Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Entity Registrant Name | UNITED COMMUNITY BANKS INC | |
Entity Central Index Key | 857855 | |
Trading Symbol | ucbi | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Voting Common Stock | ||
Entity Common Stock, Shares Outstanding | 50,246,315 | |
Non-Voting Common Stock | ||
Entity Common Stock, Shares Outstanding | 10,080,787 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest revenue: | ||
Loans, including fees | $49,664 | $47,688 |
Investment securities, including tax exempt of $158 and $188 | 12,058 | 11,607 |
Deposits in banks and short-term investments | 812 | 843 |
Total interest revenue | 62,534 | 60,138 |
Deposits: | ||
NOW | 394 | 440 |
Money market | 673 | 563 |
Savings | 20 | 20 |
Time | 1,109 | 1,771 |
Total deposit interest expense | 2,196 | 2,794 |
Short-term borrowings | 98 | 840 |
Federal Home Loan Bank advances | 392 | 58 |
Long-term debt | 2,606 | 2,634 |
Total interest expense | 5,292 | 6,326 |
Net interest revenue | 57,242 | 53,812 |
Provision for credit losses | 1,800 | 2,500 |
Net interest revenue after provision for credit losses | 55,442 | 51,312 |
Fee revenue: | ||
Service charges and fees | 7,615 | 7,898 |
Mortgage loan and other related fees | 2,755 | 1,354 |
Brokerage fees | 1,551 | 1,177 |
Gains from sales of SBA loans | 1,141 | |
Securities gains, net | 1,539 | 217 |
Loss from prepayment of debt | -1,038 | |
Other | 2,119 | 1,530 |
Total fee revenue | 15,682 | 12,176 |
Total revenue | 71,124 | 63,488 |
Operating expenses: | ||
Salaries and employee benefits | 26,446 | 24,396 |
Communications and equipment | 3,271 | 3,239 |
Occupancy | 3,278 | 3,378 |
Advertising and public relations | 750 | 626 |
Postage, printing and supplies | 938 | 776 |
Professional fees | 1,919 | 1,427 |
FDIC assessments and other regulatory charges | 1,209 | 1,353 |
Other | 5,250 | 3,855 |
Total operating expenses | 43,061 | 39,050 |
Net income before income taxes | 28,063 | 24,438 |
Income tax expense | 10,393 | 9,038 |
Net income | 17,670 | 15,400 |
Preferred stock dividends and discount accretion | 439 | |
Net income available to common shareholders | $17,670 | $14,961 |
Earnings per common share: | ||
Basic (in dollars per share) | $0.29 | $0.25 |
Diluted (in dollars per share) | $0.29 | $0.25 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 60,905 | 60,059 |
Diluted (in shares) | 60,909 | 60,061 |
Consolidated_Statement_of_Inco1
Consolidated Statement of Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Investment securities tax exemption | $158 | $188 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statement Of Comprehensive Income (Loss) [Abstract] | ||
Net income, Before-tax Amount | $28,063 | $24,438 |
Net income, Tax (Expense) Benefit | -10,393 | -9,038 |
Net income, Net of Tax Amount | 17,670 | 15,400 |
Unrealized gains on available-for-sale securities: | ||
Unrealized holding gains arising during period, Before-tax Amount | 13,989 | 3,869 |
Unrealized holding gains arising during period, Tax (Expense) Benefit | -5,305 | -1,441 |
Unrealized holding gains arising during period, Net of Tax Amount | 8,684 | 2,428 |
Reclassification adjustment for gains included in net income, Before-tax Amount | -1,539 | -217 |
Reclassification adjustment for gains included in net income, Tax (Expense) Benefit | 598 | 92 |
Reclassification adjustment for gains included in net income, Net of Tax Amount | -941 | -125 |
Net unrealized gains, Before-tax Amount | 12,450 | 3,652 |
Net unrealized gains, Tax (Expense) Benefit | -4,707 | -1,349 |
Net unrealized gains, Net of Tax Amount | 7,743 | 2,303 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 484 | 330 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | -182 | -123 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 302 | 207 |
Net unrealized gains, Before-tax Amount | 484 | 330 |
Net unrealized gains, Tax (Expense) Benefit | -182 | -123 |
Net unrealized gains, Net of Tax Amount | 302 | 207 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 425 | 97 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | -165 | -38 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Net of Tax Amount | 260 | 59 |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Before-tax Amount | -471 | -2,832 |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Tax (Expense) Benefit | 183 | 1,102 |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Net of Tax Amount | -288 | -1,730 |
Net unrealized losses, Before-tax Amount | -46 | -2,735 |
Net unrealized losses, Tax (Expense) Benefit | 18 | 1,064 |
Net unrealized losses, Net of Tax Amount | -28 | -1,671 |
Net actuarial gain on defined benefit pension plan, Before-tax Amount | 296 | |
Net actuarial gain on defined benefit pension plan, Tax (Expense) Benefit | -115 | |
Net actuarial gain on defined benefit pension plan, Net of Tax Amount | 181 | |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 159 | 91 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | -62 | -35 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 97 | 56 |
Net defined benefit pension plan activity, Before-tax Amount | 159 | 387 |
Net defined benefit pension plan activity, Tax (Expense) Benefit | -62 | -150 |
Net defined benefit pension plan activity, Net of Tax Amount | 97 | 237 |
Total other comprehensive income, Before-tax Amount | 13,047 | 1,634 |
Total other comprehensive income, Tax (Expense) Benefit | -4,933 | -558 |
Total other comprehensive income, net of tax amount | 8,114 | 1,076 |
Comprehensive income, Before-tax Amount | 41,110 | 26,072 |
Comprehensive income, Tax (Expense) Benefit | -15,326 | -9,596 |
Comprehensive income, Net of Tax Amount | $25,784 | $16,476 |
Consolidated_Balance_Sheet_Una
Consolidated Balance Sheet (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
ASSETS | |||
Cash and due from banks | $77,493 | $77,180 | $52,813 |
Interest-bearing deposits in banks | 82,269 | 89,074 | 110,529 |
Short-term investments | 25,902 | 26,401 | 49,999 |
Cash and cash equivalents | 185,664 | 192,655 | 213,341 |
Securities available for sale | 1,801,973 | 1,782,734 | 1,837,676 |
Securities held to maturity (fair value $413,550, $425,233 and $473,136) | 399,228 | 415,267 | 464,697 |
Mortgage loans held for sale | 15,723 | 13,737 | 10,933 |
Loans, net of unearned income | 4,787,689 | 4,672,119 | 4,355,708 |
Less allowance for loan losses | -70,007 | -71,619 | -75,223 |
Loans, net | 4,717,682 | 4,600,500 | 4,280,485 |
Assets covered by loss sharing agreements with the FDIC | 3,315 | 21,353 | |
Premises and equipment, net | 159,036 | 159,390 | 161,540 |
Bank owned life insurance | 81,490 | 81,294 | 80,790 |
Accrued interest receivable | 20,154 | 20,103 | 18,572 |
Net deferred tax asset | 201,898 | 215,503 | 243,683 |
Derivative financial instruments | 20,291 | 20,599 | 21,563 |
Other assets | 60,764 | 61,889 | 43,604 |
Total assets | 7,663,903 | 7,566,986 | 7,398,237 |
Deposits: | |||
Demand | 1,694,755 | 1,574,317 | 1,471,781 |
NOW | 1,420,956 | 1,504,887 | 1,392,863 |
Money market | 1,306,421 | 1,273,283 | 1,235,429 |
Savings | 312,013 | 292,308 | 270,910 |
Time: | |||
Less than $100,000 | 723,323 | 748,478 | 833,188 |
Greater than $100,000 | 482,955 | 508,228 | 572,889 |
Brokered | 497,508 | 425,011 | 470,481 |
Total deposits | 6,437,931 | 6,326,512 | 6,247,541 |
Repurchase agreements | 6,000 | 123,075 | |
Federal Home Loan Bank advances | 270,125 | 270,125 | 50,125 |
Long-term debt | 113,901 | 129,865 | 129,865 |
Derivative financial instruments | 29,276 | 31,997 | 42,309 |
Unsettled securities purchases | 5,425 | 63,999 | |
Accrued expenses and other liabilities | 48,965 | 57,485 | 37,593 |
Total liabilities | 6,900,198 | 6,827,409 | 6,694,507 |
Shareholders' equity: | |||
Common stock | 50,228 | 50,178 | 50,011 |
Common stock issuable; 400,369, 357,983 and 237,763 shares | 5,895 | 5,168 | 3,840 |
Capital surplus | 1,081,110 | 1,080,508 | 1,091,696 |
Accumulated deficit | -372,933 | -387,568 | -433,130 |
Accumulated other comprehensive loss | -10,676 | -18,790 | -18,768 |
Total shareholders' equity | 763,705 | 739,577 | 703,730 |
Total liabilities and shareholders' equity | 7,663,903 | 7,566,986 | 7,398,237 |
Non-Voting Common Stock | |||
Shareholders' equity: | |||
Common stock | 10,081 | 10,081 | 10,081 |
Total shareholders' equity | $10,081 | $10,081 | $10,081 |
Consolidated_Balance_Sheet_Una1
Consolidated Balance Sheet (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | |||
Held to maturity, fair value (in dollars) | $413,550 | $425,233 | $473,136 |
Common stock, par value (in dollars per share) | $1 | $1 | $1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 50,228,075 | 50,178,605 | 50,011,094 |
Common stock, shares outstanding | 50,228,075 | 50,178,605 | 50,011,094 |
Common stock issuable, shares | 400,369 | 357,983 | 237,763 |
Non-Voting Common Stock | |||
Common stock, par value (in dollars per share) | $1 | $1 | $1 |
Common stock, shares authorized | 26,000,000 | 26,000,000 | 26,000,000 |
Common stock, shares issued | 10,080,787 | 10,080,787 | 10,080,787 |
Common stock, shares outstanding | 10,080,787 | 10,080,787 | 10,080,787 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (USD $) | Series B Preferred Stock | Series D Preferred Stock | Non-Voting Common Stock | Common Stock | Common Stock Issuable | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total |
In Thousands, unless otherwise specified | |||||||||
Balance at Dec. 31, 2013 | $105,000 | $16,613 | $13,188 | $46,243 | $3,930 | $1,078,676 | ($448,091) | ($19,844) | $795,715 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 15,400 | 15,400 | |||||||
Other comprehensive income | 1,076 | 1,076 | |||||||
Redemption of Series B preferred stock (105,000 shares) | -105,000 | -105,000 | |||||||
Redemption of Series D preferred stock (16,613 shares) | -16,613 | -16,613 | |||||||
Common stock issued at market (640,000 shares) | 640 | 11,566 | 12,206 | ||||||
Common stock issued to dividend reinvestment plan and employee benefit plans (11,837 and 3,689 shares for March 31, 2014 and March 31, 2015 respectively) | 12 | 197 | 209 | ||||||
Conversion of non-voting common stock to voting (3,107,419 shares) | -3,107 | 3,107 | |||||||
Amortization of stock option and restricted stock awards | 1,120 | 1,120 | |||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (1,096 shares issued, 0 shares deferred and 31,718 shares issued, 51,326 shares deferred for March 31, 2014 and March 31, 2015 respectively) | 1 | -2 | -1 | ||||||
Deferred compensation plan, net, including dividend equivalents | 57 | 57 | |||||||
Shares issued from deferred compensation plan (7,397 and 14,063 shares for March 31, 2014 and March 31, 2015 respectively) | 8 | -147 | 139 | ||||||
Preferred stock dividends: | |||||||||
Series B | -159 | -159 | |||||||
Series D | -280 | -280 | |||||||
Balance at Mar. 31, 2014 | 10,081 | 50,011 | 3,840 | 1,091,696 | -433,130 | -18,768 | 703,730 | ||
Balance at Dec. 31, 2014 | 10,081 | 50,178 | 5,168 | 1,080,508 | -387,568 | -18,790 | 739,577 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 17,670 | 17,670 | |||||||
Other comprehensive income | 8,114 | 8,114 | |||||||
Common stock issued to dividend reinvestment plan and employee benefit plans (11,837 and 3,689 shares for March 31, 2014 and March 31, 2015 respectively) | 4 | 57 | 61 | ||||||
Amortization of stock option and restricted stock awards | 991 | 991 | |||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (1,096 shares issued, 0 shares deferred and 31,718 shares issued, 51,326 shares deferred for March 31, 2014 and March 31, 2015 respectively) | 32 | 759 | -1,129 | -338 | |||||
Deferred compensation plan, net, including dividend equivalents | 106 | 106 | |||||||
Shares issued from deferred compensation plan (7,397 and 14,063 shares for March 31, 2014 and March 31, 2015 respectively) | 14 | -138 | 124 | ||||||
Common stock dividends ($.05 per share) | -3,035 | -3,035 | |||||||
Tax on restricted stock vesting | 559 | 559 | |||||||
Balance at Mar. 31, 2015 | $10,081 | $50,228 | $5,895 | $1,081,110 | ($372,933) | ($10,676) | $763,705 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Consolidated Statement Of Changes In Shareholders' Equity [Abstract] | ||
Number of shares redeemed of Series B preferred stock | 105,000 | |
Number of shares redeemed of Series D preferred stock | 16,613 | |
Number of common stock issued at market | 640,000 | |
Common stock issued to dividend reinvestment plan and employee benefit plans | 3,689 | 11,837 |
Conversion of non-voting common stock to voting shares | 3,107,419 | |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued | 31,718 | 1,096 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares deferred | 51,326 | 0 |
Shares issued from deferred compensation plan | 14,063 | 7,397 |
Common stock dividends (in dollars per share) | $0.05 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net income | $17,670 | $15,400 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 5,158 | 4,927 |
Provision for credit losses | 1,800 | 2,500 |
Stock based compensation | 991 | 1,120 |
Deferred income tax benefit | 8,672 | 9,776 |
Securities gains, net | -1,539 | -217 |
Net losses and write downs on sales of other real estate owned | -81 | -244 |
Loss on prepayment of borrowings | 1,038 | |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | 7,106 | 6,607 |
Accrued expenses and other liabilities | -11,342 | -12,230 |
Mortgage loans held for sale | -1,986 | -614 |
Net cash provided by operating activities | 27,487 | 27,025 |
Investment securities held to maturity: | ||
Proceeds from maturities and calls of securities held to maturity: | 16,144 | 15,007 |
Investment securities available for sale: | ||
Proceeds from sales of securities available for sale | 69,467 | 153,316 |
Proceeds from maturities and calls of securities available for sale | 55,121 | 56,757 |
Purchases of securities available for sale | -137,305 | -173,024 |
Net increase in loans | -122,257 | -34,027 |
Funds (paid to) collected from FDIC under loss sharing agreements | -1,198 | 1,623 |
Proceeds from sales of premises and equipment | 509 | |
Purchases of premises and equipment | -1,768 | -618 |
Proceeds from sale of other real estate | 1,408 | 2,417 |
Net cash (used in) provided by investing activities | -120,388 | 21,960 |
Financing activities: | ||
Net change in deposits | 111,419 | 46,036 |
Net change in short-term borrowings | -6,540 | 69,834 |
Repayments of trust preferred securities | -15,998 | |
Proceeds from FHLB advances | 410,000 | 355,000 |
Repayments of FHLB advances | -410,000 | -425,000 |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 61 | 209 |
Proceeds from issuance of common stock, net of issuance costs | 12,206 | |
Retirement of preferred stock | -121,613 | |
Cash dividends on common stock | -3,032 | |
Cash dividends on preferred stock | -1,214 | |
Net cash provided by (used in) financing activities | 85,910 | -64,542 |
Net change in cash and cash equivalents | -6,991 | -15,557 |
Cash and cash equivalents at beginning of period | 192,655 | 228,898 |
Cash and cash equivalents at end of period | 185,664 | 213,341 |
Cash paid during the period for: | ||
Interest | 6,334 | 7,449 |
Income taxes | 1,800 | 1,321 |
Unsettled securities purchases | 34,437 | |
Unsettled SBA loan Sales | 3,671 | |
Transfers of loans to foreclosed properties | $459 | $4,367 |
Accounting_Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Accounting Policies | Note 1 – Accounting Policies |
The accounting and financial reporting policies of United Community Banks, Inc. (“United”) and its subsidiaries conform to accounting principles generally accepted in the United States of America (“GAAP”) and general banking industry practices. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2014. | |
In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. | |
Certain 2014 amounts have been reclassified to conform to the 2015 presentation. |
Accounting_Standards_Updates_a
Accounting Standards Updates and Recently Adopted Standards | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Standards Updates [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Note 2 –Accounting Standards Updates and Recently Adopted Standards |
In February 2015, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, effective for fiscal years beginning after December 15, 2015 and interim periods within those years and early adoption is permitted. The new standard is intended to improve targeted areas of the consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments in the ASU affect the consolidation evaluation for reporting organizations. In addition, the amendments in this ASU simplify and improve current GAAP by reducing the number of consolidation models. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. To simplify presentation of debt issuance costs, the amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability consistent with debt discounts. The standard will be effective for the United’s fiscal year beginning after December 15, 2015 and subsequent interim periods. The adoption of ASU 2015-03 is not expected to have a material effect on the United’s consolidated financial statements. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | Note 3 – Acquisition |
On June 26, 2014, United completed the acquisition of substantially all of the assets of Business Carolina, Inc., a specialty Small Business Administration (“SBA”) / United States Department of Agriculture (“USDA”) lender headquartered in Columbia, South Carolina. On the closing date, United paid $31.3 million in cash for loans having a fair value on the purchase date of $24.8 million, accrued interest of $83,000, servicing rights with a fair value on the purchase date of $2.13 million, premises and equipment with a fair value on the purchase date of $2.60 million and goodwill in the amount of $1.51 million representing the premium paid over the fair value of the separately identifiable assets and liabilities acquired. The gross contractual amount of loans receivable was $28.0 million as of the acquisition date. United has not identified any material separately identifiable intangible assets resulting from the acquisition. | |
The loans and servicing assets that were acquired in this transaction were valued by a third party vendor that specializes in the valuations of these SBA related assets. These assets are very illiquid and United does not have the same level of visibility into the inputs that the valuation vendor has. Therefore, United considers those inputs to be level 3 in the Accounting Standards Codification (“ASC”) 820 hierarchy. For the loans, the valuations were derived by estimating the expected cash flows using a combination of prepayment speed and default estimates. The cash flows are then discounted using the rates implied by observed transactions in the market place. |
Balance_Sheet_Offsetting
Balance Sheet Offsetting | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||
Balance Sheet Offsetting | Note 4 – 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 with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet in accordance with ASC 210-20, Offsetting. | |||||||||||||||||||||||||
The following table presents a summary of amounts outstanding under reverse repurchase agreements and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements as of March 31, 2015, December 31, 2014 and March 31, 2014 (in thousands). | |||||||||||||||||||||||||
Gross | Gross | Net Asset | |||||||||||||||||||||||
Amounts of Recognized | Amounts | Balance | Gross Amounts not Offset | ||||||||||||||||||||||
Assets | Offset on the | in the Balance Sheet | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
31-Mar-15 | Sheet | Financial Instruments | Collateral | Net Amount | |||||||||||||||||||||
Received | |||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 345,000 | $ | (325,000 | ) | $ | 20,000 | $ | - | $ | (21,048 | ) | $ | - | |||||||||||
Derivatives | 20,291 | - | 20,291 | (597 | ) | (4,435 | ) | 15,259 | |||||||||||||||||
Total | $ | 365,291 | $ | (325,000 | ) | $ | 40,291 | $ | (597 | ) | $ | (25,483 | ) | $ | 15,259 | ||||||||||
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 | $ | 325,000 | $ | (325,000 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Derivatives | 29,276 | - | 29,276 | (597 | ) | (31,407 | ) | - | |||||||||||||||||
Total | $ | 354,276 | $ | (325,000 | ) | $ | 29,276 | $ | (597 | ) | $ | (31,407 | ) | $ | - | ||||||||||
