial & industrial 1,142,428 1,130,990 Commercial construction 690,530 711,936 Equipment financing 422,532 - Total commercial 5,830,616 5,362,093 Residential mortgage 992,111 973,544 Home equity lines of credit 712,275 731,227 Residential construction 189,662 183,019 Consumer direct 143,737 127,504 Indirect auto 315,848 358,185 Total loans 8,184,249 7,735,572 Less allowance for loan losses (61,085 ) (58,914 ) Loans, net $ 8,123,164 $ 7,676,658 |
Schedule of changes in the value of the accretable yield for acquired loans accounted | Three Months Ended March 31, 2018 2017 Balance at beginning of period $ 17,686 $ 7,981 Additions due to acquisitions 1,830 - Accretion (2,546 ) (1,690 ) Reclassification from nonaccretable difference 591 889 Changes in expected cash flows that do not affect nonaccretable difference 475 582 Balance at end of period $ 18,036 $ 7,762 |
Schedule of net investment in leases | March 31, 2018 Minimum future lease payments receivable $ 26,098 Estimated residual value of leased equipment 3,480 Initial direct costs 111 Security deposits (1,184 ) Purchase accounting premium 1,388 Unearned income (4,949 ) Net investment in leases $ 24,944 |
Schedule of minimum future lease payments received from lease contracts | Year Remainder of 2018 $ 8,469 2019 8,337 2020 5,504 2021 2,656 2022 1,053 Thereafter 79 Total $ 26,098 |
Schedule of balance and activity in the allowance for credit losses by portfolio segment | Three Months Ended March 31, 2018 Beginning Balance Charge- Recoveries (Release) Provision Ending Owner occupied commercial real estate $ 14,776 $ (60 ) $ 103 $ (258 ) $ 14,561 Income producing commercial real estate 9,381 (657 ) 235 817 9,776 Commercial & industrial 3,971 (384 ) 389 99 4,075 Commercial construction 10,523 (363 ) 97 (223 ) 10,034 Equipment financing - (139 ) 97 2,333 2,291 Residential mortgage 10,097 (70 ) 123 71 10,221 Home equity lines of credit 5,177 (124 ) 35 (156 ) 4,932 Residential construction 2,729 - 64 251 3,044 Consumer direct 710 (651 ) 160 514 733 Indirect auto 1,550 (436 ) 80 224 1,418 Total allowance for loan losses 58,914 (2,884 ) 1,383 3,672 61,085 Allowance for unfunded commitments 2,312 - - 128 2,440 Total allowance for credit losses $ 61,226 $ (2,884 ) $ 1,383 $ 3,800 $ 63,525 Three Months Ended March 31, 2017 Beginning Balance Charge- Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 16,446 $ (25 ) $ 237 $ (989 ) $ 15,669 Income producing commercial real estate 8,843 (897 ) 27 905 8,878 Commercial & industrial 3,810 (216 ) 368 (237 ) 3,725 Commercial construction 13,405 (202 ) 572 (985 ) 12,790 Residential mortgage 8,545 (542 ) 12 1,056 9,071 Home equity lines of credit 4,599 (471 ) 49 353 4,530 Residential construction 3,264 - 9 (6 ) 3,267 Consumer direct 708 (442 ) 207 136 609 Indirect auto 1,802 (420 ) 55 567 2,004 Total allowance for loan losses 61,422 (3,215 ) 1,536 800 60,543 Allowance for unfunded commitments 2,002 - - - 2,002 Total allowance for credit losses $ 63,424 $ (3,215 ) $ 1,536 $ 800 $ 62,545 Allowance for Credit Losses March 31, 2018 December 31, 2017 Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 1,686 $ 12,875 $ - $ 14,561 $ 1,255 $ 13,521 $ - $ 14,776 Income producing commercial real estate 631 9,085 60 9,776 562 8,813 6 9,381 Commercial & industrial 61 4,014 - 4,075 27 3,944 - 3,971 Commercial construction 151 9,775 108 10,034 156 10,367 - 10,523 Equipment financing - 2,291 - 2,291 - - - - Residential mortgage 1,151 9,070 - 10,221 1,174 8,919 4 10,097 Home equity lines of credit 90 4,842 - 4,932 - 5,177 - 5,177 Residential construction 73 2,962 9 3,044 75 2,654 - 2,729 Consumer direct 7 724 2 733 7 700 3 710 Indirect auto 35 1,383 - 1,418 - 1,550 - 1,550 Total allowance for loan losses 3,885 57,021 179 61,085 3,256 55,645 13 58,914 Allowance for unfunded commitments - 2,440 - 2,440 - 2,312 - 2,312 Total allowance for credit losses $ 3,885 $ 59,461 $ 179 $ 63,525 $ 3,256 $ 57,957 $ 13 $ 61,226 Loans Outstanding March 31, 2018 December 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 24,051 $ 1,853,032 $ 20,743 $ 1,897,826 $ 21,823 $ 1,876,411 $ 25,759 $ 1,923,993 Income producing commercial real estate 16,320 1,621,347 39,633 1,677,300 16,483 1,533,851 44,840 1,595,174 Commercial & industrial 2,536 1,139,101 791 1,142,428 2,654 1,126,894 1,442 1,130,990 Commercial construction 3,910 676,727 9,893 690,530 3,813 699,266 8,857 711,936 Equipment financing - 408,935 13,597 422,532 - - - - Residential mortgage 14,921 964,665 12,525 992,111 14,193 946,210 13,141 973,544 Home equity lines of credit 341 709,853 2,081 712,275 101 728,235 2,891 731,227 Residential construction 1,571 187,642 449 189,662 1,577 180,978 464 183,019 Consumer direct 268 142,090 1,379 143,737 270 126,114 1,120 127,504 Indirect auto 1,355 314,493 - 315,848 1,396 356,789 - 358,185 Total loans $ 65,273 $ 8,017,885 $ 101,091 $ 8,184,249 $ 62,310 $ 7,574,748 $ 98,514 $ 7,735,572 |
Schedule of recorded investments in individually evaluated impaired loans | March 31, 2018 December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 6,804 $ 5,880 $ - $ 1,238 $ 1,176 $ - Income producing commercial real estate 7,632 7,610 - 2,177 2,165 - Commercial & industrial 248 134 - 1,758 1,471 - Commercial construction 130 130 - 134 134 - Equipment financing - - - - - - Total commercial 14,814 13,754 - 5,307 4,946 - Residential mortgage 3,587 3,404 - 2,661 2,566 - Home equity lines of credit 550 234 - 393 101 - Residential construction 455 395 - 405 330 - Consumer direct 23 23 - 29 29 - Indirect auto 62 61 - 1,396 1,396 - Total with no related allowance recorded 19,491 17,871 - 10,191 9,368 - With an allowance recorded: Owner occupied commercial real estate 18,912 18,171 1,686 21,262 20,647 1,255 Income producing commercial real estate 8,979 8,710 631 14,419 14,318 562 Commercial & industrial 2,869 2,402 61 1,287 1,183 27 Commercial construction 4,028 3,780 151 3,917 3,679 156 Equipment financing - - - - - - Total commercial 34,788 33,063 2,529 40,885 39,827 2,000 Residential mortgage 11,961 11,517 1,151 12,086 11,627 1,174 Home equity lines of credit 116 107 90 - - - Residential construction 1,262 1,176 73 1,325 1,247 75 Consumer direct 251 245 7 244 241 7 Indirect auto 1,295 1,294 35 - - - Total with an allowance recorded 49,673 47,402 3,885 54,540 52,942 3,256 Total $ 69,164 $ 65,273 $ 3,885 $ 64,731 $ 62,310 $ 3,256 |
Schedule of TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment | New TDRs Pre- Modification Outstanding Post- Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted during the Three Months Ended March 31, Number of Contracts Recorded Investment Rate Reduction Structure Other Total Number of Contracts Recorded Investment Three Months Ended March 31, 2018 Owner occupied commercial real estate 3 $ 994 $ - $ 978 $ - $ 978 2 $ 1,586 Income producing commercial real estate - - - - - - - - Commercial & industrial 1 81 - 5 - 5 - - Commercial construction - - - - - - - - Equipment financing - - - - - - - - Total commercial 4 1,075 - 983 - 983 2 1,586 Residential mortgage 2 340 - 340 - 340 - - Home equity lines of credit - - - - - - - - Residential construction - - - - - - - - Consumer direct - - - - - - - - Indirect auto - - - - - - - - Total loans $ 6 $ 1,415 $ - $ 1,323 $ - $ 1,323 2 $ 1,586 Three Months Ended March 31, 2017 Owner occupied commercial real estate - $ - $ - $ - $ - $ - - $ - Income producing commercial real estate - - - - - - - - Commercial & industrial 1 25 - 25 - 25 - - Commercial construction - - - - - - - - Total commercial 1 25 - 25 - 25 - - Residential mortgage 7 353 - 353 - 353 2 655 Home equity lines of credit - - - - - - - - Residential construction 1 40 40 - - 40 - - Consumer direct 1 6 - 6 - 6 - - Indirect auto - - - - - - - - Total loans 10 $ 424 $ 40 $ 384 $ - $ 424 2 $ 655 |
Schedule of average balances of impaired loans and income recognized on impaired loans | 2018 2017 Three Months Ended March 31, Average Balance Interest Cash Basis Average Balance Interest Cash Basis Revenue Owner occupied commercial real estate $ 24,658 $ 245 $ 280 $ 29,858 $ 345 $ 336 Income producing commercial real estate 16,433 210 235 28,410 351 345 Commercial & industrial 2,596 40 42 1,939 27 28 Commercial construction 3,936 51 52 5,001 53 53 Equipment financing - - - - - - Total commercial 47,623 546 609 65,208 776 762 Residential mortgage 14,993 149 150 13,608 138 143 Home equity lines of credit 344 4 4 63 1 1 Residential construction 1,590 24 24 1,619 23 23 Consumer direct 291 5 5 287 5 6 Indirect auto 1,378 18 18 1,122 14 14 Total $ 66,219 $ 746 $ 810 $ 81,907 $ 957 $ 949 |
Schedule of recorded investment in nonaccrual loans by loan class | March 31, December 31, 2018 2017 Owner occupied commercial real estate $ 6,757 $ 4,923 Income producing commercial real estate 3,942 3,208 Commercial & industrial 1,917 2,097 Commercial construction 574 758 Equipment financing 428 - Total commercial 13,618 10,986 Residential mortgage 8,724 8,776 Home equity lines of credit 2,149 2,024 Residential construction 378 192 Consumer direct 146 43 Indirect auto 1,225 1,637 Total $ 26,240 $ 23,658 |
Schedule of aging of the recorded investment in past due loans | Loans Past Due Loans Not As of March 31, 2018 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total Owner occupied commercial real estate $ 2,515 $ 3,034 $ 2,295 $ 7,844 $ 1,869,239 $ 20,743 $ 1,897,826 Income producing commercial real estate 518 732 2,865 4,115 1,633,552 39,633 1,677,300 Commercial & industrial 1,591 762 165 2,518 1,139,119 791 1,142,428 Commercial construction 643 261 316 1,220 679,417 9,893 690,530 Equipment financing 1,227 171 426 1,824 407,111 13,597 422,532 Total commercial 6,494 4,960 6,067 17,521 5,728,438 84,657 5,830,616 Residential mortgage 4,040 2,325 3,373 9,738 969,848 12,525 992,111 Home equity lines of credit 2,405 236 759 3,400 706,794 2,081 712,275 Residential construction 1,031 75 246 1,352 187,861 449 189,662 Consumer direct 724 92 85 901 141,457 1,379 143,737 Indirect auto 425 278 1,004 1,707 314,141 - 315,848 Total loans 15,119 7,966 11,534 34,619 8,048,539 101,091 8,184,249 Loans Past Due Loans Not As of December 31, 2017 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total Owner occupied commercial real estate $ 3,810 $ 1,776 $ 1,530 $ 7,116 $ 1,891,118 $ 25,759 $ 1,923,993 Income producing commercial real estate 1,754 353 1,939 4,046 1,546,288 44,840 1,595,174 Commercial & industrial 2,139 869 1,133 4,141 1,125,407 1,442 1,130,990 Commercial construction 568 132 158 858 702,221 8,857 711,936 Total commercial 8,271 3,130 4,760 16,161 5,265,034 80,898 5,362,093 Residential mortgage 6,717 1,735 3,438 11,890 948,513 13,141 973,544 Home equity lines of credit 3,246 225 578 4,049 724,287 2,891 731,227 Residential construction 885 105 93 1,083 181,472 464 183,019 Consumer direct 739 133 - 872 125,512 1,120 127,504 Indirect auto 1,152 459 1,263 2,874 355,311 - 358,185 Total loans $ 21,010 $ 5,787 $ 10,132 $ 36,929 $ 7,600,129 $ 98,514 $ 7,735,572 |
Schedule of risk category of loans by class of loans | Pass Watch Substandard Doubtful / Total As of March 31, 2018 Owner occupied commercial real estate $ 1,807,564 $ 31,628 $ 37,891 $ - $ 1,877,083 Income producing commercial real estate 1,596,626 17,825 23,216 - 1,637,667 Commercial & industrial 1,108,779 20,129 12,729 - 1,141,637 Commercial construction 653,223 22,459 4,955 - 680,637 Equipment financing 408,509 - 426 - 408,935 Total commercial 5,574,701 92,041 79,217 - 5,745,959 Residential mortgage 959,613 37 19,936 - 979,586 Home equity lines of credit 703,199 - 6,995 - 710,194 Residential construction 187,382 - 1,831 - 189,213 Consumer direct 140,783 595 980 - 142,358 Indirect auto 313,124 - 2,724 - 315,848 Total loans, excluding PCI loans $ 7,878,802 $ 92,673 $ 111,683 $ - $ 8,083,158 Owner occupied commercial real estate $ 4,816 $ 4,970 $ 10,957 $ - $ 20,743 Income producing commercial real estate 13,695 20,265 5,673 - 39,633 Commercial & industrial 330 270 191 - 791 Commercial construction 4,166 1,722 4,005 - 9,893 Equipment financing 13,183 - 414 - 13,597 Total commercial 36,190 27,227 21,240 - 84,657 Residential mortgage 8,555 395 3,575 - 12,525 Home equity lines of credit 1,436 - 645 - 2,081 Residential construction 396 - 53 - 449 Consumer direct 891 193 295 - 1,379 Indirect auto - - - - - Total PCI loans $ 47,468 $ 27,815 $ 25,808 $ - $ 101,091 As of December 31, 2017 Owner occupied commercial real estate $ 1,833,469 $ 33,571 $ 31,194 $ - $ 1,898,234 Income producing commercial real estate 1,495,805 30,780 23,749 - 1,550,334 Commercial & industrial 1,097,907 18,052 13,589 - 1,129,548 Commercial construction 693,873 2,947 6,259 - 703,079 Total commercial 5,121,054 85,350 74,791 - 5,281,195 Residential mortgage 939,706 - 20,697 - 960,403 Home equity lines of credit 721,142 - 7,194 - 728,336 Residential construction 180,567 - 1,988 - 182,555 Consumer direct 125,860 - 524 - 126,384 Indirect auto 354,788 - 3,397 - 358,185 Total loans, excluding PCI loans $ 7,443,117 $ 85,350 $ 108,591 $ - $ 7,637,058 Owner occupied commercial real estate $ 2,400 $ 8,163 $ 15,196 $ - $ 25,759 Income producing commercial real estate 13,392 21,928 9,520 - 44,840 Commercial & industrial 383 672 387 - 1,442 Commercial construction 3,866 2,228 2,763 - 8,857 Total commercial 20,041 32,991 27,866 - 80,898 Residential mortgage 9,566 173 3,402 - 13,141 Home equity lines of credit 1,579 427 885 - 2,891 Residential construction 423 - 41 - 464 Consumer direct 1,076 10 34 - 1,120 Indirect auto - - - - - Total PCI loans $ 32,685 $ 33,601 $ 32,228 $ - $ 98,514 |
Reclassifications Out of Accu31
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Schedule of reclassifications out of accumulated other comprehensive income | Amounts Reclassified from Accumulated Other Details about Accumulated Other For the three months Affected Line Item in the Statement Comprehensive Income Components 2018 2017 Where Net Income is Presented Realized losses on available-for-sale securities: $ (940 ) $ (2 ) Securities losses, net 221 1 Income tax benefit $ (719 ) $ (1 ) Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (222 ) $ (310 ) Investment securities interest revenue 54 116 Income tax benefit $ (168 ) $ (194 ) Net of tax Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ (147 ) $ (149 ) Money market deposit interest expense Amortization of losses on de-designated positions - (264 ) Federal Home Loan Bank advances interest expense (147 ) (413 ) Total before tax 38 161 Income tax benefit $ (109 ) $ (252 ) Net of tax Reclassification of disproportionate tax effect related to terminated cash flow hedges: $ - $ (3,400 ) Income tax expense Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan: Prior service cost $ (167 ) $ (140 ) Salaries and employee benefits expense Actuarial losses (60 ) (60 ) Salaries and employee benefits expense (227 ) (200 ) Total before tax 58 79 Income tax benefit $ (169 ) $ (121 ) Net of tax Total reclassifications for the period $ (1,165 ) $ (3,968 ) Net of tax Amounts shown above in parentheses reduce earnings. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended March 31, 2018 2017 Net income $ 37,658 $ 23,524 Dividends and undistributed earnings allocated to unvested shares (277 ) - Net income available to common shareholders $ 37,381 $ 23,524 Weighted average shares outstanding: Basic 79,205 71,700 Effect of dilutive securities Stock options 10 8 Diluted 79,215 71,708 Net income per common share: Basic $ .47 $ .33 Diluted $ .47 $ .33 |
