Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | |
Voting Common Stock | Non-Voting Common Stock | |||
Entity Registrant Name | 'UNITED COMMUNITY BANKS INC | ' | ' | ' |
Entity Central Index Key | '0000857855 | ' | ' | ' |
Trading Symbol | 'ucbi | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 43,372,615 | 11,065,873 |
Entity Public Float | ' | $709,568,000 | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest revenue: | ' | ' | ' |
Loans, including fees | $200,893 | $217,378 | $244,020 |
Investment securities: | ' | ' | ' |
Taxable | 40,331 | 43,657 | 55,251 |
Tax exempt | 827 | 956 | 1,009 |
Deposits in banks and short-term investments | 3,789 | 3,986 | 2,321 |
Total interest revenue | 245,840 | 265,977 | 302,601 |
Deposits: | ' | ' | ' |
NOW | 1,759 | 2,049 | 3,998 |
Money market | 2,210 | 2,518 | 5,456 |
Savings | 133 | 150 | 234 |
Time | 10,464 | 19,097 | 39,114 |
Total deposit interest expense | 14,566 | 23,814 | 48,802 |
Short-term borrowings | 2,071 | 2,987 | 4,250 |
Federal Home Loan Bank advances | 68 | 907 | 2,042 |
Long-term debt | 10,977 | 10,201 | 10,544 |
Total interest expense | 27,682 | 37,909 | 65,638 |
Net interest revenue | 218,158 | 228,068 | 236,963 |
Provision for credit losses | 65,500 | 62,500 | 251,000 |
Net interest revenue after provision for credit losses | 152,658 | 165,568 | -14,037 |
Fee revenue: | ' | ' | ' |
Service charges and fees | 31,997 | 31,670 | 29,110 |
Mortgage loan and other related fees | 9,925 | 10,483 | 5,419 |
Brokerage fees | 4,465 | 3,082 | 2,986 |
Securities gains, net | 186 | 7,078 | 842 |
Losses on prepayment of borrowings | ' | -6,681 | -791 |
Other | 10,025 | 10,480 | 7,341 |
Total fee revenue | 56,598 | 56,112 | 44,907 |
Total revenue | 209,256 | 221,680 | 30,870 |
Operating expenses: | ' | ' | ' |
Salaries and employee benefits | 96,233 | 96,026 | 100,095 |
Occupancy | 13,930 | 14,304 | 15,645 |
Communications and equipment | 13,233 | 12,940 | 13,135 |
FDIC assessments and other regulatory charges | 9,219 | 10,097 | 14,259 |
Professional fees | 9,617 | 8,792 | 9,727 |
Postage, printing and supplies | 3,283 | 3,899 | 4,256 |
Advertising and public relations | 3,718 | 3,855 | 4,291 |
Amortization of intangibles | 2,031 | 2,917 | 3,016 |
Foreclosed property | 7,869 | 13,993 | 78,905 |
Other | 15,171 | 19,951 | 18,270 |
Total operating expenses | 174,304 | 186,774 | 261,599 |
Income (loss) before income taxes | 34,952 | 34,906 | -230,729 |
Income tax expense (benefit) | -238,188 | 1,050 | -3,983 |
Net income (loss) | 273,140 | 33,856 | -226,746 |
Preferred stock dividends | 12,078 | 12,148 | 11,838 |
Net income (loss) available to common shareholders | $261,062 | $21,708 | ($238,584) |
Income (loss) per common share: | ' | ' | ' |
Basic (in dollars per share) | $4.44 | $0.38 | ($5.97) |
Diluted (in dollars per share) | $4.44 | $0.38 | ($5.97) |
Weighted average common shares outstanding: | ' | ' | ' |
Basic (in shares) | 58,787 | 57,857 | 39,943 |
Diluted (in shares) | 58,845 | 57,857 | 39,943 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statement of Comprehensive Income (Loss) [Abstract] | ' | ' | ' |
Net income (loss), Before-tax Amount | $34,952 | $34,906 | ($230,729) |
Net income (loss) , Tax (Expense) Benefit | 238,188 | -1,050 | 3,983 |
Net income (loss), Net of Tax Amount | 273,140 | 33,856 | -226,746 |
Unrealized (losses) gains on available for sale securities: | ' | ' | ' |
Unrealized holding gains (losses) arising during period, Before-tax Amount | -22,421 | 748 | -1,275 |
Unrealized holding gains (losses) arising during period, Tax (Expense) Benefit | 8,475 | -273 | 361 |
Unrealized holding gains (losses) arising during period, Net of Tax Amount | -13,946 | 475 | -914 |
Reclassification of securities from available-for-sale to held-to-maturity, Before-tax Amount | 8,306 | ' | ' |
Reclassification of securities from available-for-sale to held-to-maturity, Tax (Expense) Benefit | -3,119 | ' | ' |
Reclassification of securities from available-for-sale to held-to-maturity, Net of Tax Amount | 5,187 | ' | ' |
Reclassification adjustment for gains included in net income (loss), Before-tax Amount | -186 | -7,078 | -842 |
Reclassification adjustment for gains included in net income (loss), Tax (Expense) Benefit | 72 | 2,753 | 328 |
Reclassification adjustment for gains included in net income (loss), Net of Tax Amount | -114 | -4,325 | -514 |
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses on available-for-sale securities and release of valuation allowance, Before-tax Amount | ' | ' | ' |
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses on available-for-sale securities and release of valuation allowance, Tax (Expense) Benefit | -2,963 | -2,480 | -689 |
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses on available-for-sale securities and release of valuation allowance, Net of Tax Amount | -2,963 | -2,480 | -689 |
Net unrealized losses, Before-tax Amount | -14,301 | -6,330 | -2,117 |
Net unrealized losses, Tax (Expense) Benefit | 2,465 | ' | ' |
Net unrealized losses, Net of Tax Amount | -11,836 | -6,330 | -2,117 |
Amortization of gains included in net income (loss) on available-for-sale securities transferred to held to maturity, Before-tax Amount | -731 | -1,988 | -2,177 |
Amortization of gains included in net income (loss) on available-for-sale securities transferred to held to maturity, Tax (Expense) Benefit | 282 | 773 | 846 |
Amortization of gains included in net income (loss) on available-for-sale securities transferred to held to maturity, Net of Tax Amount | -449 | -1,215 | -1,331 |
Reclassification of securities from available-for-sale to held-to-maturity, Before Tax Amount | -8,306 | ' | ' |
Reclassification of securities from available-for-sale to held-to-maturity, Tax (Expense) Benefit | 3,119 | ' | ' |
Reclassification of securities from available-for-sale to held-to-maturity, Net of Tax Amount | -5,187 | ' | ' |
Adjustment of valuation allowance for the change in deferred taxes arising from the amortization of gains included in net income (loss) on available-for-sale securities transferred to held-to-maturity and release of valuation allowance, Before-tax Amount | ' | ' | ' |
Adjustment of valuation allowance for the change in deferred taxes arising from the amortization of gains included in net income (loss) on available-for-sale securities transferred to held-to-maturity and release of valuation allowance, Tax (Expense) Benefit | 1,293 | -773 | -846 |
Adjustment of valuation allowance for the change in deferred taxes arising from the amortization of gains included in net income (loss) on available-for-sale securities transferred to held-to-maturity and release of valuation allowance, Net of Tax Amount | 1,293 | -773 | -846 |
Net unrealized losses, Before-tax Amount | -9,037 | -1,988 | -2,177 |
Net unrealized losses, Tax (Expense) Benefit | 4,694 | ' | ' |
Net unrealized losses, Net of Tax Amount | -4,343 | -1,988 | -2,177 |
Amounts reclassified into net income on cash flow hedges, Before-tax Amount | -904 | -3,712 | -15,116 |
Amounts reclassified into net income on cash flow hedges, Tax (Expense) Benefit | 352 | 1,444 | 5,880 |
Amounts reclassified into net income on cash flow hedges, Net of Tax Amount | -552 | -2,268 | -9,236 |
unrealized losses on derivative financial instruments accounted for as cash flow hedges, Before-tax Amount | 10,084 | -8,739 | ' |
unrealized losses on derivative financial instruments accounted for as cash flow hedges, Tax (Expense) Benefit | -3,923 | 3,400 | ' |
unrealized losses on derivative financial instruments accounted for as cash flow hedges, Net of Tax Amount | 6,161 | -5,339 | ' |
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses and amortization of gains included in net income (loss) on cash flow hedges and release of valuation allowance, Before-tax Amount | ' | ' | ' |
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses and amortization of gains included in net income (loss) on cash flow hedges and release of valuation allowance, Tax (Expense) Benefit | 13,698 | -4,844 | -5,880 |
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses and amortization of gains included in net income (loss) on cash flow hedges and release of valuation allowance, Net of Tax Amount | 13,698 | -4,844 | -5,880 |
Net unrealized gains (losses), Before-tax Amount | 9,180 | -12,451 | -15,116 |
Net unrealized gains (losses), Tax (Expense) Benefit | 10,127 | ' | ' |
Net unrealized gains (losses), Net of Tax Amount | 19,307 | -12,451 | -15,116 |
Reclassification of unamortized prior service cost and actuarial losses, Before-tax Amount | ' | ' | -4,750 |
Reclassification of unamortized prior service cost and actuarial losses, Tax (Expense) Benefit | ' | ' | 1,848 |
Reclassification of unamortized prior service cost and actuarial losses, Net of Tax Amount | ' | ' | -2,902 |
Net actuarial gain (loss) on defined benefit pension plan, Before-tax Amount | 561 | -177 | ' |
Net actuarial gain (loss) on defined benefit pension plan, Tax (Expense) Benefit | -218 | 69 | ' |
Net actuarial gain (loss) on defined benefit pension plan, Net of Tax Amount | 343 | -108 | ' |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 532 | 615 | ' |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | -207 | -240 | ' |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 325 | 375 | ' |
Adjustment of valuation allowance for the change in deferred taxes arising from reclassification of unamortized prior service cost and actuarial losses and amortization of prior service cost and actuarial losses and release of valuation allowance, Before-tax Amount | ' | ' | ' |
Adjustment of valuation allowance for the change in deferred taxes arising from reclassification of unamortized prior service cost and actuarial losses and amortization of prior service cost and actuarial losses and release of valuation allowance, Tax (Expense) Benefit | ' | 171 | -1,848 |
Adjustment of valuation allowance for the change in deferred taxes arising from reclassification of unamortized prior service cost and actuarial losses and amortization of prior service cost and actuarial losses and release of valuation allowance, Net of Tax Amount | ' | 171 | -1,848 |
Net defined benefit pension plan activity, Before-tax Amount | 1,093 | 438 | -4,750 |
Net defined benefit pension plan activity, Tax (Expense) Benefit | -425 | ' | ' |
Net defined benefit pension plan activity, Net of Tax Amount | 668 | 438 | -4,750 |
Total other comprehensive income (loss), Before-tax Amount | -13,065 | -20,331 | -24,160 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 16,861 | ' | ' |
Total other comprehensive income (loss), Net of Tax Amount | 3,796 | -20,331 | -24,160 |
Comprehensive income (loss), Before-tax Amount | 21,887 | 14,575 | -254,889 |
Comprehensive income (loss), Tax (Expense) Benefit | 255,049 | -1,050 | 3,983 |
Comprehensive income (loss), Net of Tax Amount | $276,936 | $13,525 | ($250,906) |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $71,230 | $66,536 |
Interest-bearing deposits in banks | 119,669 | 124,613 |
Short-term investments | 37,999 | 60,000 |
Cash and cash equivalents | 228,898 | 251,149 |
Securities available-for-sale | 1,832,217 | 1,834,593 |
Securities held-to-maturity (fair value $485,585 and $261,131) | 479,742 | 244,184 |
Mortgage loans held for sale | 10,319 | 28,821 |
Loans, net of unearned income | 4,329,266 | 4,175,008 |
Less allowance for loan losses | -76,762 | -107,137 |
Loans, net | 4,252,504 | 4,067,871 |
Assets covered by loss sharing agreements with the FDIC | 22,882 | 47,467 |
Premises and equipment, net | 163,589 | 168,920 |
Bank owned life insurance | 80,670 | 81,867 |
Accrued interest receivable | 19,598 | 18,659 |
Intangible assets | 3,480 | 5,510 |
Foreclosed property | 4,221 | 18,264 |
Net deferred tax asset | 258,518 | ' |
Derivative financial instruments | 23,833 | 658 |
Other assets | 44,948 | 34,296 |
Total assets | 7,425,419 | 6,802,259 |
Deposits: | ' | ' |
Demand | 1,388,512 | 1,252,605 |
NOW | 1,427,939 | 1,316,453 |
Money market | 1,227,575 | 1,149,912 |
Savings | 251,125 | 227,308 |
Time: | ' | ' |
Less than $100,000 | 892,961 | 1,055,271 |
Greater than $100,000 | 588,689 | 705,558 |
Brokered | 424,704 | 245,033 |
Total deposits | 6,201,505 | 5,952,140 |
Short-term borrowings | 53,241 | 52,574 |
Federal Home Loan Bank advances | 120,125 | 40,125 |
Long-term debt | 129,865 | 124,805 |
Derivative financial instruments | 46,232 | 12,543 |
Unsettled securities purchases | 29,562 | ' |
Accrued expenses and other liabilities | 49,174 | 38,667 |
Total liabilities | 6,629,704 | 6,220,854 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock | 46,243 | 42,424 |
Common stock issuable; 241,832 and 133,238 shares | 3,930 | 3,119 |
Capital surplus | 1,078,676 | 1,057,951 |
Accumulated deficit | -448,091 | -709,153 |
Accumulated other comprehensive loss | -19,844 | -23,640 |
Total shareholders' equity | 795,715 | 581,405 |
Total liabilities and shareholders' equity | 7,425,419 | 6,802,259 |
Series A Preferred Stock | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock | ' | 217 |
Total shareholders' equity | ' | 217 |
Series B Preferred Stock | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock | 105,000 | 178,557 |
Total shareholders' equity | 105,000 | 178,557 |
Series D Preferred Stock | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock | 16,613 | 16,613 |
Total shareholders' equity | 16,613 | 16,613 |
Non-Voting Common Stock | ' | ' |
Shareholders' equity: | ' | ' |
Common stock | 13,188 | 15,317 |
Total shareholders' equity | $13,188 | $15,317 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Securities held to maturity, fair value (in dollars) | $485,585 | $261,131 |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 46,243,345 | 42,423,870 |
Common stock, shares outstanding | 46,243,345 | 42,423,870 |
Common stock issuable, shares | 241,832 | 133,238 |
Series A Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $10 | $10 |
Preferred stock, shares issued | 0 | 21,700 |
Preferred stock, shares outstanding | 0 | 21,700 |
Series B Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $1,000 | $1,000 |
Preferred stock, shares issued | 105,000 | 180,000 |
Preferred stock, shares outstanding | 105,000 | 180,000 |
Series D Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $1,000 | $1,000 |
Preferred stock, shares issued | 16,613 | 16,613 |
Preferred stock, shares outstanding | 16,613 | 16,613 |
Non-Voting Common Stock | ' | ' |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 13,188,206 | 15,316,794 |
Common stock, shares outstanding | 13,188,206 | 15,316,794 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Shareholders' Equity (USD $) | Series A Preferred Stock | Series B Preferred Stock | Series D Preferred Stock | Series F Preferred Stock | Series G Preferred Stock | Non-Voting Common Stock | Common Stock | Common Stock Issuable | Capital Surplus | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive (Loss) Income | Total |
In Thousands, unless otherwise specified | ||||||||||||
Beginning balance at Dec. 31, 2010 | $217 | $175,711 | ' | ' | ' | ' | $18,937 | $3,894 | $741,244 | ($492,276) | $20,851 | $468,578 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | -226,746 | ' | -226,746 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -24,160 | -24,160 |
Penalty received on incomplete private equity transaction | ' | ' | ' | ' | ' | ' | ' | ' | 3,250 | ' | ' | 3,250 |
Preferred for common equity exchange related to tax benefits preservation plan (1,551,126 common shares) | ' | ' | 16,613 | ' | ' | ' | -1,551 | ' | -15,062 | ' | ' | ' |
Common and preferred stock issued (3,467,699 common shares) | ' | ' | ' | 195,872 | 151,185 | ' | 3,468 | ' | 11,035 | ' | ' | 361,560 |
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (62,978 common shares in 2013, 109,905 common shares in 2012 and 156,816 common shares in 2011) | ' | ' | ' | ' | ' | ' | 156 | ' | 1,297 | ' | ' | 1,453 |
Conversion of non-voting common stock to voting common stock (2,128,588 shares in 2013, 597,415 shares in 2012 and Series F and Series G Preferred Stock (20,618,156 voting and 15,914,209 non-voting common shares) in 2011) | ' | ' | ' | -195,872 | -151,185 | 15,914 | 20,618 | ' | 310,525 | ' | ' | ' |
Amortization of stock option and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 2,144 | ' | ' | 2,144 |
Vesting of restricted stock awards (55,328 common shares issued, 115,664 common shares deferred in 2013, 64,839 common shares issued, 36,673 common shares deferred in 2012 and 12,239 common shares issued, 6,382 common shares deferred in 2011) | ' | ' | ' | ' | ' | ' | 13 | 54 | -67 | ' | ' | ' |
Deferred compensation plan, net | ' | ' | ' | ' | ' | ' | ' | 241 | ' | ' | ' | 241 |
Shares issued from deferred compensation plan (21,455 common shares in 2013, 4,611 common shares in 2012 and 6,266 common shares in 2011) | ' | ' | ' | ' | ' | ' | 6 | -956 | 950 | ' | ' | ' |
Tax on option exercise and restricted stock vesting | ' | ' | ' | ' | ' | ' | ' | ' | -376 | ' | ' | -376 |
Preferred stock dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series A | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13 | ' | -13 |
Series B, including accretion | ' | 1,381 | ' | ' | ' | ' | ' | ' | ' | -10,401 | ' | -9,020 |
Series D | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,425 | ' | -1,425 |
Ending balance at Dec. 31, 2011 | 217 | 177,092 | 16,613 | ' | ' | 15,914 | 41,647 | 3,233 | 1,054,940 | -730,861 | -3,309 | 575,486 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,856 | ' | 33,856 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,331 | -20,331 |
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (62,978 common shares in 2013, 109,905 common shares in 2012 and 156,816 common shares in 2011) | ' | ' | ' | ' | ' | ' | 110 | ' | 790 | ' | ' | 900 |
Conversion of non-voting common stock to voting common stock (2,128,588 shares in 2013, 597,415 shares in 2012 and Series F and Series G Preferred Stock (20,618,156 voting and 15,914,209 non-voting common shares) in 2011) | ' | ' | ' | ' | ' | -597 | 597 | ' | ' | ' | ' | ' |
Amortization of stock option and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 1,976 | ' | ' | 1,976 |
Vesting of restricted stock awards (55,328 common shares issued, 115,664 common shares deferred in 2013, 64,839 common shares issued, 36,673 common shares deferred in 2012 and 12,239 common shares issued, 6,382 common shares deferred in 2011) | ' | ' | ' | ' | ' | ' | 65 | 155 | -220 | ' | ' | ' |
Deferred compensation plan, net | ' | ' | ' | ' | ' | ' | ' | 201 | ' | ' | ' | 201 |
Shares issued from deferred compensation plan (21,455 common shares in 2013, 4,611 common shares in 2012 and 6,266 common shares in 2011) | ' | ' | ' | ' | ' | ' | 5 | -470 | 465 | ' | ' | ' |
Preferred stock dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series A | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12 | ' | -12 |
Series B, including accretion | ' | 1,465 | ' | ' | ' | ' | ' | ' | ' | -10,465 | ' | -9,000 |
Series D | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,671 | ' | -1,671 |
Ending balance at Dec. 31, 2012 | 217 | 178,557 | 16,613 | ' | ' | 15,317 | 42,424 | 3,119 | 1,057,951 | -709,153 | -23,640 | 581,405 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 273,140 | ' | 273,140 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,796 | 3,796 |
Retirement of Series A preferred stock (21,700 shares) | -217 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -217 |
Retirement of Series B preferred stock (75,000 shares) | ' | -75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -75,000 |
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (62,978 common shares in 2013, 109,905 common shares in 2012 and 156,816 common shares in 2011) | ' | ' | ' | ' | ' | ' | 63 | ' | 733 | ' | ' | 796 |
Conversion of non-voting common stock to voting common stock (2,128,588 shares in 2013, 597,415 shares in 2012 and Series F and Series G Preferred Stock (20,618,156 voting and 15,914,209 non-voting common shares) in 2011) | ' | ' | ' | ' | ' | -2,129 | 2,129 | ' | ' | ' | ' | ' |
Warrant exercise (1,551,126 shares) | ' | ' | ' | ' | ' | ' | 1,551 | ' | 17,838 | ' | ' | 19,389 |
Amortization of stock option and restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 3,045 | ' | ' | 3,045 |
Vesting of restricted stock awards (55,328 common shares issued, 115,664 common shares deferred in 2013, 64,839 common shares issued, 36,673 common shares deferred in 2012 and 12,239 common shares issued, 6,382 common shares deferred in 2011) | ' | ' | ' | ' | ' | ' | 55 | 1,693 | -1,929 | ' | ' | -181 |
Deferred compensation plan, net | ' | ' | ' | ' | ' | ' | ' | 177 | ' | ' | ' | 177 |
Shares issued from deferred compensation plan (21,455 common shares in 2013, 4,611 common shares in 2012 and 6,266 common shares in 2011) | ' | ' | ' | ' | ' | ' | 21 | -1,059 | 1,038 | ' | ' | ' |
Preferred stock dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series A | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12 | ' | -12 |
Series B, including accretion | ' | 1,443 | ' | ' | ' | ' | ' | ' | ' | -10,401 | ' | -8,958 |
Series D | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,665 | ' | -1,665 |
Ending balance at Dec. 31, 2013 | ' | $105,000 | $16,613 | ' | ' | $13,188 | $46,243 | $3,930 | $1,078,676 | ($448,091) | ($19,844) | $795,715 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Shareholders' Equity (Parentheticals) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
Series A Preferred Stock | Series B Preferred Stock | ||||
Preferred for common stock equity exchange related to tax preservation plan shares | ' | ' | 1,551,126 | ' | ' |
Number of voting common shares in Conversion of Series F and Series G Preferred Stock | ' | ' | 20,618,156 | ' | ' |
Number of non-voting common shares in Conversion of Series F and Series G Preferred Stock | ' | ' | 15,914,209 | ' | ' |
Common stock issued to dividend reinvestment plan and employee benefit plans | 62,978 | 109,905 | 156,816 | ' | ' |
Common and preferred stock, shares issued | ' | ' | 3,467,699 | ' | ' |
Conversion of stocks, shares | 2,128,588 | 597,415 | ' | ' | ' |
Retirement of preferred stock, shares | ' | ' | ' | 21,700 | 75,000 |
Warrant exercise, shares | 1,551,126 | ' | ' | ' | ' |
Vesting of restricted stock, shares issued | 55,328 | 64,839 | 12,239 | ' | ' |
Vesting of restricted stock, shares deferred | 115,664 | 36,673 | 6,382 | ' | ' |
Shares issued from deferred compensation plan | 21,455 | 4,611 | 6,266 | ' | ' |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income (loss) | $273,140 | $33,856 | ($226,746) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation, amortization and accretion | 26,388 | 32,562 | 21,084 |
Provision for credit losses | 65,500 | 62,500 | 251,000 |
Stock based compensation | 3,045 | 1,976 | 2,144 |
Deferred income tax benefit | -241,655 | ' | ' |
Securities gains, net | -186 | -7,078 | -842 |
Losses on prepayment of borrowings | ' | 6,681 | 791 |
Losses and write downs on sales of other real estate owned | 4,706 | 8,875 | 68,406 |
Change in assets and liabilities: | ' | ' | ' |
(Increase) decrease in other assets and accrued interest receivable | -293 | 43,738 | 27,188 |
Increase (decrease) in accrued expenses and other liabilities | 42,505 | 4,908 | -3,171 |
Decrease (increase) in mortgage loans held for sale | 18,502 | -4,940 | 12,027 |
Net cash provided by operating activities | 191,652 | 183,078 | 151,881 |
Investment securities held-to-maturity: | ' | ' | ' |
Proceeds from maturities and calls | 63,985 | 82,801 | 76,764 |
Purchases | -8,481 | ' | -144,506 |
Investment securities available-for-sale: | ' | ' | ' |
Proceeds from sales | 39,731 | 469,167 | 128,217 |
Proceeds from maturities and calls | 477,060 | 629,896 | 493,276 |
Purchases | -818,256 | -1,166,653 | -1,184,013 |
Net (increase) decrease in loans | -358,858 | -159,814 | 53,104 |
Proceeds from loan sales | 91,913 | ' | 99,298 |
Proceeds collected from FDIC under loss sharing agreements | 5,882 | 14,292 | 33,572 |
Purchases of premises and equipment | -8,143 | -4,117 | -7,210 |
Proceeds from sales of premises and equipment | 3,946 | 1,059 | 737 |
Proceeds from sale of other real estate owned | 28,430 | 31,356 | 86,789 |
Net cash (used in) investing activities | -482,791 | -102,013 | -363,972 |
Financing activities: | ' | ' | ' |
Net increase (decrease) in deposits | 249,365 | -145,843 | -371,189 |
Net increase (decrease) in short-term borrowings | 667 | -54,483 | 1,510 |
Proceeds from Federal Home Loan Bank advances | 770,000 | 1,789,000 | ' |
Repayment of Federal Home Loan Bank advances | -690,000 | -1,791,701 | -15,291 |
Repayment of long-term debt | -35,000 | -30,500 | -30,000 |
Proceeds from issuance of long-term debt | 40,000 | 35,000 | ' |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 796 | 894 | 1,453 |
Proceeds from issuance of common and preferred stock, net of offering costs | ' | ' | 361,560 |
Proceeds from warrant exercise | 19,389 | ' | ' |
Retirement of preferred stock | -75,217 | ' | ' |
Proceeds from penalty on incomplete private equity transaction | ' | ' | 3,250 |
Cash dividends on Series A preferred stock | -15 | -12 | -13 |
Cash dividends on Series B preferred stock | -9,440 | -9,000 | -9,020 |
Cash dividends on Series D preferred stock | -1,657 | -1,687 | -1,210 |
Net cash provided by (used in) financing activities | 268,888 | -208,332 | -58,950 |
Net change in cash and cash equivalents | -22,251 | -127,267 | -271,041 |
Cash and cash equivalents at beginning of year | 251,149 | 378,416 | 649,457 |
Cash and cash equivalents at end of year | 228,898 | 251,149 | 378,416 |
Cash paid during the period for: | ' | ' | ' |
Interest | 26,139 | 42,107 | 68,068 |
Income taxes paid (refunds received) | $2,362 | ($26,164) | $138 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of Significant Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
-1 | Summary of Significant Accounting Policies | |
The accounting principles followed by United Community Banks, Inc. (“United”) and its subsidiaries and the methods of applying these principles conform with accounting principles generally accepted in the United States of America (“GAAP”) and with general practices within the banking industry. The following is a description of the more significant of those policies. | ||
Organization and Basis of Presentation | ||
At December 31, 2013, United was a bank holding company subject to the regulation of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) whose principal business was conducted by its wholly-owned commercial bank subsidiary, United Community Bank (the “Bank”). United is subject to regulation under the Bank Holding Company Act of 1956. The consolidated financial statements include the accounts of United, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
The Bank is a Georgia state chartered commercial bank that serves markets throughout north Georgia, coastal Georgia, the Atlanta, Georgia MSA, the Gainesville, Georgia MSA, western North Carolina, the Greenville, South Carolina MSA and east and central Tennessee and provides a full range of banking services. The Bank is insured and subject to the regulation of the Federal Deposit Insurance Corporation (“FDIC”) and is also subject to the regulation of the Georgia Department of Banking and Finance. | ||
Use of Estimates | ||
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions and the valuation of deferred tax assets. | ||
Operating Segments | ||
Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. Although United’s operations are divided among geographic regions and local community banks within those regions, those regions and banks have similar economic characteristics and are therefore aggregated into one operating segment for purposes of segment reporting. Therefore, because United has only one operating and reportable segment, segment information is not provided separately from the consolidated financial statements. | ||
Short-term Investments | ||
Short-term investments include overnight and term federal funds sold, commercial paper, reverse repurchase agreements and other temporary investments with maturities of less than 90 days. United uses a variety of short-term investment vehicles to temporarily invest funds. | ||
Cash and Cash Equivalents | ||
Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. | ||
Investment Securities | ||
United classifies its securities in one of three categories: trading, held-to-maturity or available-for-sale. United does not hold any trading securities that are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which United has the ability and intent to hold until maturity. All other securities are classified as available-for-sale. | ||
Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Available-for-sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are excluded from net income and are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income in the consolidated balance sheet. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. | ||
Management evaluates investment securities for other than temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other than temporary is charged to earnings for a decline in value deemed to be credit related. The decline in value attributed to non credit related factors is recognized in other comprehensive income and a new cost basis for the security is established. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale and held-to-maturity are included in net income and derived using the specific identification method for determining the cost of the securities sold. | ||
Federal Home Loan Bank (“FHLB”) stock is included in other assets at its original cost basis, as cost approximates fair value as there is no ready market for such investments. | ||
Mortgage Loans Held for Sale | ||
Mortgage loans held for sale are carried at the lower of aggregate cost or market value. The amount by which cost exceeds market value is accounted for as a valuation allowance. Changes in the valuation allowance are included in the determination of net income for the period in which the change occurs. No market valuation allowances were required at December 31, 2013 or 2012 since those loans have market values that approximated the recorded cost basis. | ||
Loans | ||
With the exception of purchased loans that are recorded at fair value on the date of acquisition, loans are stated at principal amount outstanding, net of any unearned revenue and net of any deferred loan fees and costs. Interest on loans is primarily calculated by using the simple interest method on daily balances of the principal amount outstanding. | ||
The accrual of interest is discontinued when a loan becomes 90 days past due and is not both well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest revenue on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. | ||
A loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due, according to the contractual terms of the loan, will not be collected. Individually impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Interest revenue on impaired loans is discontinued when the loans meet the criteria for nonaccrual status described above. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | ||
Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. More than 80% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. | ||
Certain Purchased Loans: United from time to time purchases loans, primarily through business combination transactions. Some of those purchased loans show evidence of credit deterioration since origination. Purchased loans are recorded at their estimated fair value such that there is no carryover of the seller’s allowance for loan losses. After acquisition, further losses are recognized by an increase in the allowance for loan losses. | ||
Such purchased loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as the type of loan. United estimates the amount and timing of expected cash flows for each purchased loan or pool and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). | ||
Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest revenue. | ||
Allowance for Credit Losses | ||
The allowance for credit losses includes the allowance for loan losses (contra asset account) and the allowance for unfunded commitments (liability account included in other liabilities). Increases to the allowance for loan losses and allowance for unfunded commitments are established through a provision for credit losses charged to income. Loans are charged against the allowance for loan losses when available information confirms that the collectability of the principal is unlikely. The allowance for loan losses represents an amount, which, in management’s judgment, is adequate to absorb probable losses on existing loans as of the date of the balance sheet. The allowance for unfunded commitments represents expected losses on unfunded commitments and is reported in the consolidated balance sheet in other liabilities. | ||
The allowance for loan losses is composed of general reserves and specific reserves. General reserves are determined by applying loss percentages to the individual loan categories that are based on actual historical loss experience. United uses an eight-quarter weighted average historical loss rate for each major loan category, weighted toward the most recent quarters’ losses. Additionally, the general economic and business conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio, the findings of internal and external credit reviews and results from external bank regulatory examinations are considered in this evaluation. The need for specific reserves is evaluated on nonaccrual loan relationships greater than $500,000, accruing relationships rated substandard that are greater than $2 million and all Troubled Debt Restructurings (“TDRs”) including certain primary home loans in process of restructure. The specific reserves are determined on a loan-by-loan basis based on management’s evaluation of United’s exposure for each credit, given the current payment status of the loan and the value of any underlying collateral. Loans for which specific reserves are provided are excluded from the calculation of general reserves. | ||
The allocation of the allowance for loan losses is based on historical data, subjective judgment and estimates and, therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. Due to the imprecise nature of the loan loss estimation process and the effects of changing conditions, these risk attributes may not be adequately captured in the data related to the formula-based loan loss components used to determine allocations in United’s analysis of the adequacy of the allowance for loan losses. Consequently, management believes that the unallocated allowance is appropriate to reflect probable incurred but unconfirmed losses in the loan portfolio not otherwise captured by the formula-based loan loss components. | ||
For purposes of determining general reserves, United segments the loan portfolio into broad categories with similar risk elements. Those categories and their specific risks are described below. | ||
Commercial (secured by real estate) – Loans in this category are susceptible to declines in general economic conditions, occupancy rates and declines in real estate values. Business failure, lack of a suitable alternative use for the property and decline in general economic conditions are also risks common to this segment of the loan portfolio. | ||
Commercial & industrial – Risks to this loan category include industry concentrations and the inability to monitor the condition of the collateral which often consists of inventory, accounts receivable and other non real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. | ||
Commercial construction – Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. | ||
Residential mortgage – Residential mortgage loans are susceptible to weakening general economic conditions and increases in unemployment rates. Declining real estate values can reduce or eliminate the borrower’s home equity which can be particularly troubling for home equity lines.Residential construction – Residential construction loans are susceptible to the same risks as commercial construction loans. Changes in market demand for property leads to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. | ||
Consumer installment – Risks common to consumer installment loans include regulatory risks, unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. | ||
Management outsources a significant portion of its loan review to ensure objectivity in the loan review process and to challenge and corroborate the loan grading system. The loan review function provides additional analysis used in determining the adequacy of the allowance for loan losses. To supplement the outsourced loan review, management also has an internal loan review department that is independent of the lending function. | ||
Management believes the allowance for loan losses is appropriate at December 31, 2013. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review United’s allowance for loan losses. | ||
Premises and Equipment | ||
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight-line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 15 to 40 years, for land improvements, 10 to 35 years, and for furniture and equipment, 3 to 10 years. | ||
Intangible Assets | ||
In connection with business combinations involving banks and branch locations, United generally records core deposit intangibles representing the value of the acquired core deposit base. Core deposit intangibles are amortized over the estimated useful life of the deposit base, generally on a straight-line or accelerated basis not exceeding 10 years. The remaining useful lives of core deposit intangibles are evaluated periodically to determine whether events and circumstances warrant a revision to the remaining period of amortization. | ||
Foreclosed Properties | ||
Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the allowance for loan losses. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Financed sales of foreclosed property are accounted for in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification Topic 360, Subtopic 20, Real Estate Sales (“ASC 360-20”). | ||
Transfers of Financial Assets | ||
Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. | ||
FHLB Stock | ||
The Bank is a member of the FHLB. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery of par value. Both cash and stock dividends are reported as income. United’s FHLB stock is included in the balance of “other assets” in the consolidated balance sheet. | ||
Bank Owned Life Insurance | ||
United has purchased life insurance policies on certain key executives and members of management. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. | ||
Loan Commitments and Related Financial Instruments | ||
Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | ||
Short-term Borrowings | ||
United uses a number of short-term funding sources to meet its funding needs. Short-term borrowings generally consist of federal funds purchased, repurchase agreements and other short-term borrowings. | ||
Income Taxes | ||
Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income taxes during the period that includes the enactment date. | ||
In the event the future tax consequences of differences between the financial reporting bases and the tax bases of United’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. | ||
The income tax benefit or expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. | ||
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | ||
United recognizes interest and / or penalties related to income tax matters in income tax expense. | ||
Mortgage Banking Derivatives | ||
Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. United enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into in order to hedge the change in interest rates resulting from its commitments to fund the loans. United’s forward commitments for the future delivery of mortgage loans are based on United’s “best efforts” and therefore United is not penalized if a loan is not delivered to the investor if the loan did not get originated. Changes in the fair values of these derivatives generally offset each other and are included in “mortgage loan and other related fees” in the consolidated statement of operations. | ||
Derivative Instruments and Hedging Activities | ||
United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. United’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that the net interest margin is not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. | ||
In carrying out this part of its interest rate risk management strategy, United uses interest rate derivative contracts. The primary type of derivative contract used by United to manage interest rate risk is interest rate swaps. Interest rate swaps generally involve the exchange of fixed- and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. | ||
United classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), or (3) derivatives not designated as hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. United has master netting agreements with the derivatives dealers with which it does business, but reflects gross assets and liabilities on the consolidated balance sheet. | ||
United uses the long-haul method to assess hedge effectiveness. United documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in offsetting corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, changes in the value of derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. | ||
For fair value hedges and cash flow hedges, ineffectiveness is recognized in the same income statement line as interest accruals on the hedged item to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, United discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). | ||
By using derivative instruments, United is exposed to credit and market risk. If the counterparty fails to perform, credit risk is equal to the fair value gain in a derivative. When the fair value of a derivative contract is positive, this situation generally indicates that the counterparty is obligated to pay United, and, therefore, creates a repayment risk for United. When the fair value of a derivative contract is negative, United is obligated to pay the counterparty and, therefore, has no repayment risk. United minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by United. From time to time, United may require the counterparties to pledge securities as collateral to cover the net exposure. | ||
United’s derivative activities are monitored by its Asset/Liability Management Committee (“ALCO”) as part of that committee’s oversight of United’s asset/liability and treasury functions. ALCO is responsible for implementing various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the overall interest-rate risk management process. | ||
United recognizes the fair value of derivatives as assets or liabilities in the financial statements. The accounting for the changes in the fair value of a derivative depends on the intended use of the derivative instrument at inception. The change in fair value of instruments used as fair value hedges is accounted for in the net income of the period simultaneous with accounting for the fair value change of the item being hedged. The change in fair value of the effective portion of cash flow hedges is accounted for in other comprehensive income rather than net income. Changes in fair value of derivative instruments that are not designated as a hedge are accounted for in the net income of the period of the change. | ||
Earnings Per Common Share | ||
Basic earnings per common share is net income (loss) available to common shareholders divided by the weighted average number of shares of common stock outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Additionally, shares issuable to participants in United’s deferred compensation plan are considered to be participating securities for purposes of calculating basic earnings per share. Diluted earnings per common share includes the dilutive effect of additional potential shares of common stock issuable under stock options, warrants and securities convertible into common stock. | ||
Loss Contingencies | ||
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. | ||
Restrictions on Cash | ||
A portion of the cash on hand and on deposit with the Federal Reserve Bank of Atlanta was required to meet regulatory reserve requirements. | ||
Dividend Restrictions | ||
Banking regulations require maintaining certain capital levels and may limit dividends paid by the Bank to United or by United to shareholders. Due to its accumulated deficit, the Bank is currently required to obtain approval of the Georgia Department of Banking and Finance before declaring any dividends to United. | ||
Fair Value of Financial Instruments | ||
Fair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 24. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. | ||
Stock-Based Compensation | ||
United uses the fair value method of recognizing expense for stock-based compensation based on the fair value of option and restricted stock awards at the date of grant. | ||
Comprehensive Income | ||
GAAP normally requires that recognized revenues, expenses, gains and losses be included in net income. In addition to net income, other components of comprehensive income include the after-tax effect of changes in unrealized gains and losses on available-for-sale securities and derivative financial instruments accounted for as cash flow hedges as well as net actuarial gains and losses, prior service costs and related amortization associated with United’s modified retirement plan. These items are reported as a separate component of shareholders’ equity. United presents comprehensive income in a separate statement of comprehensive income. | ||
Reclassifications and Reverse Stock Split | ||
Certain 2011and 2012 amounts have been reclassified to conform to the 2013 presentation. During the fourth quarter of 2013, United reclassified hedge ineffectiveness gains and losses from other fee revenue to net interest revenue. The impact of the reclassification has been reflected in all periods and was not material to any period. On June 17, 2011, United completed a 1-for-5 reverse stock split, whereby each 5 shares of United’s common stock was reclassified into one share of common stock, and each 5 shares of United’s non-voting common stock was reclassified into one share of non-voting common stock. All share and per share amounts for all periods presented have been adjusted to reflect the reverse split and the hedge ineffectiveness reclassification as though they had occurred prior to the earliest period presented. |
Accounting_Standards_Updates
Accounting Standards Updates | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Standards Updates [Abstract] | ' | |