Weighted average interest rate of repurchase agreements | 0.3 | % | |||||||||||||||||||||||
Gross | Gross | Net Asset | |||||||||||||||||||||||
Amounts of | Amounts | Balance | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | in the Balance Sheet | |||||||||||||||||||||||
Assets | Balance | ||||||||||||||||||||||||
31-Dec-14 | Sheet | Financial | Collateral | Net Amount | |||||||||||||||||||||
Instruments | Received | ||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 395,000 | $ | (375,000 | ) | $ | 20,000 | $ | - | $ | (20,302 | ) | $ | - | |||||||||||
Derivatives | 20,599 | - | 20,599 | (869 | ) | (3,716 | ) | 16,014 | |||||||||||||||||
Total | $ | 415,599 | $ | (375,000 | ) | $ | 40,599 | $ | (869 | ) | $ | (24,018 | ) | $ | 16,014 | ||||||||||
Weighted average interest rate of reverse repurchase agreements | 1.16 | % | |||||||||||||||||||||||
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 | $ | 375,000 | $ | (375,000 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Derivatives | 31,997 | - | 31,997 | (869 | ) | (32,792 | ) | - | |||||||||||||||||
Total | $ | 406,997 | $ | (375,000 | ) | $ | 31,997 | $ | (869 | ) | $ | (32,792 | ) | $ | - | ||||||||||
Weighted average interest rate of repurchase agreements | 0.29 | % | |||||||||||||||||||||||
Gross | Gross | Net Asset | |||||||||||||||||||||||
Amounts of | Amounts | Balance | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | in the Balance Sheet | |||||||||||||||||||||||
Assets | Balance | ||||||||||||||||||||||||
31-Mar-14 | Sheet | Financial | Collateral | Net Amount | |||||||||||||||||||||
Instruments | Received | ||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 397,000 | $ | (350,000 | ) | $ | 47,000 | $ | - | $ | (51,243 | ) | $ | - | |||||||||||
Derivatives | 21,563 | - | 21,563 | (3,896 | ) | (704 | ) | 16,963 | |||||||||||||||||
Total | $ | 418,563 | $ | (350,000 | ) | $ | 68,563 | $ | (3,896 | ) | $ | (51,947 | ) | $ | 16,963 | ||||||||||
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 | 42,309 | - | 42,309 | (3,896 | ) | (35,754 | ) | 2,659 | |||||||||||||||||
Total | $ | 392,309 | $ | (350,000 | ) | $ | 42,309 | $ | (3,896 | ) | $ | (35,754 | ) | $ | 2,659 | ||||||||||
Weighted average interest rate of repurchase agreements | 0.28 | % |
Securities
Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||
Securities | Note 5 – Securities | ||||||||||||||||||||||||
The amortized cost basis, gross unrealized gains and losses and fair value of securities held-to-maturity at March 31, 2015, December 31, 2014 and March 31, 2014 are as follows (in thousands). | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
As of March 31, 2015 | Cost | Gains | Losses | Value | |||||||||||||||||||||
State and political subdivisions | $ | 48,136 | $ | 4,029 | $ | - | $ | 52,165 | |||||||||||||||||
Mortgage-backed securities (1) | 351,092 | 10,470 | 177 | 361,385 | |||||||||||||||||||||
Total | $ | 399,228 | $ | 14,499 | $ | 177 | $ | 413,550 | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 48,157 | $ | 3,504 | $ | - | $ | 51,661 | |||||||||||||||||
Mortgage-backed securities (1) | 367,110 | 7,716 | 1,254 | 373,572 | |||||||||||||||||||||
Total | $ | 415,267 | $ | 11,220 | $ | 1,254 | $ | 425,233 | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 51,257 | $ | 3,430 | $ | 13 | $ | 54,674 | |||||||||||||||||
Mortgage-backed securities (1) | 413,440 | 6,877 | 1,855 | 418,462 | |||||||||||||||||||||
Total | $ | 464,697 | $ | 10,307 | $ | 1,868 | $ | 473,136 | |||||||||||||||||
(1) All are residential type mortgage-backed securities and U.S.government agency commercial mortgage backed securities. | |||||||||||||||||||||||||
The following table summarizes held-to-maturity securities in an unrealized loss position as of March 31, 2015, December 31, 2014 and March 31, 2014 (in thousands). | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
As of March 31, 2015 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Mortgage-backed securities | $ | 16,177 | $ | 140 | $ | 6,252 | $ | 37 | $ | 22,429 | $ | 177 | |||||||||||||
Total unrealized loss position | $ | 16,177 | $ | 140 | $ | 6,252 | $ | 37 | $ | 22,429 | $ | 177 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 126,514 | $ | 917 | $ | 17,053 | $ | 337 | $ | 143,567 | $ | 1,254 | |||||||||||||
Total unrealized loss position | $ | 126,514 | $ | 917 | $ | 17,053 | $ | 337 | $ | 143,567 | $ | 1,254 | |||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 1,628 | $ | 13 | $ | - | $ | - | $ | 1,628 | $ | 13 | |||||||||||||
Mortgage-backed securities | 200,284 | 1,721 | 1,644 | 134 | 201,928 | 1,855 | |||||||||||||||||||
Total unrealized loss position | $ | 201,912 | $ | 1,734 | $ | 1,644 | $ | 134 | $ | 203,556 | $ | 1,868 | |||||||||||||
Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, among other factors. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. No impairment charges were recognized during the three months ended March 31, 2015 or 2014. | |||||||||||||||||||||||||
The cost basis, unrealized gains and losses, and fair value of securities available-for-sale at March 31, 2015, December 31, 2014 and March 31, 2014 are presented below (in thousands). | |||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
As of March 31, 2015 | Cost | Gains | Losses | Value | |||||||||||||||||||||
U.S. Treasuries | $ | 47,661 | $ | 753 | $ | - | $ | 48,414 | |||||||||||||||||
U.S. Government agencies | 36,508 | 760 | - | 37,268 | |||||||||||||||||||||
State and political subdivisions | 15,864 | 491 | 3 | 16,352 | |||||||||||||||||||||
Mortgage-backed securities (1) | 1,023,809 | 20,986 | 3,681 | 1,041,114 | |||||||||||||||||||||
Corporate bonds | 186,126 | 2,107 | 526 | 187,707 | |||||||||||||||||||||
Asset-backed securities | 466,663 | 2,812 | 747 | 468,728 | |||||||||||||||||||||
Other | 2,390 | - | - | 2,390 | |||||||||||||||||||||
Total | $ | 1,779,021 | $ | 27,909 | $ | 4,957 | $ | 1,801,973 | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
U.S. Treasuries | $ | 105,540 | $ | 235 | $ | 66 | $ | 105,709 | |||||||||||||||||
U.S. Government agencies | 36,474 | - | 175 | 36,299 | |||||||||||||||||||||
State and political subdivisions | 19,748 | 504 | 19 | 20,233 | |||||||||||||||||||||
Mortgage-backed securities (1) | 988,012 | 16,273 | 7,465 | 996,820 | |||||||||||||||||||||
Corporate bonds | 165,018 | 1,686 | 1,076 | 165,628 | |||||||||||||||||||||
Asset-backed securities | 455,626 | 2,257 | 1,955 | 455,928 | |||||||||||||||||||||
Other | 2,117 | - | - | 2,117 | |||||||||||||||||||||
Total | $ | 1,772,535 | $ | 20,955 | $ | 10,756 | $ | 1,782,734 | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 22,244 | $ | 842 | $ | 80 | $ | 23,006 | |||||||||||||||||
Mortgage-backed securities (1) | 1,126,227 | 13,213 | 11,328 | 1,128,112 | |||||||||||||||||||||
Corporate bonds | 255,238 | 1,616 | 4,930 | 251,924 | |||||||||||||||||||||
Asset-backed securities | 429,492 | 3,003 | 433 | 432,062 | |||||||||||||||||||||
Other | 2,572 | - | - | 2,572 | |||||||||||||||||||||
Total | $ | 1,835,773 | $ | 18,674 | $ | 16,771 | $ | 1,837,676 | |||||||||||||||||
(1) All are residential type mortgage-backed securities and U.S.government agency commercial mortgage backed securities. | |||||||||||||||||||||||||
The following table summarizes available-for-sale securities in an unrealized loss position as of March 31, 2015, December 31, 2014 and March 31, 2014 (in thousands). | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
As of March 31, 2015 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
State and political subdivisions | $ | 2,957 | $ | 3 | $ | - | $ | - | $ | 2,957 | $ | 3 | |||||||||||||
Mortgage-backed securities | 51,339 | 363 | 219,027 | 3,318 | 270,366 | 3,681 | |||||||||||||||||||
Corporate bonds | 10,474 | 526 | - | - | 10,474 | 526 | |||||||||||||||||||
Asset-backed securities | 137,476 | 564 | 30,229 | 183 | 167,705 | 747 | |||||||||||||||||||
Total unrealized loss position | $ | 202,246 | $ | 1,456 | $ | 249,256 | $ | 3,501 | $ | 451,502 | $ | 4,957 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
U.S. Treasuries | $ | 34,180 | $ | 66 | $ | - | $ | - | $ | 34,180 | $ | 66 | |||||||||||||
U.S. Government agencies | 36,299 | 175 | - | - | 36,299 | 175 | |||||||||||||||||||
State and political subdivisions | 2,481 | 19 | - | - | 2,481 | 19 | |||||||||||||||||||
Mortgage-backed securities | 88,741 | 446 | 251,977 | 7,019 | 340,718 | 7,465 | |||||||||||||||||||
Corporate bonds | 37,891 | 371 | 20,275 | 705 | 58,166 | 1,076 | |||||||||||||||||||
Asset-backed securities | 221,359 | 1,592 | 40,952 | 363 | 262,311 | 1,955 | |||||||||||||||||||
Total unrealized loss position | $ | 420,951 | $ | 2,669 | $ | 313,204 | $ | 8,087 | $ | 734,155 | $ | 10,756 | |||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 3,595 | $ | 80 | $ | - | $ | - | $ | 3,595 | $ | 80 | |||||||||||||
Mortgage-backed securities | 342,886 | 3,817 | 186,290 | 7,511 | 529,176 | 11,328 | |||||||||||||||||||
Corporate bonds | 82,337 | 2,393 | 75,320 | 2,537 | 157,657 | 4,930 | |||||||||||||||||||
Asset-backed securities | 136,076 | 433 | - | - | 136,076 | 433 | |||||||||||||||||||
Total unrealized loss position | $ | 564,894 | $ | 6,723 | $ | 261,610 | $ | 10,048 | $ | 826,504 | $ | 16,771 | |||||||||||||
At March 31, 2015, there were 79 available-for-sale securities and 6 held-to-maturity securities that were in an unrealized loss position. United does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2015, December 31, 2014 and March 31, 2014 were primarily attributable to changes in interest rates and therefore, United does not consider them to be impaired. | |||||||||||||||||||||||||
Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes securities sales activity for the three months ended March 31, 2015 and 2014 (in thousands). | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Proceeds from sales | $ | 69,467 | $ | 153,316 | |||||||||||||||||||||
Gross gains on sales | $ | 1,539 | $ | 410 | |||||||||||||||||||||
Gross losses on sales | - | (193 | ) | ||||||||||||||||||||||
Net gains on sales of securities | $ | 1,539 | $ | 217 | |||||||||||||||||||||
Income tax expense attributable to sales | $ | 598 | $ | 92 | |||||||||||||||||||||
Securities with a carrying value of $1.36 billion, $1.51 billion and $1.48 billion were pledged to secure public deposits and other secured borrowings at March 31, 2015, December 31, 2014 and March 31, 2014, respectively. | |||||||||||||||||||||||||
The amortized cost and fair value of held-to-maturity and available-for-sale securities at March 31, 2015, by contractual maturity, are presented in the following table (in thousands). | |||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
US Treasuries: | |||||||||||||||||||||||||
1 to 5 years | $ | 47,661 | $ | 48,414 | $ | - | $ | - | |||||||||||||||||
47,661 | 48,414 | - | - | ||||||||||||||||||||||
US Government agencies: | |||||||||||||||||||||||||
5 to 10 years | 36,508 | 37,268 | - | - | |||||||||||||||||||||
36,508 | 37,268 | - | - | ||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||
Within 1 year | 5,368 | 5,442 | 1,000 | 1,007 | |||||||||||||||||||||
1 to 5 years | 7,550 | 7,821 | 18,689 | 20,005 | |||||||||||||||||||||
5 to 10 years | 2,098 | 2,201 | 19,641 | 21,371 | |||||||||||||||||||||
More than 10 years | 848 | 888 | 8,806 | 9,782 | |||||||||||||||||||||
15,864 | 16,352 | 48,136 | 52,165 | ||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||
1 to 5 years | 37,870 | 38,009 | - | - | |||||||||||||||||||||
5 to 10 years | 115,749 | 117,333 | - | - | |||||||||||||||||||||
More than 10 years | 32,507 | 32,365 | - | - | |||||||||||||||||||||
186,126 | 187,707 | - | - | ||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||
1 to 5 years | 247,650 | 249,360 | - | - | |||||||||||||||||||||
5 to 10 years | 58,575 | 59,053 | - | - | |||||||||||||||||||||
More than 10 years | 160,438 | 160,315 | - | - | |||||||||||||||||||||
466,663 | 468,728 | - | - | ||||||||||||||||||||||
Other: | |||||||||||||||||||||||||
Within 1 year | 442 | 442 | - | - | |||||||||||||||||||||
More than 10 years | 1,948 | 1,948 | - | - | |||||||||||||||||||||
2,390 | 2,390 | - | - | ||||||||||||||||||||||
Total securities other than mortgage-backed securities: | |||||||||||||||||||||||||
Within 1 year | 5,810 | 5,884 | 1,000 | 1,007 | |||||||||||||||||||||
1 to 5 years | 340,731 | 343,604 | 18,689 | 20,005 | |||||||||||||||||||||
5 to 10 years | 212,930 | 215,855 | 19,641 | 21,371 | |||||||||||||||||||||
More than 10 years | 195,741 | 195,516 | 8,806 | 9,782 | |||||||||||||||||||||
Mortgage-backed securities | 1,023,809 | 1,041,114 | 351,092 | 361,385 | |||||||||||||||||||||
$ | 1,779,021 | $ | 1,801,973 | $ | 399,228 | $ | 413,550 | ||||||||||||||||||
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_Loan_L
Loans and Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Loans and Allowance For Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | Note 6 – Loans and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||||||
Major classifications of loans as of March 31, 2015, December 31, 2014 and March 31, 2014, are summarized as follows (in thousands). | |||||||||||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||||||||||||||||||||||
2015 | 2014 | 2014 | |||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,166,916 | $ | 1,163,480 | $ | 1,141,791 | |||||||||||||||||||||||||||||||
Income producing commercial real estate | 636,107 | 598,537 | 623,830 | ||||||||||||||||||||||||||||||||||
Commercial & industrial | 716,281 | 710,256 | 495,178 | ||||||||||||||||||||||||||||||||||
Commercial construction | 229,920 | 196,030 | 148,454 | ||||||||||||||||||||||||||||||||||
Total commercial | 2,749,224 | 2,668,303 | 2,409,253 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 863,311 | 865,789 | 866,615 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 465,474 | 465,872 | 446,705 | ||||||||||||||||||||||||||||||||||
Residential construction | 291,259 | 298,627 | 317,749 | ||||||||||||||||||||||||||||||||||
Consumer installment | 102,585 | 104,899 | 106,991 | ||||||||||||||||||||||||||||||||||
Indirect auto | 315,836 | 268,629 | 208,395 | ||||||||||||||||||||||||||||||||||
Total loans | 4,787,689 | 4,672,119 | 4,355,708 | ||||||||||||||||||||||||||||||||||
Less allowance for loan losses | (70,007 | ) | (71,619 | ) | (75,223 | ) | |||||||||||||||||||||||||||||||
Loans, net | $ | 4,717,682 | $ | 4,600,500 | $ | 4,280,485 | |||||||||||||||||||||||||||||||
At March 31, 2015, December 31, 2014 and March 31, 2014, loans totaling $2.28 billion, $2.35 billion and $2.07 billion, respectively, were pledged as collateral to secure FHLB advances and other contingent funding sources. | |||||||||||||||||||||||||||||||||||||
The allowance for loan losses represents management’s estimate of probable incurred losses in the loan portfolio as of the end of the period. The allowance for unfunded commitments is included in other liabilities in the consolidated balance sheet. Combined, the allowance for loan losses and allowance for unfunded commitments are referred to as the allowance for credit losses. | |||||||||||||||||||||||||||||||||||||
The following table presents the balance and activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2015 and 2014 (in thousands). | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Beginning Balance | Charge- | Recoveries | Allocation | Provision | Ending | |||||||||||||||||||||||||||||||
Offs | of | Balance | |||||||||||||||||||||||||||||||||||
Unallocated | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 16,041 | $ | (368 | ) | $ | 11 | $ | - | $ | (732 | ) | $ | 14,952 | |||||||||||||||||||||||
Income producing commercial real estate | 10,296 | (248 | ) | 7 | - | (400 | ) | 9,655 | |||||||||||||||||||||||||||||
Commercial & industrial | 3,255 | (469 | ) | 128 | - | 528 | 3,442 | ||||||||||||||||||||||||||||||
Commercial construction | 4,747 | (22 | ) | - | - | 610 | 5,335 | ||||||||||||||||||||||||||||||
Residential mortgage | 20,311 | (578 | ) | 162 | - | 243 | 20,138 | ||||||||||||||||||||||||||||||
Home equity lines of credit | 4,574 | (73 | ) | 14 | - | (194 | ) | 4,321 | |||||||||||||||||||||||||||||
Residential construction | 10,603 | (1,140 | ) | 79 | - | 668 | 10,210 | ||||||||||||||||||||||||||||||
Consumer installment | 731 | (326 | ) | 376 | - | (68 | ) | 713 | |||||||||||||||||||||||||||||
Indirect auto | 1,061 | (128 | ) | 13 | - | 295 | 1,241 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | 71,619 | (3,352 | ) | 790 | - | 950 | 70,007 | ||||||||||||||||||||||||||||||
Allowance for unfunded commitments | 1,930 | - | - | - | 850 | 2,780 | |||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 73,549 | $ | (3,352 | ) | $ | 790 | $ | - | $ | 1,800 | $ | 72,787 | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Beginning | Charge- | Recoveries | Allocation | Provision | Ending | |||||||||||||||||||||||||||||||
Balance | Offs | of | Balance | ||||||||||||||||||||||||||||||||||
Unallocated | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 17,164 | $ | (341 | ) | $ | 89 | $ | 1,278 | $ | 5,166 | $ | 23,356 | ||||||||||||||||||||||||
Income producing commercial real estate | 7,174 | (231 | ) | - | 688 | 231 | 7,862 | ||||||||||||||||||||||||||||||
Commercial & industrial | 6,527 | (963 | ) | 541 | 318 | (2,176 | ) | 4,247 | |||||||||||||||||||||||||||||
Commercial construction | 3,669 | - | - | 388 | (80 | ) | 3,977 | ||||||||||||||||||||||||||||||
Residential mortgage | 15,446 | (1,581 | ) | 66 | 1,452 | 584 | 15,967 | ||||||||||||||||||||||||||||||
Home equity lines of credit | 5,528 | (1,003 | ) | 10 | 391 | 1,194 | 6,120 | ||||||||||||||||||||||||||||||
Residential construction | 12,532 | (304 | ) | 93 | 1,728 | (1,868 | ) | 12,181 | |||||||||||||||||||||||||||||
Consumer installment | 1,353 | (676 | ) | 327 | - | (287 | ) | 717 | |||||||||||||||||||||||||||||
Indirect auto | 1,126 | (77 | ) | 11 | - | (264 | ) | 796 | |||||||||||||||||||||||||||||
Unallocated | 6,243 | - | - | (6,243 | ) | - | - | ||||||||||||||||||||||||||||||
Total allowance for loan losses | 76,762 | (5,176 | ) | 1,137 | - | 2,500 | 75,223 | ||||||||||||||||||||||||||||||
Allowance for unfunded commitments | 2,165 | - | - | - | - | 2,165 | |||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 78,927 | $ | (5,176 | ) | $ | 1,137 | $ | - | $ | 2,500 | $ | 77,388 | ||||||||||||||||||||||||
In the first quarter of 2014, United modified its allowance for loan losses methodology to incorporate a loss emergence period. The increase in precision resulting from the use of the loss emergence period led to the full allocation of the portion of the allowance that had previously been unallocated. | |||||||||||||||||||||||||||||||||||||
The following table represents the recorded investment in loans by portfolio segment and the balance of the allowance for loan losses assigned to each segment based on the method of evaluating the loans for impairment as of March 31, 2015, December 31, 2014 and March 31, 2014 (in thousands). | |||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Individually | Collectively | Ending | Individually | Collectively | Ending | Individually | Collectively | Ending | ||||||||||||||||||||||||||||
evaluated for | evaluated for | Balance | evaluated for | evaluated for | Balance | evaluated for | evaluated for | Balance | |||||||||||||||||||||||||||||
impairment | impairment | impairment | impairment | impairment | |||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,758 | $ | 13,194 | $ | 14,952 | $ | 2,737 | $ | 13,304 | $ | 16,041 | $ | 855 | $ | 22,501 | $ | 23,356 | |||||||||||||||||||
Income producing commercial real estate | 866 | 8,789 | 9,655 | 1,917 | 8,379 | 10,296 | 2,404 | 5,458 | 7,862 | ||||||||||||||||||||||||||||
Commercial & industrial | 8 | 3,434 | 3,442 | 15 | 3,240 | 3,255 | 253 | 3,994 | 4,247 | ||||||||||||||||||||||||||||
Commercial construction | 598 | 4,737 | 5,335 | 729 | 4,018 | 4,747 | 469 | 3,508 | 3,977 | ||||||||||||||||||||||||||||
Residential mortgage | 3,174 | 16,964 | 20,138 | 3,227 | 17,084 | 20,311 | 3,079 | 12,888 | 15,967 | ||||||||||||||||||||||||||||
Home equity lines of credit | 29 | 4,292 | 4,321 | 47 | 4,527 | 4,574 | 67 | 6,053 | 6,120 | ||||||||||||||||||||||||||||
Residential construction | 1,152 | 9,058 | 10,210 | 1,192 | 9,411 | 10,603 | 1,253 | 10,928 | 12,181 | ||||||||||||||||||||||||||||
Consumer installment | 9 | 704 | 713 | 18 | 713 | 731 | 19 | 698 | 717 | ||||||||||||||||||||||||||||