Derivatives and Hedging Activ33
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivatives and Hedging Activities [Abstract] | |
Schedule of derivative financial instruments on consolidated balance sheet | Interest Rate Products Balance Sheet March 31, December 31, Fair value hedge of corporate bonds Derivative assets $ - $ 336 $ - $ 336 Fair value hedge of brokered CD's Derivative liabilities $ 2,377 $ 2,053 $ 2,377 $ 2,053 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet March 31, December 31, Customer derivative positions Derivative assets $ 993 $ 2,659 Dealer offsets to customer derivative positions Derivative assets 12,332 6,867 Mortgage banking - loan commitment Derivative assets 1,733 1,150 Mortgage banking - forward sales commitment Derivative assets - 13 Bifurcated embedded derivatives Derivative assets 12,144 11,057 Interest rate caps Derivative assets - 639 $ 27,202 $ 22,385 Customer derivative positions Derivative liabilities $ 14,942 $ 7,032 Dealer offsets to customer derivative positions Derivative liabilities 273 1,551 Risk participations Derivative liabilities 23 20 Mortgage banking - forward sales commitment Derivative liabilities 233 49 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 14,935 14,279 De-designated hedges Derivative liabilities 453 392 $ 30,859 $ 23,323 |
Schedule of effect of cash flow hedges on the consolidated statement of income | Gain (Loss) Reclassified from Location 2018 2017 Three Months Ended March 31, Interest rate swaps Interest expense $ (147 ) $ (413 ) |
Schedule of derivatives in fair value on the consolidated statement of income | Location of Gain Amount of Gain (Loss) Amount of Gain (Loss) (Loss) Recognized Recognized in Income Recognized in Income in Income on on Derivative on Hedged Item Derivative 2018 2017 2018 2017 Three Months Ended March 31, Fair value hedges of brokered CDs Interest expense $ (693 ) $ (274 ) $ 545 $ 189 Fair value hedges of corporate bonds Interest revenue (336 ) 106 405 (146 ) $ (1,029 ) $ (168 ) $ 950 $ 43 |
Schedule of gains and losses recognized in income on derivatives not designated as hedging instruments | Location of Gain Amount of Gain (Loss) (Loss) Recognized Recognized in Income in Income on on Derivative Derivative 2018 2017 Three Months Ended March 31, Customer derivatives and dealer offsets Other fee revenue $ 772 $ 475 Bifurcated embedded derivatives and dealer offsets Other fee revenue 370 63 Interest rate caps Other fee revenue 276 - De-designated hedges Other fee revenue (67 ) - Mortgage banking derivatives Mortgage loan revenue 1,264 124 Risk participations Other fee revenue (2 ) 4 $ 2,613 $ 666 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of stock option activity | Options Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2017 60,287 $ 24.12 Exercised (7,000 ) 12.31 Outstanding at March 31, 2018 53,287 25.67 2.7 $ 318 Exercisable at March 31, 2018 50,787 26.12 2.5 281 |
Schedule of restricted stock units activity | Restricted Stock Unit Awards Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2017 663,817 $ 22.40 Granted 7,507 28.94 Vested (115,899 ) 18.34 $ 3,713 Cancelled (3,170 ) 21.45 Outstanding at March 31, 2018 552,255 23.34 2.8 17,479 |
Assets and Liabilities Measur35
Assets and Liabilities Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | March 31, 2018 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 119,586 $ - $ - $ 119,586 U.S. Agencies - 25,901 - 25,901 State and political subdivisions - 201,024 - 201,024 Mortgage-backed securities - 1,662,976 - 1,662,976 Corporate bonds - 197,650 900 198,550 Asset-backed securities - 210,955 - 210,955 Other - 57 - 57 Mortgage loans held for sale - 26,493 - 26,493 Deferred compensation plan assets 6,168 - - 6,168 Servicing rights for SBA/USDA loans - - 7,470 7,470 Residential mortgage servicing rights - - 9,718 9,718 Derivative financial instruments - 13,325 13,877 27,202 Total assets $ 125,754 $ 2,338,381 $ 31,965 $ 2,496,100 Liabilities: Deferred compensation plan liability $ 6,168 $ - $ - $ 6,168 Derivative financial instruments - 15,448 17,788 33,236 Total liabilities $ 6,168 $ 15,448 $ 17,788 $ 39,404 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 121,113 $ - $ - $ 121,113 U.S. Agencies - 26,372 - 26,372 State and political subdivisions - 197,286 - 197,286 Mortgage-backed securities - 1,727,211 - 1,727,211 Corporate bonds - 305,453 900 306,353 Asset-backed securities - 237,458 - 237,458 Other - 57 - 57 Mortgage loans held for sale - 26,252 - 26,252 Deferred compensation plan assets 5,716 - - 5,716 Servicing rights for SBA/USDA loans - - 7,740 7,740 Residential mortgage servicing rights - - 8,262 8,262 Derivative financial instruments - 10,514 12,207 22,721 Total assets $ 126,829 $ 2,530,603 $ 29,109 $ 2,686,541 Liabilities: Deferred compensation plan liability $ 5,716 $ - $ - $ 5,716 Derivative financial instruments - 8,632 16,744 25,376 Total liabilities $ 5,716 $ 8,632 $ 16,744 $ 31,092 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | Servicing Residential rights for mortgage Securities Derivative Derivative SBA/USDA servicing Available- Asset Liability loans rights for-Sale Three Months Ended March 31, 2018 Balance at beginning of period $ 12,207 $ 16,744 $ 7,740 $ 8,262 $ 900 Business combinations - - (354 ) - - Additions - - 479 926 - Sales and settlements (1,029 ) (1,347 ) (91 ) (80 ) - Amounts included in earnings - fair value adjustments 2,699 2,391 (304 ) 610 - Balance at end of period $ 13,877 $ 17,788 $ 7,470 $ 9,718 $ 900 Three Months Ended March 31, 2017 Balance at beginning of period $ 11,777 $ 16,347 $ 5,752 $ - $ 675 Transfer from amortization method to fair value - - - 5,070 - Additions - - 553 866 - Sales and settlements (384 ) (550 ) (263 ) (40 ) - Amounts included in earnings - fair value adjustments 1,256 783 (45 ) 75 - Balance at end of period $ 12,649 $ 16,580 $ 5,997 $ 5,971 $ 675 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | Fair Value Weighted Average Level 3 Assets March 31, December 31, Valuation March 31, December 31, and Liabilities 2018 2017 Technique Unobservable Inputs 2018 2017 Servicing rights for $ 7,470 $ 7,740 Discounted Discount rate 12.8 % 12.5 % SBA/USDA loans cash flow Prepayment rate 9.2 % 8.3 % Residential mortgage 9,718 8,262 Discounted Discount rate 10.0 % 10.0 % servicing rights cash flow Prepayment rate 8.4 % 9.5 % Corporate bonds 900 900 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets – mortgage 1,733 1,150 Internal model Pull through rate 81.5 % 80 % Derivative assets - other 12,144 11,057 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk 23 20 Internal model Probable exposure rate .5 % .4 % participations Probability of default rate 1.8 % 1.8 % Derivative liabilities - other 17,765 16,724 Dealer priced Dealer priced N/A N/A |
Schedule of presentation of united's assets and liabilities measured at fair value on nonrecurring basis | Level 1 Level 2 Level 3 Total March 31, 2018 Loans $ - $ - $ 5,913 $ 5,913 December 31, 2017 Loans $ - $ - $ 6,905 $ 6,905 |
Schedule of carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis | Carrying Fair Value Level Amount Level 1 Level 2 Level 3 Total March 31, 2018 Assets: Securities held to maturity $ 312,080 $ - $ 308,007 $ - $ 308,007 Loans and leases, net 8,123,164 - - 8,093,286 8,093,286 Liabilities: Deposits 9,993,440 - 9,992,805 - 9,992,805 Federal Home Loan Bank advances 434,574 - 434,422 - 434,422 Long-term debt 325,955 - - 339,117 339,117 December 31, 2017 Assets: Securities held to maturity $ 321,094 $ - $ 321,276 $ - $ 321,276 Loans, net 7,676,658 - - 7,674,460 7,674,460 Loans held for sale 6,482 - 6,514 - 6,514 Liabilities: Deposits 9,807,697 - 9,809,264 - 9,809,264 Federal Home Loan Bank advances 504,651 - 504,460 - 504,460 Long-term debt 120,545 - - 123,844 123,844 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance sheet instruments | March 31, December 31, 2018 2017 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,955,259 $ 1,910,777 Letters of credit 25,212 28,075 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of carrying amount of goodwill and other intangible assets | March 31, December 31, 2018 2017 Core deposit intangible $ 62,652 $ 62,652 Less: accumulated amortization (42,532 ) (41,229 ) Net core deposit intangible 20,120 21,423 Noncompete agreement 3,144 3,144 Less: accumulated amortization (1,355 ) (761 ) Net noncompete agreement 1,789 2,383 Total intangibles subject to amortization, net 21,909 23,806 Goodwill 306,419 220,591 Total goodwill and other intangible assets, net $ 328,328 $ 244,397 |
Schedule of changes in the carrying amounts of goodwill | For the Three Months Ended March 31, Goodwill, net of Accumulated Accumulated Impairment Impairment 2018 Goodwill Losses Losses Balance, beginning of period $ 526,181 $ (305,590 ) $ 220,591 Acquisition of NLFC 86,989 - 86,989 Measurement period adjustments (1,161 ) - (1,161 ) Balance, end of period $ 612,009 $ (305,590 ) $ 306,419 2017 Balance, beginning of period $ 447,615 $ (305,590 ) $ 142,025 Measurement period adjustments - - - Balance, end of period $ 447,615 $ (305,590 ) $ 142,025 |
Schedule of estimated aggregate amortization expense for future periods for core deposit intangibles and noncompete agreements | Year Remainder of 2018 $ 4,949 2019 4,551 2020 3,315 2021 2,557 2022 1,982 Thereafter 4,555 Total $ 21,909 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Stated Earliest March 31, December 31, Issue Maturity Call 2018 2017 Date Date Date Interest Rate Obligations of the Bank and its Subsidiaries: NER 15-1 Class B notes $ 3,290 $ - 2015 2019 n/a 3.400% NER 15-1 Class C notes 7,560 - 2015 2019 n/a 4.500% NER 15-1 Class D notes 3,421 - 2015 2021 n/a 5.750% NER 16-1 Class A-2 notes 57,801 - 2016 2021 n/a 2.200% NER 16-1 Class B notes 25,489 - 2016 2021 n/a 3.220% NER 16-1 Class C notes 6,319 - 2016 2021 n/a 5.050% NER 16-1 Class D notes 3,213 - 2016 2023 n/a 7.870% Total securitized notes payable 107,093 - Obligations of the Holding Company: 2022 senior debentures $ 50,000 $ 50,000 2015 2022 2020 5.000% through August 13, 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 13, 2025 3-month LIBOR plus 3.71% thereafter Total senior debentures 85,000 85,000 2028 subordinated debentures 100,000 - 2018 2028 2023 4.500% through January 30, 2023 3-month LIBOR plus 2.12% thereafter 2025 subordinated debentures 11,500 11,500 2015 2025 2020 6.250% Total subordinated debentures 111,500 11,500 Southern Bancorp Capital Trust I 4,382 4,382 2004 2034 2009 Prime + 1.00% United Community Statutory Trust III 1,238 1,238 2008 2038 2013 Prime + 3.00% Tidelands Statutory Trust I 8,248 8,248 2006 2036 2011 3-month LIBOR plus 1.38% Tidelands Statutory Trust II 6,186 6,186 2008 2038 2013 3-month LIBOR plus 5.075% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 2011 3-month LIBOR plus 1.35% Total trust preferred securities 32,426 32,426 Less discount (10,064 ) (8,381 ) Total long-term debt $ 325,955 $ 120,545 |
Accounting Policies (Detail Tex
Accounting Policies (Detail Textuals) $ in Millions | Mar. 31, 2018USD ($) |
Accounting Policies [Abstract] | |
Restricted cash | $ 11.8 |
Accounting Standards Updates 40
Accounting Standards Updates and Recently Adopted Standards (Details Textuals) $ in Millions | Dec. 31, 2017USD ($) |
Accounting Standards Updates [Abstract] | |
Present value of future minimum lease payments | $ 27.1 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Feb. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Consideration transferred | ||||||
Goodwill | $ 306,419 | $ 220,591 | $ 142,025 | $ 142,025 | ||
NLFC Holdings Corporation | Navitas Credit Corp ("Navitas") | ||||||
Assets | ||||||
Total assets acquired | $ 394,000 | |||||
Liabilities | ||||||
Total liabilities assumed | 350,000 | |||||
Consideration transferred | ||||||
Cash | 84,500 | |||||
Common stock issued (1,443,987 shares) | 45,700 | |||||
Total fair value of consideration transferred | 130,000 | |||||
Goodwill | 87,000 | |||||
NLFC Holdings Corporation | Navitas Credit Corp ("Navitas") | As Recorded by NLFC | ||||||
Assets | ||||||
Cash and cash equivalents | 27,700 | |||||
Loans and leases, net | 365,533 | |||||
Premises and equipment, net | 628 | |||||
Net deferred tax asset | 0 | |||||
Other assets | 5,117 | |||||
Total assets acquired | 398,978 | |||||
Liabilities | ||||||
Short-term borrowings | 214,923 | |||||
Long-term debt | 119,402 | |||||
Other liabilities | 17,059 | |||||
Total liabilities assumed | 351,384 | |||||
Excess of assets acquired over liabilities assumed | 47,594 | |||||
Total identifiable net assets | 43,257 | |||||
Consideration transferred | ||||||
Goodwill | 86,989 | |||||
NLFC Holdings Corporation | Navitas Credit Corp ("Navitas") | Fair Value Adjustments | ||||||
Assets | ||||||
Cash and cash equivalents | [1] | 0 | ||||
Loans and leases, net | [1] | (6,655) | ||||
Premises and equipment, net | [1] | (304) | ||||
Net deferred tax asset | [1] | 2,737 | ||||
Other assets | [1] | (1,066) | ||||
Total assets acquired | [1] | (5,288) | ||||
Liabilities | ||||||
Short-term borrowings | [1] | 0 | ||||
Long-term debt | [1] | 0 | ||||
Other liabilities | [1] | (951) | ||||
Total liabilities assumed | [1] | (951) | ||||
Aggregate fair value adjustments | [1] | (4,337) | ||||
NLFC Holdings Corporation | Navitas Credit Corp ("Navitas") | As Recorded by United | ||||||
Assets | ||||||
Cash and cash equivalents | 27,700 | |||||
Loans and leases, net | 358,878 | |||||
Premises and equipment, net | 324 | |||||
Net deferred tax asset | 2,737 | |||||
Other assets | 4,051 | |||||
Total assets acquired | 393,690 | |||||
Liabilities | ||||||
Short-term borrowings | 214,923 | |||||
Long-term debt | 119,402 | |||||
Other liabilities | 16,108 | |||||
Total liabilities assumed | 350,433 | |||||
Excess of assets acquired over liabilities assumed | 47,594 | |||||
Consideration transferred | ||||||
Cash | 84,500 | |||||
Common stock issued (1,443,987 shares) | 45,746 | |||||
Total fair value of consideration transferred | $ 130,246 | |||||
[1] | Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. |
Acquisitions (Details 1)
Acquisitions (Details 1) - NLFC Holdings Corporation - Navitas Credit Corp ("Navitas") $ in Thousands | Feb. 01, 2018USD ($) |
Accounted for pursuant to ASC 310-30 | |
Business Acquisition [Line Items] | |