Accounting Standards Updates | ' | |
-2 | Accounting Standards Updates | |
In January 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This ASU limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting agreement. The disclosure requirements were effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. This guidance did not have a material impact on United’s financial position or results of operations, and resulted in additional disclosures. | ||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments in this update require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component and by the respective line items of net income. The standard was effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. This guidance did not have a material impact on United’s financial position or results of operations, and resulted in additional disclosures. | ||
In July 2013, the FASB issued ASU No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this update permit the Fed Funds Effective Swap Rate (OIS) to be used as a benchmark interest rate for hedge accounting in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The standard is effective prospectively for qualifying new or re-designated hedging relationships entered into on or after July 17, 2013. This guidance did not have a material impact on United’s financial position, results of operations or disclosures. | ||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward exists. This ASU provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Since United has both unrecognized tax benefits and net operating loss and tax credit carryforwards, this ASU could have an impact on United’s financial position, results of operations or disclosures; however, United does not expect the impact to be material to United’s financial position, results of operations or disclosures. | ||
In January 2014, the FASB issued ASU No. 2014-1, Accounting for Investments in Qualified Affordable Housing Projects. This ASU is expected to enable more entities to qualify for the proportional amortization method to account for affordable housing project investments than the number of entities that currently qualify for the effective yield method. The guidance is effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. United has investments in affordable housing projects and is currently evaluating the impact to its disclosures. It is not expected to have a material impact in United’s financial position or results of operations. | ||
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure has occurred and when a creditor should derecognize the associated loan receivable and recognize the real estate property. The amendments in this update are effective for annual periods, and interim periods within those years, beginning after December 15, 2014. United does not expect the impact of this guidance to be material to United’s financial position, results of operations or disclosures. |
Mergers_and_Acquisitions
Mergers and Acquisitions | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Mergers and Acquisitions | ' | ||||||||||||||||
-3 | Mergers and Acquisitions | ||||||||||||||||
On June 19, 2009, the Bank purchased substantially all the assets and assumed substantially all the liabilities of Southern Community Bank (“SCB”) from the FDIC, as Receiver of SCB. UCB and the FDIC entered into loss sharing agreements regarding future losses incurred on loans and foreclosed loan collateral existing at June 19, 2009. Under the terms of the loss sharing agreements, the FDIC will absorb 80 percent of losses and share 80 percent of loss recoveries on the first $109 million of losses and, absorb 95 percent of losses and share in 95 percent of loss recoveries on losses exceeding $109 million. The term for loss sharing on 1-4 Family loans is ten years, while the term for loss sharing on all other loans is five years. | |||||||||||||||||
Under the loss sharing agreements, the portion of the losses expected to be indemnified by the FDIC is considered an indemnification asset in accordance with ASC 805, Business Combinations. The indemnification asset, referred to as “estimated loss reimbursement from the FDIC” is included in the balance of “assets covered by loss sharing agreements with the FDIC” on the consolidated balance sheet. | |||||||||||||||||
Loans, foreclosed property and the estimated FDIC reimbursement resulting from the loss share agreements with the FDIC are reported as “assets covered by loss sharing agreements with the FDIC” in the consolidated balance sheet. | |||||||||||||||||
The table below shows the components of covered assets at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||
Purchased | Other | Other | Total | ||||||||||||||
Impaired | Purchased | ||||||||||||||||
Loans | Loans | ||||||||||||||||
31-Dec-13 | |||||||||||||||||
Commercial (secured by real estate) | $ | — | $ | 12,342 | $ | — | $ | 12,342 | |||||||||
Commercial & industrial | — | 600 | — | 600 | |||||||||||||
Construction and land development | — | 2,731 | — | 2,731 | |||||||||||||
Residential mortgage | — | 4,633 | — | 4,633 | |||||||||||||
Consumer installment | — | 24 | — | 24 | |||||||||||||
Total covered loans | — | 20,330 | — | 20,330 | |||||||||||||
Covered foreclosed property | — | — | 1,211 | 1,211 | |||||||||||||
Estimated loss reimbursement from the FDIC | — | — | 1,341 | 1,341 | |||||||||||||
Total covered assets | $ | — | $ | 20,330 | $ | 2,552 | $ | 22,882 | |||||||||
31-Dec-12 | |||||||||||||||||
Commercial (secured by real estate) | $ | — | $ | 22,823 | $ | — | $ | 22,823 | |||||||||
Commercial & industrial | — | 959 | — | 959 | |||||||||||||
Construction and land development | 405 | 3,712 | — | 4,117 | |||||||||||||
Residential mortgage | 116 | 5,302 | — | 5,418 | |||||||||||||
Consumer installment | — | 99 | — | 99 | |||||||||||||
Total covered loans | 521 | 32,895 | — | 33,416 | |||||||||||||
Covered foreclosed property | — | — | 7,278 | 7,278 | |||||||||||||
Estimated loss reimbursement from the FDIC | — | — | 6,773 | 6,773 | |||||||||||||
Total covered assets | $ | 521 | $ | 32,895 | $ | 14,051 | $ | 47,467 |
Cash_Flows
Cash Flows | 12 Months Ended | |
Dec. 31, 2013 | ||
Cash Flow [Abstract] | ' | |
Cash Flows | ' | |
-4 | Cash Flows | |
During 2013, 2012 and 2011, non-accrual loans having a value of $22.5 million, $34.0 million and $65.7 million, respectively, were transferred to foreclosed property. Also, during 2013, 2012 and 2011, United financed the sale of foreclosed properties with loans totaling $3.49 million, $9.40 million and $21.1 million, respectively. | ||
United accounts for securities transactions on the trade date. At December 31, 2013, United had sold $4.60 million in securities and purchased $29.6 million in securities that had not settled. At December 31, 2012, United had $5.76 million in securities sales that had not settled. |
Balance_Sheet_Offsetting
Balance Sheet Offsetting | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||||||||
Balance Sheet Offsetting | ' | ||||||||||||||||||||||||
-5 | Balance Sheet Offsetting | ||||||||||||||||||||||||
United enters into reverse repurchase agreements in order to invest short-term funds. In addition, United enters into repurchase agreements and reverse repurchase agreements and offsetting securities lending transactions 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, securities lending transactions and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements as of December 31, 2013 and 2012 (in thousands). | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amounts of | Amounts | Gross Amounts not Offset | |||||||||||||||||||||||
Recognized | Offset on the | in the Balance Sheet | |||||||||||||||||||||||
Assets | Balance | ||||||||||||||||||||||||
Sheet | Net Asset | Financial | Collateral | Net Amount | |||||||||||||||||||||
Balance | Instruments | Received | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 385,000 | $ | (350,000 | ) | $ | 35,000 | $ | — | $ | (38,982 | ) | $ | (3,982 | ) | ||||||||||
Derivatives | 23,833 | — | 23,833 | (4,378 | ) | (2,912 | ) | 16,543 | |||||||||||||||||
Total | $ | 408,833 | $ | (350,000 | ) | $ | 58,833 | $ | (4,378 | ) | $ | (41,894 | ) | $ | 12,561 | ||||||||||
Weighted average interest rate of reverse repurchase agreements | 1.09 | % | |||||||||||||||||||||||
Gross | Gross | Net | |||||||||||||||||||||||
Amounts of | Amounts | Liability | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | Balance | in the Balance Sheet | ||||||||||||||||||||||
Liabilities | Balance | ||||||||||||||||||||||||
Sheet | Financial | Collateral | Net Amount | ||||||||||||||||||||||
Instruments | Pledged | ||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 350,000 | $ | (350,000 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Derivatives | 46,232 | 46,232 | (4,378 | ) | (38,145 | ) | 3,709 | ||||||||||||||||||
Total | $ | 396,232 | $ | (350,000 | ) | $ | 46,232 | $ | (4,378 | ) | $ | (38,145 | ) | $ | 3,709 | ||||||||||
Weighted average interest rate of repurchase agreements | 0.27 | % | |||||||||||||||||||||||
Gross | Gross | Net | |||||||||||||||||||||||
Amounts of | Amounts | Asset | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | Balance | in the Balance Sheet | ||||||||||||||||||||||
Assets | Balance | ||||||||||||||||||||||||
Sheet | Financial | Collateral | Net Amount | ||||||||||||||||||||||
Instruments | Received | ||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 325,000 | $ | (265,000 | ) | $ | 60,000 | $ | — | (64,443) | $ | -4,443 | |||||||||||||
Securities lending transactions | 50,000 | (50,000 | ) | — | — | — | — | ||||||||||||||||||
Derivatives | 658 | — | 658 | (23 | ) | — | 635 | ||||||||||||||||||
Total | $ | 375,658 | $ | (315,000 | ) | $ | 60,658 | $ | (23 | ) | $ | -64,443 | $ | -3,808 | |||||||||||
Weighted average interest rate of reverse repurchase agreements | 1.18 | % | |||||||||||||||||||||||
Gross | Gross | Net | |||||||||||||||||||||||
Amounts of | Amounts | Liability | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | Balance | in the Balance Sheet | ||||||||||||||||||||||
Liabilities | Balance | ||||||||||||||||||||||||
Sheet | Financial | Collateral | Net Amount | ||||||||||||||||||||||
Instruments | Pledged | ||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 265,000 | $ | (265,000 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Securities lending transactions | 50,000 | (50,000 | ) | — | — | — | — | ||||||||||||||||||
Derivatives | 12,543 | — | 12,543 | (23 | ) | (11,493 | ) | 1,027 | |||||||||||||||||
Total | $ | 327,543 | $ | (315,000 | ) | $ | 12,543 | $ | (23 | ) | $ | (11,493 | ) | $ | 1,027 | ||||||||||
Weighted average interest rate of repurchase agreements | 0.43 | % |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
-6 | Investment Securities | ||||||||||||||||||||||||
In the fourth quarter of 2013, securities available-for-sale with a fair value of $301 million were transferred to held-to-maturity. The securities were transferred at their fair value on the date of transfer. The unrealized loss of $8.31 million on the transferred securities is being amortized into interest revenue as an adjustment to the yield on those securities over the remaining life of the transferred securities. | |||||||||||||||||||||||||
At both December 31, 2013 and 2012, securities with a carrying value of $1.53 billion and $1.40 billion, respectively, were pledged to secure public deposits, derivatives and other secured borrowings. Substantial borrowing capacity remains available under borrowing arrangements with the FHLB with currently pledged securities. | |||||||||||||||||||||||||
The cost basis, unrealized gains and losses, and fair value of securities held-to-maturity at December 31, 2013 and 2012 are listed below (in thousands): | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 51,733 | $ | 2,718 | $ | 42 | $ | 54,409 | |||||||||||||||||
Mortgage-backed securities (1) | 428,009 | 6,690 | 3,523 | 431,176 | |||||||||||||||||||||
Total | $ | 479,742 | $ | 9,408 | $ | 3,565 | $ | 485,585 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
State and political subdivisions | $ | 51,780 | $ | 5,486 | $ | — | $ | 57,266 | |||||||||||||||||
Mortgage-backed securities (1) | 192,404 | 11,461 | — | 203,865 | |||||||||||||||||||||
Total | $ | 244,184 | $ | 16,947 | $ | — | $ | 261,131 | |||||||||||||||||
(1) All are residential type mortgage-backed securities | |||||||||||||||||||||||||
The cost basis, unrealized gains and losses, and fair value of securities available-for-sale at December 31, 2013 and 2012 are listed below (in thousands): | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 22,558 | $ | 823 | $ | 139 | $ | 23,242 | |||||||||||||||||
Mortgage-backed securities (1) | 1,145,800 | 13,296 | 13,749 | 1,145,347 | |||||||||||||||||||||
Corporate bonds | 255,316 | 1,304 | 6,324 | 250,296 | |||||||||||||||||||||
Asset-backed securities | 409,086 | 2,535 | 988 | 410,633 | |||||||||||||||||||||
Other | 2,699 | — | — | 2,699 | |||||||||||||||||||||
Total | $ | 1,835,459 | $ | 17,958 | $ | 21,200 | $ | 1,832,217 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
State and political subdivisions | $ | 27,717 | $ | 1,354 | $ | 19 | $ | 29,052 | |||||||||||||||||
Mortgage-backed securities (1) | 1,408,042 | 22,552 | 2,092 | 1,428,502 | |||||||||||||||||||||
Corporate bonds | 169,783 | 1,052 | 7,173 | 163,662 | |||||||||||||||||||||
Asset-backed securities | 209,411 | 1,894 | 749 | 210,556 | |||||||||||||||||||||
Other | 2,821 | — | — | 2,821 | |||||||||||||||||||||
Total | $ | 1,817,774 | $ | 26,852 | $ | 10,033 | $ | 1,834,593 | |||||||||||||||||
(1) All are residential type mortgage-backed securities | |||||||||||||||||||||||||
There were no held-to-maturity securities in an unrealized loss position as of December 31, 2012. The following summarizes securities held-to-maturity in an unrealized loss position as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||
12 Months or More | |||||||||||||||||||||||||
Less than 12 Months | Total | ||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 1,595 | $ | 42 | $ | — | $ | — | $ | 1,595 | $ | 42 | |||||||||||||
Mortgage-backed securities | 259,870 | 3,523 | — | — | 259,870 | 3,523 | |||||||||||||||||||
Total unrealized loss position | $ | 261,465 | $ | 3,565 | $ | — | $ | — | $ | 261,465 | $ | 3,565 | |||||||||||||
The following summarizes securities available-for-sale in an unrealized loss position as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 4,539 | $ | 139 | $ | — | $ | — | $ | 4,539 | $ | 139 | |||||||||||||
Mortgage-backed securities | 334,996 | 6,480 | 175,865 | 7,269 | 510,861 | 13,749 | |||||||||||||||||||
Corporate bonds | 137,318 | 4,494 | 54,130 | 1,830 | 191,448 | 6,324 | |||||||||||||||||||
Asset-backed securities | 164,933 | 722 | 22,370 | 266 | 187,303 | 988 | |||||||||||||||||||
Total unrealized loss position | $ | 641,786 | $ | 11,835 | $ | 252,365 | $ | 9,365 | $ | 894,151 | $ | 21,200 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
State and political subdivisions | $ | 3,674 | $ | 17 | $ | 10 | $ | 2 | $ | 3,684 | $ | 19 | |||||||||||||
Mortgage-backed securities | 326,485 | 2,092 | — | — | 326,485 | 2,092 | |||||||||||||||||||
Corporate bonds | 21,248 | 136 | 93,903 | 7,037 | 115,151 | 7,173 | |||||||||||||||||||
Asset-backed securities | 82,188 | 749 | — | — | 82,188 | 749 | |||||||||||||||||||
Total unrealized loss position | $ | 433,595 | $ | 2,994 | $ | 93,913 | $ | 7,039 | $ | 527,508 | $ | 10,033 | |||||||||||||
At December 31, 2013, there were 142 available-for-sale securities and 38 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 its amortized cost basis. Unrealized losses at December 31, 2013 were primarily attributable to changes in interest rates. Unrealized losses at December 31, 2012 are primarily related to changes in interest rates, however the unrealized losses in corporate bonds also reflect downgrades in the underlying securities ratings. The bonds remain above investment grade and United does not consider them to be impaired. Much of the 2012 unrealized loss on corporate bonds was recovered in 2013. | |||||||||||||||||||||||||
Management evaluates securities for other-than-temporary impairment at least 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 analyst’s reports. No impairment charges were recognized during 2013, 2012 or 2011. | |||||||||||||||||||||||||
Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. | |||||||||||||||||||||||||
The following summarizes securities sales activities for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Proceeds from sales | $ | 39,731 | $ | 469,167 | $ | 128,217 | |||||||||||||||||||
Gross gains on sales | $ | 264 | $ | 7,364 | $ | 1,173 | |||||||||||||||||||
Gross losses on sales | (78 | ) | (286 | ) | (331 | ) | |||||||||||||||||||
Net gains on sales of securities | $ | 186 | $ | 7,078 | $ | 842 | |||||||||||||||||||
Income tax expense attributable to sales | $ | 72 | $ | 2,753 | $ | 328 | |||||||||||||||||||
At year-end 2013 and 2012, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. | |||||||||||||||||||||||||
The amortized cost and fair value of available-for-sale and held-to-maturity securities at December 31, 2013, 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 | ||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||
Within 1 year | $ | 2,840 | $ | 2,869 | $ | — | $ | — | |||||||||||||||||
1 to 5 years | 16,257 | 16,881 | 12,463 | 13,234 | |||||||||||||||||||||
5 to 10 years | 2,613 | 2,607 | 26,062 | 27,408 | |||||||||||||||||||||
More than 10 years | 848 | 885 | 13,208 | 13,767 | |||||||||||||||||||||
22,558 | 23,242 | 51,733 | 54,409 | ||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||
1 to 5 years | 38,305 | 38,520 | — | — | |||||||||||||||||||||
5 to 10 years | 206,237 | 201,504 | — | — | |||||||||||||||||||||
More than 10 years | 10,774 | 10,272 | — | — | |||||||||||||||||||||
255,316 | 250,296 | — | — | ||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||
1 to 5 years | 89,770 | 89,438 | — | — | |||||||||||||||||||||
5 to 10 years | 269,337 | 271,418 | — | — | |||||||||||||||||||||
More than 10 years | 49,979 | 49,777 | — | — | |||||||||||||||||||||
409,086 | 410,633 | — | — | ||||||||||||||||||||||
Other: | |||||||||||||||||||||||||
More than 10 years | 2,699 | 2,699 | — | — | |||||||||||||||||||||
2,699 | 2,699 | — | — | ||||||||||||||||||||||
Total securities other than mortgage-backed securities: | |||||||||||||||||||||||||
Within 1 year | 2,840 | 2,869 | — | — | |||||||||||||||||||||
1 to 5 years | 144,332 | 144,839 | 12,463 | 13,234 | |||||||||||||||||||||
5 to 10 years | 478,187 | 475,529 | 26,062 | 27,408 | |||||||||||||||||||||
More than 10 years | 64,300 | 63,633 | 13,208 | 13,767 | |||||||||||||||||||||
Mortgage-backed securities | 1,145,800 | 1,145,347 | 428,009 | 431,176 | |||||||||||||||||||||
$ | 1,835,459 | $ | 1,832,217 | $ | 479,742 | $ | 485,585 | ||||||||||||||||||
Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Loans_and_Allowance_for_Credit
Loans and Allowance for Credit Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | ' | ||||||||||||||||||||||||||||||||||||
-7 | Loans and Allowance for Credit Losses | ||||||||||||||||||||||||||||||||||||
Major classifications of loans at December 31, 2013 and 2012 are summarized as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 1,756,710 | $ | 1,813,365 | |||||||||||||||||||||||||||||||||
Commercial & industrial | 471,961 | 458,246 | |||||||||||||||||||||||||||||||||||
Commercial construction | 148,903 | 154,769 | |||||||||||||||||||||||||||||||||||
Total commercial | 2,377,574 | 2,426,380 | |||||||||||||||||||||||||||||||||||
Residential mortgage | 1,315,964 | 1,214,203 | |||||||||||||||||||||||||||||||||||
Residential construction | 328,579 | 381,677 | |||||||||||||||||||||||||||||||||||
Consumer installment | 307,149 | 152,748 | |||||||||||||||||||||||||||||||||||
Total loans | 4,329,266 | 4,175,008 | |||||||||||||||||||||||||||||||||||
Less allowance for loan losses | (76,762 | ) | (107,137 | ) | |||||||||||||||||||||||||||||||||
Loans, net | $ | 4,252,504 | $ | 4,067,871 | |||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, $977,000 and $942,000, respectively, in overdrawn deposit accounts were reclassified as commercial and industrial loans. No specific allowance for loan losses was deemed necessary for these accounts at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
Home equity lines of credit are included in the residential mortgage category and are primarily responsible for the growth in that loan class compared to prior periods. Indirect auto loans are included in the consumer installment category above and contributed to the significant growth in that class of loans. | |||||||||||||||||||||||||||||||||||||
During the second quarter of 2013, United executed a plan to accelerate the disposition of classified assets including performing classified loans, nonperforming loans and foreclosed properties. The purpose of the accelerated classified asset disposition plan was to resolve legacy credit problems remaining from the recent financial crisis and to accelerate the improvement of United’s credit measures toward pre-crisis levels. The classified asset sales included individual note and foreclosed property sales and a large bulk sale of classified assets to a single investor. The bulk sale included performing and nonperforming classified loans and foreclosed properties. The assets were divided into four separate pools that were bid for separately by potential buyers. A single purchaser was the high bidder for each of the four pools. The table below shows the allocation among impaired loans, loans that were not considered impaired and foreclosed properties, including United’s recorded investment in those assets, the sales proceeds and the resulting net charge-offs of assets sold in the bulk sale transaction (in thousands). | |||||||||||||||||||||||||||||||||||||
Recorded Investment | Net Sales Proceeds | Net | |||||||||||||||||||||||||||||||||||
Charge-Off | |||||||||||||||||||||||||||||||||||||
Loans considered impaired | $ | 96,829 | $ | 56,298 | $ | (40,531 | ) | ||||||||||||||||||||||||||||||
Loans not considered impaired | 25,687 | 15,227 | (10,460 | ) | |||||||||||||||||||||||||||||||||
Foreclosed properties | 8,398 | 5,933 | (2,465 | ) | |||||||||||||||||||||||||||||||||
Total assets sold | $ | 130,914 | $ | 77,458 | $ | (53,456 | ) | ||||||||||||||||||||||||||||||
The loans considered impaired in the table above were assigned specific reserves of $6.86 million in the most recent analysis of the allowance for loan losses prior to the sale. Because the assets were sold at liquidation prices in a bulk transaction with no recourse, the sales price was generally lower than the appraised value of the foreclosed properties and loan collateral. Although the classified asset sales increased charge-offs during the second quarter of 2013, they accomplished management’s goal of moving classified asset levels toward the pre-crisis range. | |||||||||||||||||||||||||||||||||||||
The allowance for loan losses represents management’s estimate of probable incurred losses in the loan portfolio as of year-end. In 2013, United established an allowance for unfunded commitments separate from the allowance for loan losses due to significant growth in unfunded loan commitments. 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 years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||||||||||||||||||||||||
Beginning | Charge- | Recoveries | Provision | Ending | |||||||||||||||||||||||||||||||||
Balance | Offs | Balance | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 27,847 | $ | (36,470 | ) | $ | 1,945 | $ | 31,016 | $ | 24,338 | ||||||||||||||||||||||||||
Commercial & industrial | 5,537 | (18,914 | ) | 1,888 | 18,016 | 6,527 | |||||||||||||||||||||||||||||||
Commercial construction | 8,389 | (6,483 | ) | 69 | 1,694 | 3,669 | |||||||||||||||||||||||||||||||
Residential mortgage | 26,642 | (12,277 | ) | 715 | 5,894 | 20,974 | |||||||||||||||||||||||||||||||
Residential construction | 26,662 | (23,049 | ) | 173 | 8,746 | 12,532 | |||||||||||||||||||||||||||||||
Consumer installment | 2,747 | (2,461 | ) | 1,154 | 1,039 | 2,479 | |||||||||||||||||||||||||||||||
Unallocated | 9,313 | — | — | (3,070 | ) | 6,243 | |||||||||||||||||||||||||||||||
Total allowance for loan losses | 107,137 | (99,654 | ) | 5,944 | 63,335 | 76,762 | |||||||||||||||||||||||||||||||
Allowance for unfunded commitments | — | — | — | 2,165 | 2,165 | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 107,137 | $ | (99,654 | ) | $ | 5,944 | $ | 65,500 | $ | 78,927 | ||||||||||||||||||||||||||
Beginning | Charge- | Recoveries | Provision | Ending | |||||||||||||||||||||||||||||||||
Balance | Offs | Balance | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 31,644 | $ | (23,062 | ) | $ | 692 | $ | 18,573 | $ | 27,847 | ||||||||||||||||||||||||||
Commercial & industrial | 5,681 | (2,424 | ) | 1,104 | 1,176 | 5,537 | |||||||||||||||||||||||||||||||
Commercial construction | 6,097 | (5,411 | ) | 111 | 7,592 | 8,389 | |||||||||||||||||||||||||||||||
Residential mortgage | 29,076 | (17,262 | ) | 799 | 14,029 | 26,642 | |||||||||||||||||||||||||||||||
Residential construction | 30,379 | (24,260 | ) | 1,272 | 19,271 | 26,662 | |||||||||||||||||||||||||||||||
Consumer installment | 2,124 | (2,214 | ) | 824 | 2,013 | 2,747 | |||||||||||||||||||||||||||||||
Unallocated | 9,467 | — | — | (154 | ) | 9,313 | |||||||||||||||||||||||||||||||
Total allowance for loan losses | 114,468 | (74,633 | ) | 4,802 | 62,500 | 107,137 | |||||||||||||||||||||||||||||||
Allowance for unfunded commitments | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 114,468 | $ | (74,633 | ) | $ | 4,802 | $ | 62,500 | $ | 107,137 | ||||||||||||||||||||||||||
Beginning | Charge- | Recoveries | Provision | Ending | |||||||||||||||||||||||||||||||||
Balance | Offs | Balance | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 31,191 | $ | (59,468 | ) | $ | 448 | $ | 59,473 | $ | 31,644 | ||||||||||||||||||||||||||
Commercial & industrial | 7,580 | (24,890 | ) | 967 | 22,024 | 5,681 | |||||||||||||||||||||||||||||||
Commercial construction | 6,780 | (55,730 | ) | 203 | 54,844 | 6,097 | |||||||||||||||||||||||||||||||
Residential mortgage | 22,305 | (53,707 | ) | 738 | 59,740 | 29,076 | |||||||||||||||||||||||||||||||
Residential construction | 92,571 | (118,916 | ) | 1,678 | 55,046 | 30,379 | |||||||||||||||||||||||||||||||
Consumer installment | 3,030 | (3,594 | ) | 1,044 | 1,644 | 2,124 | |||||||||||||||||||||||||||||||
Unallocated | 11,238 | — | — | (1,771 | ) | 9,467 | |||||||||||||||||||||||||||||||
Total allowance for loan losses | 174,695 | (316,305 | ) | 5,078 | 251,000 | 114,468 | |||||||||||||||||||||||||||||||
Allowance for unfunded commitments | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 174,695 | $ | (316,305 | ) | $ | 5,078 | $ | 251,000 | $ | 114,468 | ||||||||||||||||||||||||||
The following table presents 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 December 31, 2013 and December 31, 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Collectively | Ending | Individually | Collectively | Ending | ||||||||||||||||||||||||||||||||
evaluated for | Balance | evaluated for | evaluated for | Balance | |||||||||||||||||||||||||||||||||
impairment | impairment | impairment | |||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 2,013 | $ | 22,325 | $ | 24,338 | $ | 6,106 | $ | 21,741 | $ | 27,847 | |||||||||||||||||||||||||
Commercial & industrial | 66 | 6,461 | 6,527 | 490 | 5,047 | 5,537 | |||||||||||||||||||||||||||||||
Commercial construction | 112 | 3,557 | 3,669 | 2,239 | 6,150 | 8,389 | |||||||||||||||||||||||||||||||
Residential mortgage | 2,919 | 18,055 | 20,974 | 2,165 | 24,477 | 26,642 | |||||||||||||||||||||||||||||||
Residential construction | 688 | 11,844 | 12,532 | 625 | 26,037 | 26,662 | |||||||||||||||||||||||||||||||
Consumer installment | 224 | 2,255 | 2,479 | 19 | 2,728 | 2,747 | |||||||||||||||||||||||||||||||
Unallocated | — | 6,243 | 6,243 | — | 9,313 | 9,313 | |||||||||||||||||||||||||||||||
Total allowance for loan losses | 6,022 | 70,740 | 76,762 | 11,644 | 95,493 | 107,137 | |||||||||||||||||||||||||||||||
Allowance for unfunded commitments | — | 2,165 | 2,165 | — | — | — | |||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 6,022 | $ | 72,905 | $ | 78,927 | $ | 11,644 | $ | 95,493 | $ | 107,137 | |||||||||||||||||||||||||
Loans Outstanding | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Collectively | Ending | Individually evaluated for impairment | Collectively | Ending | ||||||||||||||||||||||||||||||||
evaluated for | Balance | evaluated for | Balance | ||||||||||||||||||||||||||||||||||
impairment | impairment | ||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 60,208 | $ | 1,696,502 | $ | 1,756,710 | $ | 104,409 | $ | 1,708,956 | $ | 1,813,365 | |||||||||||||||||||||||||
Commercial & industrial | 4,217 | 467,744 | 471,961 | 51,501 | 406,745 | 458,246 | |||||||||||||||||||||||||||||||
Commercial construction | 13,715 | 135,188 | 148,903 | 40,168 | 114,601 | 154,769 | |||||||||||||||||||||||||||||||
Residential mortgage | 20,672 | 1,295,292 | 1,315,964 | 22,247 | 1,191,956 | 1,214,203 | |||||||||||||||||||||||||||||||
Residential construction | 14,808 | 313,771 | 328,579 | 34,055 | 347,622 | 381,677 | |||||||||||||||||||||||||||||||
Consumer installment | 999 | 306,150 | 307,149 | 430 | 152,318 | 152,748 | |||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total loans | $ | 114,619 | $ | 4,214,647 | $ | 4,329,266 | $ | 252,810 | $ | 3,922,198 | $ | 4,175,008 | |||||||||||||||||||||||||
United considers all loans that are on nonaccrual with a balance of $500,000 or greater and all TDRs to be impaired. In addition, United reviews all accruing substandard loans greater than $2 million to determine if the loan is impaired. A loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due, according to the 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 outstanding principal balance. 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, United’s management prepares an analysis of the allowance for credit losses to determine the appropriate balance that measures and quantifies the amount of probable incurred loss in the loan portfolio. The allowance is comprised of specific reserves which are determined as described above, general reserves which are determined based on historical loss experience as adjusted for current trends and economic conditions and an unallocated portion. United uses eight quarters of historical loss experience weighted toward the most recent quarters to determine the loss factors to be used in the reserve calculation for loans evaluated in the aggregate. Eight quarters has been determined to be an appropriate time period as it is recent enough to be relevant to current conditions and covers a length of time sufficient to minimize distortions caused by nonrecurring and unusual activity that might otherwise influence a shorter time period. The weighted average is accomplished by multiplying each quarter’s annualized historical net charge-off rate by 1 through 8, with 8 representing the most recent quarter and 1 representing the oldest quarter. United uses annualized charge-off rates under the broad assumption that losses inherent in the loan portfolio will generally be resolved within twelve months. Problem loans that are not resolved within twelve months are generally larger loans that are more complex in nature requiring more time to either rehabilitate or work out of the bank. These credits are generally subject to impairment testing and are separately evaluated for specific reserves. | |||||||||||||||||||||||||||||||||||||
The weighted loss factor results for each quarter are added together and divided by 36 (the sum of 1,2,3,4,5,6,7 and 8) to arrive at the weighted average historical loss factor for each category of loans. United calculates loss factors for each major category of loans (commercial real estate, commercial & industrial, commercial construction, residential construction and consumer installment) except residential real estate loans which are further divided into home equity first lien, home equity junior lien and all other residential real estate loans and a loss factor is calculated for each category. | |||||||||||||||||||||||||||||||||||||
On junior lien home equity loans, United has limited ability to monitor the delinquency status of the first lien unless the first lien is also held by United. As a result, United 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, acceleration or delays in timing of recognition of losses that may render the use of annualized charge-off rates to be inappropriate, and other macro environmental factors such as changes in unemployment rates, lease vacancy rates and trends in property values and absorption rates. | |||||||||||||||||||||||||||||||||||||
United’s 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 charged off. Full or partial charge-offs may also be recommended by the Collections Department, the Special Assets Department and the Foreclosure/OREO Department. Nonaccrual real estate loans that are collateral dependent are generally charged down to 80% of the appraised value of the underlying collateral at the time they are placed on nonaccrual status. | |||||||||||||||||||||||||||||||||||||
A committee consisting of the Chief Risk Officer, Senior Risk Officer and the Senior Credit Officers meets monthly to review charge-offs that have occurred during the previous month. | |||||||||||||||||||||||||||||||||||||
Generally, closed-end retail loans (installment and residential mortgage loans) past due 90 cumulative days are charged off unless the loan is well secured and in process of collection (within the next 90 days). Open-end (revolving) retail loans which are past due 90 cumulative days from their contractual due date are generally charged off. | |||||||||||||||||||||||||||||||||||||
At December 31, 2013and 2012, loans with a carrying value of $1.77 billion and $1.90 billion were pledged as collateral to secure FHLB advances and other contingent funding sources. | |||||||||||||||||||||||||||||||||||||
In the ordinary course of business, the Bank grants loans to executive officers, and directors of the holding company and the Bank, including their immediate families and companies with which they are associated. Management believes that such loans are made on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable transactions with other customers. The following is a summary of such loans outstanding and the activity in these loans for the year ended December 31, 2013 (in thousands): | |||||||||||||||||||||||||||||||||||||
Balances at December 31, 2012 | $ | 6,610 | |||||||||||||||||||||||||||||||||||
New loans and advances | 1,470 | ||||||||||||||||||||||||||||||||||||
Repayments | (1,606 | ) | |||||||||||||||||||||||||||||||||||
Adjustment for changes in executive officers and directors | (3,576 | ) | |||||||||||||||||||||||||||||||||||
Balances at December 31, 2013 | $ | 2,898 | |||||||||||||||||||||||||||||||||||
The average balances of impaired loans and income recognized on impaired loans while they were considered impaired is presented below for the last three years (in thousands): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Average Balance | Interest Revenue Recognized During Impairment | Cash Basis Interest Revenue Received | Average Balance | Interest Revenue Recognized During Impairment | Cash Basis Interest Revenue Received | Average Balance | Interest Revenue Recognized During Impairment | Cash Basis Interest Revenue Received | |||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 59,724 | $ | 3,553 | $ | 3,807 | $ | 114,556 | $ | 4,994 | $ | 5,270 | $ | 48,712 | $ | 1,588 | $ | 1,506 | |||||||||||||||||||
Commercial & industrial | 4,609 | 401 | 865 | 45,233 | 1,051 | 2,523 | 24,329 | 153 | 704 | ||||||||||||||||||||||||||||
Commercial construction | 13,946 | 633 | 720 | 45,489 | 875 | 1,268 | 13,126 | 94 | 317 | ||||||||||||||||||||||||||||
Total commercial | 78,279 | 4,587 | 5,392 | 205,278 | 6,920 | 9,061 | 86,167 | 1,835 | 2,527 | ||||||||||||||||||||||||||||
Residential mortgage | 21,413 | 1,114 | 1,088 | 23,926 | 1,058 | 1,190 | 9,575 | 217 | 222 | ||||||||||||||||||||||||||||
Residential construction | 14,558 | 993 | 1,023 | 46,410 | 1,527 | 2,054 | 30,797 | 604 | 728 | ||||||||||||||||||||||||||||
Consumer installment | 383 | 21 | 21 | 564 | 26 | 27 | 101 | 6 | 6 | ||||||||||||||||||||||||||||
Total | $ | 114,633 | $ | 6,715 | $ | 7,524 | $ | 276,178 | $ | 9,531 | $ | 12,332 | $ | 126,640 | $ | 2,662 | $ | 3,483 | |||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance | Unpaid | Recorded | Allowance | ||||||||||||||||||||||||||||||||
Principal | Investment | for Loan | Principal | Investment | for Loan | ||||||||||||||||||||||||||||||||
Balance | Losses | Balance | Losses | ||||||||||||||||||||||||||||||||||
Allocated | Allocated | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 30,361 | $ | 24,205 | $ | — | $ | 74,066 | $ | 62,609 | $ | — | |||||||||||||||||||||||||
Commercial & industrial | 2,252 | 2,252 | — | 74,572 | 49,572 | — | |||||||||||||||||||||||||||||||
Commercial construction | 974 | 974 | — | 23,938 | 17,305 | — | |||||||||||||||||||||||||||||||
Total commercial | 33,587 | 27,431 | — | 172,576 | 129,486 | — | |||||||||||||||||||||||||||||||
Residential mortgage | 4,496 | 3,634 | — | 10,336 | 8,383 | — | |||||||||||||||||||||||||||||||
Residential construction | 9,462 | 7,807 | — | 35,439 | 19,093 | — | |||||||||||||||||||||||||||||||
Consumer installment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total with no related allowance recorded | 47,545 | 38,872 | — | 218,351 | 156,962 | — | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 36,085 | 36,003 | 2,013 | 44,395 | 41,800 | 6,106 | |||||||||||||||||||||||||||||||
Commercial & industrial | 2,248 | 1,965 | 66 | 2,170 | 1,929 | 490 | |||||||||||||||||||||||||||||||
Commercial construction | 12,821 | 12,741 | 112 | 23,746 | 22,863 | 2,239 | |||||||||||||||||||||||||||||||
Total commercial | 51,154 | 50,709 | 2,191 | 70,311 | 66,592 | 8,835 | |||||||||||||||||||||||||||||||
Residential mortgage | 17,624 | 17,038 | 2,919 | 14,267 | 13,864 | 2,165 | |||||||||||||||||||||||||||||||
Residential construction | 8,469 | 7,001 | 688 | 15,412 | 14,962 | 625 | |||||||||||||||||||||||||||||||
Consumer installment | 999 | 999 | 224 | 441 | 430 | 19 | |||||||||||||||||||||||||||||||
Total with an allowance recorded | 78,246 | 75,747 | 6,022 | 100,431 | 95,848 | 11,644 | |||||||||||||||||||||||||||||||
Total | $ | 125,791 | $ | 114,619 | $ | 6,022 | $ | 318,782 | $ | 252,810 | $ | 11,644 | |||||||||||||||||||||||||
There were no loans more than 90 days past due and still accruing interest at December 31, 2013 and 2012. Nonaccrual loans at December 31, 2013 and 2012 were $26.8 million and $110 million, respectively. 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 accordance with the loan terms 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 outstanding principal. | |||||||||||||||||||||||||||||||||||||
The following table presents the recorded investment (unpaid principal less amounts charged-off) in nonaccrual loans by loan class as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 8,340 | $ | 22,148 | |||||||||||||||||||||||||||||||||
Commercial & industrial | 427 | 31,817 | |||||||||||||||||||||||||||||||||||
Commercial construction | 361 | 23,843 | |||||||||||||||||||||||||||||||||||
Total commercial | 9,128 | 77,808 | |||||||||||||||||||||||||||||||||||
Residential mortgage | 13,178 | 12,589 | |||||||||||||||||||||||||||||||||||
Residential construction | 4,264 | 18,702 | |||||||||||||||||||||||||||||||||||
Consumer installment | 249 | 795 | |||||||||||||||||||||||||||||||||||
Total | $ | 26,819 | $ | 109,894 | |||||||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of December 31, 2013 and 2012 by class of loans (in thousands): | |||||||||||||||||||||||||||||||||||||
Loans Past Due | Loans Not | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | 30 - 59 Days | 60 - 89 Days | > 90 Days | Total | Past Due | Total | |||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 5,724 | $ | 2,797 | $ | 2,547 | $ | 11,068 | $ | 1,745,642 | $ | 1,756,710 | |||||||||||||||||||||||||
Commercial & industrial | 2,349 | 223 | 88 | 2,660 | 469,301 | 471,961 | |||||||||||||||||||||||||||||||
Commercial construction | 94 | 190 | 235 | 519 | 148,384 | 148,903 | |||||||||||||||||||||||||||||||
Total commercial | 8,167 | 3,210 | 2,870 | 14,247 | 2,363,327 | 2,377,574 | |||||||||||||||||||||||||||||||
Residential mortgage | 11,067 | 3,262 | 5,081 | 19,410 | 1,296,554 | 1,315,964 | |||||||||||||||||||||||||||||||
Residential construction | 1,335 | 588 | 1,375 | 3,298 | 325,281 | 328,579 | |||||||||||||||||||||||||||||||
Consumer installment | 1,243 | 423 | 66 | 1,732 | 305,417 | 307,149 | |||||||||||||||||||||||||||||||
Total loans | $ | 21,812 | $ | 7,483 | $ | 9,392 | $ | 38,687 | $ | 4,290,579 | $ | 4,329,266 | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 8,106 | $ | 3,232 | $ | 7,476 | $ | 18,814 | $ | 1,794,551 | $ | 1,813,365 | |||||||||||||||||||||||||
Commercial & industrial | 1,565 | 429 | 867 | 2,861 | 455,385 | 458,246 | |||||||||||||||||||||||||||||||
Commercial construction | 2,216 | — | 4,490 | 6,706 | 148,063 | 154,769 | |||||||||||||||||||||||||||||||
Total commercial | 11,887 | 3,661 | 12,833 | 28,381 | 2,397,999 | 2,426,380 | |||||||||||||||||||||||||||||||
Residential mortgage | 12,292 | 2,426 | 4,848 | 19,566 | 1,194,637 | 1,214,203 | |||||||||||||||||||||||||||||||
Residential construction | 2,233 | 1,934 | 5,159 | 9,326 | 372,351 | 381,677 | |||||||||||||||||||||||||||||||
Consumer installment | 1,320 | 245 | 289 | 1,854 | 150,894 | 152,748 | |||||||||||||||||||||||||||||||
Total loans | $ | 27,732 | $ | 8,266 | $ | 23,129 | $ | 59,127 | $ | 4,115,881 | $ | 4,175,008 | |||||||||||||||||||||||||
As of December 31, 2013 and 2012, United has allocated $5.64 million and $9.50 million, respectively, of specific reserves to customers whose loan terms have been modified in TDRs. United committed to lend additional amounts totaling up to $6,000 and $689,000 as of December 31, 2013 and 2012, respectively, to customers with outstanding loans that are classified as TDRs. | |||||||||||||||||||||||||||||||||||||
The modification of the terms of TDRs 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 permanent reduction of the principal amount; 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, or a mandated bankruptcy restructuring. | |||||||||||||||||||||||||||||||||||||
Loans modified under the terms of a TDR during the twelve months ended December 31, 2013 and 2012 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that became 90 days or more delinquent during the twelve months ended December 31, 2013 and 2012, that were initially restructured within one year prior to becoming delinquent (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Pre- | Post- | Troubled Debt | |||||||||||||||||||||||||||||||||||
Modification | Modification | Restructurings That | |||||||||||||||||||||||||||||||||||
Outstanding Recorded Investment | Outstanding | Have Subsequently | |||||||||||||||||||||||||||||||||||
Recorded | Defaulted Within the | ||||||||||||||||||||||||||||||||||||
Investment | Previous Twelve Months | ||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings for the Year | Number of | Number of | Recorded | ||||||||||||||||||||||||||||||||||
ended December 31, 2013 | Contracts | Contracts | Investment | ||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 20 | $ | 12,483 | $ | 11,384 | 3 | $ | 670 | |||||||||||||||||||||||||||||
Commercial & industrial | 14 | 1,464 | 1,208 | 1 | 35 | ||||||||||||||||||||||||||||||||
Commercial construction | 1 | 416 | 416 | 2 | 1,454 | ||||||||||||||||||||||||||||||||
Total commercial | 35 | 14,363 | 13,008 | 6 | 2,159 | ||||||||||||||||||||||||||||||||
Residential mortgage | 49 | 7,098 | 6,573 | 3 | 641 | ||||||||||||||||||||||||||||||||
Residential construction | 15 | 2,160 | 2,015 | 3 | 531 | ||||||||||||||||||||||||||||||||
Consumer installment | 11 | 80 | 80 | 5 | 29 | ||||||||||||||||||||||||||||||||
Total loans | 110 | $ | 23,701 | $ | 21,676 | 17 | $ | 3,360 | |||||||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 54 | $ | 34,450 | $ | 32,928 | 7 | $ | 3,287 | |||||||||||||||||||||||||||||
Commercial & industrial | 22 | 3,619 | 3,616 | 3 | 71 | ||||||||||||||||||||||||||||||||
Commercial construction | 20 | 34,014 | 33,934 | 3 | 4,224 | ||||||||||||||||||||||||||||||||
Total commercial | 96 | 72,083 | 70,478 | 13 | 7,582 | ||||||||||||||||||||||||||||||||
Residential mortgage | 67 | 15,132 | 14,303 | 10 | 650 | ||||||||||||||||||||||||||||||||
Residential construction | 49 | 19,909 | 17,400 | 16 | 5,728 | ||||||||||||||||||||||||||||||||
Consumer installment | 25 | 334 | 328 | 4 | 39 | ||||||||||||||||||||||||||||||||
Total loans | 237 | $ | 107,458 | $ | 102,509 | 43 | $ | 13,999 | |||||||||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 57 | $ | 56,981 | $ | 56,031 | 4 | $ | 1,447 | |||||||||||||||||||||||||||||
Commercial & industrial | 15 | 767 | 767 | 2 | 52 | ||||||||||||||||||||||||||||||||
Commercial construction | 9 | 16,243 | 16,243 | — | — | ||||||||||||||||||||||||||||||||
Total commercial | 81 | 73,991 | 73,041 | 6 | 1,499 | ||||||||||||||||||||||||||||||||
Residential mortgage | 75 | 11,008 | 10,444 | 9 | 718 | ||||||||||||||||||||||||||||||||
Residential construction | 44 | 22,584 | 21,821 | 9 | 1,289 | ||||||||||||||||||||||||||||||||
Consumer installment | 31 | 205 | 200 | 13 | 68 | ||||||||||||||||||||||||||||||||
Total loans | 231 | $ | 107,788 | $ | 105,506 | 37 | $ | 3,574 | |||||||||||||||||||||||||||||
The following table presents additional information on TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | ||||||||||||||||||||||||||||||||
Contracts | Modification Outstanding | Modification Outstanding | Contracts | Modification Outstanding | Modification Outstanding | ||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 77 | $ | 44,964 | $ | 40,667 | 96 | $ | 80,261 | $ | 75,340 | |||||||||||||||||||||||||||
Commercial & industrial | 36 | 3,527 | 3,245 | 32 | 7,492 | 7,250 | |||||||||||||||||||||||||||||||
Commercial construction | 13 | 13,122 | 13,042 | 25 | 37,537 | 33,809 | |||||||||||||||||||||||||||||||
Total commercial | 126 | 61,613 | 56,954 | 153 | 125,290 | 116,399 | |||||||||||||||||||||||||||||||
Residential mortgage | 136 | 20,622 | 19,357 | 117 | 20,323 | 19,296 | |||||||||||||||||||||||||||||||
Residential construction | 57 | 12,459 | 10,452 | 67 | 25,822 | 23,786 | |||||||||||||||||||||||||||||||
Consumer installment | 26 | 203 | 203 | 51 | 1,292 | 1,282 | |||||||||||||||||||||||||||||||
Total loans | 345 | $ | 94,897 | $ | 86,966 | 388 | $ | 172,727 | $ | 160,763 | |||||||||||||||||||||||||||