Indirect auto | - | 1,241 | 1,241 | - | 1,061 | 1,061 | - | 796 | 796 | ||||||||||||||||||||||||||||
Total allowance for loan losses | 7,594 | 62,413 | 70,007 | 9,882 | 61,737 | 71,619 | 8,399 | 66,824 | 75,223 | ||||||||||||||||||||||||||||
Allowance for unfunded commitments | - | 2,780 | 2,780 | - | 1,930 | 1,930 | - | 2,165 | 2,165 | ||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 7,594 | $ | 65,193 | $ | 72,787 | $ | 9,882 | $ | 63,667 | $ | 73,549 | $ | 8,399 | $ | 68,989 | $ | 77,388 | |||||||||||||||||||
Loans Outstanding | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 36,835 | $ | 1,130,081 | $ | 1,166,916 | $ | 34,654 | $ | 1,128,826 | $ | 1,163,480 | $ | 29,051 | $ | 1,112,740 | $ | 1,141,791 | |||||||||||||||||||
Income producing commercial real estate | 21,285 | 614,822 | 636,107 | 24,484 | 574,053 | 598,537 | 25,955 | 597,875 | 623,830 | ||||||||||||||||||||||||||||
Commercial & industrial | 3,977 | 712,304 | 716,281 | 3,977 | 706,279 | 710,256 | 4,167 | 491,011 | 495,178 | ||||||||||||||||||||||||||||
Commercial construction | 12,222 | 217,698 | 229,920 | 12,321 | 183,709 | 196,030 | 11,390 | 137,064 | 148,454 | ||||||||||||||||||||||||||||
Residential mortgage | 21,934 | 841,377 | 863,311 | 18,775 | 847,014 | 865,789 | 21,303 | 845,312 | 866,615 | ||||||||||||||||||||||||||||
Home equity lines of credit | 478 | 464,996 | 465,474 | 478 | 465,394 | 465,872 | 505 | 446,200 | 446,705 | ||||||||||||||||||||||||||||
Residential construction | 10,027 | 281,232 | 291,259 | 11,604 | 287,023 | 298,627 | 12,409 | 305,340 | 317,749 | ||||||||||||||||||||||||||||
Consumer installment | 148 | 102,437 | 102,585 | 179 | 104,720 | 104,899 | 340 | 106,651 | 106,991 | ||||||||||||||||||||||||||||
Indirect auto | - | 315,836 | 315,836 | - | 268,629 | 268,629 | - | 208,395 | 208,395 | ||||||||||||||||||||||||||||
Total loans | $ | 106,906 | $ | 4,680,783 | $ | 4,787,689 | $ | 106,472 | $ | 4,565,647 | $ | 4,672,119 | $ | 105,120 | $ | 4,250,588 | $ | 4,355,708 | |||||||||||||||||||
Management considers all loans that are on nonaccrual with a balance of $500,000 or greater and all troubled debt restructurings (“TDRs”) to be impaired. In addition, management 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 original contractual terms of the loan will not be collected. All TDRs are considered impaired regardless of accrual status. Impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. For TDRs less than $500,000, impairment is estimated based on the average impairment of TDRs greater than $500,000 by loan category. For loan types that do not have TDRs greater than $500,000, the average impairment for all TDR loans is used to quantify the amount of required specific reserve. 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 losses in the loan portfolio. The allowance is comprised of specific reserves on individually impaired loans, which are determined as described above, and general reserves which are determined based on historical loss experience as adjusted for current trends and economic conditions multiplied by a loss emergence period factor. Management uses eight quarters of historical loss experience 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. In previous years, the loss rates were weighted toward more recent quarters 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. Management adopted this method of weighting quarterly loss rates to capture the rapidly deteriorating credit conditions in its loss factors during the financial crisis. In the first quarter of 2014, in light of stabilizing credit conditions, management concluded that it was appropriate to apply a more level weighting to capture the full range and impacts of credit losses experienced during the most recent economic and credit cycle. For the four quarters of 2014, management applied a weighting factor of 1.75 to the most recent four quarters and a weighting of 1.00 for the four oldest quarters. Beginning with the first quarter of 2015, management began applying equal weight to all eight quarters to capture the full range of the loss cycle. Management believes the current weightings are more appropriate to measure the probable losses incurred within the loan portfolio. | |||||||||||||||||||||||||||||||||||||
Also, beginning in the first quarter of 2014, management updated its method for measuring the loss emergence period in the calculation of the allowance for credit losses. The rapidly deteriorating credit conditions during the peak of the credit cycle shortened the length of time between management’s estimation of the incurrence of a loss and its recognition as a charge-off. In most cases, the loss emergence period was within a twelve month period which made the use of annualized loss factors appropriate for measuring the amount of incurred yet unconfirmed credit losses within the loan portfolio. As United has moved out beyond the peak of the financial crisis, management has observed that the loss emergence period has extended. Management calculates the loss emergence period for each pool of loans based on the average length of time between the date a loan first exceeds 30 days past due and the date the loan is charged off. | |||||||||||||||||||||||||||||||||||||
The updates to the weightings to the eight quarters of loss history and the update to our estimation of the loss emergence period did not have a material effect on the total allowance for loan losses or the provision for loan losses, however, the revised loss emergence period resulted in the full allocation of the previously unallocated portion of the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||
On junior lien home equity loans, management has limited ability to monitor the delinquency status of the first lien unless the first lien is also held by United. As a result, management applies the weighted average historical loss factor for this category and appropriately adjusts it to reflect the increased risk of loss from these credits. | |||||||||||||||||||||||||||||||||||||
Management carefully reviews the resulting loss factors for each category of the loan portfolio and evaluates whether qualitative adjustments are necessary to take into consideration recent credit trends such as increases or decreases in past due, nonaccrual, criticized and classified loans, and other macro environmental factors such as changes in unemployment rates, lease vacancy rates and trends in property values and absorption rates. | |||||||||||||||||||||||||||||||||||||
Management believes that its method of determining the balance of the allowance for credit losses provides a reasonable and reliable basis for measuring and reporting losses that are incurred in the loan portfolio as of the reporting date. | |||||||||||||||||||||||||||||||||||||
When a loan officer determines that a loan is uncollectible, he or she is responsible for recommending that the loan be 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 Credit Officer, Senior Risk Officers 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 written down to their collateral value less estimated selling costs unless the loan is well secured and in process of collection (within the next 90 days). Open-end (revolving) unsecured retail loans which are past due 90 cumulative days from their contractual due date are generally charged off. | |||||||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class of loans as of March 31, 2015, December 31, 2014 and March 31, 2014 (in thousands). | |||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
Allowance | Allowance | Allowance | |||||||||||||||||||||||||||||||||||
Unpaid | for Loan | Unpaid | for Loan | Unpaid | for Loan | ||||||||||||||||||||||||||||||||
Principal | Recorded | Losses | Principal | Recorded | Losses | Principal | Recorded | Losses | |||||||||||||||||||||||||||||
Balance | Investment | Allocated | Balance | Investment | Allocated | Balance | Investment | Allocated | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 17,214 | $ | 15,968 | $ | - | $ | 12,025 | $ | 11,325 | $ | - | $ | 18,141 | $ | 14,034 | $ | - | |||||||||||||||||||
Income producing commercial real estate | 8,645 | 8,502 | - | 8,311 | 8,311 | - | 6,575 | 3,816 | - | ||||||||||||||||||||||||||||
Commercial & industrial | 1,677 | 1,040 | - | 1,679 | 1,042 | - | 2,417 | 1,851 | - | ||||||||||||||||||||||||||||
Commercial construction | - | - | - | - | - | - | 390 | 390 | - | ||||||||||||||||||||||||||||
Total commercial | 27,536 | 25,510 | - | 22,015 | 20,678 | - | 27,523 | 20,091 | - | ||||||||||||||||||||||||||||
Residential mortgage | 3,411 | 1,793 | - | 2,569 | 1,472 | - | 7,292 | 5,364 | - | ||||||||||||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Residential construction | 3,003 | 2,639 | - | 4,338 | 3,338 | - | 6,474 | 5,174 | - | ||||||||||||||||||||||||||||
Consumer installment | - | - | - | - | - | - | 82 | 82 | - | ||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total with no related allowance recorded | 33,950 | 29,942 | - | 28,922 | 25,488 | - | 41,371 | 30,711 | - | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 22,494 | 20,867 | 1,758 | 24,728 | 23,329 | 2,737 | 15,157 | 17,072 | 855 | ||||||||||||||||||||||||||||
Income producing commercial real estate | 12,789 | 12,783 | 866 | 16,352 | 16,173 | 1,917 | 24,220 | 20,084 | 2,404 | ||||||||||||||||||||||||||||
Commercial & industrial | 2,945 | 2,937 | 8 | 2,936 | 2,935 | 15 | 2,598 | 2,316 | 253 | ||||||||||||||||||||||||||||
Commercial construction | 12,302 | 12,222 | 598 | 12,401 | 12,321 | 729 | 11,079 | 11,000 | 469 | ||||||||||||||||||||||||||||
Total commercial | 50,530 | 48,809 | 3,230 | 56,417 | 54,758 | 5,398 | 53,054 | 50,472 | 3,981 | ||||||||||||||||||||||||||||
Residential mortgage | 21,872 | 20,141 | 3,174 | 17,732 | 17,303 | 3,227 | 16,688 | 15,939 | 3,079 | ||||||||||||||||||||||||||||
Home equity lines of credit | 478 | 478 | 29 | 478 | 478 | 47 | 505 | 505 | 67 | ||||||||||||||||||||||||||||
Residential construction | 9,180 | 7,388 | 1,152 | 8,962 | 8,266 | 1,192 | 8,615 | 7,235 | 1,253 | ||||||||||||||||||||||||||||
Consumer installment | 151 | 148 | 9 | 179 | 179 | 18 | 360 | 258 | 19 | ||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total with an allowance recorded | 82,211 | 76,964 | 7,594 | 83,768 | 80,984 | 9,882 | 79,222 | 74,409 | 8,399 | ||||||||||||||||||||||||||||
Total | $ | 116,161 | $ | 106,906 | $ | 7,594 | $ | 112,690 | $ | 106,472 | $ | 9,882 | $ | 120,593 | $ | 105,120 | $ | 8,399 | |||||||||||||||||||
There were no loans more than 90 days past due and still accruing interest at March 31, 2015, December 31, 2014 or March 31, 2014. 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 gross additional interest revenue that would have been earned if the loans classified as nonaccrual had performed in accordance with the original terms was approximately $260,000 and $460,000 for the three months ended March 31, 2015 and 2014, respectively. The gross additional interest revenue that would have been earned for the three months ended March 31, 2015 and 2014 had performing TDRs performed in accordance with the original terms is immaterial. | |||||||||||||||||||||||||||||||||||||
The average balances of impaired loans and income recognized on impaired loans while they were considered impaired are presented below for the three months ended March 31, 2015 and 2014 (in thousands). | |||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||||||||||
Revenue | Cash Basis | Revenue | Cash Basis | ||||||||||||||||||||||||||||||||||
Recognized | Interest | Recognized | Interest | ||||||||||||||||||||||||||||||||||
Average | During | Revenue | Average | During | Revenue | ||||||||||||||||||||||||||||||||
Balance | Impairment | Received | Balance | Impairment | Received | ||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 36,989 | $ | 460 | $ | 459 | $ | 29,109 | $ | 358 | $ | 380 | |||||||||||||||||||||||||
Income producing commercial real estate | 21,424 | 267 | 275 | 25,860 | 312 | 333 | |||||||||||||||||||||||||||||||
Commercial & industrial | 4,023 | 38 | 37 | 4,560 | 53 | 51 | |||||||||||||||||||||||||||||||
Commercial construction | 12,273 | 116 | 121 | 12,714 | 112 | 135 | |||||||||||||||||||||||||||||||
Total commercial | 74,709 | 881 | 892 | 72,243 | 835 | 899 | |||||||||||||||||||||||||||||||
Residential mortgage | 22,085 | 226 | 233 | 21,321 | 229 | 238 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 478 | 5 | 5 | 505 | 5 | 6 | |||||||||||||||||||||||||||||||
Residential construction | 10,575 | 120 | 126 | 13,037 | 145 | 150 | |||||||||||||||||||||||||||||||
Consumer installment | 153 | 3 | 3 | 448 | 6 | 9 | |||||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | $ | 108,000 | $ | 1,235 | $ | 1,259 | $ | 107,554 | $ | 1,220 | $ | 1,302 | |||||||||||||||||||||||||
The following table presents the recorded investment (unpaid principal less amounts charged off) in nonaccrual loans by loan class as of March 31, 2015, December 31, 2014 and March 31, 2014 (in thousands). | |||||||||||||||||||||||||||||||||||||
Nonaccrual Loans | |||||||||||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||||||||||||||||||||||
2015 | 2014 | 2014 | |||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 4,360 | $ | 4,133 | $ | 3,868 | |||||||||||||||||||||||||||||||
Income producing commercial real estate | 835 | 717 | 1,278 | ||||||||||||||||||||||||||||||||||
Commercial & industrial | 1,629 | 1,571 | 822 | ||||||||||||||||||||||||||||||||||
Commercial construction | 60 | 83 | 479 | ||||||||||||||||||||||||||||||||||
Total commercial | 6,884 | 6,504 | 6,447 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 8,669 | 8,196 | 13,307 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 693 | 695 | 1,106 | ||||||||||||||||||||||||||||||||||
Residential construction | 2,127 | 2,006 | 3,805 | ||||||||||||||||||||||||||||||||||
Consumer installment | 142 | 134 | 291 | ||||||||||||||||||||||||||||||||||
Indirect auto | 500 | 346 | 294 | ||||||||||||||||||||||||||||||||||
Total | $ | 19,015 | $ | 17,881 | $ | 25,250 | |||||||||||||||||||||||||||||||
The following table presents the aging of the recorded investment in past due loans as of March 31, 2015, December 31, 2014 and March 31, 2014 by class of loans (in thousands). | |||||||||||||||||||||||||||||||||||||
Loans Past Due | Loans Not | ||||||||||||||||||||||||||||||||||||
As of March 31, 2015 | 30 - 59 Days | 60 - 89 Days | > 90 Days | Total | Past Due | Total | |||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,965 | $ | 1,130 | $ | 1,573 | $ | 4,668 | $ | 1,162,248 | $ | 1,166,916 | |||||||||||||||||||||||||
Income producing commercial real estate | 62 | - | 440 | 502 | 635,605 | 636,107 | |||||||||||||||||||||||||||||||
Commercial & industrial | 790 | 1,001 | 1,405 | 3,196 | 713,085 | 716,281 | |||||||||||||||||||||||||||||||
Commercial construction | - | - | 44 | 44 | 229,876 | 229,920 | |||||||||||||||||||||||||||||||
Total commercial | 2,817 | 2,131 | 3,462 | 8,410 | 2,740,814 | 2,749,224 | |||||||||||||||||||||||||||||||
Residential mortgage | 4,290 | 1,566 | 2,558 | 8,414 | 854,897 | 863,311 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1,470 | 762 | 86 | 2,318 | 463,156 | 465,474 | |||||||||||||||||||||||||||||||
Residential construction | 1,018 | 1,343 | 245 | 2,606 | 288,653 | 291,259 | |||||||||||||||||||||||||||||||
Consumer installment | 485 | 61 | 80 | 626 | 101,959 | 102,585 | |||||||||||||||||||||||||||||||
Indirect auto | 261 | 133 | 202 | 596 | 315,240 | 315,836 | |||||||||||||||||||||||||||||||
Total loans | $ | 10,341 | $ | 5,996 | $ | 6,633 | $ | 22,970 | $ | 4,764,719 | $ | 4,787,689 | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,444 | $ | 1,929 | $ | 1,141 | $ | 4,514 | $ | 1,158,966 | $ | 1,163,480 | |||||||||||||||||||||||||
Income producing commercial real estate | 2,322 | 1,172 | - | 3,494 | 595,043 | 598,537 | |||||||||||||||||||||||||||||||
Commercial & industrial | 302 | 40 | 1,425 | 1,767 | 708,489 | 710,256 | |||||||||||||||||||||||||||||||
Commercial construction | - | - | 66 | 66 | 195,964 | 196,030 | |||||||||||||||||||||||||||||||
Total commercial | 4,068 | 3,141 | 2,632 | 9,841 | 2,658,462 | 2,668,303 | |||||||||||||||||||||||||||||||
Residential mortgage | 5,234 | 2,931 | 3,278 | 11,443 | 854,346 | 865,789 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 961 | 303 | 167 | 1,431 | 464,441 | 465,872 | |||||||||||||||||||||||||||||||
Residential construction | 1,172 | 268 | 1,395 | 2,835 | 295,792 | 298,627 | |||||||||||||||||||||||||||||||
Consumer installment | 607 | 136 | 33 | 776 | 104,123 | 104,899 | |||||||||||||||||||||||||||||||
Indirect auto | 200 | 146 | 141 | 487 | 268,142 | 268,629 | |||||||||||||||||||||||||||||||
Total loans | $ | 12,242 | $ | 6,925 | $ | 7,646 | $ | 26,813 | $ | 4,645,306 | $ | 4,672,119 | |||||||||||||||||||||||||
Loans Past Due | Loans Not | ||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | 30 - 59 Days | 60 - 89 Days | > 90 Days | Total | Past Due | Total | |||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,265 | $ | 187 | $ | 1,276 | $ | 2,728 | $ | 1,139,063 | $ | 1,141,791 | |||||||||||||||||||||||||
Income producing commercial real estate | 1,045 | 1,259 | 589 | 2,893 | 620,937 | 623,830 | |||||||||||||||||||||||||||||||
Commercial & industrial | 1,468 | 231 | 589 | 2,288 | 492,890 | 495,178 | |||||||||||||||||||||||||||||||
Commercial construction | 313 | 46 | 366 | 725 | 147,729 | 148,454 | |||||||||||||||||||||||||||||||
Total commercial | 4,091 | 1,723 | 2,820 | 8,634 | 2,400,619 | 2,409,253 | |||||||||||||||||||||||||||||||
Residential mortgage | 7,295 | 3,520 | 4,806 | 15,621 | 850,994 | 866,615 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1,554 | 551 | 502 | 2,607 | 444,098 | 446,705 | |||||||||||||||||||||||||||||||
Residential construction | 1,440 | 30 | 782 | 2,252 | 315,497 | 317,749 | |||||||||||||||||||||||||||||||
Consumer installment | 677 | 495 | 60 | 1,232 | 105,759 | 106,991 | |||||||||||||||||||||||||||||||
Indirect auto | 263 | 179 | 137 | 579 | 207,816 | 208,395 | |||||||||||||||||||||||||||||||
Total loans | $ | 15,320 | $ | 6,498 | $ | 9,107 | $ | 30,925 | $ | 4,324,783 | $ | 4,355,708 | |||||||||||||||||||||||||
As of March 31, 2015, December 31, 2014, and March 31, 2014, $7.12 million, $9.72 million and $8.25 million, respectively, of specific reserves were allocated to customers whose loan terms have been modified in TDRs. United committed to lend additional amounts totaling up to $36,000, $51,000 and $12,000 as of March 31, 2015, December 31, 2014 and March 31, 2014, respectively, to customers with outstanding loans that are classified as TDRs. | |||||||||||||||||||||||||||||||||||||
The modification of the terms of the 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. | |||||||||||||||||||||||||||||||||||||
The following table presents information on TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment as of March 31, 2015, December 31, 2014 and March 31, 2014 (dollars in thousands). | |||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||||||||
Number | Outstanding | Outstanding | Number | Outstanding | Outstanding | Number | Outstanding | Outstanding | |||||||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | of | Recorded | Recorded | |||||||||||||||||||||||||||||
Contracts | Investment | Investment | Contracts | Investment | Investment | Contracts | Investment | Investment | |||||||||||||||||||||||||||||
Owner occupied commercial real estate | 52 | $ | 30,600 | $ | 29,201 | 54 | $ | 27,695 | $ | 26,296 | 46 | $ | 24,194 | $ | 22,471 | ||||||||||||||||||||||
Income producing commercial real estate | 28 | 14,525 | 14,525 | 31 | 18,094 | 17,915 | 32 | 20,936 | 18,488 | ||||||||||||||||||||||||||||
Commercial & industrial | 32 | 2,902 | 2,902 | 32 | 2,848 | 2,847 | 35 | 3,574 | 3,292 | ||||||||||||||||||||||||||||
Commercial construction | 14 | 11,268 | 11,188 | 14 | 11,360 | 11,280 | 14 | 11,678 | 11,598 | ||||||||||||||||||||||||||||
Total commercial | 126 | 59,295 | 57,816 | 131 | 59,997 | 58,338 | 127 | 60,382 | 55,849 | ||||||||||||||||||||||||||||
Residential mortgage | 162 | 21,343 | 20,600 | 154 | 18,630 | 17,836 | 148 | 21,163 | 19,657 | ||||||||||||||||||||||||||||
Home equity lines of credit | 2 | 478 | 478 | 2 | 478 | 478 | 3 | 505 | 505 | ||||||||||||||||||||||||||||
Residential construction | 47 | 8,824 | 7,388 | 48 | 8,962 | 8,265 | 52 | 10,400 | 9,518 | ||||||||||||||||||||||||||||