Contractually required principal and interest | $ 22,164 |
Non-accretable difference | 4,418 |
Cash flows expected to be collected | 17,746 |
Accretable yield | 1,830 |
Fair value | 15,916 |
Excluded from ASC 310-30 | |
Business Acquisition [Line Items] | |
Fair value | 342,962 |
Gross contractual amounts receivable | 391,998 |
Estimate of contractual cash flows not expected to be collected | $ 9,171 |
Acquisitions (Details 2)
Acquisitions (Details 2) - NLFC Holdings Corporation - Navitas Credit Corp ("Navitas") - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||
Actual Revenue | $ 3,613 | |
Actual Net income | 810 | |
Supplemental consolidated pro forma Revenue | 124,831 | $ 108,506 |
Supplemental consolidated pro forma Net Income | $ 39,065 | $ 20,880 |
Acquisitions (Detail Textuals)
Acquisitions (Detail Textuals) - USD ($) | Feb. 01, 2018 | Nov. 01, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 306,419,000 | $ 142,025,000 | $ 220,591,000 | $ 142,025,000 | ||
Increase in loans held for sale | (8,833,000) | (13,387,000) | ||||
Merger-related and other charges | 2,054,000 | $ 2,054,000 | ||||
NLFC Holdings Corporation | Navitas Credit Corp ("Navitas") | ||||||
Business Acquisition [Line Items] | ||||||
Total assets | $ 394,000,000 | |||||
Liabilities assumed | 350,000,000 | |||||
Total fair value of consideration transferred | 130,000,000 | |||||
Cash | 84,500,000 | |||||
Common stock issued | 45,700,000 | |||||
Goodwill | 87,000,000 | |||||
Value of loans acquired separate from the business combination | $ 19,900,000 | |||||
Merger-related and other charges | $ 4,710,000 | |||||
Four Oaks Fincorp, Inc. | Four Oaks Bank & Trust Company | ||||||
Business Acquisition [Line Items] | ||||||
Loans held for sale | $ 10,700,000 | |||||
Servicing assets | 65,000 | |||||
Increase in loans held for sale | 2,590,000 | |||||
Decrease in servicing asset | (354,000) | |||||
Net deferred tax asset | 1,080,000 | |||||
Decrease in goodwill | $ (1,160,000) |
Balance Sheet Offsetting and 45
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Summary of amounts outstanding under master netting agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Offsetting [Abstract] | ||
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized assets | $ 50,000 | $ 100,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet assets | (50,000) | (100,000) |
Repurchase agreements / reverse repurchase agreements, net assets balance | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet assets of financial instruments | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet assets of collateral received | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | 0 |
Derivatives, gross amounts of recognized assets | 27,202 | 22,721 |
Derivatives, gross amounts offset on the balance sheet | 0 | 0 |
Derivatives, net asset balance | 27,202 | 22,721 |
Derivatives, gross amounts not off set in balance sheet assets of financial instruments | (4,065) | (1,490) |
Derivative, gross amounts not off set in balance sheet assets of collateral received | (12,069) | (6,369) |
Derivatives, net amount | 11,068 | 14,862 |
Offsetting assets gross amounts offset on balance sheet | 77,202 | 122,721 |
Offsetting assets, gross amounts offset on balance sheet | (50,000) | (100,000) |
Offsetting assets, net asset balance | 27,202 | 22,721 |
Offsetting assets, gross amounts not offset in balance sheet of financial instruments | (4,065) | (1,490) |
Offsetting assets, gross amounts not offset in the balance sheet of collateral received | (12,069) | (6,369) |
Offsetting assets, net amount | $ 11,068 | $ 14,862 |
Weighted average interest rate of reverse repurchase agreements, assets | 2.25% | 1.95% |
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized liabilities | $ 50,000 | $ 100,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet liabilities | (50,000) | (100,000) |
Repurchase agreements / reverse repurchase agreements, net liabilities balance | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of financial instruments | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of collateral pledged | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | 0 |
Derivatives, gross amounts of recognized liabilities | 33,236 | 25,376 |
Derivatives, gross amounts offset on balance sheet liabilities | 0 | 0 |
Derivatives, net liabilities balance | 33,236 | 25,376 |
Derivatives, gross amounts not off set in balance sheet liabilities of financial instruments | (4,065) | (1,490) |
Derivatives, gross amounts not off set in balance sheet liabilities of collateral pledged | (18,461) | (17,190) |
Derivatives, net amount | 10,710 | 6,696 |
Offsetting liabilities, gross amounts of recognized liabilities | 83,236 | 125,376 |
Offsetting liabilities, gross amounts offset on balance sheet | (50,000) | (100,000) |
Offsetting liabilities, net liabilities balance | 33,236 | 25,376 |
Offsetting liabilities, gross amounts not offset in balance sheet of financial instruments | (4,065) | (1,490) |
Offsetting liabilities, gross amounts not offset in the balance sheet of collateral pledged | (18,461) | (17,190) |
Offsetting liabilities, net amount | $ 10,710 | $ 6,696 |
Weighted average interest rate of reverse repurchase agreements, liabilities | 1.50% | 1.20% |
Balance Sheet Offsetting and 46
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 50,000 | $ 100,000 |
Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure | 50,000 | 100,000 |
Amounts related to agreements not included in offsetting disclosure | 0 | 0 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 0 |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 0 |
30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 100,000 |
91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 50,000 | 0 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 50,000 | 100,000 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 0 |
Mortgage-backed securities | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 0 |
Mortgage-backed securities | 30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 100,000 |
Mortgage-backed securities | 91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 50,000 | $ 0 |
Balance Sheet Offsetting and 47
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Details Textuals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Offsetting [Abstract] | ||
Right to reclaim cash collateral | $ 18,500 | $ 17,200 |
Obligation to return cash collateral | $ 12,100 | $ 6,370 |
Securities - Amortized cost, gr
Securities - Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Held-to-maturity securities: | |||
Amortized Cost | $ 312,080 | $ 321,094 | |
Gross Unrealized Gains | 2,490 | 3,785 | |
Gross Unrealized Losses | 6,563 | 3,603 | |
Fair value | 308,007 | 321,276 | |
State and political subdivisions | |||
Held-to-maturity securities: | |||
Amortized Cost | 67,258 | 71,959 | |
Gross Unrealized Gains | 1,118 | 1,574 | |
Gross Unrealized Losses | 633 | 178 | |
Fair value | 67,743 | 73,355 | |
Mortgage-backed securities | |||
Held-to-maturity securities: | |||
Amortized Cost | [1] | 244,822 | 249,135 |
Gross Unrealized Gains | [1] | 1,372 | 2,211 |
Gross Unrealized Losses | [1] | 5,930 | 3,425 |
Fair value | [1] | $ 240,264 | $ 247,921 |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities - Cost basis, unreal
Securities - Cost basis, unrealized gains and losses, and fair value of securities available for sale (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Investment securities available for sale: | |||
Amortized Cost | $ 2,454,835 | $ 2,623,728 | |
Gross Unrealized Gains | 5,979 | 11,968 | |
Gross Unrealized Losses | 41,765 | 19,846 | |
Fair Value | 2,419,049 | 2,615,850 | |
U.S. Treasuries | |||
Investment securities available for sale: | |||
Amortized Cost | 122,156 | 122,025 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 2,570 | 912 | |
Fair Value | 119,586 | 121,113 | |
U.S. Government agencies | |||
Investment securities available for sale: | |||
Amortized Cost | 25,955 | 26,129 | |
Gross Unrealized Gains | 265 | 269 | |
Gross Unrealized Losses | 319 | 26 | |
Fair Value | 25,901 | 26,372 | |
State and political subdivisions | |||
Investment securities available for sale: | |||
Amortized Cost | 203,430 | 195,663 | |
Gross Unrealized Gains | 228 | 2,019 | |
Gross Unrealized Losses | 2,634 | 396 | |
Fair Value | 201,024 | 197,286 | |
Mortgage-backed securities | |||
Investment securities available for sale: | |||
Amortized Cost | [1] | 1,693,380 | 1,738,056 |
Gross Unrealized Gains | [1] | 3,721 | 7,089 |
Gross Unrealized Losses | [1] | 34,125 | 17,934 |
Fair Value | [1] | 1,662,976 | 1,727,211 |
Corporate bonds | |||
Investment securities available for sale: | |||
Amortized Cost | 199,412 | 305,265 | |
Gross Unrealized Gains | 773 | 1,513 | |
Gross Unrealized Losses | 1,635 | 425 | |
Fair Value | 198,550 | 306,353 | |
Asset-backed securities | |||
Investment securities available for sale: | |||
Amortized Cost | 210,445 | 236,533 | |
Gross Unrealized Gains | 992 | 1,078 | |
Gross Unrealized Losses | 482 | 153 | |
Fair Value | 210,955 | 237,458 | |
Other | |||
Investment securities available for sale: | |||
Amortized Cost | 57 | 57 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | $ 57 | $ 57 | |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities - Summary of held to
Securities - Summary of held to maturity securities in unrealized loss position (Details 2) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 147,911 | $ 104,322 |
Unrealized Loss, Less than 12 Months | 3,645 | 1,626 |
Fair Value, 12 Months or More | 62,629 | 65,868 |
Unrealized Loss, 12 Months or More | 2,918 | 1,977 |
Fair Value, Total | 210,540 | 170,190 |
Unrealized Loss, Total | 6,563 | 3,603 |
State and political subdivisions | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 37,160 | 8,969 |
Unrealized Loss, Less than 12 Months | 633 | 178 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 37,160 | 8,969 |
Unrealized Loss, Total | 633 | 178 |
Mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 110,751 | 95,353 |
Unrealized Loss, Less than 12 Months | 3,012 | 1,448 |
Fair Value, 12 Months or More | 62,629 | 65,868 |
Unrealized Loss, 12 Months or More | 2,918 | 1,977 |
Fair Value, Total | 173,380 | 161,221 |
Unrealized Loss, Total | $ 5,930 | $ 3,425 |
Securities - Summary of availab
Securities - Summary of available for sale securities in unrealized loss position (Details 3) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 1,546,338 | $ 1,233,399 |
Unrealized Loss, Less than 12 Months | 28,789 | 10,440 |
Fair Value, 12 Months or More | 325,575 | 341,662 |
Unrealized Loss, 12 Months or More | 12,976 | 9,406 |
Fair Value, Total | 1,871,913 | 1,575,061 |
Unrealized Loss, Total | 41,765 | 19,846 |
U.S. Treasuries | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 119,586 | 121,113 |
Unrealized Loss, Less than 12 Months | 2,570 | 912 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 119,586 | 121,113 |
Unrealized Loss, Total | 2,570 | 912 |
U.S. Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 19,895 | 1,976 |
Unrealized Loss, Less than 12 Months | 303 | 13 |
Fair Value, 12 Months or More | 1,640 | 1,677 |
Unrealized Loss, 12 Months or More | 16 | 13 |
Fair Value, Total | 21,535 | 3,653 |
Unrealized Loss, Total | 319 | 26 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 155,125 | 61,494 |
Unrealized Loss, Less than 12 Months | 2,549 | 365 |
Fair Value, 12 Months or More | 5,066 | 5,131 |
Unrealized Loss, 12 Months or More | 85 | 31 |
Fair Value, Total | 160,191 | 66,625 |
Unrealized Loss, Total | 2,634 | 396 |
Mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 1,065,689 | 964,205 |
Unrealized Loss, Less than 12 Months | 21,354 | 8,699 |
Fair Value, 12 Months or More | 312,916 | 328,923 |
Unrealized Loss, 12 Months or More | 12,771 | 9,235 |
Fair Value, Total | 1,378,605 | 1,293,128 |
Unrealized Loss, Total | 34,125 | 17,934 |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 117,081 | 55,916 |
Unrealized Loss, Less than 12 Months | 1,535 | 325 |
Fair Value, 12 Months or More | 900 | 900 |
Unrealized Loss, 12 Months or More | 100 | 100 |
Fair Value, Total | 117,981 | 56,816 |
Unrealized Loss, Total | 1,635 | 425 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 68,962 | 28,695 |
Unrealized Loss, Less than 12 Months | 478 | 126 |
Fair Value, 12 Months or More | 5,053 | 5,031 |
Unrealized Loss, 12 Months or More | 4 | 27 |
Fair Value, Total | 74,015 | 33,726 |
Unrealized Loss, Total | $ 482 | $ 153 |
Securities - Summary of securit
Securities - Summary of securities sales activity (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Investment Securities [Abstract] | ||
Proceeds from sales | $ 113,961 | $ 24,197 |
Gross gains on sales | 417 | 98 |
Gross losses on sales | (1,357) | (100) |
Net losses on sales of securities | (940) | (2) |
Income tax benefit attributable to sales | $ (221) | $ (1) |
Securities - Amortized cost and
Securities - Amortized cost and fair value of held to maturity and available for sale securities (Details 5) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Available for Sale - Amortized Cost and Fair Value | |||
Amortized Cost | $ 2,454,835 | $ 2,623,728 | |
Fair Value | 2,419,049 | 2,615,850 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Amortized Cost | 312,080 | 321,094 | |
Fair value | 308,007 | 321,276 | |
U.S. Treasuries | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 74,495 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 72,916 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 47,661 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 46,670 | ||
Amortized Cost | 122,156 | 122,025 | |
Fair Value | 119,586 | 121,113 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 0 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 0 | ||
Amortized Cost | 0 | ||
Fair value | 0 | ||
U.S. Government agencies | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 18,859 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 18,588 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 1,990 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 1,945 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 5,106 | ||
Available-for-Sale, Fair Value, More than 10 years | 5,368 | ||
Amortized Cost | 25,955 | 26,129 | |
Fair Value | 25,901 | 26,372 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 0 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 0 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | ||
Held-to-Maturity, Fair Value, More than 10 years | 0 | ||
Amortized Cost | 0 | ||
Fair value | 0 | ||
State and political subdivisions | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, Within 1 year | 1,500 | ||