Collateral dependent TDRs that subsequently default or are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. Impairment on TDRs that are not collateral dependent continues to be measured based on discounted cash flows regardless of whether the loan has subsequently defaulted. | |||||||||||||||||||||||||||||||||||||
Risk Ratings | |||||||||||||||||||||||||||||||||||||
United categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, 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 continuous basis. United uses the following definitions for its risk ratings: | |||||||||||||||||||||||||||||||||||||
Watch. Loans in this category are presently protected from apparent loss; however weaknesses exist that could cause future impairment, including the deterioration of financial ratios, past due status and questionable management capabilities. These loans require more than the ordinary amount of supervision. Collateral values generally afford adequate coverage, but may not be immediately marketable. | |||||||||||||||||||||||||||||||||||||
Substandard. These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged. Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. There is the distinct possibility that United will sustain some loss if deficiencies are not corrected. If possible, immediate corrective action is taken. | |||||||||||||||||||||||||||||||||||||
Doubtful. Specific weaknesses characterized as Substandard that are severe enough to make collection in full highly questionable and improbable. There is no reliable secondary source of full repayment. | |||||||||||||||||||||||||||||||||||||
Loss. Loans categorized as Loss have the same characteristics as Doubtful however probability of loss is certain. Loans classified as Loss are charged-off. | |||||||||||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): | |||||||||||||||||||||||||||||||||||||
Substandard | Doubtful / | ||||||||||||||||||||||||||||||||||||
Pass | Watch | Performing | Nonaccrual | Loss | Total | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 1,630,521 | $ | 40,124 | $ | 77,725 | $ | 8,340 | $ | — | $ | 1,756,710 | |||||||||||||||||||||||||
Commercial & industrial | 456,563 | 5,382 | 9,589 | 427 | — | 471,961 | |||||||||||||||||||||||||||||||
Commercial construction | 120,852 | 10,932 | 16,758 | 361 | — | 148,903 | |||||||||||||||||||||||||||||||
Total commercial | 2,207,936 | 56,438 | 104,072 | 9,128 | — | 2,377,574 | |||||||||||||||||||||||||||||||
Residential mortgage | 1,219,433 | 31,364 | 51,989 | 13,178 | — | 1,315,964 | |||||||||||||||||||||||||||||||
Residential construction | 298,685 | 11,526 | 14,104 | 4,264 | — | 328,579 | |||||||||||||||||||||||||||||||
Consumer installment | 303,133 | 1,229 | 2,538 | 249 | — | 307,149 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,029,187 | $ | 100,557 | $ | 172,703 | $ | 26,819 | $ | — | $ | 4,329,266 | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 1,592,677 | $ | 80,997 | $ | 117,543 | $ | 22,148 | $ | — | $ | 1,813,365 | |||||||||||||||||||||||||
Commercial & industrial | 402,548 | 5,404 | 18,477 | 31,817 | — | 458,246 | |||||||||||||||||||||||||||||||
Commercial construction | 104,296 | 7,345 | 19,285 | 23,843 | — | 154,769 | |||||||||||||||||||||||||||||||
Total commercial | 2,099,521 | 93,746 | 155,305 | 77,808 | — | 2,426,380 | |||||||||||||||||||||||||||||||
Residential mortgage | 1,102,746 | 33,689 | 65,179 | 12,589 | — | 1,214,203 | |||||||||||||||||||||||||||||||
Residential construction | 292,264 | 32,907 | 37,804 | 18,702 | — | 381,677 | |||||||||||||||||||||||||||||||
Consumer installment | 147,214 | 1,086 | 3,653 | 795 | — | 152,748 | |||||||||||||||||||||||||||||||
Total loans | $ | 3,641,745 | $ | 161,428 | $ | 261,941 | $ | 109,894 | $ | — | $ | 4,175,008 | |||||||||||||||||||||||||
Foreclosed_Property
Foreclosed Property | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Foreclosed Property [Abstract] | ' | ||||||||||||
Foreclosed Property | ' | ||||||||||||
-8 | Foreclosed Property | ||||||||||||
Major classifications of foreclosed properties at December 31, 2013 and 2012 are summarized as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Commercial real estate | $ | 1,287 | $ | 6,368 | |||||||||
Commercial construction | — | 2,204 | |||||||||||
Total commercial | 1,287 | 8,572 | |||||||||||
Residential mortgage | 3,380 | 5,192 | |||||||||||
Residential construction | 736 | 11,454 | |||||||||||
Total foreclosed property | 5,403 | 25,218 | |||||||||||
Less valuation allowance | (1,182 | ) | (6,954 | ) | |||||||||
Foreclosed property, net | $ | 4,221 | $ | 18,264 | |||||||||
Balance as a percentage of original loan unpaid principal | 44.5 | % | 39.7 | % | |||||||||
In the second quarter of 2013, United completed the accelerated sales of $172 million of classified assets including performing and nonperforming classified loans and foreclosed properties. | |||||||||||||
Activity in the valuation allowance for foreclosed property is presented in the following table (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 6,954 | $ | 18,982 | $ | 16,565 | |||||||
Additions charged to expense | 3,065 | 6,951 | 57,368 | ||||||||||
Charge-offs upon disposition | (8,837 | ) | (18,979 | ) | (54,951 | ) | |||||||
Balance at end of year | $ | 1,182 | $ | 6,954 | $ | 18,982 | |||||||
Expenses related to foreclosed assets include (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net loss on sales | $ | 1,641 | $ | 1,924 | $ | 11,038 | |||||||
Provision for unrealized losses | 3,065 | 6,951 | 57,368 | ||||||||||
Operating expenses, net of rental income | 3,163 | 5,118 | 10,499 | ||||||||||
Total foreclosed property expense | $ | 7,869 | $ | 13,993 | $ | 78,905 |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premises and Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
-9 | Premises and Equipment | ||||||||
Premises and equipment at December 31, 2013 and 2012 are summarized as follows, (in thousands): | |||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 80,845 | $ | 81,272 | |||||
Buildings and improvements | 114,048 | 114,127 | |||||||
Furniture and equipment | 63,015 | 66,565 | |||||||
Construction in progress | 510 | 1,181 | |||||||
258,418 | 263,145 | ||||||||
Less accumulated depreciation | (94,829 | ) | (94,225 | ) | |||||
Premises and equipment, net | $ | 163,589 | $ | 168,920 | |||||
Depreciation expense was $9.40 million, $9.26 million and $9.83 million for 2013, 2012 and 2011, respectively. | |||||||||
United leases certain branch properties and equipment under operating leases. Rent expense was $2.34 million, $2.30 million and $2.25 million for 2013, 2012 and 2011, respectively. United does not have any capital leases. Rent commitments under operating leases, before considering renewal options that generally are present, were as follows (in thousands): | |||||||||
2014 | $ | 1,852 | |||||||
2015 | 1,393 | ||||||||
2016 | 563 | ||||||||
2017 | 537 | ||||||||
2018 | 399 | ||||||||
Thereafter | 1,566 | ||||||||
Total | $ | 6,310 |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||
Intangible Assets | ' | ||||||||
-10 | Intangible Assets | ||||||||
United has finite-lived intangible assets capitalized on its balance sheet in the form of core deposit intangibles. These intangible assets are amortized over their estimated useful lives of no more than 10 years. A summary of core deposit intangible assets as of December 31, 2013 and 2012 is presented below, (in thousands): | |||||||||
2013 | 2012 | ||||||||
Gross carrying amount | $ | 32,652 | $ | 32,652 | |||||
Less accumulated amortization | 29,172 | 27,142 | |||||||
Net carrying amount | $ | 3,480 | $ | 5,510 | |||||
Amortization expense on finite-lived intangible assets was $2.03 million in 2013, $2.92 million for 2012 and $3.02 million for 2011. Amortization expense for each of the years 2014 through 2018 is estimated below (in thousands): | |||||||||
2014 | $ | 1,349 | |||||||
2015 | 956 | ||||||||
2016 | 879 | ||||||||
2017 | 263 | ||||||||
2018 | 31 |
Deposits
Deposits | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Deposits [Abstract] | ' | ||||
Deposits | ' | ||||
-11 | Deposits | ||||
At December 31, 2013, the contractual maturities of time deposits are summarized as follows (in thousands): | |||||
Maturing In: | |||||
2014 | $ | 1,098,425 | |||
2015 | 232,625 | ||||
2016 | 118,261 | ||||
2017 | 15,353 | ||||
2018 | 21,191 | ||||
thereafter | 268,960 | ||||
$ | 1,754,815 | ||||
At December 31, 2013, United held $273 million in certificates of deposit obtained through the efforts of third party brokers. At December 31, 2012, United had $155 million of brokered certificates of deposit. The daily average balance of these brokered deposits totaled $219 million and $156 million in 2013 and 2012, respectively. The brokered certificates of deposit at December 31, 2013 had maturities ranging from 15 to 20 years and are callable by United. Most of the brokered certificates of deposit have been swapped in fair value hedging relationships to 90 day LIBOR minus a basis point spread that currently exceeds LIBOR, thereby resulting in a negative yield. United also has certain market-linked brokered deposits that are considered hybrid instruments that contain embedded derivatives that have been bifurcated from the host contract leaving host instruments paying a rate of 90 day LIBOR minus a basis point spread that also result in a negative yield. |
Federal_Home_Loan_Bank_Advance
Federal Home Loan Bank Advances | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Federal Home Loan Bank Advances | ' | ||||||||||||||||
-12 | Federal Home Loan Bank Advances | ||||||||||||||||
At December 31, 2013, United had advances totaling $120 million from the FHLB all of which were fixed rate advances. At December 31, 2012, United had advances totaling $40.1 million from the FHLB all of which were fixed rate advances. With the exception of $125,000 that matures in 2016, the advances outstanding at December 31, 2013 had maturities of no more than 30 days with interest rates up to 0.20%. At December 31, 2013, the weighted average interest rate on FHLB advances was .19%, compared to .18% as of December 31, 2012. The FHLB advances are collateralized by commercial (secured by real estate) and residential mortgage loans, investment securities and FHLB stock. | |||||||||||||||||
At December 31, 2013, the maturities and current rates of outstanding advances were as follows (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
Maturing In: | Maturing | Current Rate Range | |||||||||||||||
2014 | $ | 120,000 | 0.17% - 0.20% | ||||||||||||||
2016 | 125 | ||||||||||||||||
$ | 120,125 |
Shortterm_Borrowings
Short-term Borrowings | 12 Months Ended | |
Dec. 31, 2013 | ||
Short-term Debt [Abstract] | ' | |
Short-term Borrowings | ' | |
-13 | Short-term Borrowings | |
United uses a number of sources of short-term borrowings to meet its liquidity needs including federal funds purchased, repurchase agreements and Federal Reserve discount window borrowings. As of December 31, 2013 and 2012, the balance of short-term borrowings consisted of repurchase agreements totaling $53.2 million and $52.6 million, respectively. |
Longterm_Debt
Long-term Debt | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||||||||||||||||||
Long-term Debt | ' | ||||||||||||||||||||||||
-14 | Long-term Debt | ||||||||||||||||||||||||
Long-term debt at December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | Issue | Stated | Earliest | Interest Rate | ||||||||||||||||||||
Date | Maturity | Call | |||||||||||||||||||||||
Date | Date | ||||||||||||||||||||||||
2013 senior debentures | $ | 40,000 | $ | — | 2013 | 2018 | 2015 | 6 | % | ||||||||||||||||
2012 senior debentures | 35,000 | 35,000 | 2012 | 2017 | 2017 | 9 | |||||||||||||||||||
Total senior debentures | 75,000 | 35,000 | |||||||||||||||||||||||
2003 subordinated debentures | — | 35,000 | 2003 | 2015 | 2010 | 7.5 | |||||||||||||||||||
Total subordinated debentures | — | 35,000 | |||||||||||||||||||||||
United Community Capital Trust | 21,650 | 21,650 | 1998 | 2028 | 2008 | 8.125 | |||||||||||||||||||
United Community Statutory Trust I | 5,155 | 5,155 | 2000 | 2030 | 2010 | 10.6 | |||||||||||||||||||
United Community Capital Trust II | 10,309 | 10,309 | 2000 | 2030 | 2010 | 11.295 | |||||||||||||||||||
Southern Bancorp Capital Trust I | 4,382 | 4,382 | 2004 | 2034 | 2009 | Prime + 1.00 | |||||||||||||||||||
United Community Statutory Trust II | 12,131 | 12,077 | 2008 | 2038 | 2013 | 9 | |||||||||||||||||||
United Community Statutory Trust III | 1,238 | 1,232 | 2008 | 2038 | 2013 | Prime + 3.00 | |||||||||||||||||||
Total trust preferred securities | 54,865 | 54,805 | |||||||||||||||||||||||
Total long-term debt | $ | 129,865 | $ | 124,805 | |||||||||||||||||||||
Interest is paid semiannually for all senior debentures, subordinated debentures and trust preferred securities. | |||||||||||||||||||||||||
Senior Debentures | |||||||||||||||||||||||||
The 2013 senior debentures are redeemable on or after August 13, 2015, at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest, and will mature on August 13, 2018 if not redeemed prior to that date. The 2012 senior debentures are not redeemable prior to maturity and will mature on October 15, 2017. | |||||||||||||||||||||||||
Subordinated Debentures | |||||||||||||||||||||||||
The 2003 subordinated debentures were redeemed on September 30, 2013 at a redemption price equal to $35.0 million (100% of the principal amount) plus all accrued and unpaid interest as of that date. | |||||||||||||||||||||||||
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 at a premium as provided in the indentures. | |||||||||||||||||||||||||
The trust preferred securities issued under United Community Statutory Trust II and United Community Statutory Trust III had attached warrants that allow the holder to redeem the trust preferred securities in exchange for common stock at the exercise price of $100 per share. The warrants expired unexercised on October 31, 2013. |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ' | |||||||||||||
-15 | Reclassifications Out of Accumulated Other Comprehensive Income | |||||||||||||
The following presents the details regarding amounts reclassified out of accumulated other comprehensive income for the years ended December 31, 2013, 2012 and 2011 (in thousands). | ||||||||||||||
Details about Accumulated Other | Amounts Reclassified from Accumulated | Affected Line Item in the Statement | ||||||||||||
Other Comprehensive Income | ||||||||||||||
For the Years Ended December 31, | ||||||||||||||
Comprehensive Income Components | 2013 | 2012 | 2011 | Where Net Income is Presented | ||||||||||
Unrealized (losses) gains on available-for-sale securities: | ||||||||||||||
$ | 186 | $ | 7,078 | $ | 842 | Securities gains, net | ||||||||
(72 | ) | (2,753 | ) | (328 | ) | Tax (expense) or benefit | ||||||||
$ | 114 | $ | 4,325 | $ | 514 | Net of tax | ||||||||
Amortization of gains included in net income on available-for-sale securities transferred to held to maturity: | ||||||||||||||
$ | 731 | $ | 1,988 | $ | 2,177 | Investment securities interest revenue | ||||||||
(282 | ) | (773 | ) | (846 | ) | Tax (expense) or benefit | ||||||||
$ | 449 | $ | 1,215 | $ | 1,331 | Net of tax | ||||||||
Gains included in net income on derivative financial instruments accounted for as cash flow hedges: | ||||||||||||||
Effective portion of interest rate contracts | $ | 852 | $ | 3,475 | $ | 10,152 | Loan interest revenue | |||||||
Ineffective portion of interest rate contracts | 52 | 237 | 4,964 | Loan interest revenue | ||||||||||
904 | 3,712 | 15,116 | Total before tax | |||||||||||
(352 | ) | (1,444 | ) | (5,880 | ) | Tax (expense) or benefit | ||||||||
$ | 552 | $ | 2,268 | $ | 9,236 | Net of tax | ||||||||
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | ||||||||||||||
Prior service cost | $ | (365 | ) | $ | (365 | ) | $ | — | Salaries and employee benefits expense | |||||
Actuarial losses | (167 | ) | (250 | ) | — | Salaries and employee benefits expense | ||||||||
Reclassification of unamortized prior service | — | — | 4,750 | Salaries and employee benefits expense | ||||||||||
cost and actuarial gains and losses | ||||||||||||||
(532 | ) | (615 | ) | 4,750 | Total before tax | |||||||||
207 | 240 | (1,848 | ) | Tax (expense) or benefit | ||||||||||
$ | (325 | ) | $ | (375 | ) | $ | 2,902 | Net of tax | ||||||
Total reclassifications for the period | $ | 790 | $ | 7,433 | $ | 13,983 | Net of tax | |||||||
Amounts shown above in parentheses reduce earnings |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
-16 | Earnings Per Share | ||||||||||||
United is required to report on the face of the statement of operations, earnings (loss) per common share with and without the dilutive effects of potential common stock issuances from instruments such as options, convertible securities and warrants. Basic earnings per common share is based on the weighted average number of shares of common stock outstanding during the period while the effects of potential shares of common stock outstanding during the period are included in diluted earnings per common share. | |||||||||||||
During the years ended December 31, 2013, 2012 and 2011, United accrued dividends on preferred stock, including accretion of discounts, as shown in the following table (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Series A - 6% fixed (1) | $ | 12 | $ | 12 | $ | 13 | |||||||
Series B - 5% fixed until December 6, 2013, 9% thereafter (1)(2) | 10,401 | 10,465 | 10,401 | ||||||||||
Series D - LIBOR plus 9.6875%, resets quarterly (1) | 1,665 | 1,671 | 1,425 | ||||||||||
Total preferred stock dividends | $ | 12,078 | $ | 12,148 | $ | 11,839 | |||||||
-1 | All preferred stock dividends are payable quarterly. | ||||||||||||
-2 | Series B preferred stock was issued at a discount. Dividend amounts shown include discount accretion for each period. | ||||||||||||
The preferred stock dividends were subtracted from net income (loss) in order to arrive at net income (loss) available to common shareholders. There is no dilution from dilutive securities for the year ended December 31, 2011, due to the anti-dilutive effect of the net loss for that period. There were no dilutive securities outstanding at December 31, 2012. | |||||||||||||
The following table sets forth the computation of basic and diluted loss per common share for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share data): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) available to common stockholders | $ | 261,062 | $ | 21,708 | $ | (238,584 | ) | ||||||
Income (loss) per common share: | |||||||||||||
Basic | 4.44 | 0.38 | $ | (5.97 | ) | ||||||||
Diluted | 4.44 | 0.38 | (5.97 | ) | |||||||||
Weighted average common shares: | |||||||||||||
Basic | 58,787 | 57,857 | 39,943 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options | 1 | — | — | ||||||||||
Warrants | 57 | — | — | ||||||||||
Diluted | 58,845 | 57,857 | 39,943 | ||||||||||
At December 31, 2013, 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; 371,449 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $98.54; 1,073,259 shares of common stock issuable upon completion of vesting of restricted stock awards; and warrants to purchase shares of common stock equivalent junior preferred stock at a price equivalent to $21.25 per share that would be convertible into 1,411,765 shares of common stock, which were granted to Fletcher International Ltd. (“Fletcher”) in connection with a 2010 asset purchase and sale agreement. | |||||||||||||
At December 31, 2012, 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; warrants that are attached to trust preferred securities to purchase 129,670 shares of common stock at $100 per share; 482,528 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $97.73; 485,584 shares of common stock issuable upon completion of vesting of restricted stock awards; warrants to purchase shares of common stock equivalent junior preferred stock at a price equivalent to $21.25 per share that would be convertible into 1,411,765 shares of common stock, which were granted to Fletcher in connection with a 2010 asset purchase and sale agreement; and warrants to purchase 1,551,126 shares of common stock at $12.50 per share. | |||||||||||||
At December 31, 2011, United had of the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; warrants that are attached to trust preferred securities to purchase 129,670 shares of common stock at $100 per share; 583,647 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $94.48; 414,644 shares of common stock issuable upon completion of vesting of restricted stock awards; warrants to purchase shares of common stock equivalent junior preferred stock at a price equivalent to $21.25 per share that would be convertible into 1,411,765 shares of common stock, which were granted to Fletcher in connection with a 2010 asset purchase and sale agreement; 2,476,191 shares of common stock issuable upon conversion of shares of common stock equivalent junior preferred stock or Series C convertible preferred stock that may have been purchased by Fletcher at a conversion price of $26.25 per share (such conversion price may be higher in certain circumstances); warrants to purchase 1,162,791 shares of common stock at a price equivalent to $30.10 per share, which would be granted to Fletcher upon exercise of its option to purchase shares of Series C convertible preferred stock; and warrants to purchase 1,551,126 shares of common stock at $12.50 per share. | |||||||||||||
United has received purported partial warrant exercise notices from Fletcher with respect to its warrants to purchase shares of common stock equivalent junior preferred stock that would be convertible into 1,411,765 shares of common stock that include incorrect calculations of the number of settlement shares Fletcher would receive upon exercise. On June 17, 2011, United completed a reclassification of its common stock in the form of 1-for-5 reverse stock split, or recombination. United believes that any current exercise of Fletcher’s warrants would not result in the issuance of any settlement shares because the warrants may only be exercised for net shares via a cashless exercise formula, and the reverse stock split-adjusted market price component of that formula does not exceed the exercise price to yield any net shares. Fletcher has also claimed that it is entitled to penalties under its contracts with United for a “registration failure” it claims occurred in 2012. United also believes that no registration failure penalty is due. As a result, United has responded to Fletcher with United’s calculations related to its warrants and denied any liability for any such penalty. United may consider repurchasing the warrants based on their fair value in connection with the resolution of any purported claims that Fletcher maintains. United has also established litigation reserves associated with claims that may be made against United by Fletcher. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
-17 | Income Taxes | ||||||||||||
Income tax expense (benefit) for the years ended December 31, 2013, 2012 and 2011 is as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | $ | 3,467 | $ | 1,050 | $ | (3,983 | ) | ||||||
Deferred | 23,785 | 9,446 | (94,808 | ) | |||||||||
Increase (decrease) in valuation allowance | (265,440 | ) | (9,446 | ) | 94,808 | ||||||||
Total income tax expense (benefit) | $ | (238,188 | ) | $ | 1,050 | $ | (3,983 | ) | |||||
The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 35% to income (loss) before income taxes are as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Pretax loss at statutory rates | $ | 12,234 | $ | 12,217 | $ | (80,755 | ) | ||||||
Add (deduct): | |||||||||||||
State taxes, net of federal benefit | 895 | 577 | (9,210 | ) | |||||||||
Bank owned life insurance earnings | (704 | ) | (444 | ) | (556 | ) | |||||||
Adjustment to reserve for uncertain tax positions | (426 | ) | (577 | ) | (4,593 | ) | |||||||
Tax-exempt interest revenue | (714 | ) | (816 | ) | (836 | ) | |||||||
Nondeductible interest expense | 10 | 18 | 34 | ||||||||||
Equity compensation | 676 | 255 | 489 | ||||||||||
Tax credits | (438 | ) | (460 | ) | (350 | ) | |||||||
Change in state statutory tax rate | 1,003 | — | — | ||||||||||
Disproportionate tax effects | 12,174 | — | — | ||||||||||
(Decrease) increase in valuation allowance | (265,440 | ) | (9,446 | ) | 94,808 | ||||||||
Other | 2,542 | (274 | ) | (3,014 | ) | ||||||||
Total income tax expense (benefit) | $ | (238,188 | ) | $ | 1,050 | $ | (3,983 | ) | |||||
The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net deferred tax asset at December 31, 2013 and 2012, which is included in other assets (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowances for loan losses | $ | 29,672 | $ | 41,521 | |||||||||
Net operating loss carryforwards | 219,863 | 221,335 | |||||||||||
Deferred compensation | 6,299 | 5,526 | |||||||||||
Reserve for losses on foreclosed properties | 678 | 3,702 | |||||||||||
Nonqualified share based compensation | 3,710 | 4,424 | |||||||||||
Accrued expenses | 2,663 | 1,960 | |||||||||||
Investment in low income housing tax credit partnerships | 1,335 | 1,443 | |||||||||||
Unamortized pension actuarial losses and prior service cost | 1,252 | 1,677 | |||||||||||
Acquired intangible assets | 326 | 890 | |||||||||||
Unrealized losses on securities available-for-sale | 2,056 | — | |||||||||||
Unrealized losses on cash flow hedges | — | 3,048 | |||||||||||
Other | 3,985 | 3,919 | |||||||||||
Total deferred tax assets | 271,839 | 289,445 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Unrealized gains on securities available-for-sale | — | 6,629 | |||||||||||
Unrealized gains on cash flow hedges | 523 | — | |||||||||||
Premises and equipment | 2,812 | 3,414 | |||||||||||
Loan origination costs | 4,234 | 3,876 | |||||||||||
Gain from acquisition of Southern Community Bank | 816 | 4,021 | |||||||||||
Prepaid expenses | 836 | 1,082 | |||||||||||
Total deferred tax liabilities | 9,221 | 19,022 | |||||||||||
Less valuation allowance | 4,100 | 270,423 | |||||||||||
Net deferred tax asset | $ | 258,518 | $ | — | |||||||||
The valuation allowance on deferred tax assets was $4.10 million and $270 million, respectively, at December 31, 2013 and 2012. Management assesses the valuation allowance recorded against deferred tax assets at each reporting period. The determination of whether a valuation allowance for deferred tax assets is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. Accounting Standards Codification Topic 740, Income Taxes, requires that companies assess whether a valuation allowance should be established against their deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. | |||||||||||||
In the second quarter of 2013, United reversed $272 million of its valuation on its net deferred tax asset. United established a full valuation allowance on its deferred tax asset in 2010 due to the realization of significant losses and uncertainty about United’s future earnings forecasts. | |||||||||||||
United evaluated the need for a valuation allowance again at December 31, 2013. Based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of the net deferred tax asset will be realized based upon future taxable income. The remaining valuation allowance of $4.10 million is related to specific state income tax credits that have short carryforward periods and are expected to expire unused. The positive evidence considered by management in arriving at the conclusion that a full valuation allowance is not necessary included six consecutive profitable quarters beginning with the fourth quarter of 2011, United’s strong pre-crisis earnings history and growth in pre-tax, pre-credit earnings, which demonstrate demand for United’s products and services, and United’s significant improvement in credit measures, which improve both the sustainability of profitability and management’s ability to forecast future credit losses. The negative evidence considered by management included the fact that United remains in a three-year cumulative loss position. | |||||||||||||
United expects to realize $259 million in net deferred tax assets well in advance of the statutory carryforward period. At December 31, 2013, $43 million of existing deferred tax assets were not related to net operating losses or credits, and therefore, have no expiration date. At December 31, 2013, United had state net operating loss carryforwards of approximately $32 million that begin to expire in 2023, and approximately $666 million that begin to expire in 2028, if not previously utilized. United has $528 million in federal net operating loss carryforwards that begin to expire in 2029, if not previously utilized. United has $2.6 million of federal general business tax credits that begin to expire in 2028, if not previously utilized as well as $3.1 million in federal alternative minimum tax credits which have no expiration date. | |||||||||||||
The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at December 31, 2013 that it was more likely than not that the net deferred tax assets of $259 million will be realized is based on management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts which 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 the deferred tax asset. Such an increase to the deferred tax asset valuation allowance could have a material adverse effect on United’s financial condition and results of operations. | |||||||||||||
A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 5,069 | $ | 5,985 | $ | 11,133 | |||||||
Additions based on tax positions related to prior years | — | 130 | — | ||||||||||
Decreases based on tax positions related to prior years | — | — | (3,369 | ) | |||||||||
Additions based on tax positions related to the current year | 352 | 500 | 585 | ||||||||||
Decreases resulting from a lapse in the applicable statute of limitations | (918 | ) | (957 | ) | (1,362 | ) | |||||||
Decreases based on settlements with taxing authorities | — | (589 | ) | (1,002 | ) | ||||||||
Balance at end of year | $ | 4,503 | $ | 5,069 | $ | 5,985 | |||||||
Approximately $3.6 million of this amount would increase income from continuing operations, and thus affect United’s effective tax rate, if ultimately recognized into income. | |||||||||||||
It is United’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. In 2013, 2012 and 2011, United reversed $59,000, $120,000 and $1.27 million, respectively, in previously recorded penalties and interest as a result of statute expiration on affected returns, settlement with a state taxing authority and a change in estimate relating to prior year tax positions. The amount accrued for interest and penalties at December 31, 2012 was $85,000. No amounts were accrued for interest and penalties at December 31, 2013. | |||||||||||||
United and its subsidiaries file a consolidated U.S. federal income tax return, as well as file various returns in the states where its banking offices are located. United’s federal and state income tax returns are no longer subject to examination by taxing authorities for years before 2010. |
Pension_and_Employee_Benefit_P
Pension and Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Pension and Employee Benefit Plans [Abstract] | ' | ||||||||||||
Pension and Employee Benefit Plans | ' | ||||||||||||
-18 | Pension and Employee Benefit Plans | ||||||||||||
United offers a defined contribution 401(k) and Profit Sharing Plan (the “401(k) Plan”) that covers substantially all employees meeting certain minimum service requirements. The Plan allows employees to make pre-tax contributions to the 401(k) Plan and United matches these employee contributions up to 5% of eligible compensation, subject to Plan and regulatory limits. United may also elect to make discretionary profit sharing contributions of up to 3.5% of eligible compensation based on earnings performance. Employees begin to receive matching contributions after completing one year of service and benefits vest after three years of service. United’s Plan is administered in accordance with applicable laws and regulations. Through March 31, 2012, United matched employee 401(k) Plan contributions dollar-for-dollar up to 5% of eligible compensation. Effective April 1, 2012, the matching contribution was reduced in half to 50% of employee contributions up to 5% of eligible compensation. Compensation expense from continuing operations related to the 401(k) Plan totaled $1.24 million, $1.66 million and $2.86 million in 2013, 2012 and 2011, respectively. The 401(k) Plan allows employees to choose to invest among a number of investment options, including United’s common stock. During 2013, 2012 and 2011, the 401(k) Plan purchased 48,996, 86,350 and 372,363 common shares, respectively, directly from United at the average of the high and low stock price on the date of purchase. | |||||||||||||
United sponsors a non-qualified deferred compensation plan for its executive officers, certain other key employees and members of United’s Board of Directors and its community banks’ advisory boards of directors. The deferred compensation plan provides for the pre-tax deferral of compensation, fees and other specified benefits. The deferred compensation plan also permits each employee participant to elect to defer a portion of his or her base salary or bonus and permits each director participant to elect to defer all or a portion of his or her director’s fees. Further, the deferred compensation plan allows for additional contributions by an employee, with matching contributions by United, for amounts that exceed the allowable amounts under the 401(k) Plan. During 2013, 2012 and 2010, United recognized $24,000, $24,000 and $24,000, respectively, in matching contributions for this provision of the deferred compensation plan. The Board of Directors may also elect to make a discretionary contribution to any or all participants. The Board of Directors elected to make a discretionary contribution of 25,000 shares of United’s common stock in 2013 to the deferred compensation plan. No discretionary contributions were made in 2012 or 2011. | |||||||||||||
United also has an unfunded noncontributory defined benefit pension plan (“Modified Retirement Plan”) that covers certain executive officers and other key employees. The Modified Retirement Plan provides a fixed annual retirement benefit to plan participants. Expenses incurred for these post-retirement benefits were approximately $1.60 million, $1.87 million, and a net credit of $160,000, for 2013, 2012 and 2011, respectively. The $160,000 credit in 2011 was due to a one-time $2.24 million credit adjustment for reclassification of unamortized actuarial gains and losses and prior service costs to other comprehensive income. | |||||||||||||
Weighted-average assumptions used to determine pension benefit obligations at year end and net periodic pension cost are shown in the table below: | |||||||||||||
2013 | 2012 | ||||||||||||
Discount rate for disclosures | 4.5 | % | 4 | % | |||||||||
Discount rate for net periodic benefit cost | 4 | % | 4.5 | % | |||||||||
Rate of compensation increase | NA | NA | |||||||||||
Measurement date | 12/31/13 | 12/31/12 | |||||||||||
Information about changes in obligations and plan assets of the Modified Retirement Plan follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Accumulated benefit obligation: | |||||||||||||
Accumulated benefit obligation - beginning of year | $ | 13,155 | $ | 12,064 | |||||||||
Service cost | 465 | 597 | |||||||||||
Interest cost | 533 | 537 | |||||||||||
Actuarial (gains) losses | (561 | ) | 177 | ||||||||||
Benefits paid | (272 | ) | (220 | ) | |||||||||
Accumulated benefit obligation - end of year | 13,320 | 13,155 | |||||||||||
Change in plan assets, at fair value: | |||||||||||||
Employer contribution | 272 | 220 | |||||||||||
Benefits paid | (272 | ) | (220 | ) | |||||||||
Plan assets - end of year | — | — | |||||||||||
Funded status - end of year (plan assets less benefit obligations) | $ | (13,320 | ) | $ | (13,155 | ) | |||||||
Amounts recognized in accumulated other comprehensive income at December 31 consist of (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Net actuarial losses | $ | 1,424 | $ | 2,152 | |||||||||
Prior service cost | 1,794 | 2,159 | |||||||||||
$ | 3,218 | $ | 4,311 | ||||||||||
The accumulated benefit obligation was $13.3 million and $13.2 million, respectively, at December 31, 2011 and 2012. | |||||||||||||
Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | $ | 465 | $ | 597 | $ | 477 | |||||||
Interest cost | 533 | 537 | 489 | ||||||||||
Amortization of prior service cost | 365 | 365 | 279 | ||||||||||
Amortization of net losses | 167 | 250 | 27 | ||||||||||
Net periodic benefit cost | 1,530 | 1,749 | 1,272 | ||||||||||
Net actuarial (gain) loss | $ | (561 | ) | $ | 177 | $ | 1,026 | ||||||
Amortization of net losses | (167 | ) | (250 | ) | (27 | ) | |||||||
Prior service cost | — | — | 1,540 | ||||||||||
Amortization of prior service cost | (365 | ) | (365 | ) | (279 | ) | |||||||
Total recognized in other comprehensive income | (1,093 | ) | (438 | ) | 2,260 | ||||||||
Total net periodic benefit cost and accumulated other comprehensive income | $ | 437 | $ | 1,311 | $ | 3,532 | |||||||
The estimated net loss and prior service costs for the Modified Retirement Plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $0 and $365,000, respectively, as of December 31, 2013. | |||||||||||||
The following benefit payments, which reflect expected future service, are expected (in thousands): | |||||||||||||
2014 | $ | 323 | |||||||||||
2015 | 697 | ||||||||||||
2016 | 764 | ||||||||||||
2017 | 787 | ||||||||||||
2018 | 980 | ||||||||||||
Following five years | 4,694 |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||||||||||||||||||||
-19 | 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. United’s derivative financial instruments are used to manage differences in the amount, timing, and duration of United’s known or expected cash receipts and its known or expected cash payments principally related to United’s 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 arrangements on a gross basis. | |||||||||||||||||||||||||||||||||||||||
The table below presents the fair value of United’s derivative financial instruments as well as their classification on the consolidated balance sheet as of December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments under ASC 815 | |||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||
Interest Rate | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
Products | Balance Sheet Location | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Cash flow hedge of money market deposits | Other assets | $ | 4,782 | $ | — | ||||||||||||||||||||||||||||||||||
Fair value hedge of brokered CD’s | Other assets | — | 23 | ||||||||||||||||||||||||||||||||||||
Fair value hedge of corporate bonds | Other assets | 3,939 | — | ||||||||||||||||||||||||||||||||||||
$ | 8,721 | $ | 23 | ||||||||||||||||||||||||||||||||||||
Cash flow hedge of short-term debt | Other liabilities | $ | 3,368 | $ | 4,574 | ||||||||||||||||||||||||||||||||||
Cash flow hedge of money market deposits | Other liabilities | — | 4,165 | ||||||||||||||||||||||||||||||||||||
Fair value hedge of brokered CD’s | Other liabilities | 19,970 | 3,161 | ||||||||||||||||||||||||||||||||||||
Fair value hedge of corporate bonds | Other liabilities | 2,308 | — | ||||||||||||||||||||||||||||||||||||
$ | 25,646 | $ | 11,900 | ||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments under ASC 815 | |||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||
Interest Rate | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
Products | Balance Sheet Location | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Customer swap positions | Other assets | $ | 898 | $ | 635 | ||||||||||||||||||||||||||||||||||
Dealer offsets to customer swap positions | Other assets | 1,347 | — | ||||||||||||||||||||||||||||||||||||
Bifurcated embedded derivatives | Other assets | 12,867 | — | ||||||||||||||||||||||||||||||||||||
$ | 15,112 | $ | 635 | ||||||||||||||||||||||||||||||||||||
Customer swap positions | Other liabilities | $ | 1,347 | $ | — | ||||||||||||||||||||||||||||||||||
Dealer offsets to customer swap positions | Other liabilities | 915 | 643 | ||||||||||||||||||||||||||||||||||||
Dealer offsets to bifurcated embedded derivatives | Other liabilities | 18,324 | — | ||||||||||||||||||||||||||||||||||||
$ | 20,586 | $ | 643 | ||||||||||||||||||||||||||||||||||||
Derivative contracts that are not accounted for as hedging instruments under ASC 815, Derivatives and Hedging and are described as “customer derivatives” are between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back swap 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 marked to market through earnings. The marks on the steepener swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90 day LIBOR and therefore provide an effective economic hedge. | |||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||||||||||||||||||||||||
United’s objectives in using interest rate derivatives are to add stability to net interest revenue and to manage its exposure to interest rate movements. To accomplish this objective, United primarily uses interest rate swaps as part of its interest rate risk management strategy. At December 31, 2013, United’s interest rate swaps designated as cash flow hedges involve the payment of fixed-rate amounts to a counterparty in exchange for United receiving variable-rate payments over the life of the agreements without exchange of the underlying notional amount. United’s current cash flow hedges are for the purpose of converting variable rate deposits and wholesale borrowings to a fixed rate to protect the company in a rising rate environment. The swaps are forward starting and do not become effective until 2014 and 2015. United had three swap contracts outstanding with a total notional amount of $200 million that were designated as cash flow hedges of future issuances of three-month brokered deposits or other LIBOR based floating rate wholesale borrowings, and three swap contracts outstanding with a total notional amount of $375 million that were designated as cash flow hedges of indexed money market accounts at December 31, 2013. At December 31, 2012, United had three swap contracts outstanding with a notional amount of $200 million that were designated as cash flow hedges of future issuances of three-month brokered deposits or other LIBOR based floating rate wholesale borrowings and two swap contracts outstanding with a total notional amount of $200 million that were designated as cash flow hedges of indexed money market accounts. | |||||||||||||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense when the swaps become effective in 2014, as interest payments are made on United’s LIBOR based, variable-rate wholesale borrowings and indexed deposit accounts. United’s forward starting active cash flow hedges of floating rate liabilities will begin to become effective over the next twelve months. United recognized $70,000 in hedge ineffectiveness losses in deposit interest expense on active cash flow hedges in 2013. No such hedge ineffectiveness gains or losses were recognized on active cash flow hedges in 2012 or 2011. United expects that $3.59 million will be reclassified as an increase to deposit interest expense over the next twelve months related to these cash flow hedges. | |||||||||||||||||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, United accelerated the reclassification of $52,000, $237,000 and $4.96 million, respectively, in gains from terminated positions as a result of the forecasted transactions becoming probable not to occur. These amounts are recognized in loan interest revenue as hedge ineffectiveness. At December 31, 2013, there were no remaining unamortized balances from terminated positions. | |||||||||||||||||||||||||||||||||||||||
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 December 31, 2013, United had 24 interest rate swaps with an aggregate notional amount of $285 million that were designated as fair value hedges of interest rate risk. Eight of the interest rate swaps outstanding at December 31, 2013 with an aggregate notional amount of $86 million were receive-variable / pay-fixed swaps that were used for the purpose of hedging changes in the fair value of corporate bonds resulting from changes in interest rates. The other 16 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, 2012, United had 13 interest rate swaps with an aggregate notional amount of $166 million that were designated as fair value hedges of interest rate risk. | |||||||||||||||||||||||||||||||||||||||
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 years ended December 31, 2013, 2012 and 2011, United recognized net gains of $1.07 million, $870,000 and $37,000 respectively, related to ineffectiveness of the fair value hedging relationships. Offsetting the 2012 gain was the write off of $449,000 in prepaid broker fees on brokered deposits. The prepaid broker fees were related to the brokered deposits (hedged item) that were called and resulted in a portion of the ineffectiveness gain. United also recognized a net reduction of interest expense of $4.67 million, $2.42 million and $110,000 for the years ended December 31, 2013, 2012 and 2011, respectively, related to United’s fair value hedges of brokered time deposits, which includes net settlements on the derivatives. United recognized a $1.33 million reduction of interest revenue on securities during 2013 related to United’s fair value hedges of corporate bonds. | |||||||||||||||||||||||||||||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement | |||||||||||||||||||||||||||||||||||||||
The tables below present the effect of United’s derivative financial instruments on the consolidated statement of operations for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships (in thousands): | |||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) | Amount of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | |||||||||||||||||||||||||||||||||||||
Recognized in Income | Income on Derivative | Income on Hedged Item | |||||||||||||||||||||||||||||||||||||
on Derivative | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Fair value hedges of brokered CD’s | Interest expense | $ | (16,433 | ) | $ | 540 | $ | 328 | $ | 16,981 | $ | 330 | $ | (291 | ) | ||||||||||||||||||||||||
Fair value hedges of corporate bonds | Interest revenue | 6,285 | — | — | (5,765 | ) | — | — | |||||||||||||||||||||||||||||||
$ | (10,148 | ) | $ | 540 | $ | 328 | $ | 11,216 | $ | 330 | $ | (291 | ) | ||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in thousands): | |||||||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income on | Gain (Loss) Reclassified from Accumulated Other | Gain (Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||||||