Consumer installment | 17 | 148 | 148 | 17 | 179 | 179 | 26 | 442 | 340 | ||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total loans | 354 | 90,088 | 86,430 | 352 | 88,246 | $ | 85,096 | 356 | 92,892 | 85,869 | |||||||||||||||||||||||||||
Loans modified under the terms of a TDR during the three months ended March 31, 2015 and 2014 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 three months ended March 31, 2015 and 2014, that were initially restructured within one year prior to becoming delinquent (dollars in thousands). | |||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||
Modified Within the Previous | |||||||||||||||||||||||||||||||||||||
Twelve Months that Have | |||||||||||||||||||||||||||||||||||||
Pre- | Post- | Subsequently Defaulted During | |||||||||||||||||||||||||||||||||||
Modification | Modification | the Three Months Ended | |||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | March 31, 2015 | |||||||||||||||||||||||||||||||||||
New Troubled Debt Restructurings for | Number of | Recorded | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||
the Three Months Ended March 31, 2015 | Contracts | Investment | Investment | Contracts | Investment | ||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 2 | $ | 4,497 | $ | 4,497 | - | $ | - | |||||||||||||||||||||||||||||
Income producing commercial real estate | 2 | 255 | 255 | - | - | ||||||||||||||||||||||||||||||||
Commercial & industrial | 2 | 188 | 188 | - | - | ||||||||||||||||||||||||||||||||
Commercial construction | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total commercial | 6 | 4,940 | 4,940 | - | - | ||||||||||||||||||||||||||||||||
Residential mortgage | 15 | 1,598 | 1,598 | - | - | ||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Residential construction | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer installment | 1 | 3 | 3 | 1 | 30 | ||||||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total loans | 22 | $ | 6,541 | $ | 6,541 | 1 | $ | 30 | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||
Modified Within the Previous | |||||||||||||||||||||||||||||||||||||
Twelve Months that Have | |||||||||||||||||||||||||||||||||||||
Pre- | Post- | Subsequently Defaulted During | |||||||||||||||||||||||||||||||||||
Modification | Modification | the Three Months Ended | |||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
New Troubled Debt Restructurings for | Number of | Recorded | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||
the Three Months Ended March 31, 2014 | Contracts | Investment | Investment | Contracts | Investment | ||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 2 | $ | 605 | $ | 605 | 1 | $ | 104 | |||||||||||||||||||||||||||||
Income producing commercial real estate | 2 | 533 | 533 | - | - | ||||||||||||||||||||||||||||||||
Commercial & industrial | 1 | 224 | 224 | 2 | 54 | ||||||||||||||||||||||||||||||||
Commercial construction | 1 | 231 | 231 | - | - | ||||||||||||||||||||||||||||||||
Total commercial | 6 | 1,593 | 1,593 | 3 | 158 | ||||||||||||||||||||||||||||||||
Residential mortgage | 14 | 1,132 | 1,132 | 4 | 452 | ||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Residential construction | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer installment | 2 | 142 | 142 | - | - | ||||||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total loans | 22 | $ | 2,867 | $ | 2,867 | 7 | $ | 610 | |||||||||||||||||||||||||||||
Collateral dependent TDRs that subsequently default and are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. Impairment on TDRs that are not collateral dependent continues to be measured on discounted cash flows regardless of whether the loan has subsequently defaulted. | |||||||||||||||||||||||||||||||||||||
As of March 31, 2015, December 31, 2014 and March 31, 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands). | |||||||||||||||||||||||||||||||||||||
Substandard | Doubtful / | ||||||||||||||||||||||||||||||||||||
As of March 31, 2015 | Pass | Watch | Performing | Nonaccrual | Loss | Total | |||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,097,075 | $ | 21,594 | $ | 43,887 | $ | 4,360 | $ | - | $ | 1,166,916 | |||||||||||||||||||||||||
Income producing commercial real estate | 600,976 | 14,415 | 19,881 | 835 | - | 636,107 | |||||||||||||||||||||||||||||||
Commercial & industrial | 704,714 | 3,234 | 6,704 | 1,629 | - | 716,281 | |||||||||||||||||||||||||||||||
Commercial construction | 223,810 | 2,522 | 3,528 | 60 | - | 229,920 | |||||||||||||||||||||||||||||||
Total commercial | 2,626,575 | 41,765 | 74,000 | 6,884 | - | 2,749,224 | |||||||||||||||||||||||||||||||
Residential mortgage | 813,075 | 11,185 | 30,382 | 8,669 | - | 863,311 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 458,577 | 470 | 5,734 | 693 | - | 465,474 | |||||||||||||||||||||||||||||||
Residential construction | 275,567 | 4,061 | 9,504 | 2,127 | - | 291,259 | |||||||||||||||||||||||||||||||
Consumer installment | 101,142 | - | 1,301 | 142 | - | 102,585 | |||||||||||||||||||||||||||||||
Indirect auto | 314,540 | - | 796 | 500 | - | 315,836 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,589,476 | $ | 57,481 | $ | 121,717 | $ | 19,015 | $ | - | $ | 4,787,689 | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,094,057 | $ | 18,889 | $ | 46,401 | $ | 4,133 | $ | - | $ | 1,163,480 | |||||||||||||||||||||||||
Income producing commercial real estate | 560,559 | 16,701 | 20,560 | 717 | - | 598,537 | |||||||||||||||||||||||||||||||
Commercial & industrial | 696,805 | 4,017 | 7,863 | 1,571 | - | 710,256 | |||||||||||||||||||||||||||||||
Commercial construction | 190,070 | 2,311 | 3,566 | 83 | - | 196,030 | |||||||||||||||||||||||||||||||
Total commercial | 2,541,491 | 41,918 | 78,390 | 6,504 | - | 2,668,303 | |||||||||||||||||||||||||||||||
Residential mortgage | 814,168 | 11,594 | 31,831 | 8,196 | - | 865,789 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 459,881 | - | 5,296 | 695 | 465,872 | ||||||||||||||||||||||||||||||||
Residential construction | 280,166 | 5,535 | 10,920 | 2,006 | - | 298,627 | |||||||||||||||||||||||||||||||
Consumer installment | 103,383 | - | 1,382 | 134 | - | 104,899 | |||||||||||||||||||||||||||||||
Indirect auto | 267,709 | - | 574 | 346 | - | 268,629 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,466,798 | $ | 59,047 | $ | 128,393 | $ | 17,881 | $ | - | $ | 4,672,119 | |||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,059,528 | $ | 30,869 | $ | 47,525 | $ | 3,868 | $ | - | $ | 1,141,791 | |||||||||||||||||||||||||
Income producing commercial real estate | 577,771 | 7,982 | 36,800 | 1,278 | - | 623,830 | |||||||||||||||||||||||||||||||
Commercial & industrial | 481,310 | 4,905 | 8,141 | 822 | - | 495,178 | |||||||||||||||||||||||||||||||
Commercial construction | 138,560 | 4,134 | 5,281 | 479 | - | 148,454 | |||||||||||||||||||||||||||||||
Total commercial | 2,257,169 | 47,890 | 97,747 | 6,447 | - | 2,409,253 | |||||||||||||||||||||||||||||||
Residential mortgage | 799,145 | 10,591 | 43,572 | 13,307 | - | 866,615 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 437,908 | 29 | 7,662 | 1,106 | - | 446,705 | |||||||||||||||||||||||||||||||
Residential construction | 292,032 | 8,935 | 12,977 | 3,805 | - | 317,749 | |||||||||||||||||||||||||||||||
Consumer installment | 104,379 | 11 | 2,310 | 291 | - | 106,991 | |||||||||||||||||||||||||||||||
Indirect auto | 207,504 | - | 597 | 294 | - | 208,395 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,098,137 | $ | 67,456 | $ | 164,865 | $ | 25,250 | $ | - | $ | 4,355,708 | |||||||||||||||||||||||||
Risk Ratings | |||||||||||||||||||||||||||||||||||||
United categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continual basis. United uses the following definitions for its risk ratings: | |||||||||||||||||||||||||||||||||||||
Watch. Loans in this category are presently protected from apparent loss; however, weaknesses exist that could cause future impairment, including the deterioration of financial ratios, past due status and questionable management capabilities. These loans require more than the ordinary amount of supervision. Collateral values generally afford adequate coverage, but may not be immediately marketable. | |||||||||||||||||||||||||||||||||||||
Substandard. These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged. Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. There is the distinct possibility that United will sustain some loss if deficiencies are not corrected. If possible, immediate corrective action is taken. | |||||||||||||||||||||||||||||||||||||
Doubtful. Specific weaknesses characterized as Substandard that are severe enough to make collection in full highly questionable and improbable. There is no reliable secondary source of full repayment. | |||||||||||||||||||||||||||||||||||||
Loss. Loans categorized as Loss have the same characteristics as Doubtful; however, probability of loss is certain. Loans classified as Loss are charged off. | |||||||||||||||||||||||||||||||||||||
Consumer Purpose Loans. United applies a pass / fail grading system to all consumer purpose loans. Under the pass / fail grading system, consumer purpose loans meeting the criteria of substandard are classified as “fail” and all other loans are classified as “pass”. For reporting purposes, consumer purpose loans classified as “fail” are reported in the performing substandard or nonaccrual columns and all other consumer purpose loans are reported in the “pass” column. Loan balances reported in the “watch” column for residential mortgage are generally commercial purpose loans secured by the borrower’s residence. | |||||||||||||||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. |
SBA_Servicing_Rights
SBA Servicing Rights | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Transfers and Servicing [Abstract] | |||||||||
SBA Servicing Rights | Note 7 – SBA Servicing Rights | ||||||||
United accounts for SBA servicing rights at fair value and is included in other assets. Changes in the balances of servicing assets and servicing liabilities subsequently measured using the fair value measurement method for the three months ended March 31, 2015, are recorded as follows (in thousands). | |||||||||
ASC 860 Servicing Asset Rollforward | |||||||||
Fair value as of January 1, 2015 | $ | 2,551 | |||||||
Additions: | |||||||||
Originated servicing rights capitalized upon sale of loans | 190 | ||||||||
Subtractions: | |||||||||
Disposals | - | ||||||||
Changes in fair value: | |||||||||
Due to change in valuation inputs or assumptions used in the valuation model | (24 | ) | |||||||
Fair value as of March 31, 2015 | $ | 2,717 | |||||||
A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the Company’s SBA Servicing Asset as of March 31, 2015 and December 31, 2014, and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below (in thousands). | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Fair value of retained Servicing Assets | $ | 2,717 | $ | 2,551 | |||||
Prepayment rate assumption | 7.26 | % | 6.7 | % | |||||
10% adverse change | $ | (75 | ) | $ | (62 | ) | |||
20% adverse change | $ | (146 | ) | $ | (122 | ) | |||
Discount rate | 11.1 | % | 12 | % | |||||
100 bps adverse change | $ | (101 | ) | $ | (85 | ) | |||
200bps adverse change | $ | (196 | ) | $ | (164 | ) | |||
Weighted-average life (months) | 7.1 | 6.5 | |||||||
Weighted-average gross margin | 2.13 | % | 2 | % |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Income | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | ||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | Note 8 – Reclassifications Out of Accumulated Other Comprehensive Income | |||||||||
The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the three months ended March 31, 2015 and 2014 (in thousands). | ||||||||||
Amounts Reclassified from | ||||||||||
Accumulated Other | ||||||||||
Comprehensive Income | ||||||||||
For the three months ended | ||||||||||
Details about Accumulated Other | March 31, | Affected Line Item in the Statement | ||||||||
Comprehensive Income Components | 2015 | 2014 | Where Net Income is Presented | |||||||
Realized gains on sales of available-for-sale securities: | ||||||||||
$ | 1,539 | $ | 217 | Securities gains, net | ||||||
(598 | ) | (92 | ) | Tax expense | ||||||
$ | 941 | $ | 125 | Net of tax | ||||||
Amortization of (losses) gains included in net income on available-for-sale securities transferred to held to maturity: | ||||||||||
$ | (484 | ) | $ | (330 | ) | Investment securities interest revenue | ||||
182 | 123 | Tax benefit (expense) | ||||||||
$ | (302 | ) | $ | (207 | ) | Net of tax | ||||
Gains included in net income on derivative financial instruments accounted for as cash flow hedges: | ||||||||||
Effective portion of interest rate contracts | $ | - | $ | (97 | ) | Time deposit interest expense | ||||
Amortization of losses on de-designated positions | (48 | ) | - | Deposits in banks and short-term investments interest revenue | ||||||
Amortization of losses on de-designated positions | (119 | ) | - | Money market deposit interest expense | ||||||
Amortization of losses on de-designated positions | (258 | ) | - | Federal Home Loan Bank advances interest expense | ||||||
(425 | ) | (97 | ) | Total before tax | ||||||
165 | 38 | Tax or benefit (expense) | ||||||||
$ | (260 | ) | $ | (59 | ) | 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 | $ | (91 | ) | $ | (91 | ) | Salaries and employee benefits expense | |||
Actuarial losses | (68 | ) | - | Salaries and employee benefits expense | ||||||
(159 | ) | (91 | ) | Total before tax | ||||||
62 | 35 | Tax benefit | ||||||||
$ | (97 | ) | $ | (56 | ) | Net of tax | ||||
Total reclassifications for the period | $ | 282 | $ | (197 | ) | Net of tax | ||||
Amounts shown above in parentheses reduce earnings |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | Note 9 – Earnings Per Share | ||||||||
United is required to report on the face of the consolidated statement of income, earnings 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 common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per common share. | |||||||||
During the three months ended March 31, 2015 and 2014, United accrued dividends on preferred stock, including accretion of discounts, as shown in the following table (in thousands). | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Series B - 5% fixed until December 6, 2013, 9% thereafter | $ | - | $ | 159 | |||||
Series D - LIBOR plus 9.6875%, resets quarterly | - | 280 | |||||||
Total preferred stock dividends | $ | - | $ | 439 | |||||
All preferred stock dividends are payable quarterly. | |||||||||
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 in order to arrive at net income available to common shareholders. All of United’s preferred stock was redeemed during the first quarter of 2014. | |||||||||
The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2015 and 2014 (in thousands, except per share data). | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income available to common shareholders | $ | 17,670 | $ | 14,961 | |||||
Weighted average shares outstanding: | |||||||||
Basic | 60,905 | 60,059 | |||||||
Effect of dilutive securities | |||||||||
Stock options | 4 | 2 | |||||||
Diluted | 60,909 | 60,061 | |||||||
Net income per common share: | |||||||||
Basic | $ | 0.29 | $ | 0.25 | |||||
Diluted | $ | 0.29 | $ | 0.25 | |||||
At March 31, 2015, 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; 301,344 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $93.01; and 773,304 shares of common stock issuable upon completion of vesting of restricted stock unit awards. | |||||||||
At March 31, 2014, United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 common shares at $61.40 per share originally issued to the U.S. Treasury; 348,860 common shares issuable upon exercise of stock options granted to employees with a weighted average exercise price of $98.02; 1.10 million shares issuable upon completion of vesting of restricted stock unit awards; and warrants to purchase common stock equivalent junior preferred stock that would be convertible into 1,411,765 common shares exercisable at $21.25 per share granted to Fletcher International Ltd. (“Fletcher”) in connection with a 2010 asset purchase and sale agreement. United repurchased the warrant from Fletcher in the fourth quarter of 2014. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Derivatives and Hedging Activities [Abstract] | |||||||||||||||||||||||||||
Derivatives and Hedging Activities | Note 10 – 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 agreements 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 March 31, 2015, December 31, 2014 and March 31, 2014 (in thousands). | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815 | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Balance Sheet | March 31, | December 31, | March 31, | ||||||||||||||||||||||||
Interest Rate Products | Location | 2015 | 2014 | 2014 | |||||||||||||||||||||||
Cash flow hedge of money market deposits | Other assets | $ | - | $ | - | $ | 2,971 | ||||||||||||||||||||
Fair value hedge of brokered CD’s | Other assets | 5 | - | - | |||||||||||||||||||||||
Fair value hedge of corporate bonds | Other assets | - | - | 2,655 | |||||||||||||||||||||||
$ | 5 | $ | - | $ | 5,626 | ||||||||||||||||||||||
Cash flow hedge of short-term debt | Other liabilities | $ | - | $ | - | $ | 3,650 | ||||||||||||||||||||
Cash flow hedge of money market deposits | Other liabilities | - | 350 | 678 | |||||||||||||||||||||||
Fair value hedge of AFS security | Other liabilities | 345 | - | - | |||||||||||||||||||||||
Fair value hedge of brokered CD’s | Other liabilities | 3,452 | 5,817 | 14,119 | |||||||||||||||||||||||
Fair value hedge of corporate bonds | Other liabilities | - | - | 2,729 | |||||||||||||||||||||||
$ | 3,797 | $ | 6,167 | $ | 21,176 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Balance Sheet | March 31, | December 31, | March 31, | ||||||||||||||||||||||||
Interest Rate Products | Location | 2015 | 2014 | 2014 | |||||||||||||||||||||||
Customer swap positions | Other assets | $ | 5,043 | $ | 3,433 | $ | 1,359 | ||||||||||||||||||||
Dealer offsets to customer swap positions | Other assets | - | 128 | 825 | |||||||||||||||||||||||
Bifurcated embedded derivatives | Other assets | 8,117 | 12,262 | 13,753 | |||||||||||||||||||||||
Offsetting positions for de-designated cash flow hedges | Other assets | 7,126 | 4,776 | - | |||||||||||||||||||||||
$ | 20,286 | $ | 20,599 | $ | 15,937 | ||||||||||||||||||||||
Customer swap positions | Other liabilities | $ | - | $ | 129 | $ | 825 | ||||||||||||||||||||
Dealer offsets to customer swap positions | Other liabilities | 5,107 | 3,456 | 1,377 | |||||||||||||||||||||||
Dealer offsets to bifurcated embedded derivatives | Other liabilities | 13,244 | 17,467 | 18,931 | |||||||||||||||||||||||
De-designated cash flow hedges | Other liabilities | 7,128 | 4,778 | - | |||||||||||||||||||||||
$ | 25,479 | $ | 25,830 | $ | 21,133 | ||||||||||||||||||||||
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 market linked 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 uses interest rate swaps as part of its interest rate risk management strategy. United’s interest rate swaps designated as cash flow hedges involved 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 cash flow hedges were for the purpose of converting variable rate deposits and wholesale borrowings to the economic equivalent of a fixed rate to protect United in a rising rate environment. At March 31, 2015 United did not have any active cash flow hedges. At December 31, 2014, United had one swap contract outstanding with a total notional amount of $175 million that was designated as a cash flow hedge of indexed money market accounts. At March 31, 2014, 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. During the second and fourth quarters of 2014, United de-designated swaps with a notional of $500 million and put on offsetting positions which had a similar effect to terminating the positions. In addition, in the first quarter of 2015, United terminated its one remaining cash flow hedge with a notional of $175 million. Changes in United’s balance sheet composition and interest rate risk position made the hedges no longer necessary as protection against rising interest rates. The loss remaining in other comprehensive income on the de-designated swaps is being amortized into earnings over the original term of the swaps as the forecasted transactions that the swaps were originally designated to hedge are still expected to occur. | |||||||||||||||||||||||||||