Available-for-Sale, Fair Value, Within 1 year | 1,503 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 45,297 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 44,826 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 27,558 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 27,167 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 129,075 | ||
Available-for-Sale, Fair Value, More than 10 years | 127,528 | ||
Amortized Cost | 203,430 | 195,663 | |
Fair Value | 201,024 | 197,286 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 5,431 | ||
Held-to-Maturity, Fair Value, Within 1 year | 5,475 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 13,075 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 13,497 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 10,509 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 11,160 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 38,243 | ||
Held-to-Maturity, Fair Value, More than 10 years | 37,611 | ||
Amortized Cost | 67,258 | ||
Fair value | 67,743 | ||
Corporate bonds | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 181,136 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 180,705 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 17,276 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 16,945 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 1,000 | ||
Available-for-Sale, Fair Value, More than 10 years | 900 | ||
Amortized Cost | 199,412 | 305,265 | |
Fair Value | 198,550 | 306,353 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 0 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 0 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | ||
Held-to-Maturity, Fair Value, More than 10 years | 0 | ||
Amortized Cost | 0 | ||
Fair value | 0 | ||
Asset-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 5,842 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 5,995 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 48,479 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 48,643 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 156,124 | ||
Available-for-Sale, Fair Value, More than 10 years | 156,317 | ||
Amortized Cost | 210,445 | 236,533 | |
Fair Value | 210,955 | 237,458 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 0 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 0 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | ||
Held-to-Maturity, Fair Value, More than 10 years | 0 | ||
Amortized Cost | 0 | ||
Fair value | 0 | ||
Other | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, More than 10 years | 57 | ||
Available-for-Sale, Fair Value, More than 10 years | 57 | ||
Amortized Cost | 57 | 57 | |
Fair Value | 57 | 57 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | ||
Held-to-Maturity, Fair Value, More than 10 years | 0 | ||
Amortized Cost | 0 | ||
Fair value | 0 | ||
Total securities other than mortgage-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, Within 1 year | 1,500 | ||
Available-for-Sale, Fair Value, Within 1 year | 1,503 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 325,629 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 323,030 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 142,964 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 141,370 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 291,362 | ||
Available-for-Sale, Fair Value, More than 10 years | 290,170 | ||
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 5,431 | ||
Held-to-Maturity, Fair Value, Within 1 year | 5,475 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 13,075 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 13,497 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 10,509 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 11,160 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 38,243 | ||
Held-to-Maturity, Fair Value, More than 10 years | 37,611 | ||
Mortgage-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Amortized Cost | [1] | 1,693,380 | 1,738,056 |
Fair Value | [1] | 1,662,976 | $ 1,727,211 |
Held to Maturity - Amortized Cost and Fair Value | |||
Amortized Cost | 244,822 | ||
Fair value | $ 240,264 | ||
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities (Detail Textuals)
Securities (Detail Textuals) $ in Millions | Mar. 31, 2018USD ($)Security | Dec. 31, 2017USD ($) |
Investment Securities [Abstract] | ||
Carrying value of secure public deposits, derivatives and other secured borrowings | $ | $ 876 | $ 10,400 |
Number of available for sale securities in unrealized loss position | 276 | |
Number of held to maturity securities in unrealized loss position | 67 |
Loans and Leases and Allowanc55
Loans and Leases and Allowance for Credit Losses - Major classifications of loans (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Classifications of loans | ||
Total loans | $ 8,184,249 | $ 7,735,572 |
Less allowance for loan and lease losses | (61,085) | (58,914) |
Loans, net | 8,123,164 | 7,676,658 |
Loans Receivable | ||
Classifications of loans | ||
Total loans | 8,184,249 | 7,735,572 |
Loans Receivable | Home equity lines of credit | ||
Classifications of loans | ||
Total loans | 712,275 | 731,227 |
Loans Receivable | Indirect auto | ||
Classifications of loans | ||
Total loans | 315,848 | 358,185 |
Loans Receivable | Commercial | ||
Classifications of loans | ||
Total loans | 5,830,616 | 5,362,093 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Classifications of loans | ||
Total loans | 1,897,826 | 1,923,993 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Classifications of loans | ||
Total loans | 1,677,300 | 1,595,174 |
Loans Receivable | Commercial | Construction | ||
Classifications of loans | ||
Total loans | 690,530 | 711,936 |
Loans Receivable | Commercial | Equipment Financing [Member] | ||
Classifications of loans | ||
Total loans | 422,532 | 0 |
Loans Receivable | Commercial | Commercial & industrial | ||
Classifications of loans | ||
Total loans | 1,142,428 | 1,130,990 |
Loans Receivable | Residential | Residential mortgage | ||
Classifications of loans | ||
Total loans | 992,111 | 973,544 |
Loans Receivable | Residential | Construction | ||
Classifications of loans | ||
Total loans | 189,662 | 183,019 |
Loans Receivable | Consumer direct | ||
Classifications of loans | ||
Total loans | $ 143,737 | $ 127,504 |
Loans and Leases and Allowanc56
Loans and Leases and Allowance for Credit Losses - Changes in the value of the accretable yield for acquired loans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 17,686 | $ 7,981 |
Additions due to acquisitions | 1,830 | 0 |
Accretion | (2,546) | (1,690) |
Reclassification from nonaccretable difference | 591 | 889 |
Changes in expected cash flows that do not affect nonaccretable difference | 475 | 582 |
Balance at end of period | $ 18,036 | $ 7,762 |
Loans and Leases and Allowanc57
Loans and Leases and Allowance for Credit Losses (Details 2) $ in Thousands | Mar. 31, 2018USD ($) |
Loans and Allowance for Credit Losses [Abstract] | |
Minimum future lease payments receivable | $ 26,098 |
Estimated residual value of leased equipment | 3,480 |
Initial direct costs | 111 |
Security deposits | (1,184) |
Purchase accounting premium | 1,388 |
Unearned income | (4,949) |
Net investment in leases | $ 24,944 |
Loans and Leases and Allowanc58
Loans and Leases and Allowance for Credit Losses (Details 3) $ in Thousands | Mar. 31, 2018USD ($) |
Loans and Allowance for Credit Losses [Abstract] | |
Remainder of 2018 | $ 8,469 |
2,019 | 8,337 |
2,020 | 5,504 |
2,021 | 2,656 |
2,022 | 1,053 |
Thereafter | 79 |
Total | $ 26,098 |
Loans and Leases and Allowanc59
Loans and Leases and Allowance for Credit Losses - Balance and activity in allowance for loan losses by portfolio segment and recorded investment in loans by portfolio segment (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | $ 61,226 | $ 63,424 |
Charge-Offs | (2,884) | (3,215) |
Recoveries | 1,383 | 1,536 |
(Release) Provision | 3,800 | 800 |
Ending Balance | 63,525 | 62,545 |
Allowance for unfunded commitments | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 2,312 | 2,002 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
(Release) Provision | 128 | 0 |
Ending Balance | 2,440 | 2,002 |
Loans Receivable | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 58,914 | 61,422 |
Charge-Offs | (2,884) | (3,215) |
Recoveries | 1,383 | 1,536 |
(Release) Provision | 3,672 | 800 |
Ending Balance | 61,085 | 60,543 |
Loans Receivable | Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 5,177 | 4,599 |
Charge-Offs | (124) | (471) |
Recoveries | 35 | 49 |
(Release) Provision | (156) | 353 |
Ending Balance | 4,932 | 4,530 |
Loans Receivable | Indirect auto | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 1,550 | 1,802 |
Charge-Offs | (436) | (420) |
Recoveries | 80 | 55 |
(Release) Provision | 224 | 567 |
Ending Balance | 1,418 | 2,004 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 14,776 | 16,446 |
Charge-Offs | (60) | (25) |
Recoveries | 103 | 237 |
(Release) Provision | (258) | (989) |
Ending Balance | 14,561 | 15,669 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 9,381 | 8,843 |
Charge-Offs | (657) | (897) |
Recoveries | 235 | 27 |
(Release) Provision | 817 | 905 |
Ending Balance | 9,776 | 8,878 |
Loans Receivable | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 10,523 | 13,405 |
Charge-Offs | (363) | (202) |
Recoveries | 97 | 572 |
(Release) Provision | (223) | (985) |
Ending Balance | 10,034 | 12,790 |
Loans Receivable | Commercial | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 0 | |
Charge-Offs | (139) | |
Recoveries | 97 | |
(Release) Provision | 2,333 | |
Ending Balance | 2,291 | |
Loans Receivable | Commercial | Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 3,971 | 3,810 |
Charge-Offs | (384) | (216) |
Recoveries | 389 | 368 |
(Release) Provision | 99 | (237) |
Ending Balance | 4,075 | 3,725 |
Loans Receivable | Residential | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 10,097 | 8,545 |
Charge-Offs | (70) | (542) |
Recoveries | 123 | 12 |
(Release) Provision | 71 | 1,056 |
Ending Balance | 10,221 | 9,071 |
Loans Receivable | Residential | Construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 2,729 | 3,264 |
Charge-Offs | 0 | 0 |
Recoveries | 64 | 9 |
(Release) Provision | 251 | (6) |
Ending Balance | 3,044 | 3,267 |
Loans Receivable | Consumer direct | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 710 | 708 |
Charge-Offs | (651) | (442) |
Recoveries | 160 | 207 |
(Release) Provision | 514 | 136 |
Ending Balance | $ 733 | $ 609 |
Loans and Leases and Allowanc60
Loans and Leases and Allowance for Credit Losses - Recorded investment in loans by portfolio segment and the balance of the allowance for loan losses (Details 5) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | $ 3,885 | $ 3,256 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 59,461 | 57,957 | ||
Allowance for Loan Losses, PCI | 179 | 13 | ||
Allowance for Loan Losses, Ending balance | 63,525 | 61,226 | $ 62,545 | $ 63,424 |
Loans Outstanding, Ending Balance | 8,184,249 | 7,735,572 | ||
Allowance for unfunded commitments | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 2,440 | 2,312 | ||
Allowance for Loan Losses, PCI | 0 | 0 | ||
Allowance for Loan Losses, Ending balance | 2,440 | 2,312 | 2,002 | 2,002 |
Loans Receivable | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 3,885 | 3,256 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 57,021 | 55,645 | ||
Allowance for Loan Losses, PCI | 179 | 13 | ||
Allowance for Loan Losses, Ending balance | 61,085 | 58,914 | 60,543 | 61,422 |
Loans Outstanding, Individually evaluated for impairment | 65,273 | 62,310 | ||
Loans Outstanding, Collectively evaluated for impairment | 8,017,885 | 7,574,748 | ||
Loans Outstanding, PCI | 101,091 | 98,514 | ||
Loans Outstanding, Ending Balance | 8,184,249 | 7,735,572 | ||
Loans Receivable | Home equity lines of credit | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 90 | 0 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 4,842 | 5,177 | ||
Allowance for Loan Losses, PCI | 0 | 0 | ||
Allowance for Loan Losses, Ending balance | 4,932 | 5,177 | 4,530 | 4,599 |
Loans Outstanding, Individually evaluated for impairment | 341 | 101 | ||
Loans Outstanding, Collectively evaluated for impairment | 709,853 | 728,235 | ||
Loans Outstanding, PCI | 2,081 | 2,891 | ||
Loans Outstanding, Ending Balance | 712,275 | 731,227 | ||
Loans Receivable | Indirect auto | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 35 | 0 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 1,383 | 1,550 | ||
Allowance for Loan Losses, PCI | 0 | 0 | ||
Allowance for Loan Losses, Ending balance | 1,418 | 1,550 | 2,004 | 1,802 |
Loans Outstanding, Individually evaluated for impairment | 1,355 | 1,396 | ||
Loans Outstanding, Collectively evaluated for impairment | 314,493 | 356,789 | ||
Loans Outstanding, PCI | 0 | 0 | ||
Loans Outstanding, Ending Balance | 315,848 | 358,185 | ||
Loans Receivable | Commercial | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 2,529 | |||
Loans Outstanding, PCI | 84,657 | 80,898 | ||
Loans Outstanding, Ending Balance | 5,830,616 | 5,362,093 | ||
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,686 | 1,255 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 12,875 | 13,521 | ||
Allowance for Loan Losses, PCI | 0 | 0 | ||
Allowance for Loan Losses, Ending balance | 14,561 | 14,776 | 15,669 | 16,446 |
Loans Outstanding, Individually evaluated for impairment | 24,051 | 21,823 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,853,032 | 1,876,411 | ||
Loans Outstanding, PCI | 20,743 | 25,759 | ||
Loans Outstanding, Ending Balance | 1,897,826 | 1,923,993 | ||
Loans Receivable | Commercial | Income producing commercial real estate | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 631 | 562 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 9,085 | 8,813 | ||
Allowance for Loan Losses, PCI | 60 | 6 | ||
Allowance for Loan Losses, Ending balance | 9,776 | 9,381 | 8,878 | 8,843 |
Loans Outstanding, Individually evaluated for impairment | 16,320 | 16,483 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,621,347 | 1,533,851 | ||
Loans Outstanding, PCI | 39,633 | 44,840 | ||
Loans Outstanding, Ending Balance | 1,677,300 | 1,595,174 | ||
Loans Receivable | Commercial | Construction | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 151 | 156 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 9,775 | 10,367 | ||
Allowance for Loan Losses, PCI | 108 | 0 | ||
Allowance for Loan Losses, Ending balance | 10,034 | 10,523 | 12,790 | 13,405 |
Loans Outstanding, Individually evaluated for impairment | 3,910 | 3,813 | ||
Loans Outstanding, Collectively evaluated for impairment | 676,727 | 699,266 | ||
Loans Outstanding, PCI | 9,893 | 8,857 | ||
Loans Outstanding, Ending Balance | 690,530 | 711,936 | ||
Loans Receivable | Commercial | Equipment financing | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 2,291 | 0 | ||
Allowance for Loan Losses, PCI | 0 | 0 | ||