Derivative (Effective Portion) | Comprehensive Income into Income (Effective Portion) | (Ineffective Portion) | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | Location | 2013 | 2012 | 2011 | Location | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 10,084 | $ | (8,739 | ) | $ | — | Interest revenue | $ | 904 | $ | 3,712 | $ | 15,120 | Interest expense | $ | 70 | $ | — | $ | — | ||||||||||||||||||
In certain cases, the estate of deceased brokered certificate of deposit holders may put the certificate of deposit back to the issuing bank at par upon the death of the holder. When these death 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 include gains and losses from death puts and such gains and losses are included in the amount of reported ineffectiveness gains or losses. | |||||||||||||||||||||||||||||||||||||||
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 December 31, 2013, collateral totaling $38.1 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. | |||||||||||||||||||||||||||||||||||||||
Change in Valuation Methodology | |||||||||||||||||||||||||||||||||||||||
As of January 1, 2013, United changed its valuation methodology for over-the-counter derivatives to discount cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (i.e. LIBOR-OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. United changed its methodology to better align its inputs, assumptions and pricing methodologies with those used in its principal market by most dealers and major market participants. The changes in valuation methodology are applied prospectively as a change in accounting estimate and are not material to United’s financial position or results of operations. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
-20 | Regulatory Matters | ||||||||||||||||||||||||
Capital Requirements | |||||||||||||||||||||||||
United and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, United and the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures (as defined) established by regulation to ensure capital adequacy require United and the Bank to maintain minimum amounts and ratios of total capital and Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. | |||||||||||||||||||||||||
As of December 31, 2013, the Bank was categorized as well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, the Bank must exceed the well-capitalized guideline ratios, as set forth in the table and meet certain other requirements. Management believes that the Bank exceeded all well-capitalized requirements, and there have been no conditions or events since year-end that would change the status of well-capitalized. The regulatory designation of “well-capitalized” under prompt corrective action regulations is not applicable to United (a bank holding company). However, Regulation Y defines “well-capitalized” for a bank holding company for the purpose of determining eligibility for a streamlined review process for acquisition proposals. For such purposes, “well-capitalized” requires United to maintain a minimum Tier 1 risk-based capital ratio of 6% and a minimum Total risk-based capital ratio of 10%. | |||||||||||||||||||||||||
During 2013, the Bank was subject to an informal memorandum of understanding with the Georgia Department of Banking and Finance and the FDIC (the “Bank MOU”). The Bank MOU required, among other things, that the Bank maintain its Tier I leverage ratio at not less than 8% and its total risk-based capital ratio at not less than 10% during the life of the Bank MOU. The Bank MOU was terminated in December 2013. | |||||||||||||||||||||||||
In November 2011, United entered into an informal memorandum of understanding with the Federal Reserve Bank of Atlanta and the Georgia Department of Banking and Finance (the “Holding Company MOU”). The Holding Company MOU provided, among other things, that United could not incur additional indebtedness, pay cash dividends, make payments on its trust preferred securities or subordinated indebtedness or repurchase outstanding stock without prior approval of the Federal Reserve Bank of Atlanta and Georgia Department of Banking and Finance. The Holding Company MOU was terminated in January 2014. | |||||||||||||||||||||||||
Minimum amounts required for capital adequacy purposes and to be well-capitalized under prompt corrective action provisions are presented below for United and the Bank (dollars in thousands): | |||||||||||||||||||||||||
Regulatory | United Community Banks, Inc. | ||||||||||||||||||||||||
Guidelines | (consolidated) | United Community Bank | |||||||||||||||||||||||
Well | |||||||||||||||||||||||||
Minimum | Capitalized | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Risk-based ratios: | |||||||||||||||||||||||||
Tier 1 capital | 4 | % | 6 | % | 12.74 | % | 14.16 | % | 13.55 | % | 14.48 | % | |||||||||||||
Total capital | 8 | 10 | 13.99 | 15.73 | 14.8 | 15.74 | |||||||||||||||||||
Leverage ratio | 3 | 9.08 | 9.64 | 9.61 | 9.86 | ||||||||||||||||||||
Tier 1 capital | $ | 649,162 | $ | 652,692 | $ | 686,687 | $ | 666,585 | |||||||||||||||||
Total capital | 713,063 | 724,915 | 750,216 | 724,738 | |||||||||||||||||||||
Cash, Dividend, Loan and Other Restrictions | |||||||||||||||||||||||||
At December 31, 2013 and 2012, the Bank did not have a required reserve balance at the Federal Reserve Bank of Atlanta. Federal and state banking regulations place certain restrictions on dividends paid by the Bank to United. Dividends paid to United require approval of the Georgia Department of Banking and Finance while the Bank has an accumulated deficit (negative retained earnings). At December 31, 2013, the Bank had approval from the Georgia Department of Banking and Finance to pay $69 million in dividends to United, which were paid in January 2014. | |||||||||||||||||||||||||
The Federal Reserve Act requires that extensions of credit by the Bank to certain affiliates, including United, be secured by specific collateral, that the extension of credit to any one affiliate be limited to 10% of capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of capital and surplus. | |||||||||||||||||||||||||
United and the Bank are parties to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of their 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 the Bank 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. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
-21 | Commitments and Contingencies | ||||||||
The following table summarizes, as of December 31, 2013 and 2012, the contract amount of off-balance sheet instruments (in thousands): | |||||||||
2013 | 2012 | ||||||||
Financial instruments whose contract amounts represent credit risk: | |||||||||
Commitments to extend credit | $ | 747,170 | $ | 534,928 | |||||
Letters of credit | 19,846 | 13,683 | |||||||
Minimum Lease Payments | 6,310 | 6,716 | |||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn on, the total commitment amounts do not necessarily represent future cash requirements. United evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, upon extension of credit is based on management’s credit evaluation. Collateral held varies, but may include unimproved and improved real estate, certificates of deposit, personal property or other acceptable collateral. | |||||||||
Letters of credit are conditional commitments issued by United and could result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party or upon the non-performance of the customer. Those guarantees are primarily issued to local businesses and government agencies. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. In most cases, the Bank holds real estate, certificates of deposit, and other acceptable collateral as security supporting those commitments for which collateral is deemed necessary. The extent of collateral held for those commitments varies. | |||||||||
United maintains an allowance for unfunded loan commitments which is included in the balance of other liabilities in the consolidated balance sheet. The allowance for unfunded loan commitments is determined as part of the quarterly analysis of the allowance for loan losses and is based on probable incurred losses in United’s unfunded loan commitments that are expected to result in funded loans. | |||||||||
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. | |||||||||
In 2010, United granted warrants to Fletcher to purchase common stock equivalent junior preferred stock that would be convertible into 1,411,765 common shares, exercisable at a price equivalent to $21.25 per share. United has received purported partial warrant exercise notices from Fletcher with respect to its warrants that include incorrect calculations of the number of settlement shares Fletcher would receive upon exercise. On June 17, 2011, United completed a reclassification of its common stock in the form of 1-for-5 reverse stock split, or recombination. United believes that any current exercise of Fletcher’s warrants would not result in the issuance of any settlement shares because the warrants may only be exercised for net shares via a cashless exercise formula, and the reverse stock split-adjusted market price component of that formula does not exceed the exercise price to yield any net shares. Fletcher has also claimed that it is entitled to penalties under its contracts with United for a “registration failure” it claims occurred in 2012. United also believes that no registration failure penalty is due. As a result, United has responded to Fletcher with United’s calculations related to its warrants and denied any liability for any such penalty. United may consider repurchasing the warrants based on their fair value in connection with the resolution of any purported claims that Fletcher maintains. United has also established litigation reserves associated with claims that may be made against United by Fletcher. |
Preferred_Stock
Preferred Stock | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ' | |
Preferred Stock | ' | |
-22 | Preferred Stock | |
United may issue preferred stock in one or more series, up to a maximum of 10,000,000 shares. Each series shall include the number of shares issued, preferences, special rights and limitations as determined by the Board of Directors. | ||
Series A | ||
On December 31, 2013, United redeemed 21,700 shares of its Series A Non-Cumulative Preferred Stock (the “Series A Preferred Stock”). The redemption price for shares of the Series A Preferred Stock was the stated value of $10 per share, plus any accrued and unpaid dividends that had been earned thereon through the redemption date. Following the redemption, there are no shares of United’s Series A Preferred Stock outstanding. | ||
Series B | ||
On December 5, 2008, United sold 180,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”) and a warrant to purchase 219,909 shares of United’s common stock (as adjusted for subsequent stock dividends and a 50% reduction following United’s 2009 stock offering) to Treasury under Treasury’s Troubled Asset Relief Program Capital Purchase Program. The proceeds from the sale of $180 million were allocated between the Series B Preferred Stock and the warrant based on their relative fair values at the time of the sale. Of the $180 million in proceeds, $173 million was allocated to the Series B Preferred Stock and $6.9 million was allocated to the warrant. The accretion of the discount recorded on the Series B Preferred Stock that resulted from allocating a portion of the proceeds to the Warrant is accreted directly to retained earnings over a five-year period applying a level yield, and is reported on the consolidated statement of operations in the determination of the amount of net loss available to common shareholders. The exercise price of the Warrant is $61.40 (as adjusted for subsequent stock dividends) and is exercisable at any time on or before December 5, 2018. During the fourth quarter of 2013, United redeemed 75,000 shares of the Series B Preferred Stock and redeemed the remaining 105,000 shares in the first quarter of 2014. | ||
Series D | ||
On February 22, 2011, United entered into a Share Exchange Agreement with a third party who agreed to transfer United 1,551,126 shares of common stock in exchange for 16,613 shares of the company’s cumulative perpetual preferred stock, Series D (the “Series D Preferred Stock”), and warrants to purchase 1,551,126 shares of common stock with an exercise price of $12.50 per share. The warrants were exercised in the fourth quarter of 2013, resulting in an increase of $19.4 million to shareholders’ equity. | ||
On January 31, 2014, United delivered redemption notices to the holders of the Series D Preferred Stock in accordance with the optional redemption provisions of the Series D Preferred Stock notifying such holders of United’s intent to redeem all issued and outstanding shares of the Series D Preferred Stock on March 3, 2014. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||||||||
-23 | Shareholders’ Equity | ||||||||||||||||||||||||
In 2007, the shareholders approved the Amended and Restated 2000 Key Employee Stock Option Plan (“2000 Plan”). Under the original terms of the 2000 Plan, awards of 500,000 options, restricted stock awards, stock awards, performance share awards or stock appreciation rights could be granted for shares of United’s common stock. The plan has been subsequently amended to increase the number of shares available for grant. Options granted under the 2000 Plan can have an exercise price no less than the fair market value at the date of grant. The general terms of the 2000 Plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain option and restricted stock grants provide for accelerated vesting if there is a change in control of United or certain other conditions are met (as defined in the plan document). As of December 31, 2013, 552,000 additional awards could be granted under the 2000 Plan. Through December 31, 2013, incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards, base salary stock grants and performance share awards had been granted under the 2000 Plan. | |||||||||||||||||||||||||
Certain acquired companies had stock option plans for their key employees with provisions similar to the 2000 Plan. Options under acquired plans were converted at the effective exchange ratio for shares of United’s common stock. No options are available for grant under any of the acquired plans. | |||||||||||||||||||||||||
Restricted stock and options outstanding and activity for the years ended December 31, 2013, 2012 and 2011 consisted of the following: | |||||||||||||||||||||||||
Restricted Stock | Options | ||||||||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||||||
Average | Average | Average | Aggregate | ||||||||||||||||||||||
Grant Date | Exercise | Remaining | Intrinsic | ||||||||||||||||||||||
Shares | Fair Value | Shares | Price | Term (Yrs.) | Value (000’s) | ||||||||||||||||||||
31-Dec-10 | 23,214 | 59.67 | 678,313 | 93 | |||||||||||||||||||||
Granted | 410,051 | 10.15 | 10,000 | 11.2 | |||||||||||||||||||||
Exercised | (18,621 | ) | 26.77 | — | — | ||||||||||||||||||||
Cancelled | — | — | (104,666 | ) | 76.87 | ||||||||||||||||||||
31-Dec-11 | 414,644 | 12.19 | 583,647 | 94.48 | |||||||||||||||||||||
Granted | 200,612 | 8.73 | — | — | |||||||||||||||||||||
Exercised | (114,673 | ) | 14.77 | — | — | ||||||||||||||||||||
Cancelled | (14,999 | ) | 10.25 | (101,119 | ) | 78.98 | |||||||||||||||||||
31-Dec-12 | 485,584 | 10.72 | 482,528 | 97.73 | |||||||||||||||||||||
Granted | 876,583 | 14.74 | 5,000 | 15.09 | |||||||||||||||||||||
Exercised | (195,366 | ) | 13.16 | — | — | ||||||||||||||||||||
Cancelled | (93,125 | ) | 8.78 | (136,756 | ) | 94.37 | |||||||||||||||||||
31-Dec-13 | 1,073,676 | 13.73 | 350,772 | 97.87 | 3.3 | $ | 79 | ||||||||||||||||||
Vested / Exercisable at December 31, 2013 | 22,462 | 10.11 | 340,572 | 100.4 | 3.14 | 33 | |||||||||||||||||||
During 2013, 2012, and 2011 9,344 shares, 20,489 shares, and 10,140 shares, respectively, having a grant date fair value of $108,000, $172,000, and $86,000, respectively, were granted to certain executive officers over the course of the year as part of their base compensation with no restrictions or vesting requirement. Those shares are included in the table above as granted and exercised within the same year. The grant date fair value was included in compensation expense during 2013 and 2012. | |||||||||||||||||||||||||
The following is a summary of stock options outstanding at December 31, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Weighted | Average | Weighted | |||||||||||||||||||||||
Shares | Range | Average Price | Remaining Life | Shares | Average Price | ||||||||||||||||||||
16,823 | $ | 10.00 - 30.00 | $ | 13.92 | 7.98 | 6,623 | $ | 14.88 | |||||||||||||||||
47,398 | 30.01 - 50.00 | 31.66 | 5.32 | 47,398 | 31.66 | ||||||||||||||||||||
75,561 | 50.01 - 70.00 | 66.31 | 4.27 | 75,561 | 66.31 | ||||||||||||||||||||
2,595 | 70.01 - 90.00 | 77.22 | 3.41 | 2,595 | 77.22 | ||||||||||||||||||||
29,781 | 90.01 - 110.00 | 107.28 | 1.32 | 29,781 | 107.28 | ||||||||||||||||||||
51,597 | 110.01 - 130.00 | 114.19 | 0.75 | 51,597 | 114.19 | ||||||||||||||||||||
121,614 | 130.01 - 150.00 | 143.69 | 2.82 | 121,614 | 143.69 | ||||||||||||||||||||
5,403 | 150.01 - 170.00 | 152.1 | 3.21 | 5,403 | 152.1 | ||||||||||||||||||||
350,772 | 10.00 - 170.00 | 97.87 | 3.3 | 340,572 | 100.4 | ||||||||||||||||||||
The weighted average fair value of options granted in 2013 and 2011 was $5.10 and $3.64 respectively. No options were granted in 2012. The fair value of each option granted was estimated on the date of grant using the Black-Scholes model. The decrease in United’s stock price through 2010 has rendered most of its outstanding options severely out of the money and potentially worthless to the grantee. Therefore historical exercise patterns do not provide a reasonable basis for determining the expected life of new option grants. United therefore uses the formula provided by the SEC in Staff Accounting Bulletin No 107 to determine the expected life of the options. | |||||||||||||||||||||||||
The weighted average assumptions used to determine the fair value of options are presented in the table below: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Expected volatility | 30 | % | NA | 33 | % | ||||||||||||||||||||
Expected dividend yield | 0 | % | NA | 0 | % | ||||||||||||||||||||
Expected life (in years) | 6.25 | NA | 5 | ||||||||||||||||||||||
Risk free rate | 2 | % | NA | 2.1 | % | ||||||||||||||||||||
Compensation expense relating to options of $256,000 and $835,000, respectively, was included in earnings for 2012 and 2011. For 2013, United recognized a credit to compensation expense of $51,000 due to forfeitures of unvested options which exceeded option expense for that year. A deferred income tax benefit related to stock option expense of $99,000 and $325,000 was included in the determination of income tax expense in 2012 and 2011, respectively. For 2013, United reversed previously recognized deferred taxes of $20,000 related to the forfeited options. The amount of compensation expense for all periods was determined based on the fair value of 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 forfeiture rate for options is estimated to be approximately 3% per year. There were no options exercised during 2013, 2012 and 2011. | |||||||||||||||||||||||||
Compensation expense for restricted stock is based on the fair value of restricted stock awards at the time of grant, which is equal to the value of United’s common stock on the date of grant. The value of restricted stock grants that are expected to vest is amortized into expense over the vesting period. Compensation expense recognized in the consolidated statement of operations for restricted stock in 2013, 2012 and 2011 was $2.85 million, $1.66 million and $1.25 million, respectively. The total intrinsic value of restricted stock at December 31, 2013 was approximately $19.1 million. | |||||||||||||||||||||||||
As of December 31, 2013, there was $12.2 million of unrecognized compensation cost related to nonvested stock options and restricted stock granted under the 2000 Plan. The cost is expected to be recognized over a weighted-average period of 3.55 years. The aggregate grant date fair value of options and restricted stock that vested during 2013 was $2.43 million. | |||||||||||||||||||||||||
United sponsors a Dividend Reinvestment and Stock Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from the Company. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. The DRIP is currently suspended and no shares were issued in 2013 or 2012. During 2011, 538 shares were issued in connection with the DRIP. | |||||||||||||||||||||||||
United’s 401(k) Plan regularly purchases shares of United’s common stock directly from United. During 2013, 2012 and 2011, United’s 401(k) Plan purchased 48,996 shares, 86,350 shares and 372,363 shares, respectively, directly from United at the average of the high and low stock prices on the transaction dates. In addition, United has an Employee Stock Purchase Program (“ESPP”) that allows eligible employees to purchase shares of common stock at a 5% discount, with no commission charges. During 2013, 2012 and 2011 United issued 13,982 shares, 23,555 shares and 31,573 shares, respectively through the ESPP. | |||||||||||||||||||||||||
United offers its common stock as an investment option in its deferred compensation plan. The common stock component is accounted for as an equity instrument and is reflected in the consolidated balance sheet as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United stock and settlement must be accomplished in shares at the time the deferral period is completed. At December 31, 2013 and 2012, United had 241,832 and 133,238 shares, respectively, of its common stock that was issuable under the deferred compensation plan. |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value | ' | |||||||||||||||||||||
-24 | 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, the Financial Accounting Standards Board’s Accounting Standards Codification Topic 820 (“ASC 820”) Fair Value Measurements and Disclosures establishes 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). | ||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||
Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. | ||||||||||||||||||||||
Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. | ||||||||||||||||||||||
Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances 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, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include 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. | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Mortgage loans held for sale are carried at the lower of cost or market value. The fair value of mortgage loans held for sale is based on what secondary markets are currently offering for portfolios with similar characteristics. | ||||||||||||||||||||||
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 loan 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, impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, United records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, United records the impaired loan as nonrecurring Level 3. | ||||||||||||||||||||||
Foreclosed Assets | ||||||||||||||||||||||
Foreclosed assets are adjusted to fair value, less cost to sell, upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price or a current appraised value, United records the foreclosed asset as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, United records the foreclosed asset as nonrecurring Level 3. | ||||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||||
United uses interest rate swaps and interest rate floors to manage its interest rate risk. The valuation of these instruments is 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. | ||||||||||||||||||||||
The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below the strike rate of the floors. The variable interest rates used in the calculation of projected receipts on the floor are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. 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 United 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 December 31, 2013, United 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. As a result, United has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | ||||||||||||||||||||||
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 December 31, 2013 and 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||
State and political subdivisions | $ | — | $ | 23,242 | $ | — | $ | 23,242 | ||||||||||||||
Mortgage-backed securities | — | 1,145,347 | — | 1,145,347 | ||||||||||||||||||
Corporate bonds | — | 249,946 | 350 | 250,296 | ||||||||||||||||||
Asset-backed securities | — | 410,633 | — | 410,633 | ||||||||||||||||||
Other | — | 2,699 | — | 2,699 | ||||||||||||||||||
Deferred compensation plan assets | 3,496 | — | — | 3,496 | ||||||||||||||||||
Derivative financial instruments | — | 23,833 | — | 23,833 | ||||||||||||||||||
Total assets | $ | 3,496 | $ | 1,855,700 | $ | 350 | $ | 1,859,546 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,496 | $ | — | $ | — | $ | 3,496 | ||||||||||||||
Brokered certificates of deposit | — | 173,657 | — | 173,657 | ||||||||||||||||||
Derivative financial instruments | — | 46,233 | — | 46,233 | ||||||||||||||||||
Total liabilities | $ | 3,496 | $ | 219,890 | $ | — | $ | 223,386 | ||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||
State and political subdivisions | $ | — | $ | 29,052 | $ | — | $ | 29,052 | ||||||||||||||
Mortgage-backed securities | — | 1,428,502 | — | 1,428,502 | ||||||||||||||||||
Corporate bonds | — | 163,312 | 350 | 163,662 | ||||||||||||||||||
Asset-backed securities | — | 210,556 | — | 210,556 | ||||||||||||||||||
Other | — | 2,821 | — | 2,821 | ||||||||||||||||||
Deferred compensation plan assets | 3,101 | — | — | 3,101 | ||||||||||||||||||
Derivative financial instruments | — | 658 | — | 658 | ||||||||||||||||||
Total assets | $ | 3,101 | $ | 1,834,901 | $ | 350 | $ | 1,838,352 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,101 | $ | — | $ | — | $ | 3,101 | ||||||||||||||
Brokered certificates of deposit | — | 154,641 | — | 154,641 | ||||||||||||||||||
Derivative financial instruments | — | 12,543 | — | 12,543 | ||||||||||||||||||
Total liabilities | $ | 3,101 | $ | 167,184 | $ | — | $ | 170,285 | ||||||||||||||
The following table shows a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as level 3 values (in thousands): | ||||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Balance at beginning of period | $ | 350 | $ | 350 | $ | 5,284 | ||||||||||||||||
Amounts included in earnings | — | — | (19 | ) | ||||||||||||||||||
Paydowns | — | — | (1,119 | ) | ||||||||||||||||||
Transfers between valuation levels, net | — | — | (3,796 | ) | ||||||||||||||||||
Balance at end of period | $ | 350 | $ | 350 | $ | 350 | ||||||||||||||||
In 2011, United transferred mortgage backed securities from Level 3 to Level 2. These securities were recent purchases that had not been priced at the balance sheet date and amortized cost was assigned as the fair value. In subsequent periods, the security was able to be priced based on objectively observable inputs based on similar assets. There have been no other transfers between levels. | ||||||||||||||||||||||
At December 31, 2013, United had two securities that have Level 3 valuations. They are trust preferred securities in community banks that have shown deteriorating financial condition during the financial crisis, and both are currently deferring interest payments. Since both investments are not actively traded, there is no recent trade activity upon which to assess value. The values assigned to the investments are based on sales price estimates from brokers. Both investments have a par amount of $1 million. One was considered impaired in 2010 and was written down to $50,000 with a $950,000 impairment charge to earnings. The other is carried at its original cost basis of $1 million with a $700,000 negative mark to fair value through other comprehensive income. United does not consider this investment to be other-than-temporarily impaired, as the community bank was recapitalized by a private equity investment that management believes will result in full payment at maturity. | ||||||||||||||||||||||
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 include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. The table below presents United’s assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): | ||||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Loans | $ | — | $ | — | $ | 82,798 | $ | 82,798 | ||||||||||||||
Foreclosed properties | — | — | 3,747 | 3,747 | ||||||||||||||||||
Total assets | $ | — | $ | — | $ | 86,545 | $ | 86,545 | ||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Loans | $ | — | $ | — | $ | 165,751 | $ | 165,751 | ||||||||||||||
Foreclosed properties | — | — | 14,788 | 14,788 | ||||||||||||||||||
Total assets | $ | — | $ | — | $ | 180,539 | $ | 180,539 | ||||||||||||||
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. Foreclosed properties that are included above as measured at fair value on a nonrecurring basis are those properties that resulted from a loan that had been charged down or have been written down subsequent to foreclosure. Foreclosed properties are generally recorded at the lower of 80% of appraised value or 90% of the asking price which considers the estimated cost to sell. | ||||||||||||||||||||||
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. | ||||||||||||||||||||||
The short maturity of United’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and cash equivalents, mortgage loans held for sale, and short-term borrowings. The fair value of securities available-for-sale equals the balance sheet 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. Because no ready market exists for a significant portion of United’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. 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) are generally short-term and at variable rates. Therefore, both the carrying amount and the estimated fair value associated with these instruments are immaterial. | ||||||||||||||||||||||
The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s balance sheet at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||||||||||||
Carrying | Fair Value Level | |||||||||||||||||||||
31-Dec-13 | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities held-to-maturity | $ | 479,742 | $ | — | $ | 485,585 | $ | — | $ | 485,585 | ||||||||||||
Loans, net | 4,252,504 | — | — | 4,165,591 | 4,165,591 | |||||||||||||||||
Mortgage loans held for sale | 10,319 | — | 10,529 | — | 10,529 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Deposits | 6,201,505 | — | 6,204,815 | — | 6,204,815 | |||||||||||||||||
Federal Home Loan Bank advances | 120,125 | — | 120,125 | — | 120,125 | |||||||||||||||||
Long-term debt | 129,865 | — | — | 130,262 | 130,262 | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities held-to-maturity | $ | 244,184 | $ | — | $ | 261,131 | $ | — | $ | 261,131 | ||||||||||||
Loans, net | 4,067,871 | — | — | 3,957,669 | 3,957,669 | |||||||||||||||||
Mortgage loans held for sale | 28,821 | — | 29,693 | — | 29,693 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Deposits | 5,952,140 | — | 5,988,743 | — | 5,988,743 | |||||||||||||||||
Federal Home Loan Bank advances | 40,125 | — | 40,125 | — | 40,125 | |||||||||||||||||
Long-term debt | 124,805 | — | — | 118,626 | 118,626 |
Condensed_Financial_Statements
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) [Abstract] | ' | ||||||||||||
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) | ' | ||||||||||||
-25 | Condensed Financial Statements of United Community Banks, Inc. (Parent Only) | ||||||||||||
Statement of Operations | |||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
(in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividends from bank subsidiary | $ | 50,000 | $ | — | $ | — | |||||||
Shared service fees from subsidiaries | 6,764 | 6,714 | 7,646 | ||||||||||
Other | 1,217 | 1,169 | 609 | ||||||||||
Total income | 57,981 | 7,883 | 8,255 | ||||||||||
Interest expense | 10,977 | 10,201 | 9,587 | ||||||||||
Other expense | 8,658 | 8,717 | 9,367 | ||||||||||
Total expenses | 19,635 | 18,918 | 18,954 | ||||||||||
Income tax benefit (expense) | 24,862 | 398 | (1,272 | ) | |||||||||
Income (loss) before equity in undistributed loss of subsidiaries | 63,208 | (10,637 | ) | (11,971 | ) | ||||||||
Equity in undistributed earnings (loss) of subsidiaries | 209,932 | 44,493 | (214,775 | ) | |||||||||
Net income (loss) | $ | 273,140 | $ | 33,856 | $ | (226,746 | ) | ||||||
Balance Sheet | |||||||||||||
As of December 31, 2013 and 2012 | |||||||||||||
(in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Cash | $ | 36,338 | $ | 54,047 | |||||||||
Investment in subsidiaries | 869,665 | 655,934 | |||||||||||
Other assets | 34,972 | 6,708 | |||||||||||
Total assets | $ | 940,975 | $ | 716,689 | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Long-term debt | $ | 129,865 | $ | 124,805 | |||||||||
Other liabilities | 15,395 | 10,479 | |||||||||||
Total liabilities | 145,260 | 135,284 | |||||||||||
Shareholders’ equity | 795,715 | 581,405 | |||||||||||
Total liabilities and shareholders’ equity | $ | 940,975 | $ | 716,689 | |||||||||
Statement of Cash Flows | |||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
(in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating activities: | |||||||||||||
Net income (loss) | $ | 273,140 | $ | 33,856 | $ | (226,746 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||||
Equity in undistributed (earnings) loss of the subsidiaries | (209,932 | ) | (44,493 | ) | 214,775 | ||||||||
Depreciation, amortization and accretion | 82 | 142 | 122 | ||||||||||
Stock-based compensation | 3,045 | 1,976 | 2,144 | ||||||||||
Change in assets and liabilities: | |||||||||||||
Other assets | (29,168 | ) | 21,722 | (3,604 | ) | ||||||||
Other liabilities | 5,682 | (20,483 | ) | 6,590 | |||||||||
Net cash provided by (used) in operating activities | 42,849 | (7,280 | ) | (6,719 | ) | ||||||||
Investing activities: | |||||||||||||
Investment in subsidiaries | — | — | (292,000 | ) | |||||||||
Sales and paydowns of securities available for sale | 586 | — | — | ||||||||||
Net cash provided by (used in) investing activities | 586 | — | (292,000 | ) | |||||||||
Financing activities: | |||||||||||||
Repayment of subordinated notes | (35,000 | ) | (30,500 | ) | — | ||||||||
Proceeds from issuance of senior notes | 40,000 | 35,000 | — | ||||||||||
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 796 | 894 | 1,453 | ||||||||||
Proceeds from issuance of common and preferred stock, net of offering costs | — | — | 361,560 | ||||||||||
Proceeds from penalty on incomplete private equity transaction | — | — | 3,250 | ||||||||||
Proceeds from exercise of warrant | 19,389 | — | — | ||||||||||
Retirement of preferred stock | (75,217 | ) | — | — | |||||||||
Cash dividends on Series A preferred stock | (15 | ) | (12 | ) | (13 | ) | |||||||
Cash dividends on Series B preferred stock | (9,440 | ) | (9,000 | ) | (9,020 | ) | |||||||
Cash dividends on Series D preferred stock | (1,657 | ) | (1,687 | ) | (1,210 | ) | |||||||
Net cash (used in) provided by financing activities | (61,144 | ) | (5,305 | ) | 356,020 | ||||||||
Net change in cash | (17,709 | ) | (12,585 | ) | 57,301 | ||||||||
Cash at beginning of year | 54,047 | 66,632 | 9,331 | ||||||||||
Cash at end of year | $ | 36,338 | $ | 54,047 | $ | 66,632 |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
-26 | Subsequent Events | |
On January 7, 2014, United entered into a credit agreement with Synovus Bank. The credit agreement provides for aggregate unsecured borrowings of up to $50 million at any time outstanding pursuant to a revolving line of credit that matures on January 7, 2017. Although the credit agreement is unsecured, United has agreed not to pledge its assets to any other creditors, including, without limitation, the stock of the Bank, subject to certain exceptions set forth in the credit agreement. | ||
The credit agreement contains customary representations, warranties, covenants and events of default, including, without limitation, financial covenants requiring that United and the Bank each maintain a total risk-based capital ratio of 10.50% or greater, a tier 1 risk-based common capital ratio of 8.50% or greater, a tier 1 risk-based capital ratio of 8.50% or greater, a tier 1 leverage ratio of 7.25% or greater and maintain “well-capitalized” status at all times. | ||
On January 10, 2014, United redeemed the remaining $105 million in outstanding Series B preferred stock at par plus accrued and unpaid dividends through the date of redemption. The redemption of the preferred stock was funded by a $69 million dividend from the Bank, $25 million drawn on the revolving line with Synovus Bank and cash on hand. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | |
At December 31, 2013, United was a bank holding company subject to the regulation of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) whose principal business was conducted by its wholly-owned commercial bank subsidiary, United Community Bank (the “Bank”). United is subject to regulation under the Bank Holding Company Act of 1956. The consolidated financial statements include the accounts of United, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The Bank is a Georgia state chartered commercial bank that serves markets throughout north Georgia, coastal Georgia, the Atlanta, Georgia MSA, the Gainesville, Georgia MSA, western North Carolina, the Greenville, South Carolina MSA and east and central Tennessee and provides a full range of banking services. The Bank is insured and subject to the regulation of the Federal Deposit Insurance Corporation (“FDIC”) and is also subject to the regulation of the Georgia Department of Banking and Finance. | |
Use of Estimates | ' |
Use of Estimates | |
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions and the valuation of deferred tax assets. | |
Operating Segments | ' |
Operating Segments | |
Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. Although United’s operations are divided among geographic regions and local community banks within those regions, those regions and banks have similar economic characteristics and are therefore aggregated into one operating segment for purposes of segment reporting. Therefore, because United has only one operating and reportable segment, segment information is not provided separately from the consolidated financial statements. | |
Short-term Investments | ' |
Short-term Investments | |
Short-term investments include overnight and term federal funds sold, commercial paper, reverse repurchase agreements and other temporary investments with maturities of less than 90 days. United uses a variety of short-term investment vehicles to temporarily invest funds. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. | |
Investment Securities | ' |
Investment Securities | |
United classifies its securities in one of three categories: trading, held-to-maturity or available-for-sale. United does not hold any trading securities that are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which United has the ability and intent to hold until maturity. All other securities are classified as available-for-sale. | |
Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Available-for-sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are excluded from net income and are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income in the consolidated balance sheet. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. | |
Management evaluates investment securities for other than temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other than temporary is charged to earnings for a decline in value deemed to be credit related. The decline in value attributed to non credit related factors is recognized in other comprehensive income and a new cost basis for the security is established. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale and held-to-maturity are included in net income and derived using the specific identification method for determining the cost of the securities sold. | |
Federal Home Loan Bank (“FHLB”) stock is included in other assets at its original cost basis, as cost approximates fair value as there is no ready market for such investments. | |
Mortgage Loans Held for Sale | ' |
Mortgage Loans Held for Sale | |
Mortgage loans held for sale are carried at the lower of aggregate cost or market value. The amount by which cost exceeds market value is accounted for as a valuation allowance. Changes in the valuation allowance are included in the determination of net income for the period in which the change occurs. No market valuation allowances were required at December 31, 2013 or 2012 since those loans have market values that approximated the recorded cost basis. | |
Loans | ' |
Loans | |
With the exception of purchased loans that are recorded at fair value on the date of acquisition, loans are stated at principal amount outstanding, net of any unearned revenue and net of any deferred loan fees and costs. Interest on loans is primarily calculated by using the simple interest method on daily balances of the principal amount outstanding. | |
The accrual of interest is discontinued when a loan becomes 90 days past due and is not both well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest revenue on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. | |
A loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due, according to the contractual terms of the loan, will not be collected. Individually impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Interest revenue on impaired loans is discontinued when the loans meet the criteria for nonaccrual status described above. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. | |
Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. More than 80% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. | |
Certain Purchased Loans: United from time to time purchases loans, primarily through business combination transactions. Some of those purchased loans show evidence of credit deterioration since origination. Purchased loans are recorded at their estimated fair value such that there is no carryover of the seller’s allowance for loan losses. After acquisition, further losses are recognized by an increase in the allowance for loan losses. | |
Such purchased loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as the type of loan. United estimates the amount and timing of expected cash flows for each purchased loan or pool and the expected cash flows in excess of the amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s or pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). | |
Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest revenue. | |
Allowance for Credit Losses | ' |
Allowance for Credit Losses | |
The allowance for credit losses includes the allowance for loan losses (contra asset account) and the allowance for unfunded commitments (liability account included in other liabilities). Increases to the allowance for loan losses and allowance for unfunded commitments are established through a provision for credit losses charged to income. Loans are charged against the allowance for loan losses when available information confirms that the collectability of the principal is unlikely. The allowance for loan losses represents an amount, which, in management’s judgment, is adequate to absorb probable losses on existing loans as of the date of the balance sheet. The allowance for unfunded commitments represents expected losses on unfunded commitments and is reported in the consolidated balance sheet in other liabilities. | |
The allowance for loan losses is composed of general reserves and specific reserves. General reserves are determined by applying loss percentages to the individual loan categories that are based on actual historical loss experience. United uses an eight-quarter weighted average historical loss rate for each major loan category, weighted toward the most recent quarters’ losses. Additionally, the general economic and business conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio, the findings of internal and external credit reviews and results from external bank regulatory examinations are considered in this evaluation. The need for specific reserves is evaluated on nonaccrual loan relationships greater than $500,000, accruing relationships rated substandard that are greater than $2 million and all Troubled Debt Restructurings (“TDRs”) including certain primary home loans in process of restructure. The specific reserves are determined on a loan-by-loan basis based on management’s evaluation of United’s exposure for each credit, given the current payment status of the loan and the value of any underlying collateral. Loans for which specific reserves are provided are excluded from the calculation of general reserves. | |
The allocation of the allowance for loan losses is based on historical data, subjective judgment and estimates and, therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. Due to the imprecise nature of the loan loss estimation process and the effects of changing conditions, these risk attributes may not be adequately captured in the data related to the formula-based loan loss components used to determine allocations in United’s analysis of the adequacy of the allowance for loan losses. Consequently, management believes that the unallocated allowance is appropriate to reflect probable incurred but unconfirmed losses in the loan portfolio not otherwise captured by the formula-based loan loss components. | |
For purposes of determining general reserves, United segments the loan portfolio into broad categories with similar risk elements. Those categories and their specific risks are described below. | |
Commercial (secured by real estate) – Loans in this category are susceptible to declines in general economic conditions, occupancy rates and declines in real estate values. Business failure, lack of a suitable alternative use for the property and decline in general economic conditions are also risks common to this segment of the loan portfolio. | |
Commercial & industrial – Risks to this loan category include industry concentrations and the inability to monitor the condition of the collateral which often consists of inventory, accounts receivable and other non real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. | |
Commercial construction – Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. | |