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, as interest payments are made on United’s LIBOR based, variable-rate wholesale borrowings and indexed deposit accounts. United recognized $7,000 and $35,000, respectively, in hedge ineffectiveness gains in interest expense on active cash flow hedges during the first three months of 2015 and 2014. United expects that $1.83 million will be reclassified as an increase to deposit interest expense over the next twelve months related to these cash flow hedges. | |||||||||||||||||||||||||||
Fair Value Hedges of Interest Rate Risk | |||||||||||||||||||||||||||
United is exposed to changes in the fair value of certain of its fixed rate obligations due to changes in interest rates. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. Interest rate swaps designated as fair value hedges of brokered deposits involve the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges of fixed rate investments involve the receipt of variable-rate payments from a counterparty in exchange for United making fixed rate payments over the life of the instrument without the exchange of the underlying notional amount. At March 31, 2015, United had 16 interest rate swaps with an aggregate notional amount of $197 million that were designated as fair value hedges of interest rate risk and were pay-variable / receive-fixed swaps hedging the changes in the fair value of fixed rate brokered time deposits resulting from changes in interest rates. Also at March 31, 2015, United had one interest rate swap with a notional of $30 million that was designated as a pay-fixed / receive variable fair value hedge of changes in the fair value of a fixed rate corporate bond. At March 31, 2014, 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 March 31, 2014 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. | |||||||||||||||||||||||||||
For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same income statement line item as the offsetting loss or gain on the related derivatives. During the three months ended March 31, 2015, United recognized a net loss of $37,000 related to ineffectiveness in the fair value hedging relationships. During the three months ended March 31, 2014, United recognized net losses of $389,000 related to ineffectiveness of the fair value hedging relationships. United also recognized a net reduction of interest expense of $1.14 million and $1.21 million, respectively, for the three months ended March 31, 2015 and 2014 related to United’s fair value hedges of brokered time deposits, which includes net settlements on the derivatives. United recognized reductions of $74,000 and $530,000, respectively, of interest revenue on securities during the first three months of 2015 and 2014 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 three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships (in thousands). | |||||||||||||||||||||||||||
Location of Gain | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||
(Loss) Recognized | Recognized in Income | Recognized in Income | |||||||||||||||||||||||||
in Income on | on Derivative | on Hedged Item | |||||||||||||||||||||||||
Derivative | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
Fair value hedges of brokered CD’s | Interest expense | $ | 2,370 | $ | 5,853 | $ | (2,405 | ) | $ | (6,034 | ) | ||||||||||||||||
Fair value hedges of corporate bonds | Interest revenue | (345 | ) | (1,704 | ) | 343 | 1,496 | ||||||||||||||||||||
$ | 2,025 | $ | 4,149 | $ | (2,062 | ) | $ | (4,538 | ) | ||||||||||||||||||
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 estate puts occur, a gain or loss is recognized for the difference between the fair value and the par amount of the deposits put back. The change in the fair value of brokered time deposits that are being hedged in fair value hedging relationships reported in the table above includes gains and losses from estate puts and such gains and losses are included in the amount of reported ineffectiveness gains or losses. | |||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships (in thousands). | |||||||||||||||||||||||||||
Amount of Gain (Loss) | Gain (Loss) Reclassified from Accumulated | Gain (Loss) Recognized in Income on | |||||||||||||||||||||||||
Recognized in Other | Other Comprehensive Income into Income | Derivative (Ineffective Portion) | |||||||||||||||||||||||||
Comprehensive Income | (Effective Portion) | ||||||||||||||||||||||||||
on Derivative (Effective | |||||||||||||||||||||||||||
Portion) | |||||||||||||||||||||||||||
2015 | 2014 | Location | 2015 | 2014 | Location | 2015 | 2014 | ||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
Interest rate swaps | $ | (471 | ) $ | (2,833 | ) | Interest Expense | $ | (425 | ) | $ | (97 | ) | Interest expense | $ | (7 | ) | $ | (35 | ) | ||||||||
Credit-Risk-Related Contingent Features | |||||||||||||||||||||||||||
United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. As of March 31, 2015, collateral totaling $31.4 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. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | Note 11 – Stock-Based Compensation | ||||||||||||||||
United has an equity compensation plan that allows for grants of incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards (also referred to as “nonvested stock” awards), stock awards, performance share awards or stock appreciation rights. Options granted under the plan can have an exercise price no less than the fair market value of the underlying stock at the date of grant. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain options, restricted stock and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan). As of March 31, 2015, 405,000 additional awards could be granted under the plan. Through March 31, 2015, incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards, base salary stock grants and performance share awards have been granted under the plan. | |||||||||||||||||
The following table shows stock option activity for the first three months of 2015. | |||||||||||||||||
Weighted- | |||||||||||||||||
Average | Aggregate | ||||||||||||||||
Weighted- | Remaining | Intrinisic | |||||||||||||||
Average Exercise | Contractual | Value | |||||||||||||||
Options | Shares | Price | Term (Years) | $0 | |||||||||||||
Outstanding at December 31, 2014 | 313,555 | $ | 93.4 | ||||||||||||||
Expired | (12,211 | ) | 103.12 | ||||||||||||||
Outstanding at March 31, 2015 | 301,344 | 93.01 | 2.7 | $ | 118 | ||||||||||||
Exercisable at March 31, 2015 | 285,095 | 97.43 | 2.3 | 63 | |||||||||||||
The fair value of each option is estimated on the date of grant using the Black-Scholes model. No stock options were granted during the three months ended March 31, 2015 and 2014. | |||||||||||||||||
Most of United’s outstanding stock options were granted prior to the economic downturn during which time United’s stock price decreased sharply. The lower stock price has rendered most of United’s 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 options. | |||||||||||||||||
United recognized $10,000 in compensation expense related to stock options during the three months ended March 31, 2015. United recognized no compensation expense relating to stock options for the three months ended March 31, 2014. The amount of compensation expense was determined based on the fair value of the options at the time of grant, multiplied by the number of options granted that were expected to vest, which was then amortized over the vesting period. The forfeiture rate for new options issued is estimated to be approximately 3% per year. No options were exercised during the first three months of 2015 or 2014. | |||||||||||||||||
The table below presents restricted stock units activity for the first three months of 2015. | |||||||||||||||||
Restricted Stock Unit Awards | Shares | Weighted- | |||||||||||||||
Average Grant- | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Outstanding at December 31, 2014 | 829,201 | $ | 14.76 | ||||||||||||||
Granted | 95,167 | 18.06 | |||||||||||||||
Vested | (100,607 | ) | 15.36 | ||||||||||||||
Cancelled | (50,457 | ) | 15.09 | ||||||||||||||
Outstanding at March 31, 2015 | 773,304 | 15.07 | |||||||||||||||
Vested at March 31, 2015 | 7,580 | 9.9 | |||||||||||||||
Compensation expense for restricted stock units is based on the fair value of restricted stock unit awards at the time of grant, which is equal to the value of United’s common stock on the date of grant. The value of restricted stock unit awards that are expected to vest is amortized into expense over the vesting period. For the three months ended March 31, 2015 and 2014, compensation expense of $956,000 and $1.10 million, respectively, was recognized related to restricted stock unit awards. In addition, for each of the three months ended March 31, 2015 and 2014 $25,000 was recognized in other operating expense for restricted stock unit awards granted to members of United’s board of directors. The total intrinsic value of outstanding restricted stock unit awards was $14.6 million at March 31, 2015. | |||||||||||||||||
As of March 31, 2015, there was $9.46 million of unrecognized compensation cost related to non-vested stock options and restricted stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.69 years. The aggregate grant date fair value of options and restricted stock unit awards that vested during the three months ended March 31, 2015, was $1.55 million. |
Common_and_Preferred_Stock_Iss
Common and Preferred Stock Issued / Common Stock Issuable | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Common and Preferred Stock Issued / Common Stock Issuable | Note 12 – Common and Preferred Stock Issued / Common Stock Issuable |
United sponsors a Dividend Reinvestment and Share Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from United. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. No shares were issued through the DRIP in the first three months of 2014 as the DRIP was suspended during that time. The DRIP was re-activated following United’s reinstatement of its quarterly dividend in the second quarter of 2014. In the first quarter of 2015, 487 shares were issued through the DRIP. | |
United’s 401(k) Plan has routinely purchased shares of United’s common stock directly from United. Effective January 1, 2015, the 401(k) Plan discontinued offering shares of United’s common stock as an investment option. During the three months ended March 31, 2014, United’s 401(k) Plan purchased 11,837 shares directly from United at the average of the high and low stock prices on the transaction dates which increased capital by $209,000. | |
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. Effective January 1, 2015, the discount was increased to 10% on purchases made through the ESPP. During the first three months of 2015 and 2014, United issued 3,202 shares and 2,639 shares, respectively through the ESPP. | |
United offers its common stock as an investment option in its deferred compensation plan. United also allows for the deferral of restricted stock unit awards. The common stock component of the deferred compensation plan is accounted for as an equity instrument and is reflected in the consolidated financial statements as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United’s common stock and settlement must be accomplished in shares at the time the deferral period is completed. At March 31, 2015 and 2014, 400,369 and 237,763 shares of common stock, respectively, were issuable under the deferred compensation plan. | |
In the first quarter of 2014, United redeemed all of its outstanding preferred stock. The preferred stock was redeemed at par and did not result in any gain or loss. The redemptions were funded from a combination of dividends from United Community Bank, borrowings on United’s holding company line of credit and cash on hand. | |
Pursuant to its settlement agreement with Fletcher, United agreed to deliver 640,000 shares of its common stock and cash that, together with the common stock, would have a combined fair value of $12 million. On March 25, 2014, to satisfy its obligations under the settlement agreement, United completed the sale of 640,000 shares of common stock and received approximately $12.2 million in net proceeds after discounts and expenses, $12.0 million of which was paid to Fletcher in November 2014. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 – Income Taxes |
The income tax provision for the three months ended March 31, 2015 and 2014 was $10.4 million and $9.04 million, respectively, which represents effective tax rates of 37.0% for each period. At March 31, 2015, December 31, 2014 and March 31, 2014, United maintained a valuation allowance on its net deferred tax asset of $4.27 million, $4.12 million and $4.08 million, respectively. Management assesses the valuation allowance recorded against its net deferred tax asset at each reporting period. The determination of whether a valuation allowance for its net deferred tax asset is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. | |
United evaluated the need for a valuation allowance at March 31, 2015. Based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of its net deferred tax asset will be realized based upon future taxable income. The remaining valuation allowance of $4.27 million is related to specific state income tax credits that have short carryforward periods and are expected to expire unused. | |
The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at March 31, 2015 that it was more likely than not that United’s net deferred tax asset of $202 million will be realized is based upon management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts that consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased for some or all of its net deferred tax asset. Such an increase to the net deferred tax asset valuation allowance could have a material adverse effect on United’s financial condition and results of operations. | |
United is subject to income taxation in the United States and various state jurisdictions. United’s federal and state income tax returns are filed on a consolidated basis. Currently, no years for which United filed a federal income tax return are under examination by the IRS, and there are no state tax examinations currently in progress. United is no longer subject to income tax examinations from state and local income tax authorities for years before 2011. Although United is unable to determine the ultimate outcome of future examinations, United believes that the liability recorded for uncertain tax positions is appropriate. | |
At March 31, 2015, December 31, 2014 and March 31, 2014, unrecognized income tax benefits totaled $4.29 million, $4.20 million and $4.59 million, respectively. |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value [Abstract] | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value | Note 14 – Assets and Liabilities Measured at Fair Value | |||||||||||||||||||||||
Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. | ||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||
Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. | ||||||||||||||||||||||||
Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. | ||||||||||||||||||||||||
Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances 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 and are not directly observable. | ||||||||||||||||||||||||
Deferred Compensation Plan Assets and Liabilities | ||||||||||||||||||||||||
Included in other assets in the Consolidated Balance Sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. | ||||||||||||||||||||||||
Mortgage Loans Held for Sale | ||||||||||||||||||||||||
Mortgage loans held for sale are carried at the lower of cost or fair value. The fair value of mortgage loans held for sale is based on what secondary markets are currently offering for mortgage loans 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 typically determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | ||||||||||||||||||||||||
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 management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2015, management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Additionally, in the review of the structured derivative inputs, it was determined that the broker quotes, used as a key valuation input, were not observable consistent with a level 2 disclosure. This resulted in United transferring those derivatives to Level 3 in the ASC 820 leveling disclosures as of December 31, 2014. | ||||||||||||||||||||||||
SBA Servicing Rights | ||||||||||||||||||||||||
As United expanded its SBA lending and subsequent loan sales activities, a servicing asset has been recognized (per ASC 860). This asset is recorded at fair value on recognition, and management has elected to carry this asset at fair value for subsequent reporting. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2015, December 31, 2014 and March 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands). | ||||||||||||||||||||||||
31-Mar-15 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||
U.S. Treasuries | $ | 48,414 | $ | - | $ | - | $ | 48,414 | ||||||||||||||||
U.S. Government agencies | - | 37,268 | - | 37,268 | ||||||||||||||||||||
State and political subdivisions | - | 16,352 | - | 16,352 | ||||||||||||||||||||
Mortgage-backed securities | - | 1,041,114 | - | 1,041,114 | ||||||||||||||||||||
Corporate bonds | - | 186,957 | 750 | 187,707 | ||||||||||||||||||||
Asset-backed securities | - | 468,728 | - | 468,728 | ||||||||||||||||||||
Other | - | 2,390 | - | 2,390 | ||||||||||||||||||||
Deferred compensation plan assets | 3,366 | - | - | 3,366 | ||||||||||||||||||||
SBA servicing rights | - | - | 2,717 | 2,717 | ||||||||||||||||||||
Derivative financial instruments | - | 12,174 | 8,117 | 20,291 | ||||||||||||||||||||
Total assets | $ | 51,780 | $ | 1,764,983 | $ | 11,584 | $ | 1,828,347 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,366 | $ | - | $ | - | $ | 3,366 | ||||||||||||||||
Derivative financial instruments | - | 14,747 | 14,529 | 29,276 | ||||||||||||||||||||
Total liabilities | $ | 3,366 | $ | 14,747 | $ | 14,529 | $ | 32,642 | ||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||
U.S. Treasuries | $ | 105,709 | $ | - | $ | - | $ | 105,709 | ||||||||||||||||
U.S. Government agencies | - | 36,299 | - | 36,299 | ||||||||||||||||||||
State and political subdivisions | - | 20,233 | - | 20,233 | ||||||||||||||||||||
Mortgage-backed securities | - | 996,820 | - | 996,820 | ||||||||||||||||||||
Corporate bonds | - | 164,878 | 750 | 165,628 | ||||||||||||||||||||
Asset-backed securities | - | 455,928 | - | 455,928 | ||||||||||||||||||||
Other | - | 2,117 | - | 2,117 | ||||||||||||||||||||
Deferred compensation plan assets | 3,864 | - | - | 3,864 | ||||||||||||||||||||
SBA servicing rights | - | 2,551 | 2,551 | |||||||||||||||||||||
Derivative financial instruments | - | 8,337 | 12,262 | 20,599 | ||||||||||||||||||||
Total assets | $ | 109,573 | $ | 1,684,612 | $ | 15,563 | $ | 1,809,748 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,864 | $ | - | $ | - | $ | 3,864 | ||||||||||||||||
Derivative financial instruments | - | 13,018 | 18,979 | 31,997 | ||||||||||||||||||||
Total liabilities | $ | 3,864 | $ | 13,018 | $ | 18,979 | $ | 35,861 | ||||||||||||||||
31-Mar-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||
State and political subdivisions | $ | - | $ | 23,006 | $ | - | $ | 23,006 | ||||||||||||||||
Mortgage-backed securities | - | 1,128,112 | - | 1,128,112 | ||||||||||||||||||||
Corporate bonds | - | 251,574 | 350 | 251,924 | ||||||||||||||||||||
Asset-backed securities | - | 432,062 | - | 432,062 | ||||||||||||||||||||
Other | - | 2,572 | - | 2,572 | ||||||||||||||||||||
Deferred compensation plan assets | 3,468 | - | - | 3,468 | ||||||||||||||||||||
Derivative financial instruments | - | 21,563 | - | 21,563 | ||||||||||||||||||||
Total assets | $ | 3,468 | $ | 1,858,889 | $ | 350 | $ | 1,862,707 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,468 | $ | - | $ | - | $ | 3,468 | ||||||||||||||||
Brokered certificates of deposit | - | 177,726 | - | 177,726 | ||||||||||||||||||||
Derivative financial instruments | - | 42,309 | - | 42,309 | ||||||||||||||||||||