Allowance for Loan Losses, Ending balance | 2,291 | 0 | ||
Loans Outstanding, Individually evaluated for impairment | 0 | 0 | ||
Loans Outstanding, Collectively evaluated for impairment | 408,935 | 0 | ||
Loans Outstanding, PCI | 13,597 | 0 | ||
Loans Outstanding, Ending Balance | 422,532 | 0 | ||
Loans Receivable | Commercial | Commercial & industrial | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 61 | 27 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 4,014 | 3,944 | ||
Allowance for Loan Losses, PCI | 0 | 0 | ||
Allowance for Loan Losses, Ending balance | 4,075 | 3,971 | 3,725 | 3,810 |
Loans Outstanding, Individually evaluated for impairment | 2,536 | 2,654 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,139,101 | 1,126,894 | ||
Loans Outstanding, PCI | 791 | 1,442 | ||
Loans Outstanding, Ending Balance | 1,142,428 | 1,130,990 | ||
Loans Receivable | Residential | Residential mortgage | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,151 | 1,174 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 9,070 | 8,919 | ||
Allowance for Loan Losses, PCI | 0 | 4 | ||
Allowance for Loan Losses, Ending balance | 10,221 | 10,097 | 9,071 | 8,545 |
Loans Outstanding, Individually evaluated for impairment | 14,921 | 14,193 | ||
Loans Outstanding, Collectively evaluated for impairment | 964,665 | 946,210 | ||
Loans Outstanding, PCI | 12,525 | 13,141 | ||
Loans Outstanding, Ending Balance | 992,111 | 973,544 | ||
Loans Receivable | Residential | Construction | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 73 | 75 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 2,962 | 2,654 | ||
Allowance for Loan Losses, PCI | 9 | 0 | ||
Allowance for Loan Losses, Ending balance | 3,044 | 2,729 | 3,267 | 3,264 |
Loans Outstanding, Individually evaluated for impairment | 1,571 | 1,577 | ||
Loans Outstanding, Collectively evaluated for impairment | 187,642 | 180,978 | ||
Loans Outstanding, PCI | 449 | 464 | ||
Loans Outstanding, Ending Balance | 189,662 | 183,019 | ||
Loans Receivable | Consumer direct | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 7 | 7 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 724 | 700 | ||
Allowance for Loan Losses, PCI | 2 | 3 | ||
Allowance for Loan Losses, Ending balance | 733 | 710 | $ 609 | $ 708 |
Loans Outstanding, Individually evaluated for impairment | 268 | 270 | ||
Loans Outstanding, Collectively evaluated for impairment | 142,090 | 126,114 | ||
Loans Outstanding, PCI | 1,379 | 1,120 | ||
Loans Outstanding, Ending Balance | $ 143,737 | $ 127,504 |
Loans and Leases and Allowanc61
Loans and Leases and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details 6) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | $ 19,491 | $ 10,191 |
Recorded Investment, With no related allowance recorded | 17,871 | 9,368 |
Unpaid Principal Balance, With an allowance recorded | 49,673 | 54,540 |
Recorded Investment, With allowance recorded | 47,402 | 52,942 |
Allowance for loan losses allocated with allowance | 3,885 | 3,256 |
Unpaid Principal Balance | 69,164 | 64,731 |
Recorded Investment | 65,273 | 62,310 |
Home equity lines of credit | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 550 | 393 |
Recorded Investment, With no related allowance recorded | 234 | 101 |
Unpaid Principal Balance, With an allowance recorded | 116 | 0 |
Recorded Investment, With allowance recorded | 107 | 0 |
Allowance for loan losses allocated with allowance | 90 | 0 |
Indirect auto | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 62 | 1,396 |
Recorded Investment, With no related allowance recorded | 61 | 1,396 |
Unpaid Principal Balance, With an allowance recorded | 1,295 | 0 |
Recorded Investment, With allowance recorded | 1,294 | 0 |
Allowance for loan losses allocated with allowance | 35 | 0 |
Commercial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 14,814 | 5,307 |
Recorded Investment, With no related allowance recorded | 13,754 | 4,946 |
Unpaid Principal Balance, With an allowance recorded | 34,788 | 40,885 |
Recorded Investment, With allowance recorded | 33,063 | 39,827 |
Allowance for loan losses allocated with allowance | 2,529 | 2,000 |
Commercial | Owner occupied commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 6,804 | 1,238 |
Recorded Investment, With no related allowance recorded | 5,880 | 1,176 |
Unpaid Principal Balance, With an allowance recorded | 18,912 | 21,262 |
Recorded Investment, With allowance recorded | 18,171 | 20,647 |
Allowance for loan losses allocated with allowance | 1,686 | 1,255 |
Commercial | Income producing commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 7,632 | 2,177 |
Recorded Investment, With no related allowance recorded | 7,610 | 2,165 |
Unpaid Principal Balance, With an allowance recorded | 8,979 | 14,419 |
Recorded Investment, With allowance recorded | 8,710 | 14,318 |
Allowance for loan losses allocated with allowance | 631 | 562 |
Commercial | Construction | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 130 | 134 |
Recorded Investment, With no related allowance recorded | 130 | 134 |
Unpaid Principal Balance, With an allowance recorded | 4,028 | 3,917 |
Recorded Investment, With allowance recorded | 3,780 | 3,679 |
Allowance for loan losses allocated with allowance | 151 | 156 |
Commercial | Equipment financing | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 |
Recorded Investment, With no related allowance recorded | 0 | 0 |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 |
Recorded Investment, With allowance recorded | 0 | 0 |
Allowance for loan losses allocated with allowance | 0 | 0 |
Commercial | Commercial & industrial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 248 | 1,758 |
Recorded Investment, With no related allowance recorded | 134 | 1,471 |
Unpaid Principal Balance, With an allowance recorded | 2,869 | 1,287 |
Recorded Investment, With allowance recorded | 2,402 | 1,183 |
Allowance for loan losses allocated with allowance | 61 | 27 |
Residential | Residential mortgage | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 3,587 | 2,661 |
Recorded Investment, With no related allowance recorded | 3,404 | 2,566 |
Unpaid Principal Balance, With an allowance recorded | 11,961 | 12,086 |
Recorded Investment, With allowance recorded | 11,517 | 11,627 |
Allowance for loan losses allocated with allowance | 1,151 | 1,174 |
Residential | Construction | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 455 | 405 |
Recorded Investment, With no related allowance recorded | 395 | 330 |
Unpaid Principal Balance, With an allowance recorded | 1,262 | 1,325 |
Recorded Investment, With allowance recorded | 1,176 | 1,247 |
Allowance for loan losses allocated with allowance | 73 | 75 |
Consumer direct | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 23 | 29 |
Recorded Investment, With no related allowance recorded | 23 | 29 |
Unpaid Principal Balance, With an allowance recorded | 251 | 244 |
Recorded Investment, With allowance recorded | 245 | 241 |
Allowance for loan losses allocated with allowance | $ 7 | $ 7 |
Loans and Leases and Allowanc62
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details 7) - Loans Receivable $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)Contract | Mar. 31, 2017USD ($)Contract | Mar. 31, 2018USD ($) | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 6 | 10 | |
Pre-Modification Outstanding Recorded Investment | $ 1,415 | $ 424 | |
Post Modification Outstanding Recorded Investment | $ 1,323 | $ 424 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 2 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 1,586 | $ 655 | |
Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 40 | |
Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 1,323 | 384 | |
Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Home equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | |
Home equity lines of credit | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Home equity lines of credit | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Home equity lines of credit | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Indirect auto | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | |
Indirect auto | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Indirect auto | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Indirect auto | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 4 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 1,075 | $ 25 | |
Post Modification Outstanding Recorded Investment | $ 983 | $ 25 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 1,586 | $ 0 | |
Commercial | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Commercial | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 983 | 25 | |
Commercial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Commercial | Owner occupied commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 3 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 994 | $ 0 | |
Post Modification Outstanding Recorded Investment | $ 978 | $ 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 1,586 | $ 0 | |
Commercial | Owner occupied commercial real estate | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Commercial | Owner occupied commercial real estate | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 978 | 0 | |
Commercial | Owner occupied commercial real estate | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Commercial | Income producing commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | |
Commercial | Income producing commercial real estate | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Commercial | Income producing commercial real estate | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Commercial | Income producing commercial real estate | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Commercial | Construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | |
Commercial | Construction | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Commercial | Construction | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Commercial | Construction | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Commercial | Equipment financing | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Post Modification Outstanding Recorded Investment | $ 0 | ||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | ||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | ||
Commercial | Equipment financing | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | ||
Commercial | Equipment financing | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | ||
Commercial | Equipment financing | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | ||
Commercial | Commercial & industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 81 | $ 25 | |
Post Modification Outstanding Recorded Investment | $ 5 | $ 25 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | |
Commercial | Commercial & industrial | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Commercial | Commercial & industrial | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 5 | 25 | |
Commercial | Commercial & industrial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Residential | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 2 | 7 | |
Pre-Modification Outstanding Recorded Investment | $ 340 | $ 353 | |
Post Modification Outstanding Recorded Investment | $ 340 | $ 353 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 2 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 655 | |
Residential | Residential mortgage | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Residential | Residential mortgage | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 340 | 353 | |
Residential | Residential mortgage | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Residential | Construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 40 | |
Post Modification Outstanding Recorded Investment | $ 0 | $ 40 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | |
Residential | Construction | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 40 | |
Residential | Construction | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Residential | Construction | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Consumer direct | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 6 | |
Post Modification Outstanding Recorded Investment | $ 0 | $ 6 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | |
Consumer direct | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 0 | |
Consumer direct | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | 0 | 6 | |
Consumer direct | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Loans and Leases and Allowanc63
Loans and Leases and Allowance for Credit Losses - Average balances of impaired loans and income recognized on impaired loans (Details 8) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | $ 66,219 | $ 81,907 |
Interest Revenue Recognized During Impairment | 746 | 957 |
Cash Basis Interest Revenue Received | 810 | 949 |
Home equity lines of credit | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 344 | 63 |
Interest Revenue Recognized During Impairment | 4 | 1 |
Cash Basis Interest Revenue Received | 4 | 1 |
Indirect auto | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 1,378 | 1,122 |
Interest Revenue Recognized During Impairment | 18 | 14 |
Cash Basis Interest Revenue Received | 18 | 14 |
Commercial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 47,623 | 65,208 |
Interest Revenue Recognized During Impairment | 546 | 776 |
Cash Basis Interest Revenue Received | 609 | 762 |
Commercial | Commercial & industrial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 2,596 | 1,939 |
Interest Revenue Recognized During Impairment | 40 | 27 |
Cash Basis Interest Revenue Received | 42 | 28 |
Commercial | Owner occupied commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 24,658 | 29,858 |
Interest Revenue Recognized During Impairment | 245 | 345 |
Cash Basis Interest Revenue Received | 280 | 336 |
Commercial | Income producing commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 16,433 | 28,410 |
Interest Revenue Recognized During Impairment | 210 | 351 |
Cash Basis Interest Revenue Received | 235 | 345 |
Commercial | Construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 3,936 | 5,001 |
Interest Revenue Recognized During Impairment | 51 | 53 |
Cash Basis Interest Revenue Received | 52 | 53 |
Commercial | Equipment financing | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 0 | 0 |
Interest Revenue Recognized During Impairment | 0 | 0 |
Cash Basis Interest Revenue Received | 0 | 0 |
Residential | Residential mortgage | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 14,993 | 13,608 |
Interest Revenue Recognized During Impairment | 149 | 138 |
Cash Basis Interest Revenue Received | 150 | 143 |
Residential | Construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 1,590 | 1,619 |