Residential mortgage – Residential mortgage loans are susceptible to weakening general economic conditions and increases in unemployment rates. Declining real estate values can reduce or eliminate the borrower’s home equity which can be particularly troubling for home equity lines.Residential construction – Residential construction loans are susceptible to the same risks as commercial construction loans. Changes in market demand for property leads to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. | |
Consumer installment – Risks common to consumer installment loans include regulatory risks, unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. | |
Management outsources a significant portion of its loan review to ensure objectivity in the loan review process and to challenge and corroborate the loan grading system. The loan review function provides additional analysis used in determining the adequacy of the allowance for loan losses. To supplement the outsourced loan review, management also has an internal loan review department that is independent of the lending function. | |
Management believes the allowance for loan losses is appropriate at December 31, 2013. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review United’s allowance for loan losses. | |
Premises and Equipment | ' |
Premises and Equipment | |
Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight-line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 15 to 40 years, for land improvements, 10 to 35 years, and for furniture and equipment, 3 to 10 years. | |
Intangible Assets | ' |
Intangible Assets | |
In connection with business combinations involving banks and branch locations, United generally records core deposit intangibles representing the value of the acquired core deposit base. Core deposit intangibles are amortized over the estimated useful life of the deposit base, generally on a straight-line or accelerated basis not exceeding 10 years. The remaining useful lives of core deposit intangibles are evaluated periodically to determine whether events and circumstances warrant a revision to the remaining period of amortization. | |
Foreclosed Properties | ' |
Foreclosed Properties | |
Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the allowance for loan losses. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Financed sales of foreclosed property are accounted for in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification Topic 360, Subtopic 20, Real Estate Sales (“ASC 360-20”). | |
Transfers of Financial Assets | ' |
Transfers of Financial Assets | |
Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. | |
FHLB Stock | ' |
FHLB Stock | |
The Bank is a member of the FHLB. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery of par value. Both cash and stock dividends are reported as income. United’s FHLB stock is included in the balance of “other assets” in the consolidated balance sheet. | |
Bank Owned Life Insurance | ' |
Bank Owned Life Insurance | |
United has purchased life insurance policies on certain key executives and members of management. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. | |
Loan Commitments and Related Financial Instruments | ' |
Loan Commitments and Related Financial Instruments | |
Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. | |
Short-term Borrowings | ' |
Short-term Borrowings | |
United uses a number of short-term funding sources to meet its funding needs. Short-term borrowings generally consist of federal funds purchased, repurchase agreements and other short-term borrowings. | |
Income Taxes | ' |
Income Taxes | |
Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income taxes during the period that includes the enactment date. | |
In the event the future tax consequences of differences between the financial reporting bases and the tax bases of United’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. | |
The income tax benefit or expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. | |
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |
United recognizes interest and / or penalties related to income tax matters in income tax expense. | |
Mortgage Banking Derivatives | ' |
Mortgage Banking Derivatives | |
Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the interest rate on the loan is locked. United enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into in order to hedge the change in interest rates resulting from its commitments to fund the loans. United’s forward commitments for the future delivery of mortgage loans are based on United’s “best efforts” and therefore United is not penalized if a loan is not delivered to the investor if the loan did not get originated. Changes in the fair values of these derivatives generally offset each other and are included in “mortgage loan and other related fees” in the consolidated statement of operations. | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities | |
United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. United’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that the net interest margin is not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. | |
In carrying out this part of its interest rate risk management strategy, United uses interest rate derivative contracts. The primary type of derivative contract used by United to manage interest rate risk is interest rate swaps. Interest rate swaps generally involve the exchange of fixed- and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. | |
United classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), or (3) derivatives not designated as hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. United has master netting agreements with the derivatives dealers with which it does business, but reflects gross assets and liabilities on the consolidated balance sheet. | |
United uses the long-haul method to assess hedge effectiveness. United documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in offsetting corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, changes in the value of derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. | |
For fair value hedges and cash flow hedges, ineffectiveness is recognized in the same income statement line as interest accruals on the hedged item to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, United discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). | |
By using derivative instruments, United is exposed to credit and market risk. If the counterparty fails to perform, credit risk is equal to the fair value gain in a derivative. When the fair value of a derivative contract is positive, this situation generally indicates that the counterparty is obligated to pay United, and, therefore, creates a repayment risk for United. When the fair value of a derivative contract is negative, United is obligated to pay the counterparty and, therefore, has no repayment risk. United minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by United. From time to time, United may require the counterparties to pledge securities as collateral to cover the net exposure. | |
United’s derivative activities are monitored by its Asset/Liability Management Committee (“ALCO”) as part of that committee’s oversight of United’s asset/liability and treasury functions. ALCO is responsible for implementing various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the overall interest-rate risk management process. | |
United recognizes the fair value of derivatives as assets or liabilities in the financial statements. The accounting for the changes in the fair value of a derivative depends on the intended use of the derivative instrument at inception. The change in fair value of instruments used as fair value hedges is accounted for in the net income of the period simultaneous with accounting for the fair value change of the item being hedged. The change in fair value of the effective portion of cash flow hedges is accounted for in other comprehensive income rather than net income. Changes in fair value of derivative instruments that are not designated as a hedge are accounted for in the net income of the period of the change. | |
Earnings Per Common Share | ' |
Earnings Per Common Share | |
Basic earnings per common share is net income (loss) available to common shareholders divided by the weighted average number of shares of common stock outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Additionally, shares issuable to participants in United’s deferred compensation plan are considered to be participating securities for purposes of calculating basic earnings per share. Diluted earnings per common share includes the dilutive effect of additional potential shares of common stock issuable under stock options, warrants and securities convertible into common stock. | |
Loss Contingencies | ' |
Loss Contingencies | |
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. | |
Restrictions on Cash | ' |
Restrictions on Cash | |
A portion of the cash on hand and on deposit with the Federal Reserve Bank of Atlanta was required to meet regulatory reserve requirements. | |
Dividend Restrictions | ' |
Dividend Restrictions | |
Banking regulations require maintaining certain capital levels and may limit dividends paid by the Bank to United or by United to shareholders. Due to its accumulated deficit, the Bank is currently required to obtain approval of the Georgia Department of Banking and Finance before declaring any dividends to United. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
Fair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 24. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
United uses the fair value method of recognizing expense for stock-based compensation based on the fair value of option and restricted stock awards at the date of grant. | |
Comprehensive Income | ' |
Comprehensive Income | |
GAAP normally requires that recognized revenues, expenses, gains and losses be included in net income. In addition to net income, other components of comprehensive income include the after-tax effect of changes in unrealized gains and losses on available-for-sale securities and derivative financial instruments accounted for as cash flow hedges as well as net actuarial gains and losses, prior service costs and related amortization associated with United’s modified retirement plan. These items are reported as a separate component of shareholders’ equity. United presents comprehensive income in a separate statement of comprehensive income. | |
Reclassifications and Reverse Stock Split | ' |
Reclassifications and Reverse Stock Split | |
Certain 2011and 2012 amounts have been reclassified to conform to the 2013 presentation. During the fourth quarter of 2013, United reclassified hedge ineffectiveness gains and losses from other fee revenue to net interest revenue. The impact of the reclassification has been reflected in all periods and was not material to any period. On June 17, 2011, United completed a 1-for-5 reverse stock split, whereby each 5 shares of United’s common stock was reclassified into one share of common stock, and each 5 shares of United’s non-voting common stock was reclassified into one share of non-voting common stock. All share and per share amounts for all periods presented have been adjusted to reflect the reverse split and the hedge ineffectiveness reclassification as though they had occurred prior to the earliest period presented. |
Mergers_and_Acquisitions_Table
Mergers and Acquisitions (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule of components of covered assets | ' | ||||||||||||||||
Purchased | Other | Other | Total | ||||||||||||||
Impaired | Purchased | ||||||||||||||||
Loans | Loans | ||||||||||||||||
31-Dec-13 | |||||||||||||||||
Commercial (secured by real estate) | $ | — | $ | 12,342 | $ | — | $ | 12,342 | |||||||||
Commercial & industrial | — | 600 | — | 600 | |||||||||||||
Construction and land development | — | 2,731 | — | 2,731 | |||||||||||||
Residential mortgage | — | 4,633 | — | 4,633 | |||||||||||||
Consumer installment | — | 24 | — | 24 | |||||||||||||
Total covered loans | — | 20,330 | — | 20,330 | |||||||||||||
Covered foreclosed property | — | — | 1,211 | 1,211 | |||||||||||||
Estimated loss reimbursement from the FDIC | — | — | 1,341 | 1,341 | |||||||||||||
Total covered assets | $ | — | $ | 20,330 | $ | 2,552 | $ | 22,882 | |||||||||
31-Dec-12 | |||||||||||||||||
Commercial (secured by real estate) | $ | — | $ | 22,823 | $ | — | $ | 22,823 | |||||||||
Commercial & industrial | — | 959 | — | 959 | |||||||||||||
Construction and land development | 405 | 3,712 | — | 4,117 | |||||||||||||
Residential mortgage | 116 | 5,302 | — | 5,418 | |||||||||||||
Consumer installment | — | 99 | — | 99 | |||||||||||||
Total covered loans | 521 | 32,895 | — | 33,416 | |||||||||||||
Covered foreclosed property | — | — | 7,278 | 7,278 | |||||||||||||
Estimated loss reimbursement from the FDIC | — | — | 6,773 | 6,773 | |||||||||||||
Total covered assets | $ | 521 | $ | 32,895 | $ | 14,051 | $ | 47,467 |
Balance_Sheet_Offsetting_Table
Balance Sheet Offsetting (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Reverse Repurchase Agreements / Securities Lending Transactions [Abstract] | ' | ||||||||||||||||||||||||
Schedule of summary of amounts outstanding under reverse repurchase agreements | ' | ||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amounts of | Amounts | Gross Amounts not Offset | |||||||||||||||||||||||
Recognized | Offset on the | in the Balance Sheet | |||||||||||||||||||||||
Assets | Balance | ||||||||||||||||||||||||
Sheet | Net Asset | Financial | Collateral | Net Amount | |||||||||||||||||||||
Balance | Instruments | Received | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 385,000 | $ | (350,000 | ) | $ | 35,000 | $ | — | $ | (38,982 | ) | $ | (3,982 | ) | ||||||||||
Derivatives | 23,833 | — | 23,833 | (4,378 | ) | (2,912 | ) | 16,543 | |||||||||||||||||
Total | $ | 408,833 | $ | (350,000 | ) | $ | 58,833 | $ | (4,378 | ) | $ | (41,894 | ) | $ | 12,561 | ||||||||||
Weighted average interest rate of reverse repurchase agreements | 1.09 | % | |||||||||||||||||||||||
Gross | Gross | Net | |||||||||||||||||||||||
Amounts of | Amounts | Liability | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | Balance | in the Balance Sheet | ||||||||||||||||||||||
Liabilities | Balance | ||||||||||||||||||||||||
Sheet | Financial | Collateral | Net Amount | ||||||||||||||||||||||
Instruments | Pledged | ||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 350,000 | $ | (350,000 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Derivatives | 46,232 | 46,232 | (4,378 | ) | (38,145 | ) | 3,709 | ||||||||||||||||||
Total | $ | 396,232 | $ | (350,000 | ) | $ | 46,232 | $ | (4,378 | ) | $ | (38,145 | ) | $ | 3,709 | ||||||||||
Weighted average interest rate of repurchase agreements | 0.27 | % | |||||||||||||||||||||||
Gross | Gross | Net | |||||||||||||||||||||||
Amounts of | Amounts | Asset | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | Balance | in the Balance Sheet | ||||||||||||||||||||||
Assets | Balance | ||||||||||||||||||||||||
Sheet | Financial | Collateral | Net Amount | ||||||||||||||||||||||
Instruments | Received | ||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 325,000 | $ | (265,000 | ) | $ | 60,000 | $ | — | (64,443) | $ | -4,443 | |||||||||||||
Securities lending transactions | 50,000 | (50,000 | ) | — | — | — | — | ||||||||||||||||||
Derivatives | 658 | — | 658 | (23 | ) | — | 635 | ||||||||||||||||||
Total | $ | 375,658 | $ | (315,000 | ) | $ | 60,658 | $ | (23 | ) | $ | -64,443 | $ | -3,808 | |||||||||||
Weighted average interest rate of reverse repurchase agreements | 1.18 | % | |||||||||||||||||||||||
Gross | Gross | Net | |||||||||||||||||||||||
Amounts of | Amounts | Liability | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | Balance | in the Balance Sheet | ||||||||||||||||||||||
Liabilities | Balance | ||||||||||||||||||||||||
Sheet | Financial | Collateral | Net Amount | ||||||||||||||||||||||
Instruments | Pledged | ||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 265,000 | $ | (265,000 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Securities lending transactions | 50,000 | (50,000 | ) | — | — | — | — | ||||||||||||||||||
Derivatives | 12,543 | — | 12,543 | (23 | ) | (11,493 | ) | 1,027 | |||||||||||||||||
Total | $ | 327,543 | $ | (315,000 | ) | $ | 12,543 | $ | (23 | ) | $ | (11,493 | ) | $ | 1,027 | ||||||||||
Weighted average interest rate of repurchase agreements | 0.43 | % |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investment Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of amortized cost, 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 December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 51,733 | $ | 2,718 | $ | 42 | $ | 54,409 | |||||||||||||||||
Mortgage-backed securities (1) | 428,009 | 6,690 | 3,523 | 431,176 | |||||||||||||||||||||
Total | $ | 479,742 | $ | 9,408 | $ | 3,565 | $ | 485,585 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
State and political subdivisions | $ | 51,780 | $ | 5,486 | $ | — | $ | 57,266 | |||||||||||||||||
Mortgage-backed securities (1) | 192,404 | 11,461 | — | 203,865 | |||||||||||||||||||||
Total | $ | 244,184 | $ | 16,947 | $ | — | $ | 261,131 | |||||||||||||||||
(1) All are residential type mortgage-backed securities | |||||||||||||||||||||||||
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 December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 22,558 | $ | 823 | $ | 139 | $ | 23,242 | |||||||||||||||||
Mortgage-backed securities (1) | 1,145,800 | 13,296 | 13,749 | 1,145,347 | |||||||||||||||||||||
Corporate bonds | 255,316 | 1,304 | 6,324 | 250,296 | |||||||||||||||||||||
Asset-backed securities | 409,086 | 2,535 | 988 | 410,633 | |||||||||||||||||||||
Other | 2,699 | — | — | 2,699 | |||||||||||||||||||||
Total | $ | 1,835,459 | $ | 17,958 | $ | 21,200 | $ | 1,832,217 | |||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
State and political subdivisions | $ | 27,717 | $ | 1,354 | $ | 19 | $ | 29,052 | |||||||||||||||||
Mortgage-backed securities (1) | 1,408,042 | 22,552 | 2,092 | 1,428,502 | |||||||||||||||||||||
Corporate bonds | 169,783 | 1,052 | 7,173 | 163,662 | |||||||||||||||||||||
Asset-backed securities | 209,411 | 1,894 | 749 | 210,556 | |||||||||||||||||||||
Other | 2,821 | — | — | 2,821 | |||||||||||||||||||||
Total | $ | 1,817,774 | $ | 26,852 | $ | 10,033 | $ | 1,834,593 | |||||||||||||||||
(1) All are residential type mortgage-backed securities | |||||||||||||||||||||||||
Schedule of summary of held to maturity securities in an unrealized loss position | ' | ||||||||||||||||||||||||
12 Months or More | |||||||||||||||||||||||||
Less than 12 Months | Total | ||||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 1,595 | $ | 42 | $ | — | $ | — | $ | 1,595 | $ | 42 | |||||||||||||
Mortgage-backed securities | 259,870 | 3,523 | — | — | 259,870 | 3,523 | |||||||||||||||||||
Total unrealized loss position | $ | 261,465 | $ | 3,565 | $ | — | $ | — | $ | 261,465 | $ | 3,565 | |||||||||||||
Schedule of summary of available for sale securities in an unrealized loss position | ' | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
State and political subdivisions | $ | 4,539 | $ | 139 | $ | — | $ | — | $ | 4,539 | $ | 139 | |||||||||||||
Mortgage-backed securities | 334,996 | 6,480 | 175,865 | 7,269 | 510,861 | 13,749 | |||||||||||||||||||
Corporate bonds | 137,318 | 4,494 | 54,130 | 1,830 | 191,448 | 6,324 | |||||||||||||||||||
Asset-backed securities | 164,933 | 722 | 22,370 | 266 | 187,303 | 988 | |||||||||||||||||||
Total unrealized loss position | $ | 641,786 | $ | 11,835 | $ | 252,365 | $ | 9,365 | $ | 894,151 | $ | 21,200 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
State and political subdivisions | $ | 3,674 | $ | 17 | $ | 10 | $ | 2 | $ | 3,684 | $ | 19 | |||||||||||||
Mortgage-backed securities | 326,485 | 2,092 | — | — | 326,485 | 2,092 | |||||||||||||||||||
Corporate bonds | 21,248 | 136 | 93,903 | 7,037 | 115,151 | 7,173 | |||||||||||||||||||
Asset-backed securities | 82,188 | 749 | — | — | 82,188 | 749 | |||||||||||||||||||
Total unrealized loss position | $ | 433,595 | $ | 2,994 | $ | 93,913 | $ | 7,039 | $ | 527,508 | $ | 10,033 | |||||||||||||
Schedule of summary of securities sales activities | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Proceeds from sales | $ | 39,731 | $ | 469,167 | $ | 128,217 | |||||||||||||||||||
Gross gains on sales | $ | 264 | $ | 7,364 | $ | 1,173 | |||||||||||||||||||
Gross losses on sales | (78 | ) | (286 | ) | (331 | ) | |||||||||||||||||||
Net gains on sales of securities | $ | 186 | $ | 7,078 | $ | 842 | |||||||||||||||||||
Income tax expense attributable to sales | $ | 72 | $ | 2,753 | $ | 328 | |||||||||||||||||||
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 | ||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||
Within 1 year | $ | 2,840 | $ | 2,869 | $ | — | $ | — | |||||||||||||||||
1 to 5 years | 16,257 | 16,881 | 12,463 | 13,234 | |||||||||||||||||||||
5 to 10 years | 2,613 | 2,607 | 26,062 | 27,408 | |||||||||||||||||||||
More than 10 years | 848 | 885 | 13,208 | 13,767 | |||||||||||||||||||||
22,558 | 23,242 | 51,733 | 54,409 | ||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||
1 to 5 years | 38,305 | 38,520 | — | — | |||||||||||||||||||||
5 to 10 years | 206,237 | 201,504 | — | — | |||||||||||||||||||||
More than 10 years | 10,774 | 10,272 | — | — | |||||||||||||||||||||
255,316 | 250,296 | — | — | ||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||
1 to 5 years | 89,770 | 89,438 | — | — | |||||||||||||||||||||
5 to 10 years | 269,337 | 271,418 | — | — | |||||||||||||||||||||
More than 10 years | 49,979 | 49,777 | — | — | |||||||||||||||||||||
409,086 | 410,633 | — | — | ||||||||||||||||||||||
Other: | |||||||||||||||||||||||||
More than 10 years | 2,699 | 2,699 | — | — | |||||||||||||||||||||
2,699 | 2,699 | — | — | ||||||||||||||||||||||
Total securities other than mortgage-backed securities: | |||||||||||||||||||||||||
Within 1 year | 2,840 | 2,869 | — | — | |||||||||||||||||||||
1 to 5 years | 144,332 | 144,839 | 12,463 | 13,234 | |||||||||||||||||||||
5 to 10 years | 478,187 | 475,529 | 26,062 | 27,408 | |||||||||||||||||||||
More than 10 years | 64,300 | 63,633 | 13,208 | 13,767 | |||||||||||||||||||||
Mortgage-backed securities | 1,145,800 | 1,145,347 | 428,009 | 431,176 | |||||||||||||||||||||
$ | 1,835,459 | $ | 1,832,217 | $ | 479,742 | $ | 485,585 |
Loans_and_Allowance_for_Credit1
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of major classifications of loans | ' | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 1,756,710 | $ | 1,813,365 | |||||||||||||||||||||||||||||||||
Commercial & industrial | 471,961 | 458,246 | |||||||||||||||||||||||||||||||||||
Commercial construction | 148,903 | 154,769 | |||||||||||||||||||||||||||||||||||
Total commercial | 2,377,574 | 2,426,380 | |||||||||||||||||||||||||||||||||||
Residential mortgage | 1,315,964 | 1,214,203 | |||||||||||||||||||||||||||||||||||
Residential construction | 328,579 | 381,677 | |||||||||||||||||||||||||||||||||||
Consumer installment | 307,149 | 152,748 | |||||||||||||||||||||||||||||||||||
Total loans | 4,329,266 | 4,175,008 | |||||||||||||||||||||||||||||||||||
Less allowance for loan losses | (76,762 | ) | (107,137 | ) | |||||||||||||||||||||||||||||||||
Loans, net | $ | 4,252,504 | $ | 4,067,871 | |||||||||||||||||||||||||||||||||
Schedule of United's recorded investment in assets | ' | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Net Sales Proceeds | Net | |||||||||||||||||||||||||||||||||||
Charge-Off | |||||||||||||||||||||||||||||||||||||
Loans considered impaired | $ | 96,829 | $ | 56,298 | $ | (40,531 | ) | ||||||||||||||||||||||||||||||
Loans not considered impaired | 25,687 | 15,227 | (10,460 | ) | |||||||||||||||||||||||||||||||||
Foreclosed properties | 8,398 | 5,933 | (2,465 | ) | |||||||||||||||||||||||||||||||||
Total assets sold | $ | 130,914 | $ | 77,458 | $ | (53,456 | ) | ||||||||||||||||||||||||||||||
Schedule of recorded investment in loans by portfolio segment and allowance for loan losses based on impairment method | ' | ||||||||||||||||||||||||||||||||||||
Beginning | Charge- | Recoveries | Provision | Ending | |||||||||||||||||||||||||||||||||
Balance | Offs | Balance | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 27,847 | $ | (36,470 | ) | $ | 1,945 | $ | 31,016 | $ | 24,338 | ||||||||||||||||||||||||||
Commercial & industrial | 5,537 | (18,914 | ) | 1,888 | 18,016 | 6,527 | |||||||||||||||||||||||||||||||
Commercial construction | 8,389 | (6,483 | ) | 69 | 1,694 | 3,669 | |||||||||||||||||||||||||||||||
Residential mortgage | 26,642 | (12,277 | ) | 715 | 5,894 | 20,974 | |||||||||||||||||||||||||||||||
Residential construction | 26,662 | (23,049 | ) | 173 | 8,746 | 12,532 | |||||||||||||||||||||||||||||||
Consumer installment | 2,747 | (2,461 | ) | 1,154 | 1,039 | 2,479 | |||||||||||||||||||||||||||||||
Unallocated | 9,313 | — | — | (3,070 | ) | 6,243 | |||||||||||||||||||||||||||||||
Total allowance for loan losses | 107,137 | (99,654 | ) | 5,944 | 63,335 | 76,762 | |||||||||||||||||||||||||||||||
Allowance for unfunded commitments | — | — | — | 2,165 | 2,165 | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 107,137 | $ | (99,654 | ) | $ | 5,944 | $ | 65,500 | $ | 78,927 | ||||||||||||||||||||||||||
Beginning | Charge- | Recoveries | Provision | Ending | |||||||||||||||||||||||||||||||||
Balance | Offs | Balance | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 31,644 | $ | (23,062 | ) | $ | 692 | $ | 18,573 | $ | 27,847 | ||||||||||||||||||||||||||
Commercial & industrial | 5,681 | (2,424 | ) | 1,104 | 1,176 | 5,537 | |||||||||||||||||||||||||||||||
Commercial construction | 6,097 | (5,411 | ) | 111 | 7,592 | 8,389 | |||||||||||||||||||||||||||||||
Residential mortgage | 29,076 | (17,262 | ) | 799 | 14,029 | 26,642 | |||||||||||||||||||||||||||||||
Residential construction | 30,379 | (24,260 | ) | 1,272 | 19,271 | 26,662 | |||||||||||||||||||||||||||||||
Consumer installment | 2,124 | (2,214 | ) | 824 | 2,013 | 2,747 | |||||||||||||||||||||||||||||||
Unallocated | 9,467 | — | — | (154 | ) | 9,313 | |||||||||||||||||||||||||||||||
Total allowance for loan losses | 114,468 | (74,633 | ) | 4,802 | 62,500 | 107,137 | |||||||||||||||||||||||||||||||
Allowance for unfunded commitments | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 114,468 | $ | (74,633 | ) | $ | 4,802 | $ | 62,500 | $ | 107,137 | ||||||||||||||||||||||||||
Beginning | Charge- | Recoveries | Provision | Ending | |||||||||||||||||||||||||||||||||
Balance | Offs | Balance | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 31,191 | $ | (59,468 | ) | $ | 448 | $ | 59,473 | $ | 31,644 | ||||||||||||||||||||||||||
Commercial & industrial | 7,580 | (24,890 | ) | 967 | 22,024 | 5,681 | |||||||||||||||||||||||||||||||
Commercial construction | 6,780 | (55,730 | ) | 203 | 54,844 | 6,097 | |||||||||||||||||||||||||||||||
Residential mortgage | 22,305 | (53,707 | ) | 738 | 59,740 | 29,076 | |||||||||||||||||||||||||||||||
Residential construction | 92,571 | (118,916 | ) | 1,678 | 55,046 | 30,379 | |||||||||||||||||||||||||||||||
Consumer installment | 3,030 | (3,594 | ) | 1,044 | 1,644 | 2,124 | |||||||||||||||||||||||||||||||
Unallocated | 11,238 | — | — | (1,771 | ) | 9,467 | |||||||||||||||||||||||||||||||
Total allowance for loan losses | 174,695 | (316,305 | ) | 5,078 | 251,000 | 114,468 | |||||||||||||||||||||||||||||||
Allowance for unfunded commitments | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 174,695 | $ | (316,305 | ) | $ | 5,078 | $ | 251,000 | $ | 114,468 | ||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Collectively | Ending | Individually | Collectively | Ending | ||||||||||||||||||||||||||||||||
evaluated for | Balance | evaluated for | evaluated for | Balance | |||||||||||||||||||||||||||||||||
impairment | impairment | impairment | |||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 2,013 | $ | 22,325 | $ | 24,338 | $ | 6,106 | $ | 21,741 | $ | 27,847 | |||||||||||||||||||||||||
Commercial & industrial | 66 | 6,461 | 6,527 | 490 | 5,047 | 5,537 | |||||||||||||||||||||||||||||||
Commercial construction | 112 | 3,557 | 3,669 | 2,239 | 6,150 | 8,389 | |||||||||||||||||||||||||||||||
Residential mortgage | 2,919 | 18,055 | 20,974 | 2,165 | 24,477 | 26,642 | |||||||||||||||||||||||||||||||
Residential construction | 688 | 11,844 | 12,532 | 625 | 26,037 | 26,662 | |||||||||||||||||||||||||||||||
Consumer installment | 224 | 2,255 | 2,479 | 19 | 2,728 | 2,747 | |||||||||||||||||||||||||||||||
Unallocated | — | 6,243 | 6,243 | — | 9,313 | 9,313 | |||||||||||||||||||||||||||||||
Total allowance for loan losses | 6,022 | 70,740 | 76,762 | 11,644 | 95,493 | 107,137 | |||||||||||||||||||||||||||||||
Allowance for unfunded commitments | — | 2,165 | 2,165 | — | — | — | |||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 6,022 | $ | 72,905 | $ | 78,927 | $ | 11,644 | $ | 95,493 | $ | 107,137 | |||||||||||||||||||||||||
Loans Outstanding | |||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Collectively | Ending | Individually evaluated for impairment | Collectively | Ending | ||||||||||||||||||||||||||||||||
evaluated for | Balance | evaluated for | Balance | ||||||||||||||||||||||||||||||||||
impairment | impairment | ||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 60,208 | $ | 1,696,502 | $ | 1,756,710 | $ | 104,409 | $ | 1,708,956 | $ | 1,813,365 | |||||||||||||||||||||||||
Commercial & industrial | 4,217 | 467,744 | 471,961 | 51,501 | 406,745 | 458,246 | |||||||||||||||||||||||||||||||
Commercial construction | 13,715 | 135,188 | 148,903 | 40,168 | 114,601 | 154,769 | |||||||||||||||||||||||||||||||
Residential mortgage | 20,672 | 1,295,292 | 1,315,964 | 22,247 | 1,191,956 | 1,214,203 | |||||||||||||||||||||||||||||||
Residential construction | 14,808 | 313,771 | 328,579 | 34,055 | 347,622 | 381,677 | |||||||||||||||||||||||||||||||
Consumer installment | 999 | 306,150 | 307,149 | 430 | 152,318 | 152,748 | |||||||||||||||||||||||||||||||
Unallocated | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total loans | $ | 114,619 | $ | 4,214,647 | $ | 4,329,266 | $ | 252,810 | $ | 3,922,198 | $ | 4,175,008 | |||||||||||||||||||||||||
Schedule of summary of loans outstanding | ' | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2012 | $ | 6,610 | |||||||||||||||||||||||||||||||||||
New loans and advances | 1,470 | ||||||||||||||||||||||||||||||||||||
Repayments | (1,606 | ) | |||||||||||||||||||||||||||||||||||
Adjustment for changes in executive officers and directors | (3,576 | ) | |||||||||||||||||||||||||||||||||||
Balances at December 31, 2013 | $ | 2,898 | |||||||||||||||||||||||||||||||||||
Schedule of average balances of impaired loans and income recognized on impaired loans | ' | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Average Balance | Interest Revenue Recognized During Impairment | Cash Basis Interest Revenue Received | Average Balance | Interest Revenue Recognized During Impairment | Cash Basis Interest Revenue Received | Average Balance | Interest Revenue Recognized During Impairment | Cash Basis Interest Revenue Received | |||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 59,724 | $ | 3,553 | $ | 3,807 | $ | 114,556 | $ | 4,994 | $ | 5,270 | $ | 48,712 | $ | 1,588 | $ | 1,506 | |||||||||||||||||||
Commercial & industrial | 4,609 | 401 | 865 | 45,233 | 1,051 | 2,523 | 24,329 | 153 | 704 | ||||||||||||||||||||||||||||
Commercial construction | 13,946 | 633 | 720 | 45,489 | 875 | 1,268 | 13,126 | 94 | 317 | ||||||||||||||||||||||||||||
Total commercial | 78,279 | 4,587 | 5,392 | 205,278 | 6,920 | 9,061 | 86,167 | 1,835 | 2,527 | ||||||||||||||||||||||||||||
Residential mortgage | 21,413 | 1,114 | 1,088 | 23,926 | 1,058 | 1,190 | 9,575 | 217 | 222 | ||||||||||||||||||||||||||||
Residential construction | 14,558 | 993 | 1,023 | 46,410 | 1,527 | 2,054 | 30,797 | 604 | 728 | ||||||||||||||||||||||||||||
Consumer installment | 383 | 21 | 21 | 564 | 26 | 27 | 101 | 6 | 6 | ||||||||||||||||||||||||||||
Total | $ | 114,633 | $ | 6,715 | $ | 7,524 | $ | 276,178 | $ | 9,531 | $ | 12,332 | $ | 126,640 | $ | 2,662 | $ | 3,483 | |||||||||||||||||||
Schedule of loans individually evaluated for impairment by class of loans | ' | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Unpaid | Recorded | Allowance | Unpaid | Recorded | Allowance | ||||||||||||||||||||||||||||||||
Principal | Investment | for Loan | Principal | Investment | for Loan | ||||||||||||||||||||||||||||||||
Balance | Losses | Balance | Losses | ||||||||||||||||||||||||||||||||||
Allocated | Allocated | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 30,361 | $ | 24,205 | $ | — | $ | 74,066 | $ | 62,609 | $ | — | |||||||||||||||||||||||||
Commercial & industrial | 2,252 | 2,252 | — | 74,572 | 49,572 | — | |||||||||||||||||||||||||||||||
Commercial construction | 974 | 974 | — | 23,938 | 17,305 | — | |||||||||||||||||||||||||||||||
Total commercial | 33,587 | 27,431 | — | 172,576 | 129,486 | — | |||||||||||||||||||||||||||||||
Residential mortgage | 4,496 | 3,634 | — | 10,336 | 8,383 | — | |||||||||||||||||||||||||||||||
Residential construction | 9,462 | 7,807 | — | 35,439 | 19,093 | — | |||||||||||||||||||||||||||||||
Consumer installment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Total with no related allowance recorded | 47,545 | 38,872 | — | 218,351 | 156,962 | — | |||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 36,085 | 36,003 | 2,013 | 44,395 | 41,800 | 6,106 | |||||||||||||||||||||||||||||||
Commercial & industrial | 2,248 | 1,965 | 66 | 2,170 | 1,929 | 490 | |||||||||||||||||||||||||||||||
Commercial construction | 12,821 | 12,741 | 112 | 23,746 | 22,863 | 2,239 | |||||||||||||||||||||||||||||||
Total commercial | 51,154 | 50,709 | 2,191 | 70,311 | 66,592 | 8,835 | |||||||||||||||||||||||||||||||
Residential mortgage | 17,624 | 17,038 | 2,919 | 14,267 | 13,864 | 2,165 | |||||||||||||||||||||||||||||||
Residential construction | 8,469 | 7,001 | 688 | 15,412 | 14,962 | 625 | |||||||||||||||||||||||||||||||
Consumer installment | 999 | 999 | 224 | 441 | 430 | 19 | |||||||||||||||||||||||||||||||
Total with an allowance recorded | 78,246 | 75,747 | 6,022 | 100,431 | 95,848 | 11,644 | |||||||||||||||||||||||||||||||
Total | $ | 125,791 | $ | 114,619 | $ | 6,022 | $ | 318,782 | $ | 252,810 | $ | 11,644 | |||||||||||||||||||||||||
Schedule of recorded investment in nonaccrual loans | ' | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 8,340 | $ | 22,148 | |||||||||||||||||||||||||||||||||
Commercial & industrial | 427 | 31,817 | |||||||||||||||||||||||||||||||||||
Commercial construction | 361 | 23,843 | |||||||||||||||||||||||||||||||||||
Total commercial | 9,128 | 77,808 | |||||||||||||||||||||||||||||||||||
Residential mortgage | 13,178 | 12,589 | |||||||||||||||||||||||||||||||||||
Residential construction | 4,264 | 18,702 | |||||||||||||||||||||||||||||||||||
Consumer installment | 249 | 795 | |||||||||||||||||||||||||||||||||||
Total | $ | 26,819 | $ | 109,894 | |||||||||||||||||||||||||||||||||
Schedule of aging of the recorded investment in past due loans | ' | ||||||||||||||||||||||||||||||||||||
Loans Past Due | Loans Not | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | 30 - 59 Days | 60 - 89 Days | > 90 Days | Total | Past Due | Total | |||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 5,724 | $ | 2,797 | $ | 2,547 | $ | 11,068 | $ | 1,745,642 | $ | 1,756,710 | |||||||||||||||||||||||||
Commercial & industrial | 2,349 | 223 | 88 | 2,660 | 469,301 | 471,961 | |||||||||||||||||||||||||||||||
Commercial construction | 94 | 190 | 235 | 519 | 148,384 | 148,903 | |||||||||||||||||||||||||||||||
Total commercial | 8,167 | 3,210 | 2,870 | 14,247 | 2,363,327 | 2,377,574 | |||||||||||||||||||||||||||||||
Residential mortgage | 11,067 | 3,262 | 5,081 | 19,410 | 1,296,554 | 1,315,964 | |||||||||||||||||||||||||||||||
Residential construction | 1,335 | 588 | 1,375 | 3,298 | 325,281 | 328,579 | |||||||||||||||||||||||||||||||
Consumer installment | 1,243 | 423 | 66 | 1,732 | 305,417 | 307,149 | |||||||||||||||||||||||||||||||
Total loans | $ | 21,812 | $ | 7,483 | $ | 9,392 | $ | 38,687 | $ | 4,290,579 | $ | 4,329,266 | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 8,106 | $ | 3,232 | $ | 7,476 | $ | 18,814 | $ | 1,794,551 | $ | 1,813,365 | |||||||||||||||||||||||||
Commercial & industrial | 1,565 | 429 | 867 | 2,861 | 455,385 | 458,246 | |||||||||||||||||||||||||||||||
Commercial construction | 2,216 | — | 4,490 | 6,706 | 148,063 | 154,769 | |||||||||||||||||||||||||||||||
Total commercial | 11,887 | 3,661 | 12,833 | 28,381 | 2,397,999 | 2,426,380 | |||||||||||||||||||||||||||||||
Residential mortgage | 12,292 | 2,426 | 4,848 | 19,566 | 1,194,637 | 1,214,203 | |||||||||||||||||||||||||||||||
Residential construction | 2,233 | 1,934 | 5,159 | 9,326 | 372,351 | 381,677 | |||||||||||||||||||||||||||||||
Consumer installment | 1,320 | 245 | 289 | 1,854 | 150,894 | 152,748 | |||||||||||||||||||||||||||||||
Total loans | $ | 27,732 | $ | 8,266 | $ | 23,129 | $ | 59,127 | $ | 4,115,881 | $ | 4,175,008 | |||||||||||||||||||||||||
Schedule of loans modified under the terms of TDR | ' | ||||||||||||||||||||||||||||||||||||
Pre- | Post- | Troubled Debt | |||||||||||||||||||||||||||||||||||
Modification | Modification | Restructurings That | |||||||||||||||||||||||||||||||||||
Outstanding Recorded Investment | Outstanding | Have Subsequently | |||||||||||||||||||||||||||||||||||
Recorded | Defaulted Within the | ||||||||||||||||||||||||||||||||||||
Investment | Previous Twelve Months | ||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings for the Year | Number of | Number of | Recorded | ||||||||||||||||||||||||||||||||||
ended December 31, 2013 | Contracts | Contracts | Investment | ||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 20 | $ | 12,483 | $ | 11,384 | 3 | $ | 670 | |||||||||||||||||||||||||||||
Commercial & industrial | 14 | 1,464 | 1,208 | 1 | 35 | ||||||||||||||||||||||||||||||||
Commercial construction | 1 | 416 | 416 | 2 | 1,454 | ||||||||||||||||||||||||||||||||
Total commercial | 35 | 14,363 | 13,008 | 6 | 2,159 | ||||||||||||||||||||||||||||||||
Residential mortgage | 49 | 7,098 | 6,573 | 3 | 641 | ||||||||||||||||||||||||||||||||
Residential construction | 15 | 2,160 | 2,015 | 3 | 531 | ||||||||||||||||||||||||||||||||
Consumer installment | 11 | 80 | 80 | 5 | 29 | ||||||||||||||||||||||||||||||||
Total loans | 110 | $ | 23,701 | $ | 21,676 | 17 | $ | 3,360 | |||||||||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 54 | $ | 34,450 | $ | 32,928 | 7 | $ | 3,287 | |||||||||||||||||||||||||||||
Commercial & industrial | 22 | 3,619 | 3,616 | 3 | 71 | ||||||||||||||||||||||||||||||||
Commercial construction | 20 | 34,014 | 33,934 | 3 | 4,224 | ||||||||||||||||||||||||||||||||
Total commercial | 96 | 72,083 | 70,478 | 13 | 7,582 | ||||||||||||||||||||||||||||||||
Residential mortgage | 67 | 15,132 | 14,303 | 10 | 650 | ||||||||||||||||||||||||||||||||
Residential construction | 49 | 19,909 | 17,400 | 16 | 5,728 | ||||||||||||||||||||||||||||||||
Consumer installment | 25 | 334 | 328 | 4 | 39 | ||||||||||||||||||||||||||||||||
Total loans | 237 | $ | 107,458 | $ | 102,509 | 43 | $ | 13,999 | |||||||||||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 57 | $ | 56,981 | $ | 56,031 | 4 | $ | 1,447 | |||||||||||||||||||||||||||||
Commercial & industrial | 15 | 767 | 767 | 2 | 52 | ||||||||||||||||||||||||||||||||
Commercial construction | 9 | 16,243 | 16,243 | — | — | ||||||||||||||||||||||||||||||||
Total commercial | 81 | 73,991 | 73,041 | 6 | 1,499 | ||||||||||||||||||||||||||||||||
Residential mortgage | 75 | 11,008 | 10,444 | 9 | 718 | ||||||||||||||||||||||||||||||||
Residential construction | 44 | 22,584 | 21,821 | 9 | 1,289 | ||||||||||||||||||||||||||||||||
Consumer installment | 31 | 205 | 200 | 13 | 68 | ||||||||||||||||||||||||||||||||
Total loans | 231 | $ | 107,788 | $ | 105,506 | 37 | $ | 3,574 | |||||||||||||||||||||||||||||
Schedule of additional information on troubled debt restructurings | ' | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Number of | Pre- | Post- | Number of | Pre- | Post- | ||||||||||||||||||||||||||||||||
Contracts | Modification Outstanding | Modification Outstanding | Contracts | Modification Outstanding | Modification Outstanding | ||||||||||||||||||||||||||||||||
Recorded | Recorded | Recorded | Recorded | ||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | Investment | ||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | 77 | $ | 44,964 | $ | 40,667 | 96 | $ | 80,261 | $ | 75,340 | |||||||||||||||||||||||||||
Commercial & industrial | 36 | 3,527 | 3,245 | 32 | 7,492 | 7,250 | |||||||||||||||||||||||||||||||
Commercial construction | 13 | 13,122 | 13,042 | 25 | 37,537 | 33,809 | |||||||||||||||||||||||||||||||
Total commercial | 126 | 61,613 | 56,954 | 153 | 125,290 | 116,399 | |||||||||||||||||||||||||||||||
Residential mortgage | 136 | 20,622 | 19,357 | 117 | 20,323 | 19,296 | |||||||||||||||||||||||||||||||
Residential construction | 57 | 12,459 | 10,452 | 67 | 25,822 | 23,786 | |||||||||||||||||||||||||||||||
Consumer installment | 26 | 203 | 203 | 51 | 1,292 | 1,282 | |||||||||||||||||||||||||||||||
Total loans | 345 | $ | 94,897 | $ | 86,966 | 388 | $ | 172,727 | $ | 160,763 | |||||||||||||||||||||||||||
Schedule of risk category of loans by class of loans | ' | ||||||||||||||||||||||||||||||||||||
Substandard | Doubtful / | ||||||||||||||||||||||||||||||||||||
Pass | Watch | Performing | Nonaccrual | Loss | Total | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 1,630,521 | $ | 40,124 | $ | 77,725 | $ | 8,340 | $ | — | $ | 1,756,710 | |||||||||||||||||||||||||
Commercial & industrial | 456,563 | 5,382 | 9,589 | 427 | — | 471,961 | |||||||||||||||||||||||||||||||
Commercial construction | 120,852 | 10,932 | 16,758 | 361 | — | 148,903 | |||||||||||||||||||||||||||||||
Total commercial | 2,207,936 | 56,438 | 104,072 | 9,128 | — | 2,377,574 | |||||||||||||||||||||||||||||||
Residential mortgage | 1,219,433 | 31,364 | 51,989 | 13,178 | — | 1,315,964 | |||||||||||||||||||||||||||||||
Residential construction | 298,685 | 11,526 | 14,104 | 4,264 | — | 328,579 | |||||||||||||||||||||||||||||||
Consumer installment | 303,133 | 1,229 | 2,538 | 249 | — | 307,149 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,029,187 | $ | 100,557 | $ | 172,703 | $ | 26,819 | $ | — | $ | 4,329,266 | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial (secured by real estate) | $ | 1,592,677 | $ | 80,997 | $ | 117,543 | $ | 22,148 | $ | — | $ | 1,813,365 | |||||||||||||||||||||||||
Commercial & industrial | 402,548 | 5,404 | 18,477 | 31,817 | — | 458,246 | |||||||||||||||||||||||||||||||
Commercial construction | 104,296 | 7,345 | 19,285 | 23,843 | — | 154,769 | |||||||||||||||||||||||||||||||
Total commercial | 2,099,521 | 93,746 | 155,305 | 77,808 | — | 2,426,380 | |||||||||||||||||||||||||||||||
Residential mortgage | 1,102,746 | 33,689 | 65,179 | 12,589 | — | 1,214,203 | |||||||||||||||||||||||||||||||
Residential construction | 292,264 | 32,907 | 37,804 | 18,702 | — | 381,677 | |||||||||||||||||||||||||||||||
Consumer installment | 147,214 | 1,086 | 3,653 | 795 | — | 152,748 | |||||||||||||||||||||||||||||||
Total loans | $ | 3,641,745 | $ | 161,428 | $ | 261,941 | $ | 109,894 | $ | — | $ | 4,175,008 |
Foreclosed_Property_Tables
Foreclosed Property (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Foreclosed Property [Abstract] | ' | ||||||||||||
Schedule of classifications of foreclosed properties | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Commercial real estate | $ | 1,287 | $ | 6,368 | |||||||||
Commercial construction | — | 2,204 | |||||||||||
Total commercial | 1,287 | 8,572 | |||||||||||
Residential mortgage | 3,380 | 5,192 | |||||||||||
Residential construction | 736 | 11,454 | |||||||||||
Total foreclosed property | 5,403 | 25,218 | |||||||||||
Less valuation allowance | (1,182 | ) | (6,954 | ) | |||||||||
Foreclosed property, net | $ | 4,221 | $ | 18,264 | |||||||||
Balance as a percentage of original loan unpaid principal | 44.5 | % | 39.7 | % | |||||||||
Schedule of activity in the valuation allowance for foreclosed property | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 6,954 | $ | 18,982 | $ | 16,565 | |||||||
Additions charged to expense | 3,065 | 6,951 | 57,368 | ||||||||||
Charge-offs upon disposition | (8,837 | ) | (18,979 | ) | (54,951 | ) | |||||||
Balance at end of year | $ | 1,182 | $ | 6,954 | $ | 18,982 | |||||||
Schedule of expenses related to foreclosed assets | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net loss on sales | $ | 1,641 | $ | 1,924 | $ | 11,038 | |||||||
Provision for unrealized losses | 3,065 | 6,951 | 57,368 | ||||||||||
Operating expenses, net of rental income | 3,163 | 5,118 | 10,499 | ||||||||||
Total foreclosed property expense | $ | 7,869 | $ | 13,993 | $ | 78,905 |
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Premises and Equipment [Abstract] | ' | ||||||||
Schedule of premises and equipments | ' | ||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 80,845 | $ | 81,272 | |||||
Buildings and improvements | 114,048 | 114,127 | |||||||
Furniture and equipment | 63,015 | 66,565 | |||||||
Construction in progress | 510 | 1,181 | |||||||
258,418 | 263,145 | ||||||||
Less accumulated depreciation | (94,829 | ) | (94,225 | ) | |||||
Premises and equipment, net | $ | 163,589 | $ | 168,920 | |||||
Schedule of rent commitments under operating leases | ' | ||||||||
2014 | $ | 1,852 | |||||||
2015 | 1,393 | ||||||||
2016 | 563 | ||||||||
2017 | 537 | ||||||||
2018 | 399 | ||||||||
Thereafter | 1,566 | ||||||||
Total | $ | 6,310 |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||
Schedule of summary of core deposit intangible assets | ' | ||||||||
2013 | 2012 | ||||||||
Gross carrying amount | $ | 32,652 | $ | 32,652 | |||||
Less accumulated amortization | 29,172 | 27,142 | |||||||
Net carrying amount | $ | 3,480 | $ | 5,510 | |||||
Schedule of estimated amortization expense | ' | ||||||||
2014 | $ | 1,349 | |||||||
2015 | 956 | ||||||||
2016 | 879 | ||||||||
2017 | 263 | ||||||||
2018 | 31 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Deposits [Abstract] | ' | ||||
Schedule of summary of contractual maturities of time deposits | ' | ||||
Maturing In: | |||||
2014 | $ | 1,098,425 | |||
2015 | 232,625 | ||||
2016 | 118,261 | ||||
2017 | 15,353 | ||||
2018 | 21,191 | ||||
thereafter | 268,960 | ||||
$ | 1,754,815 |
Federal_Home_Loan_Bank_Advance1
Federal Home Loan Bank Advances (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Schedule of maturities and current rates of outstanding advances | ' | ||||||||||||||||
Amount | |||||||||||||||||
Maturing In: | Maturing | Current Rate Range | |||||||||||||||
2014 | $ | 120,000 | 0.17% - 0.20% | ||||||||||||||
2016 | 125 | ||||||||||||||||
$ | 120,125 |
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | ||||||||||||||||||||||||
Schedule of long-term debt | ' | ||||||||||||||||||||||||
2013 | 2012 | Issue | Stated | Earliest | Interest Rate | ||||||||||||||||||||