Total liabilities | $ | 3,468 | $ | 220,035 | $ | - | $ | 223,503 | ||||||||||||||||
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). | ||||||||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Derivative | Derivative | SBA | Securities | Securities | ||||||||||||||||||||
Asset | Liability | servicing | Available-for- | Available-for- | ||||||||||||||||||||
rights | Sale | Sale | ||||||||||||||||||||||
Balance at beginning of period | $ | 12,262 | $ | 18,979 | $ | 2,551 | $ | 750 | $ | 350 | ||||||||||||||
Purchases | - | - | - | - | - | |||||||||||||||||||
Additions | - | - | 190 | - | - | |||||||||||||||||||
Sales and settlements | - | - | - | - | - | |||||||||||||||||||
Other comprehensive income | - | - | - | - | - | |||||||||||||||||||
Amounts included in earnings - fair value adjustments | (4,145 | ) | (4,450 | ) | (24 | ) | - | - | ||||||||||||||||
Transfers between valuation levels, net | - | - | - | - | - | |||||||||||||||||||
Balance at end of period | $ | 8,117 | $ | 14,529 | $ | 2,717 | $ | 750 | $ | 350 | ||||||||||||||
The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at March 31, 2015, December 31, 2014 and March 31, 2014 (in thousands). | ||||||||||||||||||||||||
Fair Value | Weighted Average | |||||||||||||||||||||||
March 31, | December 31, | March 31, | Valuation | March 31, | December 31, | |||||||||||||||||||
Level 3 Assets | 2015 | 2014 | 2014 | Technique | Unobservable Inputs | 2015 | 2014 | |||||||||||||||||
SBA Servicing Rights | $ | 2,717 | $ | 2,551 | $ | - | Discounted | Discount rate | 11.1 | % | 12 | % | ||||||||||||
cash flow | Prepayment Rate | 7.26 | % | 6.7 | % | |||||||||||||||||||
Corporate Bonds | 750 | 750 | 350 | Indicative bid provided by a broker | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company | N/A | N/A | |||||||||||||||||
Derivatives assets | 8,117 | 12,262 | - | Dealer Priced | Dealer Priced | N/A | N/A | |||||||||||||||||
Derivative liabilities | 14,529 | 18,979 | - | Dealer Priced | Dealer Priced | N/A | N/A | |||||||||||||||||
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 March 31, 2015, December 31, 2014 and March 31, 2015, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands). | ||||||||||||||||||||||||
31-Mar-15 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans | $ | - | $ | - | $ | 80,432 | $ | 80,432 | ||||||||||||||||
Foreclosed properties | - | - | 1,021 | 1,021 | ||||||||||||||||||||
Total | $ | - | $ | - | $ | 81,453 | $ | 81,453 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans | $ | - | $ | - | $ | 83,541 | $ | 83,541 | ||||||||||||||||
Foreclosed properties | - | - | 1,555 | 1,555 | ||||||||||||||||||||
Total | $ | - | $ | - | $ | 85,096 | $ | 85,096 | ||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans | $ | - | $ | - | $ | 79,918 | $ | 79,918 | ||||||||||||||||
Foreclosed properties | - | - | 3,120 | 3,120 | ||||||||||||||||||||
Total | $ | - | $ | - | $ | 83,038 | $ | 83,038 | ||||||||||||||||
Loans that are reported above as being measured at fair value on a non-recurring 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. | ||||||||||||||||||||||||
United’s cash and cash equivalents and repurchase agreements have short maturities and therefore the carrying value approximates fair value. 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 March 31, 2015, December 31, 2014, and March 31, 2014 are as follows (in thousands). | ||||||||||||||||||||||||
Carrying | Fair Value Level | |||||||||||||||||||||||
31-Mar-15 | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities held to maturity | $ | 399,228 | $ | - | $ | 413,550 | $ | - | $ | 413,550 | ||||||||||||||
Loans, net | 4,717,682 | - | - | 4,686,611 | 4,686,611 | |||||||||||||||||||
Mortgage loans held for sale | 15,723 | - | 16,181 | - | 16,181 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 6,437,931 | - | 6,438,984 | - | 6,438,984 | |||||||||||||||||||
Federal Home Loan Bank advances | 270,125 | - | 270,124 | - | 270,124 | |||||||||||||||||||
Long-term debt | 113,901 | - | - | 116,919 | 116,919 | |||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities held to maturity | 415,267 | - | 425,233 | - | 425,233 | |||||||||||||||||||
Loans, net | 4,600,500 | - | - | 4,549,027 | 4,549,027 | |||||||||||||||||||
Mortgage loans held for sale | 13,737 | - | 14,139 | - | 14,139 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 6,326,513 | - | 6,328,264 | - | 6,328,264 | |||||||||||||||||||
Federal Home Loan Bank advances | 270,125 | - | 270,125 | - | 270,125 | |||||||||||||||||||
Long-term debt | 129,865 | - | - | 132,814 | 132,814 | |||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities held to maturity | 464,697 | - | 473,136 | - | 473,136 | |||||||||||||||||||
Loans, net | 4,280,485 | - | - | 4,201,255 | 4,201,255 | |||||||||||||||||||
Mortgage loans held for sale | 10,933 | - | 11,121 | - | 11,121 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 6,247,541 | - | 6,238,927 | - | 6,238,927 | |||||||||||||||||||
Federal Home Loan Bank advances | 50,125 | - | 50,125 | - | 50,125 | |||||||||||||||||||
Long-term debt | 129,865 | - | - | 130,636 | 130,636 |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments and Contingencies | Note 15 – Commitments and Contingencies | ||||||||||||
United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. | |||||||||||||
The following table summarizes, as of March 31, 2015, December 31, 2014 and March 31, 2014, the contractual amount of off-balance sheet instruments (in thousands). | |||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||
Financial instruments whose contract amounts represent credit risk: | |||||||||||||
Commitments to extend credit | $ | 972,819 | $ | 878,160 | $ | 720,891 | |||||||
Letters of credit | 24,310 | 19,861 | 19,960 | ||||||||||
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. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 – Subsequent Events |
On April 22, 2015, United announced that it had reached a definitive agreement to acquire Palmetto Bancshares, Inc. (“Palmetto”) and its wholly owned bank subsidiary The Palmetto Bank. The Palmetto Bank is the third largest banking institution headquartered in South Carolina with total assets of $1.2 billion, loans of $832 million and deposits of $967 million. It is a 108-year old community bank that serves Upstate South Carolina through 25 branch locations in nine counties along the Interstate 85 corridor. The Palmetto Bank will merge into and operate under the brand of United Community Bank. | |
Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Palmetto shareholders will have the right to receive $19.25 in cash or 0.97 shares of United common stock, or any combination thereof, for each share of Palmetto common stock. The cash and stock elections are subject to proration to ensure that 30% of the outstanding shares of Palmetto common stock will be exchanged for cash and 70% of the outstanding shares of Palmetto common stock will be exchanged for shares of United common stock in the merger. Based on United’s ten-day average closing price of $18.78 per share as of April 21, 2015 the aggregate deal value is approximately $240.5 million. | |
The merger, which is subject to regulatory approval, the approval of the shareholders of Palmetto, and other customary conditions, is expected to close in the fourth quarter of 2015. | |
On May 1, 2015, United completed its previously announced acquisition of MoneyTree Corporation and its wholly owned bank subsidiary, First National Bank. |
Balance_Sheet_Offsetting_Table
Balance Sheet Offsetting (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Offsetting [Abstract] | |||||||||||||||||||||||||
Schedule of summary of amounts outstanding under reverse repurchase agreements and derivative financial instruments | Gross | Gross | Net Asset | ||||||||||||||||||||||
Amounts of Recognized | Amounts | Balance | Gross Amounts not Offset | ||||||||||||||||||||||
Assets | Offset on the | in the Balance Sheet | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
31-Mar-15 | Sheet | Financial Instruments | Collateral | Net Amount | |||||||||||||||||||||
Received | |||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 345,000 | $ | (325,000 | ) | $ | 20,000 | $ | - | $ | (21,048 | ) | $ | - | |||||||||||
Derivatives | 20,291 | - | 20,291 | (597 | ) | (4,435 | ) | 15,259 | |||||||||||||||||
Total | $ | 365,291 | $ | (325,000 | ) | $ | 40,291 | $ | (597 | ) | $ | (25,483 | ) | $ | 15,259 | ||||||||||
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 | $ | 325,000 | $ | (325,000 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Derivatives | 29,276 | - | 29,276 | (597 | ) | (31,407 | ) | - | |||||||||||||||||
Total | $ | 354,276 | $ | (325,000 | ) | $ | 29,276 | $ | (597 | ) | $ | (31,407 | ) | $ | - | ||||||||||
Weighted average interest rate of repurchase agreements | 0.3 | % | |||||||||||||||||||||||
Gross | Gross | Net Asset | |||||||||||||||||||||||
Amounts of | Amounts | Balance | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | in the Balance Sheet | |||||||||||||||||||||||
Assets | Balance | ||||||||||||||||||||||||
31-Dec-14 | Sheet | Financial | Collateral | Net Amount | |||||||||||||||||||||
Instruments | Received | ||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 395,000 | $ | (375,000 | ) | $ | 20,000 | $ | - | $ | (20,302 | ) | $ | - | |||||||||||
Derivatives | 20,599 | - | 20,599 | (869 | ) | (3,716 | ) | 16,014 | |||||||||||||||||
Total | $ | 415,599 | $ | (375,000 | ) | $ | 40,599 | $ | (869 | ) | $ | (24,018 | ) | $ | 16,014 | ||||||||||
Weighted average interest rate of reverse repurchase agreements | 1.16 | % | |||||||||||||||||||||||
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 | $ | 375,000 | $ | (375,000 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Derivatives | 31,997 | - | 31,997 | (869 | ) | (32,792 | ) | - | |||||||||||||||||
Total | $ | 406,997 | $ | (375,000 | ) | $ | 31,997 | $ | (869 | ) | $ | (32,792 | ) | $ | - | ||||||||||
Weighted average interest rate of repurchase agreements | 0.29 | % | |||||||||||||||||||||||
Gross | Gross | Net Asset | |||||||||||||||||||||||
Amounts of | Amounts | Balance | Gross Amounts not Offset | ||||||||||||||||||||||
Recognized | Offset on the | in the Balance Sheet | |||||||||||||||||||||||
Assets | Balance | ||||||||||||||||||||||||
31-Mar-14 | Sheet | Financial | Collateral | Net Amount | |||||||||||||||||||||
Instruments | Received | ||||||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 397,000 | $ | (350,000 | ) | $ | 47,000 | $ | - | $ | (51,243 | ) | $ | - | |||||||||||
Derivatives | 21,563 | - | 21,563 | (3,896 | ) | (704 | ) | 16,963 | |||||||||||||||||
Total | $ | 418,563 | $ | (350,000 | ) | $ | 68,563 | $ | (3,896 | ) | $ | (51,947 | ) | $ | 16,963 | ||||||||||
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 | 42,309 | - | 42,309 | (3,896 | ) | (35,754 | ) | 2,659 | |||||||||||||||||
Total | $ | 392,309 | $ | (350,000 | ) | $ | 42,309 | $ | (3,896 | ) | $ | (35,754 | ) | $ | 2,659 | ||||||||||
Weighted average interest rate of repurchase agreements | 0.28 | % |
Securities_Tables
Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investment Securities [Abstract] | |||||||||||||||||||||||||
Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
As of March 31, 2015 | Cost | Gains | Losses | Value | |||||||||||||||||||||
State and political subdivisions | $ | 48,136 | $ | 4,029 | $ | - | $ | 52,165 | |||||||||||||||||
Mortgage-backed securities (1) | 351,092 | 10,470 | 177 | 361,385 | |||||||||||||||||||||
Total | $ | 399,228 | $ | 14,499 | $ | 177 | $ | 413,550 | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 48,157 | $ | 3,504 | $ | - | $ | 51,661 | |||||||||||||||||
Mortgage-backed securities (1) | 367,110 | 7,716 | 1,254 | 373,572 | |||||||||||||||||||||
Total | $ | 415,267 | $ | 11,220 | $ | 1,254 | $ | 425,233 | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 51,257 | $ | 3,430 | $ | 13 | $ | 54,674 | |||||||||||||||||
Mortgage-backed securities (1) | 413,440 | 6,877 | 1,855 | 418,462 | |||||||||||||||||||||
Total | $ | 464,697 | $ | 10,307 | $ | 1,868 | $ | 473,136 | |||||||||||||||||
(1) All are residential type mortgage-backed securities and U.S.government agency commercial mortgage backed securities. | |||||||||||||||||||||||||
Schedule of held to maturity securities in an unrealized loss position | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
As of March 31, 2015 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||
Mortgage-backed securities | $ | 16,177 | $ | 140 | $ | 6,252 | $ | 37 | $ | 22,429 | $ | 177 | |||||||||||||
Total unrealized loss position | $ | 16,177 | $ | 140 | $ | 6,252 | $ | 37 | $ | 22,429 | $ | 177 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 126,514 | $ | 917 | $ | 17,053 | $ | 337 | $ | 143,567 | $ | 1,254 | |||||||||||||
Total unrealized loss position | $ | 126,514 | $ | 917 | $ | 17,053 | $ | 337 | $ | 143,567 | $ | 1,254 | |||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 1,628 | $ | 13 | $ | - | $ | - | $ | 1,628 | $ | 13 | |||||||||||||
Mortgage-backed securities | 200,284 | 1,721 | 1,644 | 134 | 201,928 | 1,855 | |||||||||||||||||||
Total unrealized loss position | $ | 201,912 | $ | 1,734 | $ | 1,644 | $ | 134 | $ | 203,556 | $ | 1,868 | |||||||||||||
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | Gross | Gross | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
As of March 31, 2015 | Cost | Gains | Losses | Value | |||||||||||||||||||||
U.S. Treasuries | $ | 47,661 | $ | 753 | $ | - | $ | 48,414 | |||||||||||||||||
U.S. Government agencies | 36,508 | 760 | - | 37,268 | |||||||||||||||||||||
State and political subdivisions | 15,864 | 491 | 3 | 16,352 | |||||||||||||||||||||
Mortgage-backed securities (1) | 1,023,809 | 20,986 | 3,681 | 1,041,114 | |||||||||||||||||||||
Corporate bonds | 186,126 | 2,107 | 526 | 187,707 | |||||||||||||||||||||
Asset-backed securities | 466,663 | 2,812 | 747 | 468,728 | |||||||||||||||||||||
Other | 2,390 | - | - | 2,390 | |||||||||||||||||||||
Total | $ | 1,779,021 | $ | 27,909 | $ | 4,957 | $ | 1,801,973 | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
U.S. Treasuries | $ | 105,540 | $ | 235 | $ | 66 | $ | 105,709 | |||||||||||||||||
U.S. Government agencies | 36,474 | - | 175 | 36,299 | |||||||||||||||||||||
State and political subdivisions | 19,748 | 504 | 19 | 20,233 | |||||||||||||||||||||
Mortgage-backed securities (1) | 988,012 | 16,273 | 7,465 | 996,820 | |||||||||||||||||||||
Corporate bonds | 165,018 | 1,686 | 1,076 | 165,628 | |||||||||||||||||||||
Asset-backed securities | 455,626 | 2,257 | 1,955 | 455,928 | |||||||||||||||||||||
Other | 2,117 | - | - | 2,117 | |||||||||||||||||||||
Total | $ | 1,772,535 | $ | 20,955 | $ | 10,756 | $ | 1,782,734 | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 22,244 | $ | 842 | $ | 80 | $ | 23,006 | |||||||||||||||||
Mortgage-backed securities (1) | 1,126,227 | 13,213 | 11,328 | 1,128,112 | |||||||||||||||||||||
Corporate bonds | 255,238 | 1,616 | 4,930 | 251,924 | |||||||||||||||||||||
Asset-backed securities | 429,492 | 3,003 | 433 | 432,062 | |||||||||||||||||||||
Other | 2,572 | - | - | 2,572 | |||||||||||||||||||||
Total | $ | 1,835,773 | $ | 18,674 | $ | 16,771 | $ | 1,837,676 | |||||||||||||||||
(1) All are residential type mortgage-backed securities and U.S.government agency commercial mortgage backed securities. | |||||||||||||||||||||||||
Schedule of available for sale securities in an unrealized loss position | Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
As of March 31, 2015 | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||||
State and political subdivisions | $ | 2,957 | $ | 3 | $ | - | $ | - | $ | 2,957 | $ | 3 | |||||||||||||
Mortgage-backed securities | 51,339 | 363 | 219,027 | 3,318 | 270,366 | 3,681 | |||||||||||||||||||
Corporate bonds | 10,474 | 526 | - | - | 10,474 | 526 | |||||||||||||||||||
Asset-backed securities | 137,476 | 564 | 30,229 | 183 | 167,705 | 747 | |||||||||||||||||||
Total unrealized loss position | $ | 202,246 | $ | 1,456 | $ | 249,256 | $ | 3,501 | $ | 451,502 | $ | 4,957 | |||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
U.S. Treasuries | $ | 34,180 | $ | 66 | $ | - | $ | - | $ | 34,180 | $ | 66 | |||||||||||||
U.S. Government agencies | 36,299 | 175 | - | - | 36,299 | 175 | |||||||||||||||||||
State and political subdivisions | 2,481 | 19 | - | - | 2,481 | 19 | |||||||||||||||||||
Mortgage-backed securities | 88,741 | 446 | 251,977 | 7,019 | 340,718 | 7,465 | |||||||||||||||||||
Corporate bonds | 37,891 | 371 | 20,275 | 705 | 58,166 | 1,076 | |||||||||||||||||||
Asset-backed securities | 221,359 | 1,592 | 40,952 | 363 | 262,311 | 1,955 | |||||||||||||||||||
Total unrealized loss position | $ | 420,951 | $ | 2,669 | $ | 313,204 | $ | 8,087 | $ | 734,155 | $ | 10,756 | |||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
State and political subdivisions | $ | 3,595 | $ | 80 | $ | - | $ | - | $ | 3,595 | $ | 80 | |||||||||||||
Mortgage-backed securities | 342,886 | 3,817 | 186,290 | 7,511 | 529,176 | 11,328 | |||||||||||||||||||
Corporate bonds | 82,337 | 2,393 | 75,320 | 2,537 | 157,657 | 4,930 | |||||||||||||||||||
Asset-backed securities | 136,076 | 433 | - | - | 136,076 | 433 | |||||||||||||||||||
Total unrealized loss position | $ | 564,894 | $ | 6,723 | $ | 261,610 | $ | 10,048 | $ | 826,504 | $ | 16,771 | |||||||||||||
Schedule of summary of securities sales activities | Three Months Ended | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Proceeds from sales | $ | 69,467 | $ | 153,316 | |||||||||||||||||||||
Gross gains on sales | $ | 1,539 | $ | 410 | |||||||||||||||||||||
Gross losses on sales | - | (193 | ) | ||||||||||||||||||||||
Net gains on sales of securities | $ | 1,539 | $ | 217 | |||||||||||||||||||||
Income tax expense attributable to sales | $ | 598 | $ | 92 | |||||||||||||||||||||
Schedule of amortized cost and fair value of available for sale and held to maturity securities by contractual maturity | Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
US Treasuries: | |||||||||||||||||||||||||
1 to 5 years | $ | 47,661 | $ | 48,414 | $ | - | $ | - | |||||||||||||||||
47,661 | 48,414 | - | - | ||||||||||||||||||||||
US Government agencies: | |||||||||||||||||||||||||
5 to 10 years | 36,508 | 37,268 | - | - | |||||||||||||||||||||
36,508 | 37,268 | - | - | ||||||||||||||||||||||
State and political subdivisions: | |||||||||||||||||||||||||
Within 1 year | 5,368 | 5,442 | 1,000 | 1,007 | |||||||||||||||||||||
1 to 5 years | 7,550 | 7,821 | 18,689 | 20,005 | |||||||||||||||||||||
5 to 10 years | 2,098 | 2,201 | 19,641 | 21,371 | |||||||||||||||||||||
More than 10 years | 848 | 888 | 8,806 | 9,782 | |||||||||||||||||||||
15,864 | 16,352 | 48,136 | 52,165 | ||||||||||||||||||||||
Corporate bonds: | |||||||||||||||||||||||||
1 to 5 years | 37,870 | 38,009 | - | - | |||||||||||||||||||||
5 to 10 years | 115,749 | 117,333 | - | - | |||||||||||||||||||||
More than 10 years | 32,507 | 32,365 | - | - | |||||||||||||||||||||
186,126 | 187,707 | - | - | ||||||||||||||||||||||
Asset-backed securities: | |||||||||||||||||||||||||
1 to 5 years | 247,650 | 249,360 | - | - | |||||||||||||||||||||
5 to 10 years | 58,575 | 59,053 | - | - | |||||||||||||||||||||
More than 10 years | 160,438 | 160,315 | - | - | |||||||||||||||||||||
466,663 | 468,728 | - | - | ||||||||||||||||||||||
Other: | |||||||||||||||||||||||||
Within 1 year | 442 | 442 | - | - | |||||||||||||||||||||
More than 10 years | 1,948 | 1,948 | - | - | |||||||||||||||||||||
2,390 | 2,390 | - | - | ||||||||||||||||||||||
Total securities other than mortgage-backed securities: | |||||||||||||||||||||||||
Within 1 year | 5,810 | 5,884 | 1,000 | 1,007 | |||||||||||||||||||||
1 to 5 years | 340,731 | 343,604 | 18,689 | 20,005 | |||||||||||||||||||||
5 to 10 years | 212,930 | 215,855 | 19,641 | 21,371 | |||||||||||||||||||||
More than 10 years | 195,741 | 195,516 | 8,806 | 9,782 | |||||||||||||||||||||
Mortgage-backed securities | 1,023,809 | 1,041,114 | 351,092 | 361,385 | |||||||||||||||||||||
$ | 1,779,021 | $ | 1,801,973 | $ | 399,228 | $ | 413,550 |
Loans_and_Allowance_for_Loan_L1
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Loans and Allowance For Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of major classifications of loans | March 31, | December 31, | March 31, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | 2014 | |||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,166,916 | $ | 1,163,480 | $ | 1,141,791 | |||||||||||||||||||||||||||||||