Interest Revenue Recognized During Impairment | 24 | 23 |
Cash Basis Interest Revenue Received | 24 | 23 |
Consumer direct | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 291 | 287 |
Interest Revenue Recognized During Impairment | 5 | 5 |
Cash Basis Interest Revenue Received | $ 5 | $ 6 |
Loans and Leases and Allowanc64
Loans and Leases and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details 9) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 26,240 | $ 23,658 |
Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,149 | 2,024 |
Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,225 | 1,637 |
Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 13,618 | 10,986 |
Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 6,757 | 4,923 |
Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 3,942 | 3,208 |
Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 574 | 758 |
Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 428 | 0 |
Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,917 | 2,097 |
Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 8,724 | 8,776 |
Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 378 | 192 |
Consumer direct | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 146 | $ 43 |
Loans and Leases and Allowanc65
Loans and Leases and Allowance for Credit Losses - Aging of recorded investment in past due loans (Details 10) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Recorded investment in nonaccrual loans by loan class | ||
Total loans | $ 8,184,249 | $ 7,735,572 |
Loans Receivable | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 34,619 | 36,929 |
Loans Not Past Due | 8,048,539 | 7,600,129 |
Loans Outstanding, PCI | 101,091 | 98,514 |
Total loans | 8,184,249 | 7,735,572 |
Loans Receivable | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 15,119 | 21,010 |
Loans Receivable | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 7,966 | 5,787 |
Loans Receivable | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 11,534 | 10,132 |
Loans Receivable | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,400 | 4,049 |
Loans Not Past Due | 706,794 | 724,287 |
Loans Outstanding, PCI | 2,081 | 2,891 |
Total loans | 712,275 | 731,227 |
Loans Receivable | Home equity lines of credit | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,405 | 3,246 |
Loans Receivable | Home equity lines of credit | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 236 | 225 |
Loans Receivable | Home equity lines of credit | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 759 | 578 |
Loans Receivable | Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,707 | 2,874 |
Loans Not Past Due | 314,141 | 355,311 |
Loans Outstanding, PCI | 0 | 0 |
Total loans | 315,848 | 358,185 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 425 | 1,152 |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 278 | 459 |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,004 | 1,263 |
Loans Receivable | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 17,521 | 16,161 |
Loans Not Past Due | 5,728,438 | 5,265,034 |
Loans Outstanding, PCI | 84,657 | 80,898 |
Total loans | 5,830,616 | 5,362,093 |
Loans Receivable | Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,518 | 4,141 |
Loans Not Past Due | 1,139,119 | 1,125,407 |
Loans Outstanding, PCI | 791 | 1,442 |
Total loans | 1,142,428 | 1,130,990 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 6,494 | 8,271 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,591 | 2,139 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 4,960 | 3,130 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 762 | 869 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 6,067 | 4,760 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 165 | 1,133 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 7,844 | 7,116 |
Loans Not Past Due | 1,869,239 | 1,891,118 |
Loans Outstanding, PCI | 20,743 | 25,759 |
Total loans | 1,897,826 | 1,923,993 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,515 | 3,810 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,034 | 1,776 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,295 | 1,530 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 4,115 | 4,046 |
Loans Not Past Due | 1,633,552 | 1,546,288 |
Loans Outstanding, PCI | 39,633 | 44,840 |
Total loans | 1,677,300 | 1,595,174 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 518 | 1,754 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 732 | 353 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,865 | 1,939 |
Loans Receivable | Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,220 | 858 |
Loans Not Past Due | 679,417 | 702,221 |
Loans Outstanding, PCI | 9,893 | 8,857 |
Total loans | 690,530 | 711,936 |
Loans Receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 643 | 568 |
Loans Receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 261 | 132 |
Loans Receivable | Commercial | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 316 | 158 |
Loans Receivable | Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,824 | |
Loans Not Past Due | 407,111 | |
Loans Outstanding, PCI | 13,597 | 0 |
Total loans | 422,532 | 0 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,227 | |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 171 | |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 426 | |
Loans Receivable | Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 9,738 | 11,890 |
Loans Not Past Due | 969,848 | 948,513 |
Loans Outstanding, PCI | 12,525 | 13,141 |
Total loans | 992,111 | 973,544 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 4,040 | 6,717 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,325 | 1,735 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,373 | 3,438 |
Loans Receivable | Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,352 | 1,083 |
Loans Not Past Due | 187,861 | 181,472 |
Loans Outstanding, PCI | 449 | 464 |
Total loans | 189,662 | 183,019 |
Loans Receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,031 | 885 |
Loans Receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 75 | 105 |
Loans Receivable | Residential | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 246 | 93 |
Loans Receivable | Consumer direct | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 901 | 872 |
Loans Not Past Due | 141,457 | 125,512 |
Loans Outstanding, PCI | 1,379 | 1,120 |
Total loans | 143,737 | 127,504 |
Loans Receivable | Consumer direct | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 724 | 739 |
Loans Receivable | Consumer direct | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 92 | 133 |
Loans Receivable | Consumer direct | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | $ 85 | $ 0 |
Loans and Leases and Allowanc66
Loans and Leases and Allowance for Credit Losses - Risk category of loans by class of loans (Details 11) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 8,083,158 | $ 7,637,058 |
Loans Outstanding, PCI | 101,091 | 98,514 |
Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 7,878,802 | 7,443,117 |
Loans Outstanding, PCI | 47,468 | 32,685 |
Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 92,673 | 85,350 |
Loans Outstanding, PCI | 27,815 | 33,601 |
Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 111,683 | 108,591 |
Loans Outstanding, PCI | 25,808 | 32,228 |
Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 710,194 | 728,336 |
Loans Outstanding, PCI | 2,081 | 2,891 |
Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 703,199 | 721,142 |
Loans Outstanding, PCI | 1,436 | 1,579 |
Home equity lines of credit | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 427 |
Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,995 | 7,194 |
Loans Outstanding, PCI | 645 | 885 |
Home equity lines of credit | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Indirect auto | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 315,848 | 358,185 |
Loans Outstanding, PCI | 0 | 0 |
Indirect auto | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 313,124 | 354,788 |
Loans Outstanding, PCI | 0 | 0 |
Indirect auto | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Indirect auto | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 2,724 | 3,397 |
Loans Outstanding, PCI | 0 | 0 |
Indirect auto | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Commercial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 5,745,959 | 5,281,195 |
Loans Outstanding, PCI | 84,657 | 80,898 |
Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 5,574,701 | 5,121,054 |
Loans Outstanding, PCI | 36,190 | 20,041 |
Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 92,041 | 85,350 |
Loans Outstanding, PCI | 27,227 | 32,991 |
Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 79,217 | 74,791 |
Loans Outstanding, PCI | 21,240 | 27,866 |
Commercial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Commercial | Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,877,083 | 1,898,234 |
Loans Outstanding, PCI | 20,743 | 25,759 |
Commercial | Owner occupied commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,807,564 | 1,833,469 |
Loans Outstanding, PCI | 4,816 | 2,400 |
Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 31,628 | 33,571 |
Loans Outstanding, PCI | 4,970 | 8,163 |
Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 37,891 | 31,194 |
Loans Outstanding, PCI | 10,957 | 15,196 |
Commercial | Owner occupied commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Commercial | Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,637,667 | 1,550,334 |
Loans Outstanding, PCI | 39,633 | 44,840 |
Commercial | Income producing commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,596,626 | 1,495,805 |
Loans Outstanding, PCI | 13,695 | 13,392 |
Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 17,825 | 30,780 |
Loans Outstanding, PCI | 20,265 | 21,928 |
Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 23,216 | 23,749 |
Loans Outstanding, PCI | 5,673 | 9,520 |
Commercial | Income producing commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 680,637 | 703,079 |
Loans Outstanding, PCI | 9,893 | 8,857 |
Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 653,223 | 693,873 |
Loans Outstanding, PCI | 4,166 | 3,866 |
Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 22,459 | 2,947 |
Loans Outstanding, PCI | 1,722 | 2,228 |
Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 4,955 | 6,259 |
Loans Outstanding, PCI | 4,005 | 2,763 |
Commercial | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Commercial | Equipment financing | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 408,935 | |
Loans Outstanding, PCI | 13,597 | 0 |
Commercial | Equipment financing | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 408,509 | |
Loans Outstanding, PCI | 13,183 | |
Commercial | Equipment financing | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
Loans Outstanding, PCI | 0 | |
Commercial | Equipment financing | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 426 | |
Loans Outstanding, PCI | 414 | |
Commercial | Equipment financing | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
Loans Outstanding, PCI | 0 | |
Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,141,637 | 1,129,548 |
Loans Outstanding, PCI | 791 | 1,442 |
Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,108,779 | 1,097,907 |
Loans Outstanding, PCI | 330 | 383 |
Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 20,129 | 18,052 |
Loans Outstanding, PCI | 270 | 672 |
Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 12,729 | 13,589 |
Loans Outstanding, PCI | 191 | 387 |
Commercial | Commercial & industrial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 979,586 | 960,403 |
Loans Outstanding, PCI | 12,525 | 13,141 |
Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 959,613 | 939,706 |
Loans Outstanding, PCI | 8,555 | 9,566 |
Residential | Residential mortgage | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 37 | 0 |
Loans Outstanding, PCI | 395 | 173 |
Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 19,936 | 20,697 |
Loans Outstanding, PCI | 3,575 | 3,402 |
Residential | Residential mortgage | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 189,213 | 182,555 |
Loans Outstanding, PCI | 449 | 464 |
Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 187,382 | 180,567 |
Loans Outstanding, PCI | 396 | 423 |
Residential | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,831 | 1,988 |
Loans Outstanding, PCI | 53 | 41 |
Residential | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Consumer direct | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 142,358 | 126,384 |
Loans Outstanding, PCI | 1,379 | 1,120 |
Consumer direct | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 140,783 | 125,860 |
Loans Outstanding, PCI | 891 | 1,076 |
Consumer direct | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 595 | 0 |
Loans Outstanding, PCI | 193 | 10 |
Consumer direct | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 980 | 524 |
Loans Outstanding, PCI | 295 | 34 |
Consumer direct | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | $ 0 | $ 0 |
Loans and Leases and Allowanc67
Loans and Leases and Allowance for Credit Losses (Detail Textuals) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net investment in leases | $ 24,944,000 | ||
Remaining accretable fair value mark on loans | 4,970,000 | $ 14,700,000 | |
Criteria amount for evaluation of impairment | 500,000 | ||
Specific reserves | 3,890,000 | 3,260,000 | |
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original terms | 342,000 | $ 277,000 | |
FHLB | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged as collateral to secure FHLB advances | 3,840,000,000 | 3,730,000,000 | |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of purchased credit impaired loans | 101,091,000 | 98,514,000 | |
Unpaid principal balance of purchased credit impaired ("PCI") loans | 146,000,000 | 142,000,000 | |
Loans outstanding classified as troubled debt restructurings | 82,000 | 75,000 | |
Loans Receivable | Indirect auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of purchased credit impaired loans | 0 | 0 | |
Remaining accretable fair value mark on loans | 6,550,000 | $ 7,840,000 | |
Loan Purchased | $ 39,800,000 |
Reclassifications Out of Accu68
Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities gains, net | $ (940) | $ (2) |
Money market deposit interest expense | (2,175) | (1,426) |
Income tax benefit | 10,748 | 18,478 |
Net of tax | 37,381 | 23,524 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (1,165) | (3,968) |
Reclassifications Out of Accumulated Other Comprehensive Income | Realized losses on available-for-sale securities: | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities gains, net | (940) | (2) |
Income tax benefit | 221 | 1 |