Date | Maturity | Call | |||||||||||||||||||||||
Date | Date | ||||||||||||||||||||||||
2013 senior debentures | $ | 40,000 | $ | — | 2013 | 2018 | 2015 | 6 | % | ||||||||||||||||
2012 senior debentures | 35,000 | 35,000 | 2012 | 2017 | 2017 | 9 | |||||||||||||||||||
Total senior debentures | 75,000 | 35,000 | |||||||||||||||||||||||
2003 subordinated debentures | — | 35,000 | 2003 | 2015 | 2010 | 7.5 | |||||||||||||||||||
Total subordinated debentures | — | 35,000 | |||||||||||||||||||||||
United Community Capital Trust | 21,650 | 21,650 | 1998 | 2028 | 2008 | 8.125 | |||||||||||||||||||
United Community Statutory Trust I | 5,155 | 5,155 | 2000 | 2030 | 2010 | 10.6 | |||||||||||||||||||
United Community Capital Trust II | 10,309 | 10,309 | 2000 | 2030 | 2010 | 11.295 | |||||||||||||||||||
Southern Bancorp Capital Trust I | 4,382 | 4,382 | 2004 | 2034 | 2009 | Prime + 1.00 | |||||||||||||||||||
United Community Statutory Trust II | 12,131 | 12,077 | 2008 | 2038 | 2013 | 9 | |||||||||||||||||||
United Community Statutory Trust III | 1,238 | 1,232 | 2008 | 2038 | 2013 | Prime + 3.00 | |||||||||||||||||||
Total trust preferred securities | 54,865 | 54,805 | |||||||||||||||||||||||
Total long-term debt | $ | 129,865 | $ | 124,805 |
Reclassifications_Out_of_Accum1
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||
Schedule of details regarding amounts reclassified out of accumulated other comprehensive income | ' | |||||||||||||
Details about Accumulated Other | Amounts Reclassified from Accumulated | Affected Line Item in the Statement | ||||||||||||
Other Comprehensive Income | ||||||||||||||
For the Years Ended December 31, | ||||||||||||||
Comprehensive Income Components | 2013 | 2012 | 2011 | Where Net Income is Presented | ||||||||||
Unrealized (losses) gains on available-for-sale securities: | ||||||||||||||
$ | 186 | $ | 7,078 | $ | 842 | Securities gains, net | ||||||||
(72 | ) | (2,753 | ) | (328 | ) | Tax (expense) or benefit | ||||||||
$ | 114 | $ | 4,325 | $ | 514 | Net of tax | ||||||||
Amortization of gains included in net income on available-for-sale securities transferred to held to maturity: | ||||||||||||||
$ | 731 | $ | 1,988 | $ | 2,177 | Investment securities interest revenue | ||||||||
(282 | ) | (773 | ) | (846 | ) | Tax (expense) or benefit | ||||||||
$ | 449 | $ | 1,215 | $ | 1,331 | Net of tax | ||||||||
Gains included in net income on derivative financial instruments accounted for as cash flow hedges: | ||||||||||||||
Effective portion of interest rate contracts | $ | 852 | $ | 3,475 | $ | 10,152 | Loan interest revenue | |||||||
Ineffective portion of interest rate contracts | 52 | 237 | 4,964 | Loan interest revenue | ||||||||||
904 | 3,712 | 15,116 | Total before tax | |||||||||||
(352 | ) | (1,444 | ) | (5,880 | ) | Tax (expense) or benefit | ||||||||
$ | 552 | $ | 2,268 | $ | 9,236 | Net of tax | ||||||||
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | ||||||||||||||
Prior service cost | $ | (365 | ) | $ | (365 | ) | $ | — | Salaries and employee benefits expense | |||||
Actuarial losses | (167 | ) | (250 | ) | — | Salaries and employee benefits expense | ||||||||
Reclassification of unamortized prior service | — | — | 4,750 | Salaries and employee benefits expense | ||||||||||
cost and actuarial gains and losses | ||||||||||||||
(532 | ) | (615 | ) | 4,750 | Total before tax | |||||||||
207 | 240 | (1,848 | ) | Tax (expense) or benefit | ||||||||||
$ | (325 | ) | $ | (375 | ) | $ | 2,902 | Net of tax | ||||||
Total reclassifications for the period | $ | 790 | $ | 7,433 | $ | 13,983 | Net of tax | |||||||
Amounts shown above in parentheses reduce earnings |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of accrued dividends on preferred stock, including accretion of discounts | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Series A - 6% fixed (1) | $ | 12 | $ | 12 | $ | 13 | |||||||
Series B - 5% fixed until December 6, 2013, 9% thereafter (1)(2) | 10,401 | 10,465 | 10,401 | ||||||||||
Series D - LIBOR plus 9.6875%, resets quarterly (1) | 1,665 | 1,671 | 1,425 | ||||||||||
Total preferred stock dividends | $ | 12,078 | $ | 12,148 | $ | 11,839 | |||||||
-1 | All preferred stock dividends are payable quarterly. | ||||||||||||
-2 | Series B preferred stock was issued at a discount. Dividend amounts shown include discount accretion for each period. | ||||||||||||
Schedule of computation of basic and diluted loss per share | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) available to common stockholders | $ | 261,062 | $ | 21,708 | $ | (238,584 | ) | ||||||
Income (loss) per common share: | |||||||||||||
Basic | 4.44 | 0.38 | $ | (5.97 | ) | ||||||||
Diluted | 4.44 | 0.38 | (5.97 | ) | |||||||||
Weighted average common shares: | |||||||||||||
Basic | 58,787 | 57,857 | 39,943 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options | 1 | — | — | ||||||||||
Warrants | 57 | — | — | ||||||||||
Diluted | 58,845 | 57,857 | 39,943 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Schedule of income tax expense (benefit) | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | $ | 3,467 | $ | 1,050 | $ | (3,983 | ) | ||||||
Deferred | 23,785 | 9,446 | (94,808 | ) | |||||||||
Increase (decrease) in valuation allowance | (265,440 | ) | (9,446 | ) | 94,808 | ||||||||
Total income tax expense (benefit) | $ | (238,188 | ) | $ | 1,050 | $ | (3,983 | ) | |||||
Schedule of differences between the provision for income taxes and statutory federal income tax rate | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Pretax loss at statutory rates | $ | 12,234 | $ | 12,217 | $ | (80,755 | ) | ||||||
Add (deduct): | |||||||||||||
State taxes, net of federal benefit | 895 | 577 | (9,210 | ) | |||||||||
Bank owned life insurance earnings | (704 | ) | (444 | ) | (556 | ) | |||||||
Adjustment to reserve for uncertain tax positions | (426 | ) | (577 | ) | (4,593 | ) | |||||||
Tax-exempt interest revenue | (714 | ) | (816 | ) | (836 | ) | |||||||
Nondeductible interest expense | 10 | 18 | 34 | ||||||||||
Equity compensation | 676 | 255 | 489 | ||||||||||
Tax credits | (438 | ) | (460 | ) | (350 | ) | |||||||
Change in state statutory tax rate | 1,003 | — | — | ||||||||||
Disproportionate tax effects | 12,174 | — | — | ||||||||||
(Decrease) increase in valuation allowance | (265,440 | ) | (9,446 | ) | 94,808 | ||||||||
Other | 2,542 | (274 | ) | (3,014 | ) | ||||||||
Total income tax expense (benefit) | $ | (238,188 | ) | $ | 1,050 | $ | (3,983 | ) | |||||
Schedule of summarizes the sources and expected tax consequences of future taxable deductions (revenue) | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowances for loan losses | $ | 29,672 | $ | 41,521 | |||||||||
Net operating loss carryforwards | 219,863 | 221,335 | |||||||||||
Deferred compensation | 6,299 | 5,526 | |||||||||||
Reserve for losses on foreclosed properties | 678 | 3,702 | |||||||||||
Nonqualified share based compensation | 3,710 | 4,424 | |||||||||||
Accrued expenses | 2,663 | 1,960 | |||||||||||
Investment in low income housing tax credit partnerships | 1,335 | 1,443 | |||||||||||
Unamortized pension actuarial losses and prior service cost | 1,252 | 1,677 | |||||||||||
Acquired intangible assets | 326 | 890 | |||||||||||
Unrealized losses on securities available-for-sale | 2,056 | — | |||||||||||
Unrealized losses on cash flow hedges | — | 3,048 | |||||||||||
Other | 3,985 | 3,919 | |||||||||||
Total deferred tax assets | 271,839 | 289,445 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Unrealized gains on securities available-for-sale | — | 6,629 | |||||||||||
Unrealized gains on cash flow hedges | 523 | — | |||||||||||
Premises and equipment | 2,812 | 3,414 | |||||||||||
Loan origination costs | 4,234 | 3,876 | |||||||||||
Gain from acquisition of Southern Community Bank | 816 | 4,021 | |||||||||||
Prepaid expenses | 836 | 1,082 | |||||||||||
Total deferred tax liabilities | 9,221 | 19,022 | |||||||||||
Less valuation allowance | 4,100 | 270,423 | |||||||||||
Net deferred tax asset | $ | 258,518 | $ | — | |||||||||
Schedule of reconciliation of the beginning and ending unrecognized tax benefit | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of year | $ | 5,069 | $ | 5,985 | $ | 11,133 | |||||||
Additions based on tax positions related to prior years | — | 130 | — | ||||||||||
Decreases based on tax positions related to prior years | — | — | (3,369 | ) | |||||||||
Additions based on tax positions related to the current year | 352 | 500 | 585 | ||||||||||
Decreases resulting from a lapse in the applicable statute of limitations | (918 | ) | (957 | ) | (1,362 | ) | |||||||
Decreases based on settlements with taxing authorities | — | (589 | ) | (1,002 | ) | ||||||||
Balance at end of year | $ | 4,503 | $ | 5,069 | $ | 5,985 |
Pension_and_Employee_Benefit_P1
Pension and Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Pension and Employee Benefit Plans [Abstract] | ' | ||||||||||||
Schedule of weighted-average assumptions used to determine pension benefit obligations | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Discount rate for disclosures | 4.5 | % | 4 | % | |||||||||
Discount rate for net periodic benefit cost | 4 | % | 4.5 | % | |||||||||
Rate of compensation increase | NA | NA | |||||||||||
Measurement date | 12/31/13 | 12/31/12 | |||||||||||
Schedule of changes in obligations and plan assets of the Modified Retirement Plan | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Accumulated benefit obligation: | |||||||||||||
Accumulated benefit obligation - beginning of year | $ | 13,155 | $ | 12,064 | |||||||||
Service cost | 465 | 597 | |||||||||||
Interest cost | 533 | 537 | |||||||||||
Actuarial (gains) losses | (561 | ) | 177 | ||||||||||
Benefits paid | (272 | ) | (220 | ) | |||||||||
Accumulated benefit obligation - end of year | 13,320 | 13,155 | |||||||||||
Change in plan assets, at fair value: | |||||||||||||
Employer contribution | 272 | 220 | |||||||||||
Benefits paid | (272 | ) | (220 | ) | |||||||||
Plan assets - end of year | — | — | |||||||||||
Funded status - end of year (plan assets less benefit obligations) | $ | (13,320 | ) | $ | (13,155 | ) | |||||||
Schedule of amounts recognized in accumulated other comprehensive income | ' | ||||||||||||
2013 | 2012 | ||||||||||||
Net actuarial losses | $ | 1,424 | $ | 2,152 | |||||||||
Prior service cost | 1,794 | 2,159 | |||||||||||
$ | 3,218 | $ | 4,311 | ||||||||||
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | $ | 465 | $ | 597 | $ | 477 | |||||||
Interest cost | 533 | 537 | 489 | ||||||||||
Amortization of prior service cost | 365 | 365 | 279 | ||||||||||
Amortization of net losses | 167 | 250 | 27 | ||||||||||
Net periodic benefit cost | 1,530 | 1,749 | 1,272 | ||||||||||
Net actuarial (gain) loss | $ | (561 | ) | $ | 177 | $ | 1,026 | ||||||
Amortization of net losses | (167 | ) | (250 | ) | (27 | ) | |||||||
Prior service cost | — | — | 1,540 | ||||||||||
Amortization of prior service cost | (365 | ) | (365 | ) | (279 | ) | |||||||
Total recognized in other comprehensive income | (1,093 | ) | (438 | ) | 2,260 | ||||||||
Total net periodic benefit cost and accumulated other comprehensive income | $ | 437 | $ | 1,311 | $ | 3,532 | |||||||
Schedule of summary of benefit payments expected future service | ' | ||||||||||||
2014 | $ | 323 | |||||||||||
2015 | 697 | ||||||||||||
2016 | 764 | ||||||||||||
2017 | 787 | ||||||||||||
2018 | 980 | ||||||||||||
Following five years | 4,694 |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Schedule of derivative financial instruments on consolidated balance sheet | ' | ||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments under ASC 815 | |||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||
Interest Rate | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
Products | Balance Sheet Location | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Cash flow hedge of money market deposits | Other assets | $ | 4,782 | $ | — | ||||||||||||||||||||||||||||||||||
Fair value hedge of brokered CD’s | Other assets | — | 23 | ||||||||||||||||||||||||||||||||||||
Fair value hedge of corporate bonds | Other assets | 3,939 | — | ||||||||||||||||||||||||||||||||||||
$ | 8,721 | $ | 23 | ||||||||||||||||||||||||||||||||||||
Cash flow hedge of short-term debt | Other liabilities | $ | 3,368 | $ | 4,574 | ||||||||||||||||||||||||||||||||||
Cash flow hedge of money market deposits | Other liabilities | — | 4,165 | ||||||||||||||||||||||||||||||||||||
Fair value hedge of brokered CD’s | Other liabilities | 19,970 | 3,161 | ||||||||||||||||||||||||||||||||||||
Fair value hedge of corporate bonds | Other liabilities | 2,308 | — | ||||||||||||||||||||||||||||||||||||
$ | 25,646 | $ | 11,900 | ||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments under ASC 815 | |||||||||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||||||||
Interest Rate | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||
Products | Balance Sheet Location | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Customer swap positions | Other assets | $ | 898 | $ | 635 | ||||||||||||||||||||||||||||||||||
Dealer offsets to customer swap positions | Other assets | 1,347 | — | ||||||||||||||||||||||||||||||||||||
Bifurcated embedded derivatives | Other assets | 12,867 | — | ||||||||||||||||||||||||||||||||||||
$ | 15,112 | $ | 635 | ||||||||||||||||||||||||||||||||||||
Customer swap positions | Other liabilities | $ | 1,347 | $ | — | ||||||||||||||||||||||||||||||||||
Dealer offsets to customer swap positions | Other liabilities | 915 | 643 | ||||||||||||||||||||||||||||||||||||
Dealer offsets to bifurcated embedded derivatives | Other liabilities | 18,324 | — | ||||||||||||||||||||||||||||||||||||
$ | 20,586 | $ | 643 | ||||||||||||||||||||||||||||||||||||
Schedule of effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ' | ||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) | Amount of Gain (Loss) Recognized in | Amount of Gain (Loss) Recognized in | |||||||||||||||||||||||||||||||||||||
Recognized in Income | Income on Derivative | Income on Hedged Item | |||||||||||||||||||||||||||||||||||||
on Derivative | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Fair value hedges of brokered CD’s | Interest expense | $ | (16,433 | ) | $ | 540 | $ | 328 | $ | 16,981 | $ | 330 | $ | (291 | ) | ||||||||||||||||||||||||
Fair value hedges of corporate bonds | Interest revenue | 6,285 | — | — | (5,765 | ) | — | — | |||||||||||||||||||||||||||||||
$ | (10,148 | ) | $ | 540 | $ | 328 | $ | 11,216 | $ | 330 | $ | (291 | ) | ||||||||||||||||||||||||||
Schedule of effect of cash flow hedging derivative financial instruments on other comprehensive income | ' | ||||||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income on | Gain (Loss) Reclassified from Accumulated Other | Gain (Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||||||||||||||
Derivative (Effective Portion) | Comprehensive Income into Income (Effective Portion) | (Ineffective Portion) | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | Location | 2013 | 2012 | 2011 | Location | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 10,084 | $ | (8,739 | ) | $ | — | Interest revenue | $ | 904 | $ | 3,712 | $ | 15,120 | Interest expense | $ | 70 | $ | — | $ | — |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | ||||||||||||||||||||||||
Schedule of minimum amounts required for capital adequacy purposes | ' | ||||||||||||||||||||||||
Regulatory | United Community Banks, Inc. | ||||||||||||||||||||||||
Guidelines | (consolidated) | United Community Bank | |||||||||||||||||||||||
Well | |||||||||||||||||||||||||
Minimum | Capitalized | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Risk-based ratios: | |||||||||||||||||||||||||
Tier 1 capital | 4 | % | 6 | % | 12.74 | % | 14.16 | % | 13.55 | % | 14.48 | % | |||||||||||||
Total capital | 8 | 10 | 13.99 | 15.73 | 14.8 | 15.74 | |||||||||||||||||||
Leverage ratio | 3 | 9.08 | 9.64 | 9.61 | 9.86 | ||||||||||||||||||||
Tier 1 capital | $ | 649,162 | $ | 652,692 | $ | 686,687 | $ | 666,585 | |||||||||||||||||
Total capital | 713,063 | 724,915 | 750,216 | 724,738 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies [Abstract] | ' | ||||||||
Schedule of the contract amount of off-balance sheet instruments | ' | ||||||||
2013 | 2012 | ||||||||
Financial instruments whose contract amounts represent credit risk: | |||||||||
Commitments to extend credit | $ | 747,170 | $ | 534,928 | |||||
Letters of credit | 19,846 | 13,683 | |||||||
Minimum Lease Payments | 6,310 | 6,716 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Schedule of restricted stock and options outstanding and activity | ' | ||||||||||||||||||||||||
Restricted Stock | Options | ||||||||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||||||
Average | Average | Average | Aggregate | ||||||||||||||||||||||
Grant Date | Exercise | Remaining | Intrinsic | ||||||||||||||||||||||
Shares | Fair Value | Shares | Price | Term (Yrs.) | Value (000’s) | ||||||||||||||||||||
31-Dec-10 | 23,214 | 59.67 | 678,313 | 93 | |||||||||||||||||||||
Granted | 410,051 | 10.15 | 10,000 | 11.2 | |||||||||||||||||||||
Exercised | (18,621 | ) | 26.77 | — | — | ||||||||||||||||||||
Cancelled | — | — | (104,666 | ) | 76.87 | ||||||||||||||||||||
31-Dec-11 | 414,644 | 12.19 | 583,647 | 94.48 | |||||||||||||||||||||
Granted | 200,612 | 8.73 | — | — | |||||||||||||||||||||
Exercised | (114,673 | ) | 14.77 | — | — | ||||||||||||||||||||
Cancelled | (14,999 | ) | 10.25 | (101,119 | ) | 78.98 | |||||||||||||||||||
31-Dec-12 | 485,584 | 10.72 | 482,528 | 97.73 | |||||||||||||||||||||
Granted | 876,583 | 14.74 | 5,000 | 15.09 | |||||||||||||||||||||
Exercised | (195,366 | ) | 13.16 | — | — | ||||||||||||||||||||
Cancelled | (93,125 | ) | 8.78 | (136,756 | ) | 94.37 | |||||||||||||||||||
31-Dec-13 | 1,073,676 | 13.73 | 350,772 | 97.87 | 3.3 | $ | 79 | ||||||||||||||||||
Vested / Exercisable at December 31, 2013 | 22,462 | 10.11 | 340,572 | 100.4 | 3.14 | 33 | |||||||||||||||||||
Schedule of summary of stock options outstanding | ' | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Weighted | Average | Weighted | |||||||||||||||||||||||
Shares | Range | Average Price | Remaining Life | Shares | Average Price | ||||||||||||||||||||
16,823 | $ | 10.00 - 30.00 | $ | 13.92 | 7.98 | 6,623 | $ | 14.88 | |||||||||||||||||
47,398 | 30.01 - 50.00 | 31.66 | 5.32 | 47,398 | 31.66 | ||||||||||||||||||||
75,561 | 50.01 - 70.00 | 66.31 | 4.27 | 75,561 | 66.31 | ||||||||||||||||||||
2,595 | 70.01 - 90.00 | 77.22 | 3.41 | 2,595 | 77.22 | ||||||||||||||||||||
29,781 | 90.01 - 110.00 | 107.28 | 1.32 | 29,781 | 107.28 | ||||||||||||||||||||
51,597 | 110.01 - 130.00 | 114.19 | 0.75 | 51,597 | 114.19 | ||||||||||||||||||||
121,614 | 130.01 - 150.00 | 143.69 | 2.82 | 121,614 | 143.69 | ||||||||||||||||||||
5,403 | 150.01 - 170.00 | 152.1 | 3.21 | 5,403 | 152.1 | ||||||||||||||||||||
350,772 | 10.00 - 170.00 | 97.87 | 3.3 | 340,572 | 100.4 | ||||||||||||||||||||
Schedule of weighted average assumptions used to determine the fair value of options | ' | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Expected volatility | 30 | % | NA | 33 | % | ||||||||||||||||||||
Expected dividend yield | 0 | % | NA | 0 | % | ||||||||||||||||||||
Expected life (in years) | 6.25 | NA | 5 | ||||||||||||||||||||||
Risk free rate | 2 | % | NA | 2.1 | % |
Assets_and_Liabilities_Measure1
Assets and Liabilities Measured at Fair Value (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||
State and political subdivisions | $ | — | $ | 23,242 | $ | — | $ | 23,242 | ||||||||||||||
Mortgage-backed securities | — | 1,145,347 | — | 1,145,347 | ||||||||||||||||||
Corporate bonds | — | 249,946 | 350 | 250,296 | ||||||||||||||||||
Asset-backed securities | — | 410,633 | — | 410,633 | ||||||||||||||||||
Other | — | 2,699 | — | 2,699 | ||||||||||||||||||
Deferred compensation plan assets | 3,496 | — | — | 3,496 | ||||||||||||||||||
Derivative financial instruments | — | 23,833 | — | 23,833 | ||||||||||||||||||
Total assets | $ | 3,496 | $ | 1,855,700 | $ | 350 | $ | 1,859,546 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,496 | $ | — | $ | — | $ | 3,496 | ||||||||||||||
Brokered certificates of deposit | — | 173,657 | — | 173,657 | ||||||||||||||||||
Derivative financial instruments | — | 46,233 | — | 46,233 | ||||||||||||||||||
Total liabilities | $ | 3,496 | $ | 219,890 | $ | — | $ | 223,386 | ||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||
State and political subdivisions | $ | — | $ | 29,052 | $ | — | $ | 29,052 | ||||||||||||||
Mortgage-backed securities | — | 1,428,502 | — | 1,428,502 | ||||||||||||||||||
Corporate bonds | — | 163,312 | 350 | 163,662 | ||||||||||||||||||
Asset-backed securities | — | 210,556 | — | 210,556 | ||||||||||||||||||
Other | — | 2,821 | — | 2,821 | ||||||||||||||||||
Deferred compensation plan assets | 3,101 | — | — | 3,101 | ||||||||||||||||||
Derivative financial instruments | — | 658 | — | 658 | ||||||||||||||||||
Total assets | $ | 3,101 | $ | 1,834,901 | $ | 350 | $ | 1,838,352 | ||||||||||||||
Liabilities: | ||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,101 | $ | — | $ | — | $ | 3,101 | ||||||||||||||
Brokered certificates of deposit | — | 154,641 | — | 154,641 | ||||||||||||||||||
Derivative financial instruments | — | 12,543 | — | 12,543 | ||||||||||||||||||
Total liabilities | $ | 3,101 | $ | 167,184 | $ | — | $ | 170,285 | ||||||||||||||
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | ' | |||||||||||||||||||||
Securities Available-for-Sale | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Balance at beginning of period | $ | 350 | $ | 350 | $ | 5,284 | ||||||||||||||||
Amounts included in earnings | — | — | (19 | ) | ||||||||||||||||||
Paydowns | — | — | (1,119 | ) | ||||||||||||||||||
Transfers between valuation levels, net | — | — | (3,796 | ) | ||||||||||||||||||
Balance at end of period | $ | 350 | $ | 350 | $ | 350 | ||||||||||||||||
Schedule of presentation of United's assets and liabilities measured at fair value on nonrecurring basis | ' | |||||||||||||||||||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Loans | $ | — | $ | — | $ | 82,798 | $ | 82,798 | ||||||||||||||
Foreclosed properties | — | — | 3,747 | 3,747 | ||||||||||||||||||
Total assets | $ | — | $ | — | $ | 86,545 | $ | 86,545 | ||||||||||||||
31-Dec-12 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Loans | $ | — | $ | — | $ | 165,751 | $ | 165,751 | ||||||||||||||
Foreclosed properties | — | — | 14,788 | 14,788 | ||||||||||||||||||
Total assets | $ | — | $ | — | $ | 180,539 | $ | 180,539 | ||||||||||||||
Schedule of summary of carrying amount and fair values for other financial instruments not measured at fair value on a recurring basis | ' | |||||||||||||||||||||
Carrying | Fair Value Level | |||||||||||||||||||||
31-Dec-13 | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities held-to-maturity | $ | 479,742 | $ | — | $ | 485,585 | $ | — | $ | 485,585 | ||||||||||||
Loans, net | 4,252,504 | — | — | 4,165,591 | 4,165,591 | |||||||||||||||||
Mortgage loans held for sale | 10,319 | — | 10,529 | — | 10,529 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Deposits | 6,201,505 | — | 6,204,815 | — | 6,204,815 | |||||||||||||||||
Federal Home Loan Bank advances | 120,125 | — | 120,125 | — | 120,125 | |||||||||||||||||
Long-term debt | 129,865 | — | — | 130,262 | 130,262 | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Securities held-to-maturity | $ | 244,184 | $ | — | $ | 261,131 | $ | — | $ | 261,131 | ||||||||||||
Loans, net | 4,067,871 | — | — | 3,957,669 | 3,957,669 | |||||||||||||||||
Mortgage loans held for sale | 28,821 | — | 29,693 | — | 29,693 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Deposits | 5,952,140 | — | 5,988,743 | — | 5,988,743 | |||||||||||||||||
Federal Home Loan Bank advances | 40,125 | — | 40,125 | — | 40,125 | |||||||||||||||||
Long-term debt | 124,805 | — | — | 118,626 | 118,626 |
Condensed_Financial_Statements1
Condensed Financial Statements of United Community Banks Inc. (Parent Only) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) [Abstract] | ' | ||||||||||||
Schedule of statement of operations | ' | ||||||||||||
Statement of Operations | |||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
(in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Dividends from bank subsidiary | $ | 50,000 | $ | — | $ | — | |||||||
Shared service fees from subsidiaries | 6,764 | 6,714 | 7,646 | ||||||||||
Other | 1,217 | 1,169 | 609 | ||||||||||
Total income | 57,981 | 7,883 | 8,255 | ||||||||||
Interest expense | 10,977 | 10,201 | 9,587 | ||||||||||
Other expense | 8,658 | 8,717 | 9,367 | ||||||||||
Total expenses | 19,635 | 18,918 | 18,954 | ||||||||||
Income tax benefit (expense) | 24,862 | 398 | (1,272 | ) | |||||||||
Income (loss) before equity in undistributed loss of subsidiaries | 63,208 | (10,637 | ) | (11,971 | ) | ||||||||
Equity in undistributed earnings (loss) of subsidiaries | 209,932 | 44,493 | (214,775 | ) | |||||||||
Net income (loss) | $ | 273,140 | $ | 33,856 | $ | (226,746 | ) | ||||||
Schedule of balance sheet | ' | ||||||||||||
Balance Sheet | |||||||||||||
As of December 31, 2013 and 2012 | |||||||||||||
(in thousands) | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Cash | $ | 36,338 | $ | 54,047 | |||||||||
Investment in subsidiaries | 869,665 | 655,934 | |||||||||||
Other assets | 34,972 | 6,708 | |||||||||||
Total assets | $ | 940,975 | $ | 716,689 | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Long-term debt | $ | 129,865 | $ | 124,805 | |||||||||
Other liabilities | 15,395 | 10,479 | |||||||||||
Total liabilities | 145,260 | 135,284 | |||||||||||
Shareholders’ equity | 795,715 | 581,405 | |||||||||||
Total liabilities and shareholders’ equity | $ | 940,975 | $ | 716,689 | |||||||||
Schedule of statement of cash flows | ' | ||||||||||||
Statement of Cash Flows | |||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||
(in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating activities: | |||||||||||||
Net income (loss) | $ | 273,140 | $ | 33,856 | $ | (226,746 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||||
Equity in undistributed (earnings) loss of the subsidiaries | (209,932 | ) | (44,493 | ) | 214,775 | ||||||||
Depreciation, amortization and accretion | 82 | 142 | 122 | ||||||||||
Stock-based compensation | 3,045 | 1,976 | 2,144 | ||||||||||
Change in assets and liabilities: | |||||||||||||
Other assets | (29,168 | ) | 21,722 | (3,604 | ) | ||||||||
Other liabilities | 5,682 | (20,483 | ) | 6,590 | |||||||||
Net cash provided by (used) in operating activities | 42,849 | (7,280 | ) | (6,719 | ) | ||||||||
Investing activities: | |||||||||||||
Investment in subsidiaries | — | — | (292,000 | ) | |||||||||
Sales and paydowns of securities available for sale | 586 | — | — | ||||||||||
Net cash provided by (used in) investing activities | 586 | — | (292,000 | ) | |||||||||
Financing activities: | |||||||||||||
Repayment of subordinated notes | (35,000 | ) | (30,500 | ) | — | ||||||||
Proceeds from issuance of senior notes | 40,000 | 35,000 | — | ||||||||||
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 796 | 894 | 1,453 | ||||||||||
Proceeds from issuance of common and preferred stock, net of offering costs | — | — | 361,560 | ||||||||||
Proceeds from penalty on incomplete private equity transaction | — | — | 3,250 | ||||||||||
Proceeds from exercise of warrant | 19,389 | — | — | ||||||||||
Retirement of preferred stock | (75,217 | ) | — | — | |||||||||
Cash dividends on Series A preferred stock | (15 | ) | (12 | ) | (13 | ) | |||||||
Cash dividends on Series B preferred stock | (9,440 | ) | (9,000 | ) | (9,020 | ) | |||||||
Cash dividends on Series D preferred stock | (1,657 | ) | (1,687 | ) | (1,210 | ) | |||||||
Net cash (used in) provided by financing activities | (61,144 | ) | (5,305 | ) | 356,020 | ||||||||
Net change in cash | (17,709 | ) | (12,585 | ) | 57,301 | ||||||||
Cash at beginning of year | 54,047 | 66,632 | 9,331 | ||||||||||
Cash at end of year | $ | 36,338 | $ | 54,047 | $ | 66,632 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Jun. 17, 2011 | Jun. 17, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Segment | Credit Concentration Risk | Common Stock | Non-Voting Common Stock | Buildings and improvements | Land Improvements | Furniture and equipment | Maximum | |
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segment | 1 | ' | ' | ' | ' | ' | ' | ' |
Concentration risk, description | ' | ' | ' | ' | ' | ' | ' | ' |
More than 80% | ||||||||
Minimum nonaccrual loan relationships | $500,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum accruing relationships rated substandard | $2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Depreciation method used | 'straight-line method | ' | ' | ' | ' | ' | ' | ' |
Estimated useful lives | ' | ' | ' | ' | '15 to 40 years | '10 to 35 years | '3 to 10 years | ' |
Amortization over the estimated useful life | ' | ' | ' | ' | ' | ' | ' | '10 years |
Reverse stock splits, description | '1-for-5 | ' | '1-for-5 | '1-for-5 | ' | ' | ' | ' |
Mergers_and_Acquisitions_Detai
Mergers and Acquisitions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Total covered assets | $22,882 | $47,467 |
Federal Deposit Insurance Corporation | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | 20,330 | 33,416 |
Covered foreclosed property | 1,211 | 7,278 |
Estimated loss reimbursement from the FDIC | 1,341 | 6,773 |
Total covered assets | 22,882 | 47,467 |
Federal Deposit Insurance Corporation | Purchased Impaired Loan | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | 521 |
Covered foreclosed property | ' | ' |
Estimated loss reimbursement from the FDIC | ' | ' |
Total covered assets | ' | 521 |
Federal Deposit Insurance Corporation | Other Purchased Loans | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | 20,330 | 32,895 |
Covered foreclosed property | ' | ' |
Estimated loss reimbursement from the FDIC | ' | ' |
Total covered assets | 20,330 | 32,895 |
Federal Deposit Insurance Corporation | Other | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | ' |
Covered foreclosed property | 1,211 | 7,278 |
Estimated loss reimbursement from the FDIC | 1,341 | 6,773 |
Total covered assets | 2,552 | 14,051 |
Federal Deposit Insurance Corporation | Commercial (secured by real estate) | Purchased Impaired Loan | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | ' |
Federal Deposit Insurance Corporation | Commercial (secured by real estate) | Other Purchased Loans | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | 12,342 | 22,823 |
Federal Deposit Insurance Corporation | Commercial (secured by real estate) | Other | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | ' |
Federal Deposit Insurance Corporation | Commercial & industrial | Purchased Impaired Loan | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | ' |
Federal Deposit Insurance Corporation | Commercial & industrial | Other Purchased Loans | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | 600 | 959 |
Federal Deposit Insurance Corporation | Commercial & industrial | Other | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | ' |
Federal Deposit Insurance Corporation | Construction and land development | Purchased Impaired Loan | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | 405 |
Federal Deposit Insurance Corporation | Construction and land development | Other Purchased Loans | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | 2,731 | 3,712 |
Federal Deposit Insurance Corporation | Construction and land development | Other | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | ' |
Federal Deposit Insurance Corporation | Residential mortgage | Purchased Impaired Loan | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | 116 |
Federal Deposit Insurance Corporation | Residential mortgage | Other Purchased Loans | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | 4,633 | 5,302 |
Federal Deposit Insurance Corporation | Residential mortgage | Other | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | ' |
Federal Deposit Insurance Corporation | Consumer installment | Purchased Impaired Loan | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | ' |
Federal Deposit Insurance Corporation | Consumer installment | Other Purchased Loans | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | 24 | 99 |
Federal Deposit Insurance Corporation | Consumer installment | Other | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total covered loans | ' | ' |
Mergers_and_Acquisitions_Detai1
Mergers and Acquisitions (Details Textual) (Southern Community Bank, Federal Deposit Insurance Corporation, USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jun. 19, 2009 |
Southern Community Bank | Federal Deposit Insurance Corporation | ' |
Business Acquisition [Line Items] | ' |
Percentage of absorption of losses by FDIC under terms of loss sharing agreements | 80.00% |
Percentage of recoveries of losses by FDIC under the terms of the loss sharing agreements | 80.00% |
Percentage of absorption of losses exceeding by FDIC under the terms of the loss sharing agreements | 95.00% |
Percentage of recoveries of losses exceeding by FDIC under the terms of the loss sharing agreements | 95.00% |
Exceeding sharing agreements losses | $109 |
Term for loss sharing on 1-4 Family loans | '10 years |
Term for loss sharing on all other loans | '5 years |
Cash_Flows_Details_Textual
Cash Flows (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flow [Abstract] | ' | ' | ' |
Non-accrual loans transferred to foreclosed property | $22,500 | $34,000 | $65,700 |
Sale of foreclosed assets | 3,490 | 9,400 | 21,100 |
Unsettled securities sold | 4,600 | 5,760 | ' |
Unsettled securities purchases | $29,562 | ' | ' |
Balance_Sheet_Offsetting_Detai
Balance Sheet Offsetting (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Offsetting [Abstract] | ' | ' |
Repurchase and reverse repurchase agreements gross amounts of recognized assets | $385,000 | $325,000 |
Repurchase and reverse repurchase agreements gross amounts offset on balance sheet assets | -350,000 | -265,000 |
Repurchase and reverse repurchase agreements net assets balance | 35,000 | 60,000 |
Repurchase and reverse repurchase agreements gross amounts not off set in balance sheet assets of financial instruments | ' | ' |
Repurchase and reverse repurchase agreements gross amounts not off set in balance sheet assets of collateral received | -38,982 | -64,443 |
Repurchase and reverse repurchase agreements net assets | -3,982 | -4,443 |
Securities lending transactions, gross amounts of recognized assets | ' | 50,000 |
Securities lending transactions, gross amounts offset on balance sheet assets | ' | -50,000 |
Securities lending transactions, net assets balance | ' | ' |
Securities lending transactions, gross amounts not off set in balance sheet assets of financial instruments | ' | ' |
Securities lending transactions, gross amounts not off set in balance sheet assets of collateral received | ' | ' |
Securities lending transactions, assets | ' | ' |
Derivative, gross amounts of recognized assets | 23,833 | 658 |
Derivative, gross amounts offset on balance sheet | ' | ' |
Derivatives asset net balance | 23,833 | 658 |
Derivative, gross amounts not off set in balance sheet assets of financial instruments | -4,378 | -23 |
Derivative, gross amounts not off set in balance sheet assets of collateral received | -2,912 | ' |
Derivative asset | 16,543 | 635 |
Offsetting assets gross amounts of recognized assets | 408,833 | 375,658 |
Offsetting assets gross amounts offset on balance sheet | -350,000 | -315,000 |
Offsetting assets net asset balance | 58,833 | 60,658 |
Offsetting assets gross amounts not offset in balance sheet of financial instruments | -4,378 | -23 |
Offsetting assets gross amounts not offset in the balance sheet of collateral received | -41,894 | -64,443 |
Offsetting assets net amount | 12,561 | -3,808 |
Weighted average interest rate of reverse repurchase agreements assets | 1.09% | 1.18% |
Repurchase and reverse repurchase agreements gross amounts of recognized liabilities | 350,000 | 265,000 |
Repurchase and reverse repurchase agreements gross amounts offset on balance sheet liabilities | -350,000 | -265,000 |
Repurchase and reverse repurchase agreements net liabilities balance | ' | ' |
Repurchase and reverse repurchase agreements gross amounts not off set in balance sheet liabilities of financial instruments | ' | ' |
Repurchase and reverse repurchase agreements gross amounts not off set in balance sheet liabilities of collateral pledged | ' | ' |
Repurchase and reverse repurchase agreements net liabilities | ' | ' |
Securities lending transactions, gross amounts of recognized liabilities | ' | 50,000 |
Securities lending transactions, gross amounts offset on balance sheet | ' | -50,000 |
Securities lending transactions, net liabilities balance | ' | ' |
Securities lending transactions, gross amounts not offset in balance sheet of financial instruments | ' | ' |
Securities lending transactions, gross amounts not offset in the balance sheet of collateral pledged | ' | ' |
Securities lending transactions, liability | ' | ' |
Derivative liability, gross amounts of recognized liabilities | 46,232 | 12,543 |
Derivative liability, gross amounts offset on balance sheet liabilities | ' | ' |
Derivative liability, net liabilities balance | 46,232 | 12,543 |
Derivative liability, gross amounts not off set in balance sheet liabilities of financial instruments | -4,378 | -23 |
Derivative liability, gross amounts not off set in balance sheet liabilities of collateral pledged | -38,145 | -11,493 |
Derivative liabilities | 3,709 | 1,027 |
Offsetting liabilities gross amounts of recognized liabilities | 396,232 | 327,543 |
Offsetting liabilities gross amounts offset on balance sheet | -350,000 | -315,000 |
Offsetting liabilities, net liabilities balance | 46,232 | 12,543 |
Offsetting liabilities gross amounts not offset in balance sheet of financial instruments | -4,378 | -23 |
Offsetting liabilities gross amounts not offset in the balance sheet of collateral pledged | -38,145 | -11,493 |
Offsetting liabilities net amount | $3,709 | $1,027 |
Weighted average interest rate of reverse repurchase agreements liabilities | 0.27% | 0.43% |
Investment_Securities_Details
Investment Securities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity | ' | ' | ||
Amortized Cost | $479,742 | $244,184 | ||
Gross Unrealized Gains | 9,408 | 16,947 | ||
Gross Unrealized Losses | 3,565 | ' | ||
Held-To-Maturity, Fair value | 485,585 | 261,131 | ||
State and political subdivisions | ' | ' | ||
Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity | ' | ' | ||
Amortized Cost | 51,733 | 51,780 | ||
Gross Unrealized Gains | 2,718 | 5,486 | ||
Gross Unrealized Losses | 42 | ' | ||
Held-To-Maturity, Fair value | 54,409 | 57,266 | ||
Mortgage-backed securities | ' | ' | ||
Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity | ' | ' | ||
Amortized Cost | 428,009 | [1] | 192,404 | [1] |
Gross Unrealized Gains | 6,690 | [1] | 11,461 | [1] |
Gross Unrealized Losses | 3,523 | [1] | ' | |
Held-To-Maturity, Fair value | $431,176 | [1] | $203,865 | [1] |
[1] | All are residential type mortgage-backed securities |
Investment_Securities_Details_
Investment Securities (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Investment securities available-for-sale: | ' | ' | ||
Amortized Cost | $1,835,459 | $1,817,774 | ||
Gross Unrealized Gains | 17,958 | 26,852 | ||
Gross Unrealized Losses | 21,200 | 10,033 | ||
Available for Sale, Fair Value | 1,832,217 | 1,834,593 | ||
State and political subdivisions | ' | ' | ||
Investment securities available-for-sale: | ' | ' | ||
Amortized Cost | 22,558 | 27,717 | ||
Gross Unrealized Gains | 823 | 1,354 | ||
Gross Unrealized Losses | 139 | 19 | ||
Available for Sale, Fair Value | 23,242 | 29,052 | ||
Mortgage-backed securities | ' | ' | ||
Investment securities available-for-sale: | ' | ' | ||
Amortized Cost | 1,145,800 | [1] | 1,408,042 | [1] |
Gross Unrealized Gains | 13,296 | [1] | 22,552 | [1] |
Gross Unrealized Losses | 13,749 | [1] | 2,092 | [1] |
Available for Sale, Fair Value | 1,145,347 | [1] | 1,428,502 | [1] |
Corporate bonds | ' | ' | ||
Investment securities available-for-sale: | ' | ' | ||
Amortized Cost | 255,316 | 169,783 | ||
Gross Unrealized Gains | 1,304 | 1,052 | ||
Gross Unrealized Losses | 6,324 | 7,173 | ||
Available for Sale, Fair Value | 250,296 | 163,662 | ||
Asset-backed securities | ' | ' | ||
Investment securities available-for-sale: | ' | ' | ||
Amortized Cost | 409,086 | 209,411 | ||
Gross Unrealized Gains | 2,535 | 1,894 | ||
Gross Unrealized Losses | 988 | 749 | ||
Available for Sale, Fair Value | 410,633 | 210,556 | ||
Other | ' | ' | ||
Investment securities available-for-sale: | ' | ' | ||
Amortized Cost | 2,699 | 2,821 | ||
Gross Unrealized Gains | ' | ' | ||
Gross Unrealized Losses | ' | ' | ||
Available for Sale, Fair Value | $2,699 | $2,821 | ||
[1] | All are residential type mortgage-backed securities |
Investment_Securities_Details_1
Investment Securities (Details 2) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Summary of held to maturity securities in an unrealized loss position | ' |
Fair Value, Less than 12 Months | $261,465 |
Unrealized Loss, Less than 12 Months | 3,565 |
Fair Value, 12 Months or More | ' |
Unrealized Loss, 12 Months or More | ' |
Fair Value, Total | 261,465 |
Unrealized Loss, Total | 3,565 |
State and political subdivisions | ' |
Summary of held to maturity securities in an unrealized loss position | ' |
Fair Value, Less than 12 Months | 1,595 |
Unrealized Loss, Less than 12 Months | 42 |
Fair Value, 12 Months or More | ' |
Unrealized Loss, 12 Months or More | ' |
Fair Value, Total | 1,595 |
Unrealized Loss, Total | 42 |
Mortgage-backed securities | ' |
Summary of held to maturity securities in an unrealized loss position | ' |
Fair Value, Less than 12 Months | 259,870 |
Unrealized Loss, Less than 12 Months | 3,523 |
Fair Value, 12 Months or More | ' |
Unrealized Loss, 12 Months or More | ' |
Fair Value, Total | 259,870 |
Unrealized Loss, Total | $3,523 |
Investment_Securities_Details_2
Investment Securities (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of available for sale securities in an unrealized loss position | ' | ' |
Fair Value, Less than 12 Months | $641,786 | $433,595 |
Unrealized Loss, Less than 12 Months | 11,835 | 2,994 |
Fair Value, 12 Months or More | 252,365 | 93,913 |
Unrealized Loss, 12 Months or More | 9,365 | 7,039 |
Fair Value, Total | 894,151 | 527,508 |
Unrealized Loss, Total | 21,200 | 10,033 |
State and political subdivisions | ' | ' |
Summary of available for sale securities in an unrealized loss position | ' | ' |
Fair Value, Less than 12 Months | 4,539 | 3,674 |
Unrealized Loss, Less than 12 Months | 139 | 17 |
Fair Value, 12 Months or More | ' | 10 |
Unrealized Loss, 12 Months or More | ' | 2 |
Fair Value, Total | 4,539 | 3,684 |
Unrealized Loss, Total | 139 | 19 |
Mortgage-backed securities | ' | ' |
Summary of available for sale securities in an unrealized loss position | ' | ' |
Fair Value, Less than 12 Months | 334,996 | 326,485 |
Unrealized Loss, Less than 12 Months | 6,480 | 2,092 |
Fair Value, 12 Months or More | 175,865 | ' |
Unrealized Loss, 12 Months or More | 7,269 | ' |
Fair Value, Total | 510,861 | 326,485 |
Unrealized Loss, Total | 13,749 | 2,092 |
Corporate bonds | ' | ' |
Summary of available for sale securities in an unrealized loss position | ' | ' |
Fair Value, Less than 12 Months | 137,318 | 21,248 |
Unrealized Loss, Less than 12 Months | 4,494 | 136 |
Fair Value, 12 Months or More | 54,130 | 93,903 |
Unrealized Loss, 12 Months or More | 1,830 | 7,037 |
Fair Value, Total | 191,448 | 115,151 |
Unrealized Loss, Total | 6,324 | 7,173 |
Asset-backed securities | ' | ' |
Summary of available for sale securities in an unrealized loss position | ' | ' |
Fair Value, Less than 12 Months | 164,933 | 82,188 |
Unrealized Loss, Less than 12 Months | 722 | 749 |
Fair Value, 12 Months or More | 22,370 | ' |
Unrealized Loss, 12 Months or More | 266 | ' |
Fair Value, Total | 187,303 | 82,188 |
Unrealized Loss, Total | $988 | $749 |
Investment_Securities_Details_3
Investment Securities (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment Securities [Abstract] | ' | ' | ' |
Proceeds from sales | $39,731 | $469,167 | $128,217 |
Gross gains on sales | 264 | 7,364 | 1,173 |
Gross losses on sales | -78 | -286 | -331 |
Net gains on sales of securities | 186 | 7,078 | 842 |
Income tax expense attributable to sales | $72 | $2,753 | $328 |
Investment_Securities_Details_4
Investment Securities (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Amortized cost and fair value of held to maturity and available for sale securities by contractual maturity | ' | ' | ||
Available for Sale, Amortized Cost | $1,835,459 | $1,817,774 | ||
Available for Sale, Fair Value | 1,832,217 | 1,834,593 | ||
Held-to-maturity Securities, Debt Maturities [Abstract] | ' | ' | ||
Held to Maturity, Amortized Cost | 479,742 | 244,184 | ||
Held-To-Maturity, Fair value | 485,585 | 261,131 | ||
State and political subdivisions | ' | ' | ||
Amortized cost and fair value of held to maturity and available for sale securities by contractual maturity | ' | ' | ||
Available for Sale, Amortized Cost, Within 1 year | 2,840 | ' | ||
Available for Sale, Fair Value, Within 1 year | 2,869 | ' | ||
Available for Sale, Amortized Cost, 1 to 5 years | 16,257 | ' | ||
Available for Sale, Fair Value, 1 to 5 years | 16,881 | ' | ||
Available for Sale, Amortized Cost, 5 to 10 years | 2,613 | ' | ||
Available for Sale, Fair Value, 5 to 10 years | 2,607 | ' | ||
Available for Sale, Amortized Cost, More than 10 years | 848 | ' | ||
Available for Sale, Fair Value, More than 10 years | 885 | ' | ||
Available for Sale, Amortized Cost | 22,558 | ' | ||
Available for Sale, Fair Value | 23,242 | ' | ||
Held-to-maturity Securities, Debt Maturities [Abstract] | ' | ' | ||
Held to Maturity, Amortized Cost, Within 1 year | ' | ' | ||
Held to Maturity, Fair Value, Within 1 year | ' | ' | ||
Held to Maturity, Amortized Cost, 1 to 5 years | 12,463 | ' | ||
Held to Maturity, Fair Value, 1 to 5 years | 13,234 | ' | ||
Held to Maturity, Amortized Cost, 5 to 10 years | 26,062 | ' | ||
Held to Maturity, Fair Value, 5 to 10 years | 27,408 | ' | ||
Held to Maturity, Amortized Cost, More than 10 years | 13,208 | ' | ||
Held to Maturity, Fair Value, More than 10 years | 13,767 | ' | ||
Held to Maturity, Amortized Cost | 51,733 | 51,780 | ||
Held-To-Maturity, Fair value | 54,409 | 57,266 | ||
Corporate bonds | ' | ' | ||
Amortized cost and fair value of held to maturity and available for sale securities by contractual maturity | ' | ' | ||
Available for Sale, Amortized Cost, 1 to 5 years | 38,305 | ' | ||
Available for Sale, Fair Value, 1 to 5 years | 38,520 | ' | ||
Available for Sale, Amortized Cost, 5 to 10 years | 206,237 | ' | ||
Available for Sale, Fair Value, 5 to 10 years | 201,504 | ' | ||