Income producing commercial real estate | 636,107 | 598,537 | 623,830 | ||||||||||||||||||||||||||||||||||
Commercial & industrial | 716,281 | 710,256 | 495,178 | ||||||||||||||||||||||||||||||||||
Commercial construction | 229,920 | 196,030 | 148,454 | ||||||||||||||||||||||||||||||||||
Total commercial | 2,749,224 | 2,668,303 | 2,409,253 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 863,311 | 865,789 | 866,615 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 465,474 | 465,872 | 446,705 | ||||||||||||||||||||||||||||||||||
Residential construction | 291,259 | 298,627 | 317,749 | ||||||||||||||||||||||||||||||||||
Consumer installment | 102,585 | 104,899 | 106,991 | ||||||||||||||||||||||||||||||||||
Indirect auto | 315,836 | 268,629 | 208,395 | ||||||||||||||||||||||||||||||||||
Total loans | 4,787,689 | 4,672,119 | 4,355,708 | ||||||||||||||||||||||||||||||||||
Less allowance for loan losses | (70,007 | ) | (71,619 | ) | (75,223 | ) | |||||||||||||||||||||||||||||||
Loans, net | $ | 4,717,682 | $ | 4,600,500 | $ | 4,280,485 | |||||||||||||||||||||||||||||||
Schedule of balance and activity in the allowance for credit losses by portfolio segment | Three Months Ended March 31, 2015 | Beginning Balance | Charge- | Recoveries | Allocation | Provision | Ending | ||||||||||||||||||||||||||||||
Offs | of | Balance | |||||||||||||||||||||||||||||||||||
Unallocated | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 16,041 | $ | (368 | ) | $ | 11 | $ | - | $ | (732 | ) | $ | 14,952 | |||||||||||||||||||||||
Income producing commercial real estate | 10,296 | (248 | ) | 7 | - | (400 | ) | 9,655 | |||||||||||||||||||||||||||||
Commercial & industrial | 3,255 | (469 | ) | 128 | - | 528 | 3,442 | ||||||||||||||||||||||||||||||
Commercial construction | 4,747 | (22 | ) | - | - | 610 | 5,335 | ||||||||||||||||||||||||||||||
Residential mortgage | 20,311 | (578 | ) | 162 | - | 243 | 20,138 | ||||||||||||||||||||||||||||||
Home equity lines of credit | 4,574 | (73 | ) | 14 | - | (194 | ) | 4,321 | |||||||||||||||||||||||||||||
Residential construction | 10,603 | (1,140 | ) | 79 | - | 668 | 10,210 | ||||||||||||||||||||||||||||||
Consumer installment | 731 | (326 | ) | 376 | - | (68 | ) | 713 | |||||||||||||||||||||||||||||
Indirect auto | 1,061 | (128 | ) | 13 | - | 295 | 1,241 | ||||||||||||||||||||||||||||||
Total allowance for loan losses | 71,619 | (3,352 | ) | 790 | - | 950 | 70,007 | ||||||||||||||||||||||||||||||
Allowance for unfunded commitments | 1,930 | - | - | - | 850 | 2,780 | |||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 73,549 | $ | (3,352 | ) | $ | 790 | $ | - | $ | 1,800 | $ | 72,787 | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Beginning | Charge- | Recoveries | Allocation | Provision | Ending | |||||||||||||||||||||||||||||||
Balance | Offs | of | Balance | ||||||||||||||||||||||||||||||||||
Unallocated | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 17,164 | $ | (341 | ) | $ | 89 | $ | 1,278 | $ | 5,166 | $ | 23,356 | ||||||||||||||||||||||||
Income producing commercial real estate | 7,174 | (231 | ) | - | 688 | 231 | 7,862 | ||||||||||||||||||||||||||||||
Commercial & industrial | 6,527 | (963 | ) | 541 | 318 | (2,176 | ) | 4,247 | |||||||||||||||||||||||||||||
Commercial construction | 3,669 | - | - | 388 | (80 | ) | 3,977 | ||||||||||||||||||||||||||||||
Residential mortgage | 15,446 | (1,581 | ) | 66 | 1,452 | 584 | 15,967 | ||||||||||||||||||||||||||||||
Home equity lines of credit | 5,528 | (1,003 | ) | 10 | 391 | 1,194 | 6,120 | ||||||||||||||||||||||||||||||
Residential construction | 12,532 | (304 | ) | 93 | 1,728 | (1,868 | ) | 12,181 | |||||||||||||||||||||||||||||
Consumer installment | 1,353 | (676 | ) | 327 | - | (287 | ) | 717 | |||||||||||||||||||||||||||||
Indirect auto | 1,126 | (77 | ) | 11 | - | (264 | ) | 796 | |||||||||||||||||||||||||||||
Unallocated | 6,243 | - | - | (6,243 | ) | - | - | ||||||||||||||||||||||||||||||
Total allowance for loan losses | 76,762 | (5,176 | ) | 1,137 | - | 2,500 | 75,223 | ||||||||||||||||||||||||||||||
Allowance for unfunded commitments | 2,165 | - | - | - | - | 2,165 | |||||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 78,927 | $ | (5,176 | ) | $ | 1,137 | $ | - | $ | 2,500 | $ | 77,388 | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Individually | Collectively | Ending | Individually | Collectively | Ending | Individually | Collectively | Ending | ||||||||||||||||||||||||||||
evaluated for | evaluated for | Balance | evaluated for | evaluated for | Balance | evaluated for | evaluated for | Balance | |||||||||||||||||||||||||||||
impairment | impairment | impairment | impairment | impairment | |||||||||||||||||||||||||||||||||
impairment | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,758 | $ | 13,194 | $ | 14,952 | $ | 2,737 | $ | 13,304 | $ | 16,041 | $ | 855 | $ | 22,501 | $ | 23,356 | |||||||||||||||||||
Income producing commercial real estate | 866 | 8,789 | 9,655 | 1,917 | 8,379 | 10,296 | 2,404 | 5,458 | 7,862 | ||||||||||||||||||||||||||||
Commercial & industrial | 8 | 3,434 | 3,442 | 15 | 3,240 | 3,255 | 253 | 3,994 | 4,247 | ||||||||||||||||||||||||||||
Commercial construction | 598 | 4,737 | 5,335 | 729 | 4,018 | 4,747 | 469 | 3,508 | 3,977 | ||||||||||||||||||||||||||||
Residential mortgage | 3,174 | 16,964 | 20,138 | 3,227 | 17,084 | 20,311 | 3,079 | 12,888 | 15,967 | ||||||||||||||||||||||||||||
Home equity lines of credit | 29 | 4,292 | 4,321 | 47 | 4,527 | 4,574 | 67 | 6,053 | 6,120 | ||||||||||||||||||||||||||||
Residential construction | 1,152 | 9,058 | 10,210 | 1,192 | 9,411 | 10,603 | 1,253 | 10,928 | 12,181 | ||||||||||||||||||||||||||||
Consumer installment | 9 | 704 | 713 | 18 | 713 | 731 | 19 | 698 | 717 | ||||||||||||||||||||||||||||
Indirect auto | - | 1,241 | 1,241 | - | 1,061 | 1,061 | - | 796 | 796 | ||||||||||||||||||||||||||||
Total allowance for loan losses | 7,594 | 62,413 | 70,007 | 9,882 | 61,737 | 71,619 | 8,399 | 66,824 | 75,223 | ||||||||||||||||||||||||||||
Allowance for unfunded commitments | - | 2,780 | 2,780 | - | 1,930 | 1,930 | - | 2,165 | 2,165 | ||||||||||||||||||||||||||||
Total allowance for credit losses | $ | 7,594 | $ | 65,193 | $ | 72,787 | $ | 9,882 | $ | 63,667 | $ | 73,549 | $ | 8,399 | $ | 68,989 | $ | 77,388 | |||||||||||||||||||
Loans Outstanding | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 36,835 | $ | 1,130,081 | $ | 1,166,916 | $ | 34,654 | $ | 1,128,826 | $ | 1,163,480 | $ | 29,051 | $ | 1,112,740 | $ | 1,141,791 | |||||||||||||||||||
Income producing commercial real estate | 21,285 | 614,822 | 636,107 | 24,484 | 574,053 | 598,537 | 25,955 | 597,875 | 623,830 | ||||||||||||||||||||||||||||
Commercial & industrial | 3,977 | 712,304 | 716,281 | 3,977 | 706,279 | 710,256 | 4,167 | 491,011 | 495,178 | ||||||||||||||||||||||||||||
Commercial construction | 12,222 | 217,698 | 229,920 | 12,321 | 183,709 | 196,030 | 11,390 | 137,064 | 148,454 | ||||||||||||||||||||||||||||
Residential mortgage | 21,934 | 841,377 | 863,311 | 18,775 | 847,014 | 865,789 | 21,303 | 845,312 | 866,615 | ||||||||||||||||||||||||||||
Home equity lines of credit | 478 | 464,996 | 465,474 | 478 | 465,394 | 465,872 | 505 | 446,200 | 446,705 | ||||||||||||||||||||||||||||
Residential construction | 10,027 | 281,232 | 291,259 | 11,604 | 287,023 | 298,627 | 12,409 | 305,340 | 317,749 | ||||||||||||||||||||||||||||
Consumer installment | 148 | 102,437 | 102,585 | 179 | 104,720 | 104,899 | 340 | 106,651 | 106,991 | ||||||||||||||||||||||||||||
Indirect auto | - | 315,836 | 315,836 | - | 268,629 | 268,629 | - | 208,395 | 208,395 | ||||||||||||||||||||||||||||
Total loans | $ | 106,906 | $ | 4,680,783 | $ | 4,787,689 | $ | 106,472 | $ | 4,565,647 | $ | 4,672,119 | $ | 105,120 | $ | 4,250,588 | $ | 4,355,708 | |||||||||||||||||||
Schedule of recorded investments in individually evaluated impaired loans | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||||
Allowance | Allowance | Allowance | |||||||||||||||||||||||||||||||||||
Unpaid | for Loan | Unpaid | for Loan | Unpaid | for Loan | ||||||||||||||||||||||||||||||||
Principal | Recorded | Losses | Principal | Recorded | Losses | Principal | Recorded | Losses | |||||||||||||||||||||||||||||
Balance | Investment | Allocated | Balance | Investment | Allocated | Balance | Investment | Allocated | |||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 17,214 | $ | 15,968 | $ | - | $ | 12,025 | $ | 11,325 | $ | - | $ | 18,141 | $ | 14,034 | $ | - | |||||||||||||||||||
Income producing commercial real estate | 8,645 | 8,502 | - | 8,311 | 8,311 | - | 6,575 | 3,816 | - | ||||||||||||||||||||||||||||
Commercial & industrial | 1,677 | 1,040 | - | 1,679 | 1,042 | - | 2,417 | 1,851 | - | ||||||||||||||||||||||||||||
Commercial construction | - | - | - | - | - | - | 390 | 390 | - | ||||||||||||||||||||||||||||
Total commercial | 27,536 | 25,510 | - | 22,015 | 20,678 | - | 27,523 | 20,091 | - | ||||||||||||||||||||||||||||
Residential mortgage | 3,411 | 1,793 | - | 2,569 | 1,472 | - | 7,292 | 5,364 | - | ||||||||||||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Residential construction | 3,003 | 2,639 | - | 4,338 | 3,338 | - | 6,474 | 5,174 | - | ||||||||||||||||||||||||||||
Consumer installment | - | - | - | - | - | - | 82 | 82 | - | ||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total with no related allowance recorded | 33,950 | 29,942 | - | 28,922 | 25,488 | - | 41,371 | 30,711 | - | ||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 22,494 | 20,867 | 1,758 | 24,728 | 23,329 | 2,737 | 15,157 | 17,072 | 855 | ||||||||||||||||||||||||||||
Income producing commercial real estate | 12,789 | 12,783 | 866 | 16,352 | 16,173 | 1,917 | 24,220 | 20,084 | 2,404 | ||||||||||||||||||||||||||||
Commercial & industrial | 2,945 | 2,937 | 8 | 2,936 | 2,935 | 15 | 2,598 | 2,316 | 253 | ||||||||||||||||||||||||||||
Commercial construction | 12,302 | 12,222 | 598 | 12,401 | 12,321 | 729 | 11,079 | 11,000 | 469 | ||||||||||||||||||||||||||||
Total commercial | 50,530 | 48,809 | 3,230 | 56,417 | 54,758 | 5,398 | 53,054 | 50,472 | 3,981 | ||||||||||||||||||||||||||||
Residential mortgage | 21,872 | 20,141 | 3,174 | 17,732 | 17,303 | 3,227 | 16,688 | 15,939 | 3,079 | ||||||||||||||||||||||||||||
Home equity lines of credit | 478 | 478 | 29 | 478 | 478 | 47 | 505 | 505 | 67 | ||||||||||||||||||||||||||||
Residential construction | 9,180 | 7,388 | 1,152 | 8,962 | 8,266 | 1,192 | 8,615 | 7,235 | 1,253 | ||||||||||||||||||||||||||||
Consumer installment | 151 | 148 | 9 | 179 | 179 | 18 | 360 | 258 | 19 | ||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total with an allowance recorded | 82,211 | 76,964 | 7,594 | 83,768 | 80,984 | 9,882 | 79,222 | 74,409 | 8,399 | ||||||||||||||||||||||||||||
Total | $ | 116,161 | $ | 106,906 | $ | 7,594 | $ | 112,690 | $ | 106,472 | $ | 9,882 | $ | 120,593 | $ | 105,120 | $ | 8,399 | |||||||||||||||||||
Schedule of average balances of impaired loans and income recognized on impaired loans | 2015 | 2014 | |||||||||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||||||||||
Revenue | Cash Basis | Revenue | Cash Basis | ||||||||||||||||||||||||||||||||||
Recognized | Interest | Recognized | Interest | ||||||||||||||||||||||||||||||||||
Average | During | Revenue | Average | During | Revenue | ||||||||||||||||||||||||||||||||
Balance | Impairment | Received | Balance | Impairment | Received | ||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 36,989 | $ | 460 | $ | 459 | $ | 29,109 | $ | 358 | $ | 380 | |||||||||||||||||||||||||
Income producing commercial real estate | 21,424 | 267 | 275 | 25,860 | 312 | 333 | |||||||||||||||||||||||||||||||
Commercial & industrial | 4,023 | 38 | 37 | 4,560 | 53 | 51 | |||||||||||||||||||||||||||||||
Commercial construction | 12,273 | 116 | 121 | 12,714 | 112 | 135 | |||||||||||||||||||||||||||||||
Total commercial | 74,709 | 881 | 892 | 72,243 | 835 | 899 | |||||||||||||||||||||||||||||||
Residential mortgage | 22,085 | 226 | 233 | 21,321 | 229 | 238 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 478 | 5 | 5 | 505 | 5 | 6 | |||||||||||||||||||||||||||||||
Residential construction | 10,575 | 120 | 126 | 13,037 | 145 | 150 | |||||||||||||||||||||||||||||||
Consumer installment | 153 | 3 | 3 | 448 | 6 | 9 | |||||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | $ | 108,000 | $ | 1,235 | $ | 1,259 | $ | 107,554 | $ | 1,220 | $ | 1,302 | |||||||||||||||||||||||||
Schedule of recorded investment in nonaccrual loans by loan class | Nonaccrual Loans | ||||||||||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||||||||||||||||||||||
2015 | 2014 | 2014 | |||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 4,360 | $ | 4,133 | $ | 3,868 | |||||||||||||||||||||||||||||||
Income producing commercial real estate | 835 | 717 | 1,278 | ||||||||||||||||||||||||||||||||||
Commercial & industrial | 1,629 | 1,571 | 822 | ||||||||||||||||||||||||||||||||||
Commercial construction | 60 | 83 | 479 | ||||||||||||||||||||||||||||||||||
Total commercial | 6,884 | 6,504 | 6,447 | ||||||||||||||||||||||||||||||||||
Residential mortgage | 8,669 | 8,196 | 13,307 | ||||||||||||||||||||||||||||||||||
Home equity lines of credit | 693 | 695 | 1,106 | ||||||||||||||||||||||||||||||||||
Residential construction | 2,127 | 2,006 | 3,805 | ||||||||||||||||||||||||||||||||||
Consumer installment | 142 | 134 | 291 | ||||||||||||||||||||||||||||||||||
Indirect auto | 500 | 346 | 294 | ||||||||||||||||||||||||||||||||||
Total | $ | 19,015 | $ | 17,881 | $ | 25,250 | |||||||||||||||||||||||||||||||
Schedule of aging of the recorded investment in past due loans | Loans Past Due | Loans Not | |||||||||||||||||||||||||||||||||||
As of March 31, 2015 | 30 - 59 Days | 60 - 89 Days | > 90 Days | Total | Past Due | Total | |||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,965 | $ | 1,130 | $ | 1,573 | $ | 4,668 | $ | 1,162,248 | $ | 1,166,916 | |||||||||||||||||||||||||
Income producing commercial real estate | 62 | - | 440 | 502 | 635,605 | 636,107 | |||||||||||||||||||||||||||||||
Commercial & industrial | 790 | 1,001 | 1,405 | 3,196 | 713,085 | 716,281 | |||||||||||||||||||||||||||||||
Commercial construction | - | - | 44 | 44 | 229,876 | 229,920 | |||||||||||||||||||||||||||||||
Total commercial | 2,817 | 2,131 | 3,462 | 8,410 | 2,740,814 | 2,749,224 | |||||||||||||||||||||||||||||||
Residential mortgage | 4,290 | 1,566 | 2,558 | 8,414 | 854,897 | 863,311 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1,470 | 762 | 86 | 2,318 | 463,156 | 465,474 | |||||||||||||||||||||||||||||||
Residential construction | 1,018 | 1,343 | 245 | 2,606 | 288,653 | 291,259 | |||||||||||||||||||||||||||||||
Consumer installment | 485 | 61 | 80 | 626 | 101,959 | 102,585 | |||||||||||||||||||||||||||||||
Indirect auto | 261 | 133 | 202 | 596 | 315,240 | 315,836 | |||||||||||||||||||||||||||||||
Total loans | $ | 10,341 | $ | 5,996 | $ | 6,633 | $ | 22,970 | $ | 4,764,719 | $ | 4,787,689 | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,444 | $ | 1,929 | $ | 1,141 | $ | 4,514 | $ | 1,158,966 | $ | 1,163,480 | |||||||||||||||||||||||||
Income producing commercial real estate | 2,322 | 1,172 | - | 3,494 | 595,043 | 598,537 | |||||||||||||||||||||||||||||||
Commercial & industrial | 302 | 40 | 1,425 | 1,767 | 708,489 | 710,256 | |||||||||||||||||||||||||||||||
Commercial construction | - | - | 66 | 66 | 195,964 | 196,030 | |||||||||||||||||||||||||||||||
Total commercial | 4,068 | 3,141 | 2,632 | 9,841 | 2,658,462 | 2,668,303 | |||||||||||||||||||||||||||||||
Residential mortgage | 5,234 | 2,931 | 3,278 | 11,443 | 854,346 | 865,789 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 961 | 303 | 167 | 1,431 | 464,441 | 465,872 | |||||||||||||||||||||||||||||||
Residential construction | 1,172 | 268 | 1,395 | 2,835 | 295,792 | 298,627 | |||||||||||||||||||||||||||||||
Consumer installment | 607 | 136 | 33 | 776 | 104,123 | 104,899 | |||||||||||||||||||||||||||||||
Indirect auto | 200 | 146 | 141 | 487 | 268,142 | 268,629 | |||||||||||||||||||||||||||||||
Total loans | $ | 12,242 | $ | 6,925 | $ | 7,646 | $ | 26,813 | $ | 4,645,306 | $ | 4,672,119 | |||||||||||||||||||||||||
Loans Past Due | Loans Not | ||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | 30 - 59 Days | 60 - 89 Days | > 90 Days | Total | Past Due | Total | |||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,265 | $ | 187 | $ | 1,276 | $ | 2,728 | $ | 1,139,063 | $ | 1,141,791 | |||||||||||||||||||||||||
Income producing commercial real estate | 1,045 | 1,259 | 589 | 2,893 | 620,937 | 623,830 | |||||||||||||||||||||||||||||||
Commercial & industrial | 1,468 | 231 | 589 | 2,288 | 492,890 | 495,178 | |||||||||||||||||||||||||||||||
Commercial construction | 313 | 46 | 366 | 725 | 147,729 | 148,454 | |||||||||||||||||||||||||||||||
Total commercial | 4,091 | 1,723 | 2,820 | 8,634 | 2,400,619 | 2,409,253 | |||||||||||||||||||||||||||||||
Residential mortgage | 7,295 | 3,520 | 4,806 | 15,621 | 850,994 | 866,615 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 1,554 | 551 | 502 | 2,607 | 444,098 | 446,705 | |||||||||||||||||||||||||||||||
Residential construction | 1,440 | 30 | 782 | 2,252 | 315,497 | 317,749 | |||||||||||||||||||||||||||||||
Consumer installment | 677 | 495 | 60 | 1,232 | 105,759 | 106,991 | |||||||||||||||||||||||||||||||
Indirect auto | 263 | 179 | 137 | 579 | 207,816 | 208,395 | |||||||||||||||||||||||||||||||
Total loans | $ | 15,320 | $ | 6,498 | $ | 9,107 | $ | 30,925 | $ | 4,324,783 | $ | 4,355,708 | |||||||||||||||||||||||||
Schedule of TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||||
Pre- | Post- | Pre- | Post- | Pre- | Post- | ||||||||||||||||||||||||||||||||
Modification | Modification | Modification | Modification | Modification | Modification | ||||||||||||||||||||||||||||||||
Number | Outstanding | Outstanding | Number | Outstanding | Outstanding | Number | Outstanding | Outstanding | |||||||||||||||||||||||||||||
of | Recorded | Recorded | of | Recorded | Recorded | of | Recorded | Recorded | |||||||||||||||||||||||||||||
Contracts | Investment | Investment | Contracts | Investment | Investment | Contracts | Investment | Investment | |||||||||||||||||||||||||||||
Owner occupied commercial real estate | 52 | $ | 30,600 | $ | 29,201 | 54 | $ | 27,695 | $ | 26,296 | 46 | $ | 24,194 | $ | 22,471 | ||||||||||||||||||||||
Income producing commercial real estate | 28 | 14,525 | 14,525 | 31 | 18,094 | 17,915 | 32 | 20,936 | 18,488 | ||||||||||||||||||||||||||||
Commercial & industrial | 32 | 2,902 | 2,902 | 32 | 2,848 | 2,847 | 35 | 3,574 | 3,292 | ||||||||||||||||||||||||||||
Commercial construction | 14 | 11,268 | 11,188 | 14 | 11,360 | 11,280 | 14 | 11,678 | 11,598 | ||||||||||||||||||||||||||||
Total commercial | 126 | 59,295 | 57,816 | 131 | 59,997 | 58,338 | 127 | 60,382 | 55,849 | ||||||||||||||||||||||||||||
Residential mortgage | 162 | 21,343 | 20,600 | 154 | 18,630 | 17,836 | 148 | 21,163 | 19,657 | ||||||||||||||||||||||||||||
Home equity lines of credit | 2 | 478 | 478 | 2 | 478 | 478 | 3 | 505 | 505 | ||||||||||||||||||||||||||||
Residential construction | 47 | 8,824 | 7,388 | 48 | 8,962 | 8,265 | 52 | 10,400 | 9,518 | ||||||||||||||||||||||||||||
Consumer installment | 17 | 148 | 148 | 17 | 179 | 179 | 26 | 442 | 340 | ||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Total loans | 354 | 90,088 | 86,430 | 352 | 88,246 | $ | 85,096 | 356 | 92,892 | 85,869 | |||||||||||||||||||||||||||
Schedule of loans modified under the terms of TDR | Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||||||
Modified Within the Previous | |||||||||||||||||||||||||||||||||||||
Twelve Months that Have | |||||||||||||||||||||||||||||||||||||
Pre- | Post- | Subsequently Defaulted During | |||||||||||||||||||||||||||||||||||
Modification | Modification | the Three Months Ended | |||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | March 31, 2015 | |||||||||||||||||||||||||||||||||||
New Troubled Debt Restructurings for | Number of | Recorded | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||
the Three Months Ended March 31, 2015 | Contracts | Investment | Investment | Contracts | Investment | ||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 2 | $ | 4,497 | $ | 4,497 | - | $ | - | |||||||||||||||||||||||||||||
Income producing commercial real estate | 2 | 255 | 255 | - | - | ||||||||||||||||||||||||||||||||