Net of tax | (719) | (1) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of losses included in net income on available-for-sale securities transferred to held to maturity | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment securities interest revenue | (222) | (310) |
Income tax benefit | 54 | 116 |
Net of tax | (168) | (194) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Money market deposit interest expense | (147) | (149) |
Federal Home Loan Bank advances interest expense | 0 | (264) |
Total before tax | (147) | (413) |
Income tax benefit | 38 | 161 |
Net of tax | (109) | (252) |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassification of disproportionate tax effect related to terminated cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax benefit | 0 | (3,400) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (227) | (200) |
Income tax benefit | 58 | 79 |
Net of tax | (169) | (121) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | Salaries and employee benefits expense | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Prior service cost | (167) | (140) |
Actuarial losses | $ (60) | $ (60) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Computation of basic and diluted loss per share | ||
Net income | $ 37,658 | $ 23,524 |
Dividends and undistributed earnings allocated to unvested shares | (277) | 0 |
Net income available to common shareholders | $ 37,381 | $ 23,524 |
Weighted average shares outstanding: | ||
Basic (in shares) | 79,205 | 71,700 |
Effect of dilutive securities | ||
Stock options | 10 | 8 |
Diluted (in shares) | 79,215 | 71,708 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.47 | $ 0.33 |
Diluted (in dollars per share) | $ 0.47 | $ 0.33 |
Earnings Per Share (Detail Text
Earnings Per Share (Detail Textuals) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||
Number of common stock called by warrants | 219,909 | 219,909 |
Exercise of price warrants | $ 61.40 | $ 61.40 |
Employees | ||
Class of Stock [Line Items] | ||
Common shares issuable upon exercise of stock options granted | 32,464 | 64,942 |
Weighted average exercise price of options exercised to issue common shares | $ 31.50 | $ 28.34 |
Restricted Stock | ||
Class of Stock [Line Items] | ||
Vesting of restricted stock awards | 575,835 |
Derivatives and Hedging Activ71
Derivatives and Hedging Activities (Details) - Fair value hedging - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | $ 0 | $ 336 |
Derivative assets | Corporate Bonds | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | 0 | 336 |
Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | 2,377 | 2,053 |
Derivative liabilities | Brokered CD's | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | $ 2,377 | $ 2,053 |
Derivatives and Hedging Activ72
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments under ASC 815 (Details 1) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 27,202 | $ 22,385 |
Derivative assets | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 993 | 2,659 |
Derivative assets | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 12,332 | 6,867 |
Derivative assets | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 1,733 | 1,150 |
Derivative assets | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 0 | 13 |
Derivative assets | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 12,144 | 11,057 |
Derivative assets | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 0 | 639 |
Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 30,859 | 23,323 |
Derivative liabilities | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 14,942 | 7,032 |
Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 273 | 1,551 |
Derivative liabilities | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 23 | 20 |
Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 233 | 49 |
Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 14,935 | 14,279 |
Derivative liabilities | De-designated hedges | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $ 453 | $ 392 |
Derivatives and Hedging Activ73
Derivatives and Hedging Activities - Derivatives in Cash Flow Hedging Relationships (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flow hedging | Interest expense | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | $ (147) | $ (413) |
Derivatives and Hedging Activ74
Derivatives and Hedging Activities - Derivatives in Fair Value Hedging Relationships (Details 3) - Fair value hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $ (1,029) | $ (168) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 950 | 43 |
Interest expense | Brokered CD's | ||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | (693) | (274) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 545 | 189 |
Interest revenue | Corporate Bonds | ||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | (336) | 106 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $ 405 | $ (146) |
Derivatives and Hedging Activ75
Derivatives and Hedging Activities - gains and losses recognized in income on derivatives not designated as hedging instrument(Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 2,613 | $ 666 |
Customer derivatives and dealer offsets | Other fee revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 772 | 475 |
Bifurcated embedded derivatives and dealer offsets | Other fee revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 370 | 63 |
Interest rate cap | Other fee revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 276 | 0 |
De-designated cash flow hedges | Other fee revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | (67) | 0 |
Mortgage banking derivatives | Mortgage loan revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 1,264 | 124 |
Risk participations | Other fee revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $ (2) | $ 4 |
Derivatives and Hedging Activ76
Derivatives and Hedging Activities (Detail Textuals) | 3 Months Ended | ||
Mar. 31, 2018USD ($)Contract | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net increase in (reduction of) interest expense/revenue | $ 2,613,000 | $ 666,000 | |
Collateral pledged toward derivatives | 18,500,000 | ||
Cash flow hedging | Interest Rate Risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Increase to deposit interest expense over next twelve months | 454,000 | ||
Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized net gain (loss) related to ineffectiveness of hedging relationships | $ 125,000 | 79,000 | |
Fair value hedging of interest rate risk | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of derivative contracts outstanding | Contract | 4 | 4 | |
Total notional amount designated as fair flow hedges | $ 40,700,000 | $ 40,700,000 | |
Fair value hedging of interest rate risk | Pay fixed receive variable fair value hedge | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of derivative contracts outstanding | Contract | 1 | ||
Total notional amount designated as fair flow hedges | $ 30,000,000 | ||
Interest expense | Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net increase in (reduction of) interest expense/revenue | 14,000 | 32,000 | |
Interest revenue | Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net increase in (reduction of) interest expense/revenue | $ 17,000 | $ 93,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Shares | |
Outstanding at December 31, 2017 | shares | 60,287 |
Exercised | shares | (7,000) |
Outstanding at March 31, 2018 | shares | 53,287 |
Exercisable at March 31, 2018 | shares | 50,787 |
Weighted-Average Exercise Price | |
Outstanding at December 31, 2017 | $ / shares | $ 24.12 |
Exercised | $ / shares | 12.31 |
Outstanding at March 31, 2018 | $ / shares | 25.67 |
Exercisable at March 31, 2018 | $ / shares | $ 26.12 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 2 years 8 months 12 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 2 years 6 months |
Aggregate Intrinsic Value, Outstanding | $ | $ 318 |
Aggregate Intrinsic Value, Exercisable | $ | $ 281 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock activity (Details 1) - Restricted Stock Unit Awards $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Shares | |
Outstanding at December 31, 2017 | shares | 663,817 |
Granted | shares | 7,507 |
Vested | shares | (115,899) |
Cancelled | shares | (3,170) |
Outstanding at March 31, 2018 | shares | 552,255 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at December 31, 2017 | $ / shares | $ 22.40 |
Granted | $ / shares | 28.94 |
Vested | $ / shares | 18.34 |
Cancelled | $ / shares | 21.45 |
Outstanding at March 31, 2018 | $ / shares | $ 23.34 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 2 years 9 months 18 days |
Aggregate intrinsic value vested | $ | $ 3,713 |
Aggregate Intrinsic Value, Outstanding | $ | $ 17,479 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail textuals) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Plan vesting period | 4 years | |
Plan exercisable period | 10 years | |
Unrecognized compensation cost of non-vested stock options and restricted stock unit awards | $ 10,100,000 | |
Recognition period for unrecognized compensation cost related | 2 years 9 months 18 days | |
Deferred income tax benefit | $ 10,225,000 | $ 19,059,000 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 6,000 | 7,000 |
Restricted Stock and Restricted Stock Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional award granted under plan | 1,930 | |
Compensation expense | $ 1,070,000 | 1,260,000 |
Other operating expense for restricted stock units granted | 68,000 | 52,000 |
Deferred income tax benefit | $ 296,000 | $ 514,000 |
Common and Preferred Stock Is80
Common and Preferred Stock Issued / Common Stock Issuable (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Mar. 22, 2016 | |
Common Stock Issued and Issuable and Preferred Stock Issued [Abstract] | ||||
Shares issued in connection with DRIP | 1,411 | 904 | ||
Discount offered to employees under United has an Employee Stock Purchase Program (ESPP) to purchase shares of common stock | 10.00% | |||
Number of stock issued through ESPP | 3,793 | 3,335 | ||
Common stock issuable shares under deferred compensation plan | 612,831 | 607,869 | ||
Shares repurchased authorized amount | $ 50 | |||
Value of shares may be repurchased under program | $ 36.3 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit | $ 10,748 | $ 18,478 | |
Income tax effective tax rate | 22.20% | 44.00% | |
Reverse of dedesignated cash flow hedges | $ 3,400 | ||
Valuation allowance on deferred tax assets | $ 4,570 | $ 4,410 | |
Valuation allowance related to specific state income tax credits | 4,570 | ||
Net deferred tax asset realized based upon future taxable income | 86,500 | ||
Unrecognized income tax benefits | $ 3,270 | $ 3,160 |
Assets and Liabilities Measur82
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Level 3 | Corporate bonds | ||
Assets: | ||
Total assets | $ 900 | $ 900 |
Level 3 | Servicing rights for SBA/USDA loans | ||
Assets: | ||
Total assets | 7,470 | 7,740 |
Level 3 | Residential mortgage servicing rights | ||
Assets: | ||
Total assets | 9,718 | 8,262 |
Total | ||
Assets: | ||
Total assets | 2,496,100 | 2,686,541 |
Liabilities: | ||
Total liabilities | 39,404 | 31,092 |
Total | U.S. Treasuries | ||
Assets: | ||
Total assets | 119,586 | 121,113 |
Total | U.S. Agencies | ||
Assets: | ||
Total assets | 25,901 | 26,372 |
Total | State and political subdivisions | ||
Assets: | ||
Total assets | 201,024 | 197,286 |
Total | Mortgage-backed securities | ||
Assets: | ||
Total assets | 1,662,976 | 1,727,211 |
Total | Corporate bonds | ||
Assets: | ||
Total assets | 198,550 | 306,353 |
Total | Asset-backed securities | ||
Assets: | ||
Total assets | 210,955 | 237,458 |
Total | Other | ||
Assets: | ||
Total assets | 57 | 57 |
Total | Mortgage loans held for sale | ||
Assets: | ||
Total assets | 26,493 | 26,252 |
Total | Deferred compensation plan assets | ||
Assets: | ||
Total assets | 6,168 | 5,716 |
Total | Servicing rights for SBA/USDA loans | ||
Assets: | ||
Total assets | 7,470 | 7,740 |
Total | Residential mortgage servicing rights | ||
Assets: | ||
Total assets | 9,718 | 8,262 |
Total | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | 27,202 | 22,721 |
Total | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | 6,168 | 5,716 |
Total | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | 33,236 | 25,376 |
Total | Level 1 | ||
Assets: | ||
Total assets | 125,754 | 126,829 |
Liabilities: | ||
Total liabilities | 6,168 | 5,716 |
Total | Level 1 | U.S. Treasuries | ||
Assets: | ||
Total assets | 119,586 | 121,113 |
Total | Level 1 | U.S. Agencies | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | State and political subdivisions | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | Mortgage-backed securities | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | Corporate bonds | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | Asset-backed securities | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | Other | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | Mortgage loans held for sale | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | Deferred compensation plan assets | ||
Assets: | ||
Total assets | 6,168 | 5,716 |
Total | Level 1 | Servicing rights for SBA/USDA loans | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | Residential mortgage servicing rights | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 1 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | 6,168 | 5,716 |
Total | Level 1 | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | 0 | 0 |
Total | Level 2 | ||
Assets: | ||
Total assets | 2,338,381 | 2,530,603 |
Liabilities: | ||
Total liabilities | 15,448 | 8,632 |
Total | Level 2 | U.S. Treasuries | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 2 | U.S. Agencies | ||
Assets: | ||
Total assets | 25,901 | 26,372 |
Total | Level 2 | State and political subdivisions | ||
Assets: | ||
Total assets | 201,024 | 197,286 |
Total | Level 2 | Mortgage-backed securities | ||
Assets: | ||
Total assets | 1,662,976 | 1,727,211 |
Total | Level 2 | Corporate bonds | ||
Assets: | ||
Total assets | 197,650 | 305,453 |
Total | Level 2 | Asset-backed securities | ||
Assets: | ||
Total assets | 210,955 | 237,458 |
Total | Level 2 | Other | ||
Assets: | ||
Total assets | 57 | 57 |
Total | Level 2 | Mortgage loans held for sale | ||
Assets: | ||
Total assets | 26,493 | 26,252 |
Total | Level 2 | Deferred compensation plan assets | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 2 | Servicing rights for SBA/USDA loans | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 2 | Residential mortgage servicing rights | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 2 | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | 13,325 | 10,514 |
Total | Level 2 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | 0 | 0 |