Available for Sale, Amortized Cost, More than 10 years | 10,774 | ' | ||
Available for Sale, Fair Value, More than 10 years | 10,272 | ' | ||
Available for Sale, Amortized Cost | 255,316 | ' | ||
Available for Sale, Fair Value | 250,296 | ' | ||
Held-to-maturity Securities, Debt Maturities [Abstract] | ' | ' | ||
Held to Maturity, Amortized Cost, 1 to 5 years | ' | ' | ||
Held to Maturity, Fair Value, 1 to 5 years | ' | ' | ||
Held to Maturity, Amortized Cost, 5 to 10 years | ' | ' | ||
Held to Maturity, Fair Value, 5 to 10 years | ' | ' | ||
Held to Maturity, Amortized Cost, More than 10 years | ' | ' | ||
Held to Maturity, Fair Value, More than 10 years | ' | ' | ||
Held to Maturity, Amortized Cost | ' | ' | ||
Held-To-Maturity, Fair value | ' | ' | ||
Asset-backed securities | ' | ' | ||
Amortized cost and fair value of held to maturity and available for sale securities by contractual maturity | ' | ' | ||
Available for Sale, Amortized Cost, 1 to 5 years | 89,770 | ' | ||
Available for Sale, Fair Value, 1 to 5 years | 89,438 | ' | ||
Available for Sale, Amortized Cost, 5 to 10 years | 269,337 | ' | ||
Available for Sale, Fair Value, 5 to 10 years | 271,418 | ' | ||
Available for Sale, Amortized Cost, More than 10 years | 49,979 | ' | ||
Available for Sale, Fair Value, More than 10 years | 49,777 | ' | ||
Available for Sale, Amortized Cost | 409,086 | ' | ||
Available for Sale, Fair Value | 410,633 | ' | ||
Held-to-maturity Securities, Debt Maturities [Abstract] | ' | ' | ||
Held to Maturity, Amortized Cost, 1 to 5 years | ' | ' | ||
Held to Maturity, Fair Value, 1 to 5 years | ' | ' | ||
Held to Maturity, Amortized Cost, 5 to 10 years | ' | ' | ||
Held to Maturity, Fair Value, 5 to 10 years | ' | ' | ||
Held to Maturity, Amortized Cost, More than 10 years | ' | ' | ||
Held to Maturity, Fair Value, More than 10 years | ' | ' | ||
Held to Maturity, Amortized Cost | ' | ' | ||
Held-To-Maturity, Fair value | ' | ' | ||
Other | ' | ' | ||
Amortized cost and fair value of held to maturity and available for sale securities by contractual maturity | ' | ' | ||
Available for Sale, Amortized Cost, More than 10 years | 2,699 | ' | ||
Available for Sale, Fair Value, More than 10 years | 2,699 | ' | ||
Available for Sale, Amortized Cost | 2,699 | ' | ||
Available for Sale, Fair Value | 2,699 | ' | ||
Held-to-maturity Securities, Debt Maturities [Abstract] | ' | ' | ||
Held to Maturity, Amortized Cost, More than 10 years | ' | ' | ||
Held to Maturity, Fair Value, More than 10 years | ' | ' | ||
Held to Maturity, Amortized Cost | ' | ' | ||
Held-To-Maturity, Fair value | ' | ' | ||
Total securities other than mortgage-backed securities | ' | ' | ||
Amortized cost and fair value of held to maturity and available for sale securities by contractual maturity | ' | ' | ||
Available for Sale, Amortized Cost, Within 1 year | 2,840 | ' | ||
Available for Sale, Fair Value, Within 1 year | 2,869 | ' | ||
Available for Sale, Amortized Cost, 1 to 5 years | 144,332 | ' | ||
Available for Sale, Fair Value, 1 to 5 years | 144,839 | ' | ||
Available for Sale, Amortized Cost, 5 to 10 years | 478,187 | ' | ||
Available for Sale, Fair Value, 5 to 10 years | 475,529 | ' | ||
Available for Sale, Amortized Cost, More than 10 years | 64,300 | ' | ||
Available for Sale, Fair Value, More than 10 years | 63,633 | ' | ||
Held-to-maturity Securities, Debt Maturities [Abstract] | ' | ' | ||
Held to Maturity, Amortized Cost, Within 1 year | ' | ' | ||
Held to Maturity, Fair Value, Within 1 year | ' | ' | ||
Held to Maturity, Amortized Cost, 1 to 5 years | 12,463 | ' | ||
Held to Maturity, Fair Value, 1 to 5 years | 13,234 | ' | ||
Held to Maturity, Amortized Cost, 5 to 10 years | 26,062 | ' | ||
Held to Maturity, Fair Value, 5 to 10 years | 27,408 | ' | ||
Held to Maturity, Amortized Cost, More than 10 years | 13,208 | ' | ||
Held to Maturity, Fair Value, More than 10 years | 13,767 | ' | ||
Mortgage-backed securities | ' | ' | ||
Amortized cost and fair value of held to maturity and available for sale securities by contractual maturity | ' | ' | ||
Available for Sale, Amortized Cost | 1,145,800 | ' | ||
Available for Sale, Fair Value | 1,145,347 | ' | ||
Held-to-maturity Securities, Debt Maturities [Abstract] | ' | ' | ||
Held to Maturity, Amortized Cost | 428,009 | [1] | 192,404 | [1] |
Held-To-Maturity, Fair value | $431,176 | [1] | $203,865 | [1] |
[1] | All are residential type mortgage-backed securities |
Investment_Securities_Details_5
Investment Securities (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Security | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Securities available for sale with a fair value | $301,000,000 | ' |
Unrealized loss on transferred securities | 8,310,000 | ' |
Carrying value of secure public deposits, FHLB advances and other secured borrowings | $1,530,000,000 | $1,400,000,000 |
Number of available for sale securities in unrealized loss position | 142 | ' |
Number of held-to-maturity securities in unrealized loss position | 38 | ' |
U.S. Government agencies | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Percentage of shareholders equity | 10.00% | 10.00% |
Loans_and_Allowance_for_Credit2
Loans and Allowance for Credit Losses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Classifications of loans | ' | ' | ' | ' |
Total loans | $4,329,266 | $4,175,008 | ' | ' |
Less allowance for loan losses | -76,762 | -107,137 | ' | ' |
Loans, net | 4,252,504 | 4,067,871 | ' | ' |
Loans Receivable | ' | ' | ' | ' |
Classifications of loans | ' | ' | ' | ' |
Total loans | 4,329,266 | 4,175,008 | ' | ' |
Less allowance for loan losses | -76,762 | -107,137 | -114,468 | -174,695 |
Loans, net | 4,252,504 | 4,067,871 | ' | ' |
Loans Receivable | Commercial (secured by real estate) | ' | ' | ' | ' |
Classifications of loans | ' | ' | ' | ' |
Total loans | 1,756,710 | 1,813,365 | ' | ' |
Less allowance for loan losses | -24,338 | -27,847 | -31,644 | -31,191 |
Loans Receivable | Commercial & industrial | ' | ' | ' | ' |
Classifications of loans | ' | ' | ' | ' |
Total loans | 471,961 | 458,246 | ' | ' |
Less allowance for loan losses | -6,573 | -5,537 | -5,681 | -7,580 |
Loans Receivable | Commercial construction | ' | ' | ' | ' |
Classifications of loans | ' | ' | ' | ' |
Total loans | 148,903 | 154,769 | ' | ' |
Less allowance for loan losses | -3,623 | -8,389 | -6,097 | -6,780 |
Loans Receivable | Commercial | ' | ' | ' | ' |
Classifications of loans | ' | ' | ' | ' |
Total loans | 2,377,574 | 2,426,380 | ' | ' |
Loans Receivable | Residential mortgage | ' | ' | ' | ' |
Classifications of loans | ' | ' | ' | ' |
Total loans | 1,315,964 | 1,214,203 | ' | ' |
Less allowance for loan losses | -20,974 | -26,642 | -29,076 | -22,305 |
Loans Receivable | Residential construction | ' | ' | ' | ' |
Classifications of loans | ' | ' | ' | ' |
Total loans | 328,579 | 381,677 | ' | ' |
Less allowance for loan losses | -12,532 | -26,662 | -30,379 | -92,571 |
Loans Receivable | Consumer installment | ' | ' | ' | ' |
Classifications of loans | ' | ' | ' | ' |
Total loans | 307,149 | 152,748 | ' | ' |
Less allowance for loan losses | ($2,479) | ($2,747) | ($2,124) | ($3,030) |
Loans_and_Allowance_for_Credit3
Loans and Allowance for Credit Losses (Details 1) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' |
Recorded Investment | $130,914 |
Net Sales Proceeds | 77,458 |
Net Charge-Off | -53,456 |
Loans considered impaired | ' |
Financing Receivable, Impaired [Line Items] | ' |
Recorded Investment | 96,829 |
Net Sales Proceeds | 56,298 |
Net Charge-Off | -40,531 |
Loans not considered impaired | ' |
Financing Receivable, Impaired [Line Items] | ' |
Recorded Investment | 25,687 |
Net Sales Proceeds | 15,227 |
Net Charge-Off | -10,460 |
Foreclosed properties | ' |
Financing Receivable, Impaired [Line Items] | ' |
Recorded Investment | 8,398 |
Net Sales Proceeds | 5,933 |
Net Charge-Off | ($2,465) |
Loans_and_Allowance_for_Credit4
Loans and Allowance for Credit Losses (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | $107,137 | $114,468 | $174,695 |
Charge-Offs | -99,654 | -74,633 | -316,305 |
Recoveries | 5,944 | 4,802 | 5,078 |
Provision | 65,500 | 62,500 | 251,000 |
Ending Balance | 78,927 | 107,137 | 114,468 |
Loans Receivable | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 107,137 | 114,468 | 174,695 |
Charge-Offs | -99,654 | -74,633 | -316,305 |
Recoveries | 5,944 | 4,802 | 5,078 |
Provision | 63,335 | 62,500 | 251,000 |
Ending Balance | 76,762 | 107,137 | 114,468 |
Loans Receivable | Commercial (secured by real estate) | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 27,847 | 31,644 | 31,191 |
Charge-Offs | -36,470 | -23,062 | -59,468 |
Recoveries | 1,945 | 692 | 448 |
Provision | 31,016 | 18,573 | 59,473 |
Ending Balance | 24,338 | 27,847 | 31,644 |
Loans Receivable | Commercial & industrial | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 5,537 | 5,681 | 7,580 |
Charge-Offs | -18,914 | -2,424 | -24,890 |
Recoveries | 1,888 | 1,104 | 967 |
Provision | 18,016 | 1,176 | 22,024 |
Ending Balance | 6,527 | 5,537 | 5,681 |
Loans Receivable | Commercial construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 8,389 | 6,097 | 6,780 |
Charge-Offs | -6,483 | -5,411 | -55,730 |
Recoveries | 69 | 111 | 203 |
Provision | 1,694 | 7,592 | 54,844 |
Ending Balance | 3,669 | 8,389 | 6,097 |
Loans Receivable | Residential mortgage | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 26,642 | 29,076 | 22,305 |
Charge-Offs | -12,277 | -17,262 | -53,707 |
Recoveries | 715 | 799 | 738 |
Provision | 5,894 | 14,029 | 59,740 |
Ending Balance | 20,974 | 26,642 | 29,076 |
Loans Receivable | Residential construction | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 26,662 | 30,379 | 92,571 |
Charge-Offs | -23,049 | -24,260 | -118,916 |
Recoveries | 173 | 1,272 | 1,678 |
Provision | 8,746 | 19,271 | 55,046 |
Ending Balance | 12,532 | 26,662 | 30,379 |
Loans Receivable | Consumer Installment | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 2,747 | 2,124 | 3,030 |
Charge-Offs | -2,461 | -2,214 | -3,594 |
Recoveries | 1,154 | 824 | 1,044 |
Provision | 1,039 | 2,013 | 1,644 |
Ending Balance | 2,479 | 2,747 | 2,124 |
Loans Receivable | Unallocated | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | 9,313 | 9,467 | 11,238 |
Charge-Offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision | -3,070 | -154 | -1,771 |
Ending Balance | 6,243 | 9,313 | 9,467 |
Loans Receivable | Allowance for unfunded commitments | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' |
Beginning Balance | ' | ' | ' |
Charge-Offs | ' | ' | ' |
Recoveries | ' | ' | ' |
Provision | 2,165 | ' | ' |
Ending Balance | $2,165 | ' | ' |
Loans_and_Allowance_for_Credit5
Loans and Allowance for Credit Losses (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | $6,022 | $11,644 | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 72,905 | 95,493 | ' | ' |
Allowance for Loan Losses, Ending balance | 78,927 | 107,137 | 114,468 | 174,695 |
Loans Outstanding, Ending Balance | 4,329,266 | 4,175,008 | ' | ' |
Loans Receivable | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | 6,022 | 11,644 | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 70,740 | 95,493 | ' | ' |
Allowance for Loan Losses, Ending balance | 76,762 | 107,137 | 114,468 | 174,695 |
Loans Outstanding, Individually evaluated for impairment | 114,619 | 252,810 | ' | ' |
Loans Outstanding, Collectively evaluated for impairment | 4,214,647 | 3,922,198 | ' | ' |
Loans Outstanding, Ending Balance | 4,329,266 | 4,175,008 | ' | ' |
Loans Receivable | Allowance for unfunded commitments | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | ' | ' | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 2,165 | ' | ' | ' |
Allowance for Loan Losses, Ending balance | 2,165 | ' | ' | ' |
Loans Receivable | Commercial (secured by real estate) | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | 2,013 | 6,106 | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 22,325 | 21,741 | ' | ' |
Allowance for Loan Losses, Ending balance | 24,338 | 27,847 | 31,644 | 31,191 |
Loans Outstanding, Individually evaluated for impairment | 60,208 | 104,409 | ' | ' |
Loans Outstanding, Collectively evaluated for impairment | 1,696,502 | 1,708,956 | ' | ' |
Loans Outstanding, Ending Balance | 1,756,710 | 1,813,365 | ' | ' |
Loans Receivable | Commercial & industrial | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | 66 | 490 | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 6,461 | 5,047 | ' | ' |
Allowance for Loan Losses, Ending balance | 6,527 | 5,537 | 5,681 | 7,580 |
Loans Outstanding, Individually evaluated for impairment | 4,217 | 51,501 | ' | ' |
Loans Outstanding, Collectively evaluated for impairment | 467,744 | 406,745 | ' | ' |
Loans Outstanding, Ending Balance | 471,961 | 458,246 | ' | ' |
Loans Receivable | Commercial construction | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | 112 | 2,239 | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 3,557 | 6,150 | ' | ' |
Allowance for Loan Losses, Ending balance | 3,669 | 8,389 | 6,097 | 6,780 |
Loans Outstanding, Individually evaluated for impairment | 13,715 | 40,168 | ' | ' |
Loans Outstanding, Collectively evaluated for impairment | 135,188 | 114,601 | ' | ' |
Loans Outstanding, Ending Balance | 148,903 | 154,769 | ' | ' |
Loans Receivable | Residential mortgage | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | 2,919 | 2,165 | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 18,055 | 24,477 | ' | ' |
Allowance for Loan Losses, Ending balance | 20,974 | 26,642 | 29,076 | 22,305 |
Loans Outstanding, Individually evaluated for impairment | 20,672 | 22,247 | ' | ' |
Loans Outstanding, Collectively evaluated for impairment | 1,295,292 | 1,191,956 | ' | ' |
Loans Outstanding, Ending Balance | 1,315,964 | 1,214,203 | ' | ' |
Loans Receivable | Residential construction | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | 688 | 625 | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 11,844 | 26,037 | ' | ' |
Allowance for Loan Losses, Ending balance | 12,532 | 26,662 | 30,379 | 92,571 |
Loans Outstanding, Individually evaluated for impairment | 14,808 | 34,055 | ' | ' |
Loans Outstanding, Collectively evaluated for impairment | 313,771 | 347,622 | ' | ' |
Loans Outstanding, Ending Balance | 328,579 | 381,677 | ' | ' |
Loans Receivable | Consumer Installment | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | 224 | 19 | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 2,255 | 2,728 | ' | ' |
Allowance for Loan Losses, Ending balance | 2,479 | 2,747 | 2,124 | 3,030 |
Loans Outstanding, Individually evaluated for impairment | 999 | 430 | ' | ' |
Loans Outstanding, Collectively evaluated for impairment | 306,150 | 152,318 | ' | ' |
Loans Outstanding, Ending Balance | 307,149 | 152,748 | ' | ' |
Loans Receivable | Unallocated | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Allowance for Loan Losses, Individually evaluated for impairment | ' | ' | ' | ' |
Allowance for Loan Losses,Collectively evaluated for impairment | 6,243 | 9,313 | ' | ' |
Allowance for Loan Losses, Ending balance | 6,243 | 9,313 | 9,467 | 11,238 |
Loans Outstanding, Individually evaluated for impairment | ' | ' | ' | ' |
Loans Outstanding, Collectively evaluated for impairment | ' | ' | ' | ' |
Loans Outstanding, Ending Balance | ' | ' | ' | ' |
Loans_and_Allowance_for_Credit6
Loans and Allowance for Credit Losses (Details 4) (Loans Receivable, Executive Officers and Directors, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Loans Receivable | Executive Officers and Directors | ' |
Summary of loans outstanding to executive officers and directors of the holding company | ' |
Balances at December 31, 2012 | $6,610 |
New loans and advances | 1,470 |
Repayments | -1,606 |
Adjustment for changes in executive officers and directors | -3,576 |
Balances at December 31, 2013 | $2,898 |
Loans_and_Allowance_for_Credit7
Loans and Allowance for Credit Losses (Details 5) (Loans Receivable, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Average balances of impaired loans and income recognized on impaired loans | ' | ' | ' |
Average Balance | $114,633 | $276,178 | $126,640 |
Interest Revenue Recognized During Impairment | 6,715 | 9,531 | 2,662 |
Cash Basis Interest Revenue Received | 7,524 | 12,332 | 3,483 |
Commercial (secured by real estate) | ' | ' | ' |
Average balances of impaired loans and income recognized on impaired loans | ' | ' | ' |
Average Balance | 59,724 | 114,556 | 48,712 |
Interest Revenue Recognized During Impairment | 3,553 | 4,994 | 1,588 |
Cash Basis Interest Revenue Received | 3,807 | 5,270 | 1,506 |
Commercial & industrial | ' | ' | ' |
Average balances of impaired loans and income recognized on impaired loans | ' | ' | ' |
Average Balance | 4,609 | 45,233 | 24,329 |
Interest Revenue Recognized During Impairment | 401 | 1,051 | 153 |
Cash Basis Interest Revenue Received | 865 | 2,523 | 704 |
Commercial construction | ' | ' | ' |
Average balances of impaired loans and income recognized on impaired loans | ' | ' | ' |
Average Balance | 13,946 | 45,489 | 13,126 |
Interest Revenue Recognized During Impairment | 633 | 875 | 94 |
Cash Basis Interest Revenue Received | 720 | 1,268 | 317 |
Commercial | ' | ' | ' |
Average balances of impaired loans and income recognized on impaired loans | ' | ' | ' |
Average Balance | 78,279 | 205,278 | 86,167 |
Interest Revenue Recognized During Impairment | 4,587 | 6,920 | 1,835 |
Cash Basis Interest Revenue Received | 5,392 | 9,061 | 2,527 |
Residential mortgage | ' | ' | ' |
Average balances of impaired loans and income recognized on impaired loans | ' | ' | ' |
Average Balance | 21,413 | 23,926 | 9,575 |
Interest Revenue Recognized During Impairment | 1,114 | 1,058 | 217 |
Cash Basis Interest Revenue Received | 1,088 | 1,190 | 222 |
Residential construction | ' | ' | ' |
Average balances of impaired loans and income recognized on impaired loans | ' | ' | ' |
Average Balance | 14,558 | 46,410 | 30,797 |
Interest Revenue Recognized During Impairment | 993 | 1,527 | 604 |
Cash Basis Interest Revenue Received | 1,023 | 2,054 | 728 |
Consumer installment | ' | ' | ' |
Average balances of impaired loans and income recognized on impaired loans | ' | ' | ' |
Average Balance | 383 | 564 | 101 |
Interest Revenue Recognized During Impairment | 21 | 26 | 6 |
Cash Basis Interest Revenue Received | $21 | $27 | $6 |
Loans_and_Allowance_for_Credit8
Loans and Allowance for Credit Losses (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loans individually evaluated for impairment by class of loans | ' | ' |
Recorded Investment | $130,914 | ' |
Amount of allowance for loan losses allocated | 6,022 | 11,644 |
Loans Receivable | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 47,545 | 218,351 |
Recorded Investment, With no related allowance recorded | 38,872 | 156,962 |
Unpaid Principal Balance, With an allowance recorded | 78,246 | 100,431 |
Recorded Investment, With allowance recorded | 75,747 | 95,848 |
Unpaid Principal Balance | 125,791 | 318,782 |
Recorded Investment | 114,619 | 252,810 |
Allowance for loan losses, With an allowance recorded | 6,022 | 11,644 |
Amount of allowance for loan losses allocated | 6,022 | 11,644 |
Loans Receivable | Commercial (secured by real estate) | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 30,361 | 74,066 |
Recorded Investment, With no related allowance recorded | 24,205 | 62,609 |
Unpaid Principal Balance, With an allowance recorded | 36,085 | 44,395 |
Recorded Investment, With allowance recorded | 36,003 | 41,800 |
Allowance for loan losses, With an allowance recorded | 2,013 | 6,106 |
Amount of allowance for loan losses allocated | 2,013 | 6,106 |
Loans Receivable | Commercial & industrial | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 2,252 | 74,572 |
Recorded Investment, With no related allowance recorded | 2,252 | 49,572 |
Unpaid Principal Balance, With an allowance recorded | 2,248 | 2,170 |
Recorded Investment, With allowance recorded | 1,965 | 1,929 |
Allowance for loan losses, With an allowance recorded | 66 | 490 |
Amount of allowance for loan losses allocated | 66 | 490 |
Loans Receivable | Commercial construction | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 974 | 23,938 |
Recorded Investment, With no related allowance recorded | 974 | 17,305 |
Unpaid Principal Balance, With an allowance recorded | 12,821 | 23,746 |
Recorded Investment, With allowance recorded | 12,741 | 22,863 |
Allowance for loan losses, With an allowance recorded | 112 | 2,239 |
Amount of allowance for loan losses allocated | 112 | 2,239 |
Loans Receivable | Commercial | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 33,587 | 172,576 |
Recorded Investment, With no related allowance recorded | 27,431 | 129,486 |
Unpaid Principal Balance, With an allowance recorded | 51,154 | 70,311 |
Recorded Investment, With allowance recorded | 50,709 | 66,592 |
Allowance for loan losses, With an allowance recorded | 2,191 | 8,835 |
Loans Receivable | Residential mortgage | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 4,496 | 10,336 |
Recorded Investment, With no related allowance recorded | 3,634 | 8,383 |
Unpaid Principal Balance, With an allowance recorded | 17,624 | 14,267 |
Recorded Investment, With allowance recorded | 17,038 | 13,864 |
Allowance for loan losses, With an allowance recorded | 2,919 | 2,165 |
Amount of allowance for loan losses allocated | 2,919 | 2,165 |
Loans Receivable | Residential construction | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | 9,462 | 35,439 |
Recorded Investment, With no related allowance recorded | 7,807 | 19,093 |
Unpaid Principal Balance, With an allowance recorded | 8,469 | 15,412 |
Recorded Investment, With allowance recorded | 7,001 | 14,962 |
Allowance for loan losses, With an allowance recorded | 688 | 625 |
Amount of allowance for loan losses allocated | 688 | 625 |
Loans Receivable | Consumer installment | ' | ' |
Loans individually evaluated for impairment by class of loans | ' | ' |
Unpaid Principal Balance, With no related allowance recorded | ' | ' |
Recorded Investment, With no related allowance recorded | ' | ' |
Unpaid Principal Balance, With an allowance recorded | 999 | 441 |
Recorded Investment, With allowance recorded | 999 | 430 |
Allowance for loan losses, With an allowance recorded | 224 | 19 |
Amount of allowance for loan losses allocated | $224 | $19 |
Loans_and_Allowance_for_Credit9
Loans and Allowance for Credit Losses (Details 7) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Recorded investment in nonaccrual loans by loan class | ' | ' |
Nonaccrual Loans | $26,800 | $110,000 |
Loans Receivable | ' | ' |
Recorded investment in nonaccrual loans by loan class | ' | ' |
Nonaccrual Loans | 26,819 | 109,894 |
Loans Receivable | Commercial (secured by real estate) | ' | ' |
Recorded investment in nonaccrual loans by loan class | ' | ' |
Nonaccrual Loans | 8,340 | 22,148 |
Loans Receivable | Commercial & industrial | ' | ' |
Recorded investment in nonaccrual loans by loan class | ' | ' |
Nonaccrual Loans | 427 | 31,817 |
Loans Receivable | Commercial construction | ' | ' |
Recorded investment in nonaccrual loans by loan class | ' | ' |
Nonaccrual Loans | 361 | 23,843 |
Loans Receivable | Commercial | ' | ' |
Recorded investment in nonaccrual loans by loan class | ' | ' |
Nonaccrual Loans | 9,128 | 77,808 |
Loans Receivable | Residential mortgage | ' | ' |
Recorded investment in nonaccrual loans by loan class | ' | ' |
Nonaccrual Loans | 13,178 | 12,589 |
Loans Receivable | Residential construction | ' | ' |
Recorded investment in nonaccrual loans by loan class | ' | ' |
Nonaccrual Loans | 4,264 | 18,702 |
Loans Receivable | Consumer installment | ' | ' |
Recorded investment in nonaccrual loans by loan class | ' | ' |
Nonaccrual Loans | $249 | $795 |
Recovered_Sheet1
Loans and Allowance for Credit Losses (Details 8) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Aging of the recorded investment in past due loans | ' | ' |
Loans Outstanding, Ending Balance | $4,329,266 | $4,175,008 |
Loans Receivable | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Past Due, 30 - 59 Days | 21,812 | 27,732 |
Loans Past Due, 60 - 89 Days | 7,483 | 8,266 |
Loans Past Due, Greater than 90 Days Past Due | 9,392 | 23,129 |
Loans, Total Past Due | 38,687 | 59,127 |
Loans Not Past Due | 4,290,579 | 4,115,881 |
Loans Outstanding, Ending Balance | 4,329,266 | 4,175,008 |
Loans Receivable | Commercial (secured by real estate) | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Past Due, 30 - 59 Days | 5,724 | 8,106 |
Loans Past Due, 60 - 89 Days | 2,797 | 3,232 |
Loans Past Due, Greater than 90 Days Past Due | 2,547 | 7,476 |
Loans, Total Past Due | 11,068 | 18,814 |
Loans Not Past Due | 1,745,642 | 1,794,551 |
Loans Outstanding, Ending Balance | 1,756,710 | 1,813,365 |
Loans Receivable | Commercial & industrial | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Past Due, 30 - 59 Days | 2,349 | 1,565 |
Loans Past Due, 60 - 89 Days | 223 | 429 |
Loans Past Due, Greater than 90 Days Past Due | 88 | 867 |
Loans, Total Past Due | 2,660 | 2,861 |
Loans Not Past Due | 469,301 | 455,385 |
Loans Outstanding, Ending Balance | 471,961 | 458,246 |
Loans Receivable | Commercial construction | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Past Due, 30 - 59 Days | 94 | 2,216 |
Loans Past Due, 60 - 89 Days | 190 | ' |
Loans Past Due, Greater than 90 Days Past Due | 235 | 4,490 |
Loans, Total Past Due | 519 | 6,706 |
Loans Not Past Due | 148,384 | 148,063 |
Loans Outstanding, Ending Balance | 148,903 | 154,769 |
Loans Receivable | Commercial | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Past Due, 30 - 59 Days | 8,167 | 11,887 |
Loans Past Due, 60 - 89 Days | 3,210 | 3,661 |
Loans Past Due, Greater than 90 Days Past Due | 2,870 | 12,833 |
Loans, Total Past Due | 14,247 | 28,381 |
Loans Not Past Due | 2,363,327 | 2,397,999 |
Loans Outstanding, Ending Balance | 2,377,574 | 2,426,380 |
Loans Receivable | Residential mortgage | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Past Due, 30 - 59 Days | 11,067 | 12,292 |
Loans Past Due, 60 - 89 Days | 3,262 | 2,426 |
Loans Past Due, Greater than 90 Days Past Due | 5,081 | 4,848 |
Loans, Total Past Due | 19,410 | 19,566 |
Loans Not Past Due | 1,296,554 | 1,194,637 |
Loans Outstanding, Ending Balance | 1,315,964 | 1,214,203 |
Loans Receivable | Residential construction | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Past Due, 30 - 59 Days | 1,335 | 2,233 |
Loans Past Due, 60 - 89 Days | 588 | 1,934 |
Loans Past Due, Greater than 90 Days Past Due | 1,375 | 5,159 |
Loans, Total Past Due | 3,298 | 9,326 |
Loans Not Past Due | 325,281 | 372,351 |
Loans Outstanding, Ending Balance | 328,579 | 381,677 |
Loans Receivable | Consumer installment | ' | ' |
Aging of the recorded investment in past due loans | ' | ' |
Loans Past Due, 30 - 59 Days | 1,243 | 1,320 |
Loans Past Due, 60 - 89 Days | 423 | 245 |
Loans Past Due, Greater than 90 Days Past Due | 66 | 289 |
Loans, Total Past Due | 1,732 | 1,854 |
Loans Not Past Due | 305,417 | 150,894 |
Loans Outstanding, Ending Balance | $307,149 | $152,748 |
Recovered_Sheet2
Loans and Allowance for Credit Losses (Details 9) (Loans Receivable, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Contract | Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 110 | 237 | 231 |
Pre-Modification Outstanding Recorded Investment | $23,701 | $107,458 | $107,788 |
Post-Modification Outstanding Number of Contracts | 21,676 | 102,509 | 105,506 |
Number of Contracts | 17 | 43 | 37 |
Recorded Investment | 3,360 | 13,999 | 3,574 |
Commercial (secured by real estate) | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 20 | 54 | 57 |
Pre-Modification Outstanding Recorded Investment | 12,483 | 34,450 | 56,981 |
Post-Modification Outstanding Number of Contracts | 11,384 | 32,928 | 56,031 |
Number of Contracts | 3 | 7 | 4 |
Recorded Investment | 670 | 3,287 | 1,447 |
Commercial & industrial | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 14 | 22 | 15 |
Pre-Modification Outstanding Recorded Investment | 1,464 | 3,619 | 767 |
Post-Modification Outstanding Number of Contracts | 1,208 | 3,616 | 767 |
Number of Contracts | 1 | 3 | 2 |
Recorded Investment | 35 | 71 | 52 |
Commercial construction | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 1 | 20 | 9 |
Pre-Modification Outstanding Recorded Investment | 416 | 34,014 | 16,243 |
Post-Modification Outstanding Number of Contracts | 416 | 33,934 | 16,243 |
Number of Contracts | 2 | 3 | ' |
Recorded Investment | 1,454 | 4,224 | ' |
Commercial | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 35 | 96 | 81 |
Pre-Modification Outstanding Recorded Investment | 14,363 | 72,083 | 73,991 |
Post-Modification Outstanding Number of Contracts | 13,008 | 70,478 | 73,041 |
Number of Contracts | 6 | 13 | 6 |
Recorded Investment | 2,159 | 7,582 | 1,499 |
Residential mortgage | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 49 | 67 | 75 |
Pre-Modification Outstanding Recorded Investment | 7,098 | 15,132 | 11,008 |
Post-Modification Outstanding Number of Contracts | 6,573 | 14,303 | 10,444 |
Number of Contracts | 3 | 10 | 9 |
Recorded Investment | 641 | 650 | 718 |
Residential construction | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 15 | 49 | 44 |
Pre-Modification Outstanding Recorded Investment | 2,160 | 19,909 | 22,584 |
Post-Modification Outstanding Number of Contracts | 2,015 | 17,400 | 21,821 |
Number of Contracts | 3 | 16 | 9 |
Recorded Investment | 531 | 5,728 | 1,289 |
Consumer installment | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Contracts | 11 | 25 | 31 |
Pre-Modification Outstanding Recorded Investment | 80 | 334 | 205 |
Post-Modification Outstanding Number of Contracts | 80 | 328 | 200 |
Number of Contracts | 5 | 4 | 13 |
Recorded Investment | $29 | $39 | $68 |
Recovered_Sheet3
Loans and Allowance for Credit Losses (Details 10) (Loans Receivable, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Contract | Contract |
Additional information on troubled debt restructurings | ' | ' |
Number of Contracts | 345 | 388 |
Pre-Modification Outstanding Recorded Investment | $94,897 | $172,727 |
Post-Modification Outstanding Recorded Investment | 86,966 | 160,763 |
Commercial (secured by real estate) | ' | ' |
Additional information on troubled debt restructurings | ' | ' |
Number of Contracts | 77 | 96 |
Pre-Modification Outstanding Recorded Investment | 44,964 | 80,261 |
Post-Modification Outstanding Recorded Investment | 40,667 | 75,340 |
Commercial & industrial | ' | ' |
Additional information on troubled debt restructurings | ' | ' |
Number of Contracts | 36 | 32 |
Pre-Modification Outstanding Recorded Investment | 3,527 | 7,492 |
Post-Modification Outstanding Recorded Investment | 3,245 | 7,250 |
Commercial construction | ' | ' |
Additional information on troubled debt restructurings | ' | ' |
Number of Contracts | 13 | 25 |
Pre-Modification Outstanding Recorded Investment | 13,122 | 37,537 |
Post-Modification Outstanding Recorded Investment | 13,042 | 33,809 |
Commercial | ' | ' |
Additional information on troubled debt restructurings | ' | ' |
Number of Contracts | 126 | 153 |
Pre-Modification Outstanding Recorded Investment | 61,613 | 125,290 |
Post-Modification Outstanding Recorded Investment | 56,954 | 116,399 |
Residential mortgage | ' | ' |
Additional information on troubled debt restructurings | ' | ' |
Number of Contracts | 136 | 117 |
Pre-Modification Outstanding Recorded Investment | 20,622 | 20,323 |
Post-Modification Outstanding Recorded Investment | 19,357 | 19,296 |
Residential construction | ' | ' |
Additional information on troubled debt restructurings | ' | ' |
Number of Contracts | 57 | 67 |
Pre-Modification Outstanding Recorded Investment | 12,459 | 25,822 |
Post-Modification Outstanding Recorded Investment | 10,452 | 23,786 |
Consumer installment | ' | ' |
Additional information on troubled debt restructurings | ' | ' |
Number of Contracts | 26 | 51 |
Pre-Modification Outstanding Recorded Investment | 203 | 1,292 |
Post-Modification Outstanding Recorded Investment | $203 | $1,282 |
Recovered_Sheet4
Loans and Allowance for Credit Losses (Details 11) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Risk category of loans by class of loans | ' | ' |
Total loans | $4,329,266 | $4,175,008 |
Loans Receivable | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 4,329,266 | 4,175,008 |
Loans Receivable | Pass | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 4,029,187 | 3,641,745 |
Loans Receivable | Watch | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 100,557 | 161,428 |
Loans Receivable | Performing Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 172,703 | 261,941 |
Loans Receivable | Nonaccrual Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 26,819 | 109,894 |
Loans Receivable | Doubtful / Loss | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | ' | ' |
Loans Receivable | Commercial (secured by real estate) | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 1,756,710 | 1,813,365 |
Loans Receivable | Commercial (secured by real estate) | Pass | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 1,630,521 | 1,592,677 |
Loans Receivable | Commercial (secured by real estate) | Watch | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 40,124 | 80,997 |
Loans Receivable | Commercial (secured by real estate) | Performing Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 77,725 | 117,543 |
Loans Receivable | Commercial (secured by real estate) | Nonaccrual Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 8,340 | 22,148 |
Loans Receivable | Commercial (secured by real estate) | Doubtful / Loss | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | ' | ' |
Loans Receivable | Commercial & industrial | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 471,961 | 458,246 |
Loans Receivable | Commercial & industrial | Pass | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 456,563 | 402,548 |
Loans Receivable | Commercial & industrial | Watch | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 5,382 | 5,404 |
Loans Receivable | Commercial & industrial | Performing Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 9,589 | 18,477 |
Loans Receivable | Commercial & industrial | Nonaccrual Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 427 | 31,817 |
Loans Receivable | Commercial & industrial | Doubtful / Loss | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | ' | ' |
Loans Receivable | Commercial construction | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 148,903 | 154,769 |
Loans Receivable | Commercial construction | Pass | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 120,852 | 104,296 |
Loans Receivable | Commercial construction | Watch | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 10,932 | 7,345 |
Loans Receivable | Commercial construction | Performing Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 16,758 | 19,285 |
Loans Receivable | Commercial construction | Nonaccrual Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 361 | 23,843 |
Loans Receivable | Commercial construction | Doubtful / Loss | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | ' | ' |
Loans Receivable | Commercial | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 2,377,574 | 2,426,380 |
Loans Receivable | Commercial | Pass | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 2,207,936 | 2,099,521 |
Loans Receivable | Commercial | Watch | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 56,438 | 93,746 |
Loans Receivable | Commercial | Performing Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 104,072 | 155,305 |
Loans Receivable | Commercial | Nonaccrual Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 9,128 | 77,808 |
Loans Receivable | Commercial | Doubtful / Loss | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | ' | ' |
Loans Receivable | Residential mortgage | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 1,315,964 | 1,214,203 |
Loans Receivable | Residential mortgage | Pass | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 1,219,433 | 1,102,746 |
Loans Receivable | Residential mortgage | Watch | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 31,364 | 33,689 |
Loans Receivable | Residential mortgage | Performing Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 51,989 | 65,179 |
Loans Receivable | Residential mortgage | Nonaccrual Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 13,178 | 12,589 |
Loans Receivable | Residential mortgage | Doubtful / Loss | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | ' | ' |
Loans Receivable | Residential construction | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 328,579 | 381,677 |
Loans Receivable | Residential construction | Pass | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 298,685 | 292,264 |
Loans Receivable | Residential construction | Watch | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 11,526 | 32,907 |
Loans Receivable | Residential construction | Performing Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 14,104 | 37,804 |
Loans Receivable | Residential construction | Nonaccrual Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 4,264 | 18,702 |
Loans Receivable | Residential construction | Doubtful / Loss | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | ' | ' |
Loans Receivable | Consumer installment | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 307,149 | 152,748 |
Loans Receivable | Consumer installment | Pass | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 303,133 | 147,214 |
Loans Receivable | Consumer installment | Watch | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 1,229 | 1,086 |
Loans Receivable | Consumer installment | Performing Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 2,538 | 3,653 |
Loans Receivable | Consumer installment | Nonaccrual Substandard | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | 249 | 795 |
Loans Receivable | Consumer installment | Doubtful / Loss | ' | ' |
Risk category of loans by class of loans | ' | ' |
Total loans | ' | ' |
Recovered_Sheet5
Loans and Allowance for Credit Losses (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Criteria amount for evaluation of impairment | $500,000 | ' |
Accruing substandard relationship | 2,000,000 | ' |
Nonaccrual Loans | 26,800,000 | 110,000,000 |
Specific reserves | 5,640,000 | 9,500,000 |
Loans outstanding classified as troubled debt restructurings | 6,000 | 689,000 |
Percentage of appraised value of underlying collateral in nonaccrual status | 80.00% | ' |
Commercial & industrial | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Overdrawn deposit accounts | 977,000 | 942,000 |
Loans considered impaired | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for loan losses assigned specific reserves prior to the sale | 6,860,000 | ' |
FHLB | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Pledged as collateral to secure FHLB advances | $1,770,000,000 | $1,900,000,000 |
Foreclosed_Property_Details
Foreclosed Property (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Classifications of foreclosed properties | ' | ' | ' | ' |
Total foreclosed property | $5,403 | $25,218 | ' | ' |
Less valuation allowance | -1,182 | -6,954 | -18,982 | -16,565 |
Foreclosed property, net | 4,221 | 18,264 | ' | ' |
Balance as a percentage of original loan unpaid principal | 44.50% | 39.70% | ' | ' |
Commercial real estate | ' | ' | ' | ' |
Classifications of foreclosed properties | ' | ' | ' | ' |
Total foreclosed property | 1,287 | 6,368 | ' | ' |
Commercial construction | ' | ' | ' | ' |
Classifications of foreclosed properties | ' | ' | ' | ' |
Total foreclosed property | ' | 2,204 | ' | ' |
Commercial | ' | ' | ' | ' |
Classifications of foreclosed properties | ' | ' | ' | ' |
Total foreclosed property | 1,287 | 8,572 | ' | ' |
Residential mortgage | ' | ' | ' | ' |
Classifications of foreclosed properties | ' | ' | ' | ' |
Total foreclosed property | 3,380 | 5,192 | ' | ' |
Residential construction | ' | ' | ' | ' |
Classifications of foreclosed properties | ' | ' | ' | ' |
Total foreclosed property | $736 | $11,454 | ' | ' |
Foreclosed_Property_Details_1
Foreclosed Property (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Activity in the valuation allowance for foreclosed property | ' | ' | ' |
Balance at beginning of year | $6,954 | $18,982 | $16,565 |
Additions charged to expense | 3,065 | 6,951 | 57,368 |
Charge-offs upon disposition | -8,837 | -18,979 | -54,951 |
Balance at end of year | $1,182 | $6,954 | $18,982 |
Foreclosed_Property_Details_2
Foreclosed Property (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Expenses related to foreclosed assets | ' | ' | ' |
Net loss on sales | $1,641 | $1,924 | $11,038 |
Provision for unrealized losses | 3,065 | 6,951 | 57,368 |
Operating expenses, net of rental income | 3,163 | 5,118 | 10,499 |
Total foreclosed property expense | $7,869 | $13,993 | $78,905 |
Foreclosed_Property_Details_Te
Foreclosed Property (Details Textual) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 |
Foreclosed Property [Abstract] | ' |
Accelerated sales of classified assets including performing and nonperforming classified loans and foreclosed properties | $172 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Premises and equipments | ' | ' |
Premises and equipments, gross | $258,418 | $263,145 |
Less accumulated depreciation | -94,829 | -94,225 |
Premises and equipment, net | 163,589 | 168,920 |
Land and land improvements | ' | ' |
Premises and equipments | ' | ' |
Premises and equipments, gross | 80,845 | 81,272 |
Buildings and improvements | ' | ' |
Premises and equipments | ' | ' |
Premises and equipments, gross | 114,048 | 114,127 |
Furniture and equipment | ' | ' |
Premises and equipments | ' | ' |
Premises and equipments, gross | 63,015 | 66,565 |
Construction in progress | ' | ' |
Premises and equipments | ' | ' |
Premises and equipments, gross | $510 | $1,181 |
Premises_and_Equipment_Details1
Premises and Equipment (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Rent commitments under operating leases | ' |
2014 | $1,852 |
2015 | 1,393 |
2016 | 563 |
2017 | 537 |
2018 | 399 |
Thereafter | 1,566 |
Total | $6,310 |
Premises_and_Equipment_Details2
Premises and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Premises and Equipment (Textual) [Abstract] | ' | ' | ' |
Depreciation expense | $9.40 | $9.26 | $9.83 |
Rent expense | $2.34 | $2.30 | $2.25 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of core deposit intangible assets | ' | ' |
Gross carrying amount | $32,652 | $32,652 |
Less accumulated amortization | 29,172 | 27,142 |
Net carrying amount | $3,480 | $5,510 |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Estimated amortization expense | ' |
2014 | $1,349 |
2015 | 956 |
2016 | 879 |
2017 | 263 |
2018 | $31 |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense on finite-lived intangible assets | $2,031 | $2,917 | $3,016 |
Maximum | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortized period of core deposit intangibles | '10 years | ' | ' |
Deposits_Details
Deposits (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Maturing In: | ' |
2014 | $1,098,425 |
2015 | 232,625 |
2016 | 118,261 |
2017 | 15,353 |
2018 | 21,191 |
thereafter | 268,960 |
Total | $1,754,815 |
Deposits_Details_Textual
Deposits (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
Certificates of deposit | $273 | $155 |
Average balance of brokered deposits | $219 | $156 |
Description of fair value hedging instrument | ' | ' |
Most of the brokered certificates of deposit have been swapped in fair value hedging relationships to 90 day LIBOR minus a basis point spread that currently exceeds LIBOR, thereby resulting in a negative yield. | ||
Minimum | Brokered certificates of deposit | ' | ' |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
Maturities of time deposits | '15 years | ' |
Maximum | Brokered certificates of deposit | ' | ' |
Assets Sold under Agreements to Repurchase [Line Items] | ' | ' |
Maturities of time deposits | '20 years | ' |
Federal_Home_Loan_Bank_Advance2
Federal Home Loan Bank Advances (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Maturing In: | ' |
2014 | $120,000 |
2016 | 125 |
Total | $120,125 |
FHLB Current rate range 0.17% - 0.20% | ' |
Maturing In: | ' |
Current Rate Range, Minimum | 0.17% |
Current Rate Range, Maximum | 0.20% |
Federal_Home_Loan_Bank_Advance3
Federal Home Loan Bank Advances (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Maximum | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ' | ' | ' |
Federal home loan bank advances maturities period | ' | ' | '30 days |
Federal Home Loan Bank Advances (Textual) [Abstract] | ' | ' | ' |
Fixed rate advances | $120,000,000 | $40,100,000 | ' |
Outstanding amount to be matured | $125,000 | ' | ' |
Interest payment rates | 0.20% | ' | ' |
Weighted average interest rate advances | 0.19% | 0.18% | ' |
Shortterm_Borrowings_Detail_Te
Short-term Borrowings (Detail Textuals) (Repurchase Agreements, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Repurchase Agreements | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Total short-term borrowings | $53.20 | $52.60 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Long-term debt | ' | ' |
Long-term Debt | $129,865 | $124,805 |
2013 senior debentures | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 40,000 | ' |
Issue Date | '2013 | ' |
Stated maturity date | '2018 | ' |
Earliest call date | '2015 | ' |
Interest rate | 6.00% | ' |
2012 senior debentures | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 35,000 | 35,000 |
Issue Date | '2012 | ' |
Stated maturity date | '2017 | ' |
Earliest call date | '2017 | ' |
Interest rate | 9.00% | ' |
Total senior debentures | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 75,000 | 35,000 |
2003 subordinated debentures | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | ' | 35,000 |
Issue Date | '2003 | ' |
Stated maturity date | '2015 | ' |
Earliest call date | '2010 | ' |
Interest rate | 7.50% | ' |
Total subordinated debentures | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | ' | 35,000 |
United Community Capital Trust | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 21,650 | 21,650 |
Issue Date | '1998 | ' |
Stated maturity date | '2028 | ' |
Earliest call date | '2008 | ' |
Interest rate | 8.13% | ' |
United Community Statutory Trust I | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 5,155 | 5,155 |
Issue Date | '2000 | ' |
Stated maturity date | '2030 | ' |
Earliest call date | '2010 | ' |
Interest rate | 10.60% | ' |
United Community Capital Trust II | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 10,309 | 10,309 |
Issue Date | '2000 | ' |
Stated maturity date | '2030 | ' |
Earliest call date | '2010 | ' |
Interest rate | 11.30% | ' |
Southern Bancorp Capital Trust I | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 4,382 | 4,382 |
Issue Date | '2004 | ' |
Stated maturity date | '2034 | ' |
Earliest call date | '2009 | ' |
Prime + Interest rate | 1.00% | ' |
United Community Statutory Trust II | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 12,131 | 12,077 |
Issue Date | '2008 | ' |
Stated maturity date | '2038 | ' |
Earliest call date | '2013 | ' |
Interest rate | 9.00% | ' |
United Community Statutory Trust III | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | 1,238 | 1,232 |
Issue Date | '2008 | ' |
Stated maturity date | '2038 | ' |
Earliest call date | '2013 | ' |
Prime + Interest rate | 3.00% | ' |
Total trust preferred securities | ' | ' |
Long-term debt | ' | ' |
Long-term Debt | $54,865 | $54,805 |
Longterm_Debt_Details_Textual
Long-term Debt (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 |
2013 senior debentures | 2012 senior debentures | 2003 subordinated debentures | Total trust preferred securities | ||||
Long-term Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Senior debentures maturity date | ' | ' | ' | 13-Oct-18 | 15-Oct-17 | ' | ' |
Percentage of principal amount redeemed | ' | ' | ' | 100.00% | ' | 100.00% | ' |
Redemption price of debentures | $35,000 | $30,500 | $30,000 | ' | ' | $35,000 | ' |
Common stock exercise price | ' | ' | ' | ' | ' | ' | $100 |
Reclassifications_Out_of_Accum2
Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Securities gains, net | $186 | $7,078 | $842 |
Loan interest revenue | 200,893 | 217,378 | 244,020 |
Other fee revenue | 10,025 | 10,480 | 7,341 |
Prior service cost | 365 | 365 | 279 |
Income tax expense (benefit) | -238,188 | 1,050 | -3,983 |
Net of tax | 261,062 | 21,708 | -238,584 |
Reclassifications Out of Accumulated Other Comprehensive Income | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net of tax | 790 | 7,433 | 13,983 |
Reclassifications Out of Accumulated Other Comprehensive Income | Unrealized (losses) gains on available-for-sale securities | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Securities gains, net | 186 | 7,078 | 842 |
Income tax expense (benefit) | -72 | -2,753 | -328 |
Net of tax | 114 | 4,325 | 514 |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of gains 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 | 731 | 1,988 | 2,177 |
Income tax expense (benefit) | -282 | -773 | -846 |
Net of tax | 449 | 1,215 | 1,331 |
Reclassifications Out of Accumulated Other Comprehensive Income | Gains included in net income on derivative financial instruments accounted for as cash flow hedges | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Loan interest revenue | 852 | 3,475 | 10,152 |
Other fee revenue | 52 | 237 | 4,964 |
Total before tax | 904 | 3,712 | 15,116 |
Income tax expense (benefit) | -352 | -1,444 | -5,880 |
Net of tax | 552 | 2,268 | 9,236 |
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 | -532 | -615 | 4,750 |
Income tax expense (benefit) | 207 | 240 | -1,848 |
Net of tax | -325 | -375 | 2,902 |
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 | -365 | -365 | ' |
Actuarial losses | -167 | -250 | ' |
Reclassification of unamortized prior service cost and actuarial gains and losses | ' | ' | $4,750 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accrued dividends on preferred stock, including accretion of discounts | ' | ' | ' | |||
Total preferred stock dividends | $12,078 | $12,148 | $11,838 | |||
Series A - 6% fixed | ' | ' | ' | |||
Accrued dividends on preferred stock, including accretion of discounts | ' | ' | ' | |||
Total preferred stock dividends | 12 | [1] | 12 | [1] | 13 | [1] |
Series B - 5% fixed until December 6, 2013, 9% thereafter | ' | ' | ' | |||
Accrued dividends on preferred stock, including accretion of discounts | ' | ' | ' | |||
Total preferred stock dividends | 10,401 | [1],[2] | 10,465 | [1],[2] | 10,401 | [1],[2] |
Series D - LIBOR plus 9.6875%, resets quarterly | ' | ' | ' | |||
Accrued dividends on preferred stock, including accretion of discounts | ' | ' | ' | |||
Total preferred stock dividends | $1,665 | [1] | $1,671 | [1] | $1,425 | [1] |
[1] | All preferred stock dividends are payable quarterly. | |||||
[2] | Series B preferred stock was issued at a discount. Dividend amounts shown include discount accretion for each period. |
Earnings_Per_Share_Details_1
Earnings Per Share (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Computation of basic and diluted loss per share | ' | ' | ' |
Net income (loss) available to common stockholders | $261,062 | $21,708 | ($238,584) |
Income (loss) per common share: | ' | ' | ' |
Basic | $4.44 | $0.38 | ($5.97) |
Diluted | $4.44 | $0.38 | ($5.97) |
Weighted average common shares: | ' | ' | ' |
Basic | 58,787 | 57,857 | 39,943 |
Effect of dilutive securities: | ' | ' | ' |
Stock options | 1 | ' | ' |
Warrants | 57 | ' | ' |
Diluted | 58,845 | 57,857 | 39,943 |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fletcher International Ltd | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Number of warrants to purchase common stock equivalent junior preferred stock (in shares) | 1,411,765 | ' | ' |
Exercise of price warrants | 21.25 | ' | ' |
Elm Ridge Parties | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Exercise of price warrants | ' | 12.5 | ' |
Shares issuable upon exercise of grants | ' | 1,551,126 | ' |
Series B - 5% fixed until December 6, 2013, 9% thereafter | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Number of warrants to purchase common stock equivalent junior preferred stock (in shares) | 219,909 | 219,909 | ' |
Exercise of price warrants | 61.4 | 61.4 | ' |
Trust preferred securities | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Exercise of price warrants | ' | 1 | ' |
United's Series B preferred stock issued | ' | 129,670 | ' |
Employees | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares issuable upon exercise of grants | 371,449 | 482,528 | ' |
Weighted average exercise price of stock options granted to employees | $98.54 | $97.73 | $94.48 |
Common stock issuable upon completion of vesting of restricted stock awards | ' | ' | 583,647 |
Restricted Stock | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Common stock issuable upon completion of vesting of restricted stock awards | 1,073,259 | 485,584 | 414,644 |
Earnings_Per_Share_Details_Tex1
Earnings Per Share (Details Textual 1) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | |
Junior preferred stock or Series C convertible preferred stock | Warrants With Exercise Price $30.10 | Series C Convertible Preferred Stock | ||
Dilutive Securities [Line Items] | ' | ' | ' | ' |
Potentially dilutive warrants | ' | 2,476,191 | 1,162,791 | 1,551,126 |
Exercise of price warrants | ' | ' | 30.1 | ' |
Potentially dilutive Series C convertible preferred stock price per share | ' | $26.25 | ' | $12.50 |
Reverse stock splits, description | '1-for-5 | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income tax expense (benefit) | ' | ' | ' |
Current | $3,467 | $1,050 | ($3,983) |
Deferred | 23,785 | 9,446 | -94,808 |
Increase (decrease) in valuation allowance | -265,440 | -9,446 | 94,808 |
Total income tax expense (benefit) | ($238,188) | $1,050 | ($3,983) |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Differences between the provision for income taxes and statutory federal income tax rate | ' | ' | ' |
Pretax loss at statutory rates | $12,234 | $12,217 | ($80,755) |
Add (deduct): | ' | ' | ' |
State taxes, net of federal benefit | 895 | 577 | -9,210 |
Bank owned life insurance earnings | -704 | -444 | -556 |
Adjustment to reserve for uncertain tax positions | -426 | -577 | -4,593 |
Tax-exempt interest revenue | -714 | -816 | -836 |
Nondeductible interest expense | 10 | 18 | 34 |
Equity compensation | 676 | 255 | 489 |
Tax credits | -438 | -460 | -350 |
Change in state statutory tax rate | 1,003 | ' | ' |
Disproportionate tax effects | 12,174 | ' | ' |
(Decrease) increase in valuation allowance | -265,440 | -9,446 | 94,808 |
Other | 2,542 | -274 | -3,014 |
Total income tax expense (benefit) | ($238,188) | $1,050 | ($3,983) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowances for loan losses | $29,672 | $41,521 |
Net operating loss carryforwards | 219,863 | 221,335 |
Deferred compensation | 6,299 | 5,526 |
Reserve for losses on foreclosed properties | 678 | 3,702 |
Nonqualified share based compensation | 3,710 | 4,424 |
Accrued expenses | 2,663 | 1,960 |
Investment in low income housing tax credit partnerships | 1,335 | 1,443 |
Unamortized pension actuarial losses and prior service cost | 1,252 | 1,677 |
Acquired intangible assets | 326 | 890 |
Unrealized losses on securities available-for-sale | 2,056 | ' |
Unrealized losses on cash flow hedges | ' | 3,048 |
Other | 3,985 | 3,919 |
Total deferred tax assets | 271,839 | 289,445 |
Deferred tax liabilities: | ' | ' |
Unrealized gains on securities available-for-sale | ' | 6,629 |
Unrealized gains on cash flow hedges | 523 | ' |
Premises and equipment | 2,812 | 3,414 |
Loan origination costs | 4,234 | 3,876 |
Gain from acquisition of Southern Community Bank | 816 | 4,021 |
Prepaid expenses | 836 | 1,082 |
Total deferred tax liabilities | 9,221 | 19,022 |
Less valuation allowance | 4,100 | 270,423 |
Net deferred tax asset | $258,518 | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of the beginning and ending unrecognized tax benefit | ' | ' | ' |
Balance at beginning of year | $5,069 | $5,985 | $11,133 |
Additions based on tax positions related to prior years | ' | 130 | ' |
Decreases based on tax positions related to prior years | ' | ' | -3,369 |
Additions based on tax positions related to the current year | 352 | 500 | 585 |
Decreases resulting from a lapse in the applicable statute of limitations | -918 | -957 | -1,362 |
Decreases based on settlements with taxing authorities | ' | -589 | -1,002 |
Balance at end of year | $4,503 | $5,069 | $5,985 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Statutory federal income tax rate | 35.00% | ' | ' |
Valuation allowance | $4,100,000 | $270,423,000 | ' |
Federal alternative minimum tax credits | 3,100,000 | ' | ' |
Reversal of the valuation allowance | 272,000,000 | ' | ' |
Net deferred tax asset realized based upon future taxable income | 259,000,000 | ' | ' |
Deferred tax assets not related to net operating losses or credits | 43,000,000 | ' | ' |
Interest and penalties | 59,000 | 120,000 | 1,270,000 |
Accrued for interest and penalties | ' | 85,000 | ' |
Begin to expire in 2023 | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
State net operating loss carryforwards | 32,000,000 | ' | ' |
Begin to expire in 2028 | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
State net operating loss carryforwards | 666,000,000 | ' | ' |
Federal general business tax credits | 2,600,000 | ' | ' |
Begin to expire in 2029 | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Federal net operating loss carryforwards | $528,000,000 | ' | ' |
Pension_and_Employee_Benefit_P2
Pension and Employee Benefit Plans (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted-average assumptions used to determine pension benefit obligations at year end and net periodic pension cost | ' | ' |
Discount rate for disclosures | 4.50% | 4.00% |
Discount rate for net periodic benefit cost | 4.00% | 4.50% |
Rate of compensation increase | ' | ' |
Measurement date | '12/31/2013 | '12/31/2012 |
Pension_and_Employee_Benefit_P3
Pension and Employee Benefit Plans (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in benefit obligation: | ' | ' | ' |
Accumulated benefit obligation at beginning of year | $13,155 | $12,064 | ' |
Service cost | 465 | 597 | 477 |
Interest cost | 533 | 537 | 489 |
Actuarial losses | -561 | 177 | ' |
Benefits paid | -272 | -220 | ' |
Accumulated benefit obligation at end of year | 13,320 | 13,155 | 12,064 |
Change in plan assets, at fair value: | ' | ' | ' |
Beginning plan assets | ' | ' | ' |
Employer contribution | 272 | 220 | ' |
Benefits paid | -272 | -220 | ' |
Ending plan assets | ' | ' | ' |
Funded status at end of year (plan assets less benefit obligations) | ($13,320) | ($13,155) | ' |
Pension_and_Employee_Benefit_P4
Pension and Employee Benefit Plans (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Amounts recognized in accumulated other comprehensive income | ' | ' |
Net actuarial losses | $1,424 | $2,152 |
Prior service cost | 1,794 | 2,159 |
Total amounts recognized in accumulated other comprehensive income | $3,218 | $4,311 |
Pension_and_Employee_Benefit_P5
Pension and Employee Benefit Plans (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of net periodic benefit cost and other amounts recognized in other comprehensive income | ' | ' | ' |
Service cost | $465 | $597 | $477 |
Interest cost | 533 | 537 | 489 |
Amortization of prior service cost | 365 | 365 | 279 |
Amortization of net losses | 167 | 250 | 27 |
Net periodic benefit cost | 1,530 | 1,749 | 1,272 |
Net actuarial (gain) loss | -561 | 177 | 1,026 |
Amortization of net losses | -167 | -250 | -27 |
Prior service cost | ' | ' | 1,540 |
Amortization of prior service cost | -365 | -365 | -279 |
Total recognized in other comprehensive income | -1,093 | -438 | 2,260 |
Total net periodic benefit cost and accumulated other comprehensive income | $437 | $1,311 | $3,532 |
Pension_and_Employee_Benefit_P6
Pension and Employee Benefit Plans (Details 4) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Benefit payments, which reflect expected future service | ' |
2014 | $323 |
2015 | 697 |
2016 | 764 |
2017 | 787 |
2018 | 980 |
Following five years | $4,694 |
Pension_and_Employee_Benefit_P7
Pension and Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Accumulated benefit obligation | ' | $13,200,000 | $13,300,000 |
Employee matching contributions | 5.00% | ' | ' |
Duration of service period to receive matching contribution | '1 year | ' | ' |
Vesting period of benefits | '3 years | ' | ' |
Employee eligible compensation contributions | 5.00% | ' | ' |
Maximum matching contributions | 50.00% | ' | ' |
Compensation expense | 1,240,000 | 1,660,000 | 2,860,000 |
Plan purchased by employee | 48,996 | 86,350 | 372,363 |
Recognized deferred compensation from continuing operation | 24,000 | 24,000 | 24,000 |
Expenses incurred for post-retirement benefits | 1,600,000 | 1,870,000 | 160,000 |
Reclassification of unamortized actuarial gains and losses and prior service costs | ' | ' | 2,240,000 |
Estimated net loss and prior service costs | 0 | ' | ' |
Amortization of estimated net loss and prior service cost from accumulated other comprehensive income | $365,000 | $365,000 | $279,000 |
Discretionary contribution shares by director | 25,000 | ' | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Discretionary profit sharing contributions | 3.50% | ' | ' |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative instrument hedges assets fair value | $8,721 | $23 |
Derivative instrument hedges liabilities fair value | 25,646 | 11,900 |
Other assets | Cash flow hedging | Money market deposits | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative instrument hedges assets fair value | 4,782 | ' |
Derivative instrument hedges liabilities fair value | ' | 4,165 |
Other assets | Cash flow hedging | Short-Term Debt | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative instrument hedges liabilities fair value | 3,368 | 4,574 |
Other assets | Fair value hedging | Brokered CD's | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative instrument hedges assets fair value | ' | 23 |
Derivative instrument hedges liabilities fair value | 19,970 | 3,161 |
Other assets | Fair value hedging | Corporate Bonds | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative instrument hedges assets fair value | 3,939 | ' |
Derivative instrument hedges liabilities fair value | $2,308 | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $15,112 | $635 |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 20,586 | 643 |
Other assets | Customer Swap Position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 898 | 635 |
Other assets | Dealer Offset To Customer Swap Position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 1,347 | ' |
Other assets | Bifurcated Embedded Derivative | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 12,867 | ' |
Other liabilities | Customer Swap Position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 1,347 | ' |
Other liabilities | Dealer Offset To Customer Swap Position | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 915 | 643 |
Other 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 | $18,324 | ' |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Details 2) (Fair value hedging, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income on Derivative | ($10,148) | $540 | $328 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 11,216 | 330 | -291 |
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 | -16,433 | 540 | 328 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 16,981 | 330 | -291 |
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 | 6,285 | ' | ' |
Amount of Gain (Loss) Recognized in Income on Hedged Item | ($5,765) | ' | ' |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities (Details 3) (Cash flow hedging, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest rate swaps | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $10,084 | $8,739 | ' |
Interest revenue | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | 904 | 3,712 | 15,120 |
Interest expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | $70 | ' | ' |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Contract | Contract | ||
Credit risk | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Collateral pledged toward derivatives | $38,100,000 | ' | ' |
Cash flow hedging | Interest rate risk | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Number of derivative contracts outstanding | 3 | 3 | ' |
Derivative instruments outstanding | ' | 2 | ' |
Recognized net gain related to ineffectiveness of the fair value hedging relationships | 70,000 | ' | ' |
Reclassification of gains recognized in loan interest revenue as hedge ineffectiveness | 52,000 | 237,000 | 4,960,000 |
Increase to deposit interest expense | 3,590,000 | ' | ' |
Aggregate notional amount designated as fair value hedges of interest rate risk | 375,000,000 | 200,000,000 | ' |
Total notional amount designated as cash flow hedges | 200,000,000 | 200,000,000 | ' |
Fair value hedging | Interest rate risk | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Number of derivative contracts outstanding | 24 | 13 | ' |
Derivative instruments outstanding | 8 | ' | ' |
Recognized net gain related to ineffectiveness of the fair value hedging relationships | 1,070,000 | 870,000 | 37,000 |
Write off of prepaid broker fees on brokered deposits | 449,000 | ' | ' |
Net reduction of interest expense | 1,330,000 | ' | ' |
Remaining number of derivative held | 16 | ' | ' |
Aggregate notional amount designated as fair value hedges of interest rate risk | 285,000,000 | 166,000,000 | ' |
Aggregate notional amount designated as fair value hedges of interest rate risk on outstanding swap | 86,000,000 | ' | ' |
Interest expense | Fair value hedging | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Net reduction of interest expense | $4,670,000 | $2,420,000 | $110,000 |
Regulatory_Matters_Details
Regulatory Matters (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Risk-based ratios: | ' | ' |
Tier 1 capital, Minimum | 4.00% | ' |
Tier 1 capital, Well Capitalized | 6.00% | ' |
Tier 1 capital | 12.74% | 14.16% |
Total capital, Minimum | 8.00% | ' |
Total capital, Well Capitalized | 10.00% | ' |
Total capital | 13.99% | 15.73% |
Leverage ratio, Minimum | 3.00% | ' |
Leverage ratio | 9.08% | 9.64% |
Tier 1 capital | $649,162 | $652,692 |
Total capital | 713,063 | 724,915 |
United Community Bank | ' | ' |
Risk-based ratios: | ' | ' |
Tier 1 capital | 13.55% | 14.48% |
Total capital | 14.80% | 15.74% |
Leverage ratio | 9.61% | 9.86% |
Tier 1 capital | 686,687 | 666,585 |
Total capital | $750,216 | $724,738 |
Regulatory_Matters_Details_Tex
Regulatory Matters (Details Textual) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Regulatory Capital Requirements [Abstract] | ' |
Minimum Tier 1 risk-based capital ratio for well capitalized purpose | 6.00% |
Total risk-based capital ratio | 10.00% |
Minimum Tier 1 leverage ratio require to be maintained by the bank | 3.00% |
Minimum total risk based capital ratio to be maintained by the bank | 8.00% |
Maximum percentage of credit to affiliate under federal reserve act | 10.00% |
Maximum percentage of credit to all affiliates under federal reserve act | 20.00% |
Aggregate purchase price of common stock | $69 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments to extend credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Financial instruments | $747,170 | $534,928 |
Letter of credit | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Financial instruments | 19,846 | 13,683 |
Minimum Lease Payments | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Financial instruments | $6,310 | $6,716 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Jun. 17, 2011 | Dec. 31, 2010 | |
Fletcher International Ltd | Common Stock | Common Stock | ||
Fletcher International Ltd | ||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Number of warrants to purchase common stock equivalent junior preferred stock (in shares) | ' | 1,411,765 | ' | 1,411,765 |
Exercise price of warrants (in dollars per share) | ' | 21.25 | ' | 21.25 |
Reverse stock splits, description | '1-for-5 | ' | '1-for-5 | ' |
Preferred_Stock_Details_Textua
Preferred Stock (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 05, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 05, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 05, 2008 | Feb. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Warrant | Series A Preferred Stock | Series A Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series B Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | ||||
Warrant | ||||||||||||||
Preferred stock, shares authorized | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of preferred shares redeemed | ' | ' | ' | ' | 21,700 | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | 0 | 21,700 | 180,000 | 105,000 | 105,000 | 180,000 | ' | ' | 16,613 | 16,613 |
Number of warrants to purchase common stock equivalent junior preferred stock (in shares) | ' | ' | ' | ' | ' | ' | 219,909 | ' | ' | ' | ' | 1,551,126 | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $180 | ' | ' | ' |
Proceeds from issuance of preferred stock and preference stock | ' | ' | ' | ' | ' | ' | 173 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Warrants | ' | ' | ' | 6.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of warrant or right adjusted exercise price of warrants or rights | ' | ' | ' | ' | ' | ' | 61.4 | ' | ' | ' | ' | ' | ' | ' |
Exercise of price warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.5 | ' | ' |
Percentage reduction in value of warrant | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Price Per Share | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred for common stock equity exchange related to tax preservation plan shares | 1,551,126 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,551,126 | ' | ' |
Shares of common stock in exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,613 | ' | ' |
Increase in shareholders' equity due to exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19.40 | ' |
Number of preferred shares redeemed in first quarter of 2014 | ' | ' | ' | ' | ' | ' | ' | ' | 105,000 | ' | ' | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock | ' | ' | ' |
Restricted Stock, Shares | ' | ' | ' |
Shares Outstanding, Beginning Balance | 485,584 | 414,644 | 23,214 |
Shares, Granted | 876,583 | 200,612 | 410,051 |
Shares, Exercised | -195,366 | -114,673 | -18,621 |
Shares, Cancelled | -93,125 | -14,999 | ' |
Shares Outstanding, Ending Balance | 1,073,676 | 485,584 | 414,644 |
Share Exercisable | 22,462 | ' | ' |
Restricted Stock, Weighted Average Grant Date Fair Value | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, Beginning balance | $10.72 | $12.19 | $59.67 |
Weighted-Average Grant-Date Fair Value, Granted | $14.74 | $8.73 | $10.15 |
Weighted-Average Grant-Date Fair Value, Exercised | $13.16 | $14.77 | $26.77 |
Weighted-Average Grant-Date Fair Value, Cancelled | $8.78 | $10.25 | ' |
Weighted-Average Grant-Date Fair Value, Ending balance | $13.73 | $10.72 | $12.19 |
Weighted average grant date fair value, exercisable | $10.11 | ' | ' |
Stock Options | ' | ' | ' |
Stock Option, Weighted Average Grant Date Fair Value | ' | ' | ' |
Options, Outstanding Shares, Beginning Balance | 482,528 | 583,647 | 678,313 |
Options, granted | 5,000 | ' | 10,000 |
Options, Exercised | ' | ' | ' |
Options, Cancelled | -136,756 | -101,119 | -104,666 |
Options, Outstanding Shares, Ending Balance | 350,772 | 482,528 | 583,647 |
Aggregate Intrinsic Value, Exercisable | $79 | ' | ' |
Options, Exercisable, Shares | 340,572 | ' | ' |
Options, Exercisable, Aggregate Intrinsic Value | $33 | ' | ' |
Stock Option, Weighted Average Grant Date Fair Value | ' | ' | ' |
Weighted Average Exercise Price, Beginning balance | $97.73 | $94.48 | $93 |
Weighted Average Exercise Price, Granted | $15.09 | ' | $11.20 |
Weighted Average Exercise Price, Exercised | ' | ' | ' |
Weighted Average Exercise Price, Cancelled | $94.37 | $78.98 | $76.87 |
Weighted-Average Exercise Price, Ending balance | $97.87 | $97.73 | $94.48 |
Weighted Average Remaining Term | '3 years 3 months 18 days | ' | ' |
Options, Exercisable, Weighted-Average Exercise Price | $100.40 | ' | ' |
Options, Exercisable, Weighted-Average Remaining Contractual Term (Years) | '3 years 1 month 21 days | ' | ' |
Shareholders_Equity_Details_1
Shareholders' Equity (Details 1) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 350,772 |
Options Outstanding, Range Minimum | $10 |
Options Outstanding, Range Maximum | $170 |
Options Outstanding, Weighted Average Price | $97.87 |
Options Outstanding, Average Remaining Life | '3 years 3 months 18 days |
Options, Exercisable, Shares | 340,572 |
Weighted Average Exercise Price, Options Exercisable | $100.40 |
Exercise Price Range $10.00 to 30.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 16,823 |
Options Outstanding, Range Minimum | $10 |
Options Outstanding, Range Maximum | $30 |
Options Outstanding, Weighted Average Price | $13.92 |
Options Outstanding, Average Remaining Life | '7 years 11 months 23 days |
Options, Exercisable, Shares | 6,623 |
Weighted Average Exercise Price, Options Exercisable | $14.88 |
Exercise Price Range $30.01 to 50.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 47,398 |
Options Outstanding, Range Minimum | $30.01 |
Options Outstanding, Range Maximum | $50 |
Options Outstanding, Weighted Average Price | $31.66 |
Options Outstanding, Average Remaining Life | '5 years 3 months 26 days |
Options, Exercisable, Shares | 47,398 |
Weighted Average Exercise Price, Options Exercisable | $31.66 |
Exercise Price Range $50.01 to 70.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 75,561 |
Options Outstanding, Range Minimum | $50.01 |
Options Outstanding, Range Maximum | $70 |
Options Outstanding, Weighted Average Price | $66.31 |
Options Outstanding, Average Remaining Life | '4 years 3 months 7 days |
Options, Exercisable, Shares | 75,561 |
Weighted Average Exercise Price, Options Exercisable | $66.31 |
Exercise Price Range $70.01 to 90.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 2,595 |
Options Outstanding, Range Minimum | $70.01 |
Options Outstanding, Range Maximum | $90 |
Options Outstanding, Weighted Average Price | $77.22 |
Options Outstanding, Average Remaining Life | '3 years 4 months 28 days |
Options, Exercisable, Shares | 2,595 |
Weighted Average Exercise Price, Options Exercisable | $77.22 |
Exercise Price Range $90.01 to 110.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 29,781 |
Options Outstanding, Range Minimum | $90.01 |
Options Outstanding, Range Maximum | $110 |
Options Outstanding, Weighted Average Price | $107.28 |
Options Outstanding, Average Remaining Life | '1 year 3 months 26 days |
Options, Exercisable, Shares | 29,781 |
Weighted Average Exercise Price, Options Exercisable | $107.28 |
Exercise Price Range $110.01 to 130.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 51,597 |
Options Outstanding, Range Minimum | $110.01 |
Options Outstanding, Range Maximum | $130 |
Options Outstanding, Weighted Average Price | $114.19 |
Options Outstanding, Average Remaining Life | '9 months |
Options, Exercisable, Shares | 51,597 |
Weighted Average Exercise Price, Options Exercisable | $114.19 |
Exercise Price Range $130.01 to 150.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 121,614 |
Options Outstanding, Range Minimum | $130.01 |
Options Outstanding, Range Maximum | $150 |
Options Outstanding, Weighted Average Price | $143.69 |
Options Outstanding, Average Remaining Life | '2 years 9 months 26 days |
Options, Exercisable, Shares | 121,614 |
Weighted Average Exercise Price, Options Exercisable | $143.69 |
Exercise Price Range $150.01 to 170.00 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 5,403 |
Options Outstanding, Range Minimum | $150.01 |
Options Outstanding, Range Maximum | $170 |
Options Outstanding, Weighted Average Price | $152.10 |
Options Outstanding, Average Remaining Life | '3 years 2 months 16 days |
Options, Exercisable, Shares | 5,403 |
Weighted Average Exercise Price, Options Exercisable | $152.10 |
Shareholders_Equity_Details_2
Shareholders' Equity (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity [Abstract] | ' | ' | ' |
Expected volatility | 30.00% | ' | 33.00% |
Expected dividend yield | 0.00% | ' | 0.00% |
Expected life (in years) | '6 years 3 months | ' | '5 years |
Risk-free rate | 2.00% | ' | 2.10% |
Shareholders_Equity_Details_Te
Shareholders' Equity (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Deferred income tax benefit | ($241,655,000) | ' | ' |
Compensation expense | 1,240,000 | 1,660,000 | 2,860,000 |
Shareholders' Equity (Additional Textual) [Abstract] | ' | ' | ' |
Awards of options, restricted stock awards, stock awards, performance share | 500,000 | ' | ' |
Additional awards granted under 2000 Plan | 552,000 | ' | ' |
Vesting period under Plan | '4 years | ' | ' |
Exercisable period under plan | '10 years | ' | ' |
Weighted average grant date fair value, granted | $5.10 | ' | $3.64 |
Estimated option forfeiture rate | 3.00% | ' | ' |
Compensation expense recognized in the consolidated statement of operations for restricted stock | 2,850,000 | 1,660,000 | 1,250,000 |
Total intrinsic value of restricted stock | 19,100,000 | ' | ' |
Unrecognized compensation cost related to nonvested stock options | 12,200,000 | ' | ' |
Weighted average period over which compensation cost is expected to be recognized | '3 years 6 months 18 days | ' | ' |
Aggregate grant date fair value of options and restricted stock that vested during the period | 2,430,000 | ' | ' |
Shares issued in connection with DRIP | ' | ' | 538 |
Shares purchased by United's 401(k) retirement plan | 48,996 | 86,350 | 372,363 |
Discount offered to employees under United has an Employee Stock Purchase Program (ESPP) to purchase shares of common stock | 5.00% | ' | ' |
Stock issued during period shares employee stock pension plan | 13,982 | 23,555 | 31,573 |
Common stock issuable shares under deferred compensation plan | 241,832 | 133,238 | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options, exercised | ' | ' | ' |
Deferred income tax benefit | 20,000 | 99,000 | 325,000 |
Options, granted | 5,000 | ' | 10,000 |
Compensation expense | 51,000 | 256,000 | 835,000 |
Executive Officer | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share based compensation arrangement by share based payment award awards granted during period aggregate fair value | $108,000 | $172,000 | $86,000 |
Options, granted | 9,344 | 20,489 | 10,140 |
Assets_and_Liabilities_Measure2
Assets and Liabilities Measured at Fair Value (Details) (Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Assets: | ' | ' |
Assets, fair value | $3,496 | $3,101 |
Liabilities: | ' | ' |
Liabilities, fair value | 3,496 | 3,101 |
Level 1 | Deferred compensation plan liability | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | 3,496 | 3,101 |
Level 1 | Brokered certificates of deposit | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | ' | ' |
Level 1 | Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | ' | ' |
Level 1 | State and political subdivisions | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 1 | Mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 1 | Corporate bonds | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 1 | Asset-backed securities | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 1 | Other | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 1 | Deferred compensation plan assets | ' | ' |
Assets: | ' | ' |
Assets, fair value | 3,496 | 3,101 |
Level 1 | Derivative financial instruments | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | ' | ' |
Level 2 | ' | ' |
Assets: | ' | ' |
Assets, fair value | 1,855,700 | 1,834,901 |
Liabilities: | ' | ' |
Liabilities, fair value | 219,890 | 167,184 |
Level 2 | Deferred compensation plan liability | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | ' | ' |
Level 2 | Brokered certificates of deposit | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | 173,657 | 154,641 |
Level 2 | Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | 46,233 | 12,543 |
Level 2 | State and political subdivisions | ' | ' |
Assets: | ' | ' |
Assets, fair value | 23,242 | 29,052 |
Level 2 | Mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Assets, fair value | 1,145,347 | 1,428,502 |
Level 2 | Corporate bonds | ' | ' |
Assets: | ' | ' |
Assets, fair value | 249,946 | 163,312 |
Level 2 | Asset-backed securities | ' | ' |
Assets: | ' | ' |
Assets, fair value | 410,633 | 210,556 |
Level 2 | Other | ' | ' |
Assets: | ' | ' |
Assets, fair value | 2,699 | 2,821 |
Level 2 | Deferred compensation plan assets | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 2 | Derivative financial instruments | ' | ' |
Assets: | ' | ' |
Assets, fair value | 23,833 | 658 |
Level 3 | ' | ' |
Assets: | ' | ' |
Assets, fair value | 350 | 350 |
Liabilities: | ' | ' |
Liabilities, fair value | ' | ' |
Level 3 | Deferred compensation plan liability | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | ' | ' |
Level 3 | Brokered certificates of deposit | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | ' | ' |
Level 3 | Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | ' | ' |
Level 3 | State and political subdivisions | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 3 | Mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 3 | Corporate bonds | ' | ' |
Assets: | ' | ' |
Assets, fair value | 350 | 350 |
Level 3 | Asset-backed securities | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 3 | Other | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 3 | Deferred compensation plan assets | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Level 3 | Derivative financial instruments | ' | ' |
Assets: | ' | ' |
Assets, fair value | ' | ' |
Total | ' | ' |
Assets: | ' | ' |
Assets, fair value | 1,859,546 | 1,838,352 |
Liabilities: | ' | ' |
Liabilities, fair value | 223,386 | 170,285 |
Total | Deferred compensation plan liability | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | 3,496 | 3,101 |
Total | Brokered certificates of deposit | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | 173,657 | 154,641 |
Total | Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Liabilities, fair value | 46,233 | 12,543 |
Total | State and political subdivisions | ' | ' |
Assets: | ' | ' |
Assets, fair value | 23,242 | 29,052 |
Total | Mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Assets, fair value | 1,145,347 | 1,428,502 |
Total | Corporate bonds | ' | ' |
Assets: | ' | ' |
Assets, fair value | 250,296 | 163,662 |
Total | Asset-backed securities | ' | ' |
Assets: | ' | ' |
Assets, fair value | 410,633 | 210,556 |
Total | Other | ' | ' |
Assets: | ' | ' |
Assets, fair value | 2,699 | 2,821 |
Total | Deferred compensation plan assets | ' | ' |
Assets: | ' | ' |
Assets, fair value | 3,496 | 3,101 |
Total | Derivative financial instruments | ' | ' |
Assets: | ' | ' |
Assets, fair value | $23,833 | $658 |
Assets_and_Liabilities_Measure3
Assets and Liabilities Measured at Fair Value (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets measured at fair value on recurring basis using significant unobservable inputs | ' | ' | ' |
Balance at beginning of period | $350 | $350 | $5,284 |
Amounts included in earnings | ' | ' | -19 |
Paydowns | ' | ' | -1,119 |
Transfers between valuation levels, net | ' | ' | -3,796 |
Balance at end of period | $350 | $350 | $350 |
Assets_and_Liabilities_Measure4
Assets and Liabilities Measured at Fair Value (Details 2) (Nonrecurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | ' |
Foreclosed properties | ' | ' |
Total assets | ' | ' |
Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | ' | ' |
Foreclosed properties | ' | ' |
Total assets | ' | ' |
Level 3 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 82,798 | 165,751 |
Foreclosed properties | 3,747 | 14,788 |
Total assets | 86,545 | 180,539 |
Total | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loans | 82,798 | 165,751 |
Foreclosed properties | 3,747 | 14,788 |
Total assets | $86,545 | $180,539 |
Assets_and_Liabilities_Measure5
Assets and Liabilities Measured at Fair Value (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Securities held to maturity, fair value (in dollars) | $485,585 | $261,131 |
Loans, net, Carrying Amount | 4,252,504 | 4,067,871 |
Level 1 | ' | ' |
Assets: | ' | ' |
Securities held to maturity, fair value (in dollars) | ' | ' |
Loans, net, Carrying Amount | ' | ' |
Mortgage loans held for sale | ' | ' |
Liabilities: | ' | ' |
Deposits, Fair Value | ' | ' |
Federal Home Loan Bank advances, Fair Value | ' | ' |
Long-term debt, Fair Value | ' | ' |
Level 2 | ' | ' |
Assets: | ' | ' |
Securities held to maturity, fair value (in dollars) | 485,585 | 261,131 |
Loans, net, Carrying Amount | ' | ' |
Mortgage loans held for sale | 10,529 | 29,693 |
Liabilities: | ' | ' |
Deposits, Fair Value | 6,204,815 | 5,988,743 |
Federal Home Loan Bank advances, Fair Value | 120,125 | 40,125 |
Long-term debt, Fair Value | ' | ' |
Level 3 | ' | ' |
Assets: | ' | ' |
Securities held to maturity, fair value (in dollars) | ' | ' |
Loans, net, Carrying Amount | 4,165,591 | 3,957,669 |
Mortgage loans held for sale | ' | ' |
Liabilities: | ' | ' |
Deposits, Fair Value | ' | ' |
Federal Home Loan Bank advances, Fair Value | ' | ' |
Long-term debt, Fair Value | 130,262 | 118,626 |
Total | ' | ' |
Assets: | ' | ' |
Securities held to maturity, fair value (in dollars) | 485,585 | 261,131 |
Loans, net, Carrying Amount | 4,165,591 | 3,957,669 |
Mortgage loans held for sale | 10,529 | 29,693 |
Liabilities: | ' | ' |
Deposits, Fair Value | 6,204,815 | 5,988,743 |
Federal Home Loan Bank advances, Fair Value | 120,125 | 40,125 |
Long-term debt, Fair Value | 130,262 | 118,626 |
Carrying Amount | ' | ' |
Assets: | ' | ' |
Securities held to maturity, fair value (in dollars) | 479,742 | 244,184 |
Loans, net, Carrying Amount | 4,252,504 | 4,067,871 |
Mortgage loans held for sale | 10,319 | 28,821 |
Liabilities: | ' | ' |
Deposits, Fair Value | 6,201,505 | 5,952,140 |
Federal Home Loan Bank advances, Fair Value | 120,125 | 40,125 |
Long-term debt, Fair Value | $129,865 | $124,805 |
Assets_and_Liabilities_Measure6
Assets and Liabilities Measured at Fair Value (Details Textual) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Percentage of written down in appraisal value of nonaccrual impaired loans | 80.00% |
Percentage of written down in appraisal value of foreclosed properties | 80.00% |
Percentage of written down in asking price of foreclosed properties | 90.00% |
Maximum remaining maturity of financial instruments having no defined maturity | '180 days |
Level 3 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Number of securities | 2 |
Level 3 | First Investment | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Par value of investment | 1,000,000 |
Written down value of investment | 50,000 |
Impairment charges of investment | 950,000 |
Level 3 | Second Investment | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Par value of investment | 1,000,000 |
Negative mark to fair value | 700,000 |
Condensed_Financial_Statements2
Condensed Financial Statements of United Community Banks Inc. (Parent Only) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Operations | ' | ' | ' |
Shared service fees from subsidiaries | $31,997 | $31,670 | $29,110 |
Other | 10,025 | 10,480 | 7,341 |
Total income | 209,256 | 221,680 | 30,870 |
Interest expense | 27,682 | 37,909 | 65,638 |
Other expense | 15,171 | 19,951 | 18,270 |
Total expenses | 174,304 | 186,774 | 261,599 |
Income tax benefit (expense) | -238,188 | 1,050 | -3,983 |
Income (loss) before equity in undistributed loss of subsidiaries | 34,952 | 34,906 | -230,729 |
Net income (loss) | 273,140 | 33,856 | -226,746 |
Parent | ' | ' | ' |
Statement of Operations | ' | ' | ' |
Dividends from bank subsidiary | 50,000 | ' | ' |
Shared service fees from subsidiaries | 6,764 | 6,714 | 7,646 |
Other | 1,217 | 1,169 | 609 |
Total income | 57,981 | 7,883 | 8,255 |
Interest expense | 10,977 | 10,201 | 9,587 |
Other expense | 8,658 | 8,717 | 9,367 |
Total expenses | 19,635 | 18,918 | 18,954 |
Income tax benefit (expense) | 24,862 | 398 | -1,272 |
Income (loss) before equity in undistributed loss of subsidiaries | 63,208 | -10,637 | -11,971 |
Equity in undistributed earnings (loss) of subsidiaries | 209,932 | 44,493 | -214,775 |
Net income (loss) | $273,140 | $33,856 | ($226,746) |
Condensed_Financial_Statements3
Condensed Financial Statements of United Community Banks Inc. (Parent Only) (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash | $228,898 | $251,149 | ' | ' |
Other assets | 44,948 | 34,296 | ' | ' |
Total assets | 7,425,419 | 6,802,259 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Long-term debt | 129,865 | 124,805 | ' | ' |
Total liabilities | 6,629,704 | 6,220,854 | ' | ' |
Shareholders' equity | 795,715 | 581,405 | 575,486 | 468,578 |
Total liabilities and shareholders' equity | 7,425,419 | 6,802,259 | ' | ' |
Parent | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash | 36,338 | 54,047 | ' | ' |
Investment in subsidiaries | 869,665 | 655,934 | ' | ' |
Other assets | 34,972 | 6,708 | ' | ' |
Total assets | 940,975 | 716,689 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Long-term debt | 129,865 | 124,805 | ' | ' |
Other liabilities | 15,395 | 10,479 | ' | ' |
Total liabilities | 145,260 | 135,284 | ' | ' |
Shareholders' equity | 795,715 | 581,405 | 575,486 | ' |
Total liabilities and shareholders' equity | $940,975 | $716,689 | ' | ' |
Condensed_Financial_Statements4
Condensed Financial Statements of United Community Banks Inc. (Parent Only) (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income (loss) | $273,140 | $33,856 | ($226,746) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
Depreciation, amortization and accretion | 26,388 | 32,562 | 21,084 |
Change in assets and liabilities: | ' | ' | ' |
Net cash provided by (used) in operating activities | 191,652 | 183,078 | 151,881 |
Investing activities: | ' | ' | ' |
Sales and paydowns of securities available for sale | 39,731 | 469,167 | 128,217 |
Net cash provided by (used in) investing activities | -482,791 | -102,013 | -363,972 |
Financing activities: | ' | ' | ' |
Proceeds from issuance of common and preferred stock, net of offering costs | ' | ' | 361,560 |
Proceeds from penalty on incomplete private equity transaction | ' | ' | 3,250 |
Proceeds from exercise of warrant | 19,389 | ' | ' |
Cash dividends on Series A preferred stock | -15 | -12 | -13 |
Cash dividends on Series B preferred stock | -9,440 | -9,000 | -9,020 |
Cash dividends on Series D preferred stock | -1,657 | -1,687 | -1,210 |
Net cash (used in) provided by financing activities | 268,888 | -208,332 | -58,950 |
Net change in cash | -22,251 | -127,267 | -271,041 |
Cash and cash equivalents at beginning of year | 251,149 | 378,416 | 649,457 |
Cash and cash equivalents at end of year | 228,898 | 251,149 | 378,416 |
Parent | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income (loss) | 273,140 | 33,856 | -226,746 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
Equity in undistributed (earnings) loss of the subsidiaries | -209,932 | -44,493 | 214,775 |
Depreciation, amortization and accretion | 82 | 142 | 122 |
Stock-based compensation | 3,045 | 1,976 | 2,144 |
Change in assets and liabilities: | ' | ' | ' |
Other assets | -29,168 | 21,722 | -3,604 |
Other liabilities | 5,682 | -20,483 | 6,590 |
Net cash provided by (used) in operating activities | 42,849 | -7,280 | -6,719 |
Investing activities: | ' | ' | ' |
Investment in subsidiaries | ' | ' | -292,000 |
Sales and paydowns of securities available for sale | 586 | ' | ' |
Net cash provided by (used in) investing activities | 586 | ' | -292,000 |
Financing activities: | ' | ' | ' |
Repayment of subordinated notes | -35,000 | -30,500 | ' |
Proceeds from issuance of senior notes | 40,000 | 35,000 | ' |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 796 | 894 | 1,453 |
Proceeds from issuance of common and preferred stock, net of offering costs | ' | ' | 361,560 |
Proceeds from penalty on incomplete private equity transaction | ' | ' | 3,250 |
Proceeds from exercise of warrant | 19,389 | ' | ' |
Retirement of preferred stock | -75,217 | ' | ' |
Cash dividends on Series A preferred stock | -15 | -12 | -13 |
Cash dividends on Series B preferred stock | -9,440 | -9,000 | -9,020 |
Cash dividends on Series D preferred stock | -1,657 | -1,687 | -1,210 |
Net cash (used in) provided by financing activities | -61,144 | -5,305 | 356,020 |
Net change in cash | -17,709 | -12,585 | 57,301 |
Cash and cash equivalents at beginning of year | 54,047 | 66,632 | 9,331 |
Cash and cash equivalents at end of year | $36,338 | $54,047 | $66,632 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textuals) (USD $) | Dec. 31, 2013 | Jan. 10, 2014 | Jan. 07, 2014 | Jan. 10, 2014 | Jan. 07, 2014 |
In Millions, unless otherwise specified | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |
Synovus Bank | Credit agreement | ||||
Revolving Credit Facility | Synovus Bank | ||||
Revolving Credit Facility | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | $50 |
Total risk-based capital ratio | 10.00% | ' | 10.50% | ' | ' |
Tier 1 risk-based common capital ratio | ' | ' | 8.50% | ' | ' |
Minimum Tier 1 risk-based capital ratio for well capitalized purpose | 6.00% | ' | 8.50% | ' | ' |
Tier 1 leverage ratio | ' | ' | 7.25% | ' | ' |
Series B preferred stock, redemption amount | ' | 105 | ' | ' | ' |
Amount of dividend from bank | ' | 69 | ' | ' | ' |
Amount of drawn on the revolving line and cash on hand | ' | ' | ' | $25 | ' |