Total | Level 2 | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | 15,448 | 8,632 |
Total | Level 3 | ||
Assets: | ||
Total assets | 31,965 | 29,109 |
Liabilities: | ||
Total liabilities | 17,788 | 16,744 |
Total | Level 3 | U.S. Treasuries | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 3 | U.S. Agencies | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 3 | State and political subdivisions | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 3 | Mortgage-backed securities | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 3 | Corporate bonds | ||
Assets: | ||
Total assets | 900 | 900 |
Total | Level 3 | Asset-backed securities | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 3 | Other | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 3 | Mortgage loans held for sale | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 3 | Deferred compensation plan assets | ||
Assets: | ||
Total assets | 0 | 0 |
Total | Level 3 | Servicing rights for SBA/USDA loans | ||
Assets: | ||
Total assets | 7,470 | 7,740 |
Total | Level 3 | Residential mortgage servicing rights | ||
Assets: | ||
Total assets | 9,718 | 8,262 |
Total | Level 3 | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | 13,877 | 12,207 |
Total | Level 3 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | 0 | 0 |
Total | Level 3 | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | $ 17,788 | $ 16,744 |
Assets and Liabilities Measur83
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value (Details 1) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Asset | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 12,207 | $ 11,777 |
Business combinations | 0 | |
Transfer from amortization method to fair value | 0 | |
Additions | 0 | 0 |
Sales and settlements | (1,029) | (384) |
Amounts included in earnings - fair value adjustments | 2,699 | 1,256 |
Balance at end of period | 13,877 | 12,649 |
Derivative Liability | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 16,744 | 16,347 |
Business combinations | 0 | |
Transfer from amortization method to fair value | 0 | |
Additions | 0 | 0 |
Sales and settlements | (1,347) | (550) |
Amounts included in earnings - fair value adjustments | 2,391 | 783 |
Balance at end of period | 17,788 | 16,580 |
Servicing rights for SBA/USDA loans | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 7,740 | 5,752 |
Business combinations | (354) | |
Transfer from amortization method to fair value | 0 | |
Additions | 479 | 553 |
Sales and settlements | (91) | (263) |
Amounts included in earnings - fair value adjustments | (304) | (45) |
Balance at end of period | 7,470 | 5,997 |
Residential mortgage servicing rights | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 8,262 | 0 |
Business combinations | 0 | |
Transfer from amortization method to fair value | 5,070 | |
Additions | 926 | 866 |
Sales and settlements | (80) | (40) |
Amounts included in earnings - fair value adjustments | 610 | 75 |
Balance at end of period | 9,718 | 5,971 |
Securities Available-for-Sale | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 900 | 675 |
Business combinations | 0 | |
Transfer from amortization method to fair value | 0 | |
Additions | 0 | 0 |
Sales and settlements | 0 | 0 |
Amounts included in earnings - fair value adjustments | 0 | 0 |
Balance at end of period | $ 900 | $ 675 |
Assets and Liabilities Measur84
Assets and Liabilities Measured at Fair Value - Level 3 fair value measurements for fair value on recurring basis (Details 2) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Servicing rights for SBA/USDA loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 7,470 | $ 7,740 |
Valuation Technique | Discounted cash flow | Discounted cash flow |
Unobservable Inputs | Discount rate, Prepayment rate | Discount rate, Prepayment rate |
Servicing rights for SBA/USDA loans | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 12.80% | 12.50% |
Prepayment Rate | 9.20% | 8.30% |
Residential mortgage servicing rights | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 9,718 | $ 8,262 |
Valuation Technique | Discounted cash flow | Discounted cash flow |
Unobservable Inputs | Discount rate, Prepayment rate | Discount rate, Prepayment rate |
Residential mortgage servicing rights | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 10.00% | 10.00% |
Prepayment Rate | 8.40% | 9.50% |
Corporate bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 900 | $ 900 |
Valuation Technique | Indicative bid provided by a broker | Indicative bid provided by a broker |
Unobservable Inputs | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company |
Derivative assets - mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 1,733 | $ 1,150 |
Valuation Technique | Internal model | Internal model |
Unobservable Inputs | Pull through rate | Pull through rate |
Derivative assets - mortgage | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 81.50% | 80.00% |
Derivative assets - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 12,144 | $ 11,057 |
Valuation Technique | Dealer priced | Dealer priced |
Unobservable Inputs | Dealer priced | Dealer priced |
Derivative liabilities - risk participations | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ 23 | $ 20 |
Valuation Technique | Internal model | Internal model |
Unobservable Inputs | Probable exposure rate, Probability of default rate | Probable exposure rate, Probability of default rate |
Derivative liabilities - risk participations | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Probable exposure rate | 0.50% | 0.40% |
Probability of default rate | 1.80% | 1.80% |
Derivative liabilities - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ 17,765 | $ 16,724 |
Valuation Technique | Dealer priced | Dealer priced |
Unobservable Inputs | Dealer priced | Dealer priced |
Assets and Liabilities Measur85
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details 3) - Nonrecurring - Total - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 5,913 | $ 6,905 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 5,913 | $ 6,905 |
Assets and Liabilities Measur86
Assets and Liabilities Measured at Fair Value - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details 4) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Securities held to maturity | $ 308,007 | $ 321,276 |
Carrying Amount | ||
Assets: | ||
Securities held to maturity | 312,080 | 321,094 |
Loans, net | 8,123,164 | 7,676,658 |
Loans held for sale | 6,482 | |
Liabilities: | ||
Deposits | 9,993,440 | 9,807,697 |
Federal Home Loan Bank advances | 434,574 | 504,651 |
Long-term debt | 325,955 | 120,545 |
Total | ||
Assets: | ||
Securities held to maturity | 308,007 | 321,276 |
Loans, net | 8,093,286 | 7,674,460 |
Loans held for sale | 6,514 | |
Liabilities: | ||
Deposits | 9,992,805 | 9,809,264 |
Federal Home Loan Bank advances | 434,422 | 504,460 |
Long-term debt | 339,117 | 123,844 |
Total | Level 1 | ||
Assets: | ||
Securities held to maturity | 0 | 0 |
Loans, net | 0 | 0 |
Loans held for sale | 0 | |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Long-term debt | 0 | 0 |
Total | Level 2 | ||
Assets: | ||
Securities held to maturity | 308,007 | 321,276 |
Loans, net | 0 | 0 |
Loans held for sale | 6,514 | |
Liabilities: | ||
Deposits | 9,992,805 | 9,809,264 |
Federal Home Loan Bank advances | 434,422 | 504,460 |
Long-term debt | 0 | 0 |
Total | Level 3 | ||
Assets: | ||
Securities held to maturity | 0 | 0 |
Loans, net | 8,093,286 | 7,674,460 |
Loans held for sale | 0 | |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Long-term debt | $ 339,117 | $ 123,844 |
Assets and Liabilities Measur87
Assets and Liabilities Measured at Fair Value (Detail Textuals) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Fair Value [Abstract] | |||
Mortgage loans held for sale | $ 26,493,000 | $ 26,252,000 | |
Mortgage loans held for sale outstanding principal balance | 25,700,000 | $ 25,400,000 | |
Net gains (losses) from changes in fair value of loans | $ (72,000) | $ 252,000 | |
Percentage of written down in appraisal value of nonaccrual impaired loans | 80.00% | ||
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 1,955,259 | $ 1,910,777 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 25,212 | $ 28,075 |
Commitments and Contingencies89
Commitments and Contingencies (Detail Textuals) $ in Thousands | Mar. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment for additional fund | $ 4,940 |
Goodwill and Other Intangible90
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible, net | $ 21,909 | $ 23,806 | ||
Goodwill | 306,419 | 220,591 | $ 142,025 | $ 142,025 |
Total goodwill and other intangible assets, net | 328,328 | 244,397 | ||
Core deposit intangible | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible, gross | 62,652 | 62,652 | ||
Less: accumulated amortization | (42,532) | (41,229) | ||
Intangible, net | 20,120 | 21,423 | ||
Noncompete agreement | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible, gross | 3,144 | 3,144 | ||
Less: accumulated amortization | (1,355) | (761) | ||
Intangible, net | $ 1,789 | $ 2,383 |
Goodwill and Other Intangible91
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill Balance, beginning of period | $ 526,181 | $ 447,615 |
Acquisition of NLFC | 86,989 | |
Measurement period adjustments | (1,161) | 0 |
Goodwill balance, end of period | 612,009 | 447,615 |
Accumulated impairment losses balance, beginning of period | (305,590) | (305,590) |
Accumulated impairment losses balance, end of period | (305,590) | (305,590) |
Goodwill, net of Accumulated Impairment Losses, beginning of period | 220,591 | 142,025 |
Acquisition of NLFC | 86,989 | |
Measurement period adjustments | (1,161) | 0 |
Goodwill, net of Accumulated Impairment Losses, end of period | $ 306,419 | $ 142,025 |
Goodwill and Other Intangible92
Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2018 | $ 4,949 | |
2,019 | 4,551 | |
2,020 | 3,315 | |
2,021 | 2,557 | |
2,022 | 1,982 | |
Thereafter | 4,555 | |
Total | $ 21,909 | $ 23,806 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Less discount | $ (10,064) | $ (8,381) |
Long-term debt | 325,955 | 120,545 |
NER 15-1 Class B notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,290 | 0 |
Issue Date | 2,015 | |
Stated Maturity Date | 2,019 | |
Interest Rate | 3.40% | |
NER 15-1 Class C notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 7,560 | 0 |
Issue Date | 2,015 | |
Stated Maturity Date | 2,019 | |
Interest Rate | 4.50% | |
NER 15-1 Class D notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,421 | 0 |
Issue Date | 2,015 | |
Stated Maturity Date | 2,021 | |
Interest Rate | 5.75% | |
NER 16-1 Class A-2 notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 57,801 | 0 |
Issue Date | 2,016 | |
Stated Maturity Date | 2,021 | |
Interest Rate | 2.20% | |
NER 16-1 Class B notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 25,489 | 0 |
Issue Date | 2,016 | |
Stated Maturity Date | 2,021 | |
Interest Rate | 3.22% | |
NER 16-1 Class C notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 6,319 | 0 |
Issue Date | 2,016 | |
Stated Maturity Date | 2,021 | |
Interest Rate | 5.05% | |
NER 16-1 Class D notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,213 | 0 |
Issue Date | 2,016 | |
Stated Maturity Date | 2,023 | |
Interest Rate | 7.87% | |
Total securitized notes payable | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 107,093 | 0 |
2022 senior debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 50,000 | 50,000 |
Issue Date | 2,015 | |
Stated Maturity Date | 2,022 | |
Earliest Call Date | 2,020 | |
Interest Rate | 5.00% | |
Variable rate basis of debt instrument | 3-month LIBOR | |
Basis spread on variable rate of debt | 3.814% | |
2027 senior debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 35,000 | 35,000 |
Issue Date | 2,015 | |
Stated Maturity Date | 2,027 | |
Earliest Call Date | 2,025 | |
Interest Rate | 5.50% | |
Variable rate basis of debt instrument | 3-month LIBOR | |
Basis spread on variable rate of debt | 3.71% | |
Total senior debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 85,000 | 85,000 |
2028 subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 100,000 | 0 |
Issue Date | 2,018 | |
Stated Maturity Date | 2,028 | |
Earliest Call Date | 2,023 | |
Interest Rate | 4.50% | |
Variable rate basis of debt instrument | 3-month LIBOR | |
Basis spread on variable rate of debt | 2.12% | |
2025 subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 11,500 | 11,500 |
Issue Date | 2,015 | |
Stated Maturity Date | 2,025 | |
Earliest Call Date | 2,020 | |
Interest Rate | 6.25% | |
Total subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 111,500 | 111,500 |
Southern Bancorp Capital Trust I | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,382 | 4,382 |
Issue Date | 2,004 | |
Stated Maturity Date | 2,034 | |
Earliest Call Date | 2,009 | |
Variable rate basis of debt instrument | Prime | |
Basis spread on variable rate of debt | 1.00% | |
United Community Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,238 | 1,238 |
Issue Date | 2,008 | |
Stated Maturity Date | 2,038 | |
Earliest Call Date | 2,013 | |
Variable rate basis of debt instrument | Prime | |
Basis spread on variable rate of debt | 3.00% | |
Tidelands Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 8,248 | 8,248 |
Issue Date | 2,006 | |
Stated Maturity Date | 2,036 | |
Earliest Call Date | 2,011 | |
Variable rate basis of debt instrument | 3-month LIBOR | |
Basis spread on variable rate of debt | 1.38% | |
Tidelands Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 6,186 | 6,186 |
Issue Date | 2,008 | |
Stated Maturity Date | 2,038 | |
Earliest Call Date | 2,013 | |
Variable rate basis of debt instrument | 3-month LIBOR | |
Basis spread on variable rate of debt | 5.075% | |
Four Oaks Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 12,372 | 12,372 |
Issue Date | 2,006 | |
Stated Maturity Date | 2,036 | |
Earliest Call Date | 2,011 | |
Variable rate basis of debt instrument | 3-month LIBOR | |
Basis spread on variable rate of debt | 1.35% | |
Total trust preferred securities | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 32,426 | $ 32,426 |
Long-term Debt (Detail Textuals
Long-term Debt (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 325,955 | $ 120,545 |
2022 senior debentures | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |
Debt Instrument, Maturity Date | Feb. 14, 2022 | |
Long-term Debt | $ 50,000 | 50,000 |
2027 senior debentures | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |
Debt Instrument, Maturity Date | Feb. 14, 2027 | |
Long-term Debt | $ 35,000 | 35,000 |
Four Oaks Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 30, 2025 | |
Debt Instrument, Annual Principal Payment | $ 11,500 | |
Long-term Debt | 12,372 | 12,372 |
2028 subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 100,000 | $ 0 |