Commercial & industrial | 2 | 188 | 188 | - | - | ||||||||||||||||||||||||||||||||
Commercial construction | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total commercial | 6 | 4,940 | 4,940 | - | - | ||||||||||||||||||||||||||||||||
Residential mortgage | 15 | 1,598 | 1,598 | - | - | ||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Residential construction | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer installment | 1 | 3 | 3 | 1 | 30 | ||||||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total loans | 22 | $ | 6,541 | $ | 6,541 | 1 | $ | 30 | |||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||
Modified Within the Previous | |||||||||||||||||||||||||||||||||||||
Twelve Months that Have | |||||||||||||||||||||||||||||||||||||
Pre- | Post- | Subsequently Defaulted During | |||||||||||||||||||||||||||||||||||
Modification | Modification | the Three Months Ended | |||||||||||||||||||||||||||||||||||
Outstanding | Outstanding | 31-Mar-14 | |||||||||||||||||||||||||||||||||||
New Troubled Debt Restructurings for | Number of | Recorded | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||
the Three Months Ended March 31, 2014 | Contracts | Investment | Investment | Contracts | Investment | ||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | 2 | $ | 605 | $ | 605 | 1 | $ | 104 | |||||||||||||||||||||||||||||
Income producing commercial real estate | 2 | 533 | 533 | - | - | ||||||||||||||||||||||||||||||||
Commercial & industrial | 1 | 224 | 224 | 2 | 54 | ||||||||||||||||||||||||||||||||
Commercial construction | 1 | 231 | 231 | - | - | ||||||||||||||||||||||||||||||||
Total commercial | 6 | 1,593 | 1,593 | 3 | 158 | ||||||||||||||||||||||||||||||||
Residential mortgage | 14 | 1,132 | 1,132 | 4 | 452 | ||||||||||||||||||||||||||||||||
Home equity lines of credit | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Residential construction | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Consumer installment | 2 | 142 | 142 | - | - | ||||||||||||||||||||||||||||||||
Indirect auto | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Total loans | 22 | $ | 2,867 | $ | 2,867 | 7 | $ | 610 | |||||||||||||||||||||||||||||
Schedule of risk category of loans by class of loans | Substandard | Doubtful / | |||||||||||||||||||||||||||||||||||
As of March 31, 2015 | Pass | Watch | Performing | Nonaccrual | Loss | Total | |||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,097,075 | $ | 21,594 | $ | 43,887 | $ | 4,360 | $ | - | $ | 1,166,916 | |||||||||||||||||||||||||
Income producing commercial real estate | 600,976 | 14,415 | 19,881 | 835 | - | 636,107 | |||||||||||||||||||||||||||||||
Commercial & industrial | 704,714 | 3,234 | 6,704 | 1,629 | - | 716,281 | |||||||||||||||||||||||||||||||
Commercial construction | 223,810 | 2,522 | 3,528 | 60 | - | 229,920 | |||||||||||||||||||||||||||||||
Total commercial | 2,626,575 | 41,765 | 74,000 | 6,884 | - | 2,749,224 | |||||||||||||||||||||||||||||||
Residential mortgage | 813,075 | 11,185 | 30,382 | 8,669 | - | 863,311 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 458,577 | 470 | 5,734 | 693 | - | 465,474 | |||||||||||||||||||||||||||||||
Residential construction | 275,567 | 4,061 | 9,504 | 2,127 | - | 291,259 | |||||||||||||||||||||||||||||||
Consumer installment | 101,142 | - | 1,301 | 142 | - | 102,585 | |||||||||||||||||||||||||||||||
Indirect auto | 314,540 | - | 796 | 500 | - | 315,836 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,589,476 | $ | 57,481 | $ | 121,717 | $ | 19,015 | $ | - | $ | 4,787,689 | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,094,057 | $ | 18,889 | $ | 46,401 | $ | 4,133 | $ | - | $ | 1,163,480 | |||||||||||||||||||||||||
Income producing commercial real estate | 560,559 | 16,701 | 20,560 | 717 | - | 598,537 | |||||||||||||||||||||||||||||||
Commercial & industrial | 696,805 | 4,017 | 7,863 | 1,571 | - | 710,256 | |||||||||||||||||||||||||||||||
Commercial construction | 190,070 | 2,311 | 3,566 | 83 | - | 196,030 | |||||||||||||||||||||||||||||||
Total commercial | 2,541,491 | 41,918 | 78,390 | 6,504 | - | 2,668,303 | |||||||||||||||||||||||||||||||
Residential mortgage | 814,168 | 11,594 | 31,831 | 8,196 | - | 865,789 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 459,881 | - | 5,296 | 695 | 465,872 | ||||||||||||||||||||||||||||||||
Residential construction | 280,166 | 5,535 | 10,920 | 2,006 | - | 298,627 | |||||||||||||||||||||||||||||||
Consumer installment | 103,383 | - | 1,382 | 134 | - | 104,899 | |||||||||||||||||||||||||||||||
Indirect auto | 267,709 | - | 574 | 346 | - | 268,629 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,466,798 | $ | 59,047 | $ | 128,393 | $ | 17,881 | $ | - | $ | 4,672,119 | |||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||
Owner occupied commercial real estate | $ | 1,059,528 | $ | 30,869 | $ | 47,525 | $ | 3,868 | $ | - | $ | 1,141,791 | |||||||||||||||||||||||||
Income producing commercial real estate | 577,771 | 7,982 | 36,800 | 1,278 | - | 623,830 | |||||||||||||||||||||||||||||||
Commercial & industrial | 481,310 | 4,905 | 8,141 | 822 | - | 495,178 | |||||||||||||||||||||||||||||||
Commercial construction | 138,560 | 4,134 | 5,281 | 479 | - | 148,454 | |||||||||||||||||||||||||||||||
Total commercial | 2,257,169 | 47,890 | 97,747 | 6,447 | - | 2,409,253 | |||||||||||||||||||||||||||||||
Residential mortgage | 799,145 | 10,591 | 43,572 | 13,307 | - | 866,615 | |||||||||||||||||||||||||||||||
Home equity lines of credit | 437,908 | 29 | 7,662 | 1,106 | - | 446,705 | |||||||||||||||||||||||||||||||
Residential construction | 292,032 | 8,935 | 12,977 | 3,805 | - | 317,749 | |||||||||||||||||||||||||||||||
Consumer installment | 104,379 | 11 | 2,310 | 291 | - | 106,991 | |||||||||||||||||||||||||||||||
Indirect auto | 207,504 | - | 597 | 294 | - | 208,395 | |||||||||||||||||||||||||||||||
Total loans | $ | 4,098,137 | $ | 67,456 | $ | 164,865 | $ | 25,250 | $ | - | $ | 4,355,708 |
SBA_Servicing_Rights_Tables
SBA Servicing Rights (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Transfers and Servicing [Abstract] | |||||||||
Schedule of changes in the balances of servicing assets and servicing liabilities subsequently measured using the fair value measurement method | ASC 860 Servicing Asset Rollforward | ||||||||
Fair value as of January 1, 2015 | $ | 2,551 | |||||||
Additions: | |||||||||
Originated servicing rights capitalized upon sale of loans | 190 | ||||||||
Subtractions: | |||||||||
Disposals | - | ||||||||
Changes in fair value: | |||||||||
Due to change in valuation inputs or assumptions used in the valuation model | (24 | ) | |||||||
Fair value as of March 31, 2015 | $ | 2,717 | |||||||
Schedule of key characteristics, inputs, and economic assumptions used to estimate the fair value of SBA Servicing Asset | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Fair value of retained Servicing Assets | $ | 2,717 | $ | 2,551 | |||||
Prepayment rate assumption | 7.26 | % | 6.7 | % | |||||
10% adverse change | $ | (75 | ) | $ | (62 | ) | |||
20% adverse change | $ | (146 | ) | $ | (122 | ) | |||
Discount rate | 11.1 | % | 12 | % | |||||
100 bps adverse change | $ | (101 | ) | $ | (85 | ) | |||
200bps adverse change | $ | (196 | ) | $ | (164 | ) | |||
Weighted-average life (months) | 7.1 | 6.5 | |||||||
Weighted-average gross margin | 2.13 | % | 2 | % |
Reclassifications_Out_of_Accum1
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | ||||||||||
Schedule of reclassifications out of accumulated other comprehensive income | Amounts Reclassified from | |||||||||
Accumulated Other | ||||||||||
Comprehensive Income | ||||||||||
For the three months ended | ||||||||||
Details about Accumulated Other | March 31, | Affected Line Item in the Statement | ||||||||
Comprehensive Income Components | 2015 | 2014 | Where Net Income is Presented | |||||||
Realized gains on sales of available-for-sale securities: | ||||||||||
$ | 1,539 | $ | 217 | Securities gains, net | ||||||
(598 | ) | (92 | ) | Tax expense | ||||||
$ | 941 | $ | 125 | Net of tax | ||||||
Amortization of (losses) gains included in net income on available-for-sale securities transferred to held to maturity: | ||||||||||
$ | (484 | ) | $ | (330 | ) | Investment securities interest revenue | ||||
182 | 123 | Tax benefit (expense) | ||||||||
$ | (302 | ) | $ | (207 | ) | Net of tax | ||||
Gains included in net income on derivative financial instruments accounted for as cash flow hedges: | ||||||||||
Effective portion of interest rate contracts | $ | - | $ | (97 | ) | Time deposit interest expense | ||||
Amortization of losses on de-designated positions | (48 | ) | - | Deposits in banks and short-term investments interest revenue | ||||||
Amortization of losses on de-designated positions | (119 | ) | - | Money market deposit interest expense | ||||||
Amortization of losses on de-designated positions | (258 | ) | - | Federal Home Loan Bank advances interest expense | ||||||
(425 | ) | (97 | ) | Total before tax | ||||||
165 | 38 | Tax or benefit (expense) | ||||||||
$ | (260 | ) | $ | (59 | ) | 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 | $ | (91 | ) | $ | (91 | ) | Salaries and employee benefits expense | |||
Actuarial losses | (68 | ) | - | Salaries and employee benefits expense | ||||||
(159 | ) | (91 | ) | Total before tax | ||||||
62 | 35 | Tax benefit | ||||||||
$ | (97 | ) | $ | (56 | ) | Net of tax | ||||
Total reclassifications for the period | $ | 282 | $ | (197 | ) | Net of tax | ||||
Amounts shown above in parentheses reduce earnings |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of accrued dividends on preferred stock, including accretion of discounts | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Series B - 5% fixed until December 6, 2013, 9% thereafter | $ | - | $ | 159 | |||||
Series D - LIBOR plus 9.6875%, resets quarterly | - | 280 | |||||||
Total preferred stock dividends | $ | - | $ | 439 | |||||
Schedule of computation of basic and diluted loss per share | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net income available to common shareholders | $ | 17,670 | $ | 14,961 | |||||
Weighted average shares outstanding: | |||||||||
Basic | 60,905 | 60,059 | |||||||
Effect of dilutive securities | |||||||||
Stock options | 4 | 2 | |||||||
Diluted | 60,909 | 60,061 | |||||||
Net income per common share: | |||||||||
Basic | $ | 0.29 | $ | 0.25 | |||||
Diluted | $ | 0.29 | $ | 0.25 |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||
Derivatives and Hedging Activities [Abstract] | |||||||||||||||||||||||||||
Schedule of derivative financial instruments on consolidated balance sheet | Derivatives designated as hedging instruments under ASC 815 | ||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Balance Sheet | March 31, | December 31, | March 31, | ||||||||||||||||||||||||
Interest Rate Products | Location | 2015 | 2014 | 2014 | |||||||||||||||||||||||
Cash flow hedge of money market deposits | Other assets | $ | - | $ | - | $ | 2,971 | ||||||||||||||||||||
Fair value hedge of brokered CD’s | Other assets | 5 | - | - | |||||||||||||||||||||||
Fair value hedge of corporate bonds | Other assets | - | - | 2,655 | |||||||||||||||||||||||
$ | 5 | $ | - | $ | 5,626 | ||||||||||||||||||||||
Cash flow hedge of short-term debt | Other liabilities | $ | - | $ | - | $ | 3,650 | ||||||||||||||||||||
Cash flow hedge of money market deposits | Other liabilities | - | 350 | 678 | |||||||||||||||||||||||
Fair value hedge of AFS security | Other liabilities | 345 | - | - | |||||||||||||||||||||||
Fair value hedge of brokered CD’s | Other liabilities | 3,452 | 5,817 | 14,119 | |||||||||||||||||||||||
Fair value hedge of corporate bonds | Other liabilities | - | - | 2,729 | |||||||||||||||||||||||
$ | 3,797 | $ | 6,167 | $ | 21,176 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815 | |||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||
Balance Sheet | March 31, | December 31, | March 31, | ||||||||||||||||||||||||
Interest Rate Products | Location | 2015 | 2014 | 2014 | |||||||||||||||||||||||
Customer swap positions | Other assets | $ | 5,043 | $ | 3,433 | $ | 1,359 | ||||||||||||||||||||
Dealer offsets to customer swap positions | Other assets | - | 128 | 825 | |||||||||||||||||||||||
Bifurcated embedded derivatives | Other assets | 8,117 | 12,262 | 13,753 | |||||||||||||||||||||||
Offsetting positions for de-designated cash flow hedges | Other assets | 7,126 | 4,776 | - | |||||||||||||||||||||||
$ | 20,286 | $ | 20,599 | $ | 15,937 | ||||||||||||||||||||||
Customer swap positions | Other liabilities | $ | - | $ | 129 | $ | 825 | ||||||||||||||||||||
Dealer offsets to customer swap positions | Other liabilities | 5,107 | 3,456 | 1,377 | |||||||||||||||||||||||
Dealer offsets to bifurcated embedded derivatives | Other liabilities | 13,244 | 17,467 | 18,931 | |||||||||||||||||||||||
De-designated cash flow hedges | Other liabilities | 7,128 | 4,778 | - | |||||||||||||||||||||||
$ | 25,479 | $ | 25,830 | $ | 21,133 | ||||||||||||||||||||||
Schedule of effect of fair value hedging derivative financial instruments on the consolidated statement of operations | Derivatives in Fair Value Hedging Relationships (in thousands). | ||||||||||||||||||||||||||
Location of Gain | Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||
(Loss) Recognized | Recognized in Income | Recognized in Income | |||||||||||||||||||||||||
in Income on | on Derivative | on Hedged Item | |||||||||||||||||||||||||
Derivative | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
Fair value hedges of brokered CD’s | Interest expense | $ | 2,370 | $ | 5,853 | $ | (2,405 | ) | $ | (6,034 | ) | ||||||||||||||||
Fair value hedges of corporate bonds | Interest revenue | (345 | ) | (1,704 | ) | 343 | 1,496 | ||||||||||||||||||||
$ | 2,025 | $ | 4,149 | $ | (2,062 | ) | $ | (4,538 | ) | ||||||||||||||||||
Schedule of effect of cash flow hedging derivative financial instruments on other comprehensive income | Derivatives in Cash Flow Hedging Relationships (in thousands). | ||||||||||||||||||||||||||
Amount of Gain (Loss) | Gain (Loss) Reclassified from Accumulated | Gain (Loss) Recognized in Income on | |||||||||||||||||||||||||
Recognized in Other | Other Comprehensive Income into Income | Derivative (Ineffective Portion) | |||||||||||||||||||||||||
Comprehensive Income | (Effective Portion) | ||||||||||||||||||||||||||
on Derivative (Effective | |||||||||||||||||||||||||||
Portion) | |||||||||||||||||||||||||||
2015 | 2014 | Location | 2015 | 2014 | Location | 2015 | 2014 | ||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
Interest rate swaps | $ | (471 | ) $ | (2,833 | ) | Interest Expense | $ | (425 | ) | $ | (97 | ) | Interest expense | $ | (7 | ) | $ | (35 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |||||||||||||||||
Schedule of stock option activity | Weighted- | ||||||||||||||||
Average | Aggregate | ||||||||||||||||
Weighted- | Remaining | Intrinisic | |||||||||||||||
Average Exercise | Contractual | Value | |||||||||||||||
Options | Shares | Price | Term (Years) | $0 | |||||||||||||
Outstanding at December 31, 2014 | 313,555 | $ | 93.4 | ||||||||||||||
Expired | (12,211 | ) | 103.12 | ||||||||||||||
Outstanding at March 31, 2015 | 301,344 | 93.01 | 2.7 | $ | 118 | ||||||||||||
Exercisable at March 31, 2015 | 285,095 | 97.43 | 2.3 | 63 | |||||||||||||
Schedule of restricted stock units activity | Restricted Stock Unit Awards | Shares | Weighted- | ||||||||||||||
Average Grant- | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Outstanding at December 31, 2014 | 829,201 | $ | 14.76 | ||||||||||||||
Granted | 95,167 | 18.06 | |||||||||||||||
Vested | (100,607 | ) | 15.36 | ||||||||||||||
Cancelled | (50,457 | ) | 15.09 | ||||||||||||||
Outstanding at March 31, 2015 | 773,304 | 15.07 | |||||||||||||||
Vested at March 31, 2015 | 7,580 | 9.9 |
Assets_and_Liabilities_Measure1
Assets and Liabilities Measured at Fair Value (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value [Abstract] | ||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | 31-Mar-15 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||
U.S. Treasuries | $ | 48,414 | $ | - | $ | - | $ | 48,414 | ||||||||||||||||
U.S. Government agencies | - | 37,268 | - | 37,268 | ||||||||||||||||||||
State and political subdivisions | - | 16,352 | - | 16,352 | ||||||||||||||||||||
Mortgage-backed securities | - | 1,041,114 | - | 1,041,114 | ||||||||||||||||||||
Corporate bonds | - | 186,957 | 750 | 187,707 | ||||||||||||||||||||
Asset-backed securities | - | 468,728 | - | 468,728 | ||||||||||||||||||||
Other | - | 2,390 | - | 2,390 | ||||||||||||||||||||
Deferred compensation plan assets | 3,366 | - | - | 3,366 | ||||||||||||||||||||
SBA servicing rights | - | - | 2,717 | 2,717 | ||||||||||||||||||||
Derivative financial instruments | - | 12,174 | 8,117 | 20,291 | ||||||||||||||||||||
Total assets | $ | 51,780 | $ | 1,764,983 | $ | 11,584 | $ | 1,828,347 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,366 | $ | - | $ | - | $ | 3,366 | ||||||||||||||||
Derivative financial instruments | - | 14,747 | 14,529 | 29,276 | ||||||||||||||||||||
Total liabilities | $ | 3,366 | $ | 14,747 | $ | 14,529 | $ | 32,642 | ||||||||||||||||
31-Dec-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||
U.S. Treasuries | $ | 105,709 | $ | - | $ | - | $ | 105,709 | ||||||||||||||||
U.S. Government agencies | - | 36,299 | - | 36,299 | ||||||||||||||||||||
State and political subdivisions | - | 20,233 | - | 20,233 | ||||||||||||||||||||
Mortgage-backed securities | - | 996,820 | - | 996,820 | ||||||||||||||||||||
Corporate bonds | - | 164,878 | 750 | 165,628 | ||||||||||||||||||||
Asset-backed securities | - | 455,928 | - | 455,928 | ||||||||||||||||||||
Other | - | 2,117 | - | 2,117 | ||||||||||||||||||||
Deferred compensation plan assets | 3,864 | - | - | 3,864 | ||||||||||||||||||||
SBA servicing rights | - | 2,551 | 2,551 | |||||||||||||||||||||
Derivative financial instruments | - | 8,337 | 12,262 | 20,599 | ||||||||||||||||||||
Total assets | $ | 109,573 | $ | 1,684,612 | $ | 15,563 | $ | 1,809,748 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,864 | $ | - | $ | - | $ | 3,864 | ||||||||||||||||
Derivative financial instruments | - | 13,018 | 18,979 | 31,997 | ||||||||||||||||||||
Total liabilities | $ | 3,864 | $ | 13,018 | $ | 18,979 | $ | 35,861 | ||||||||||||||||
31-Mar-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||
State and political subdivisions | $ | - | $ | 23,006 | $ | - | $ | 23,006 | ||||||||||||||||
Mortgage-backed securities | - | 1,128,112 | - | 1,128,112 | ||||||||||||||||||||
Corporate bonds | - | 251,574 | 350 | 251,924 | ||||||||||||||||||||
Asset-backed securities | - | 432,062 | - | 432,062 | ||||||||||||||||||||
Other | - | 2,572 | - | 2,572 | ||||||||||||||||||||
Deferred compensation plan assets | 3,468 | - | - | 3,468 | ||||||||||||||||||||
Derivative financial instruments | - | 21,563 | - | 21,563 | ||||||||||||||||||||
Total assets | $ | 3,468 | $ | 1,858,889 | $ | 350 | $ | 1,862,707 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deferred compensation plan liability | $ | 3,468 | $ | - | $ | - | $ | 3,468 | ||||||||||||||||
Brokered certificates of deposit | - | 177,726 | - | 177,726 | ||||||||||||||||||||
Derivative financial instruments | - | 42,309 | - | 42,309 | ||||||||||||||||||||
Total liabilities | $ | 3,468 | $ | 220,035 | $ | - | $ | 223,503 | ||||||||||||||||
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | Three Months Ended March 31 | |||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Derivative | Derivative | SBA | Securities | Securities | ||||||||||||||||||||
Asset | Liability | servicing | Available-for- | Available-for- | ||||||||||||||||||||
rights | Sale | Sale | ||||||||||||||||||||||
Balance at beginning of period | $ | 12,262 | $ | 18,979 | $ | 2,551 | $ | 750 | $ | 350 | ||||||||||||||
Purchases | - | - | - | - | - | |||||||||||||||||||
Additions | - | - | 190 | - | - | |||||||||||||||||||
Sales and settlements | - | - | - | - | - | |||||||||||||||||||
Other comprehensive income | - | - | - | - | - | |||||||||||||||||||
Amounts included in earnings - fair value adjustments | (4,145 | ) | (4,450 | ) | (24 | ) | - | - | ||||||||||||||||
Transfers between valuation levels, net | - | - | - | - | - | |||||||||||||||||||
Balance at end of period | $ | 8,117 | $ | 14,529 | $ | 2,717 | $ | 750 | $ | 350 | ||||||||||||||
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | Fair Value | Weighted Average | ||||||||||||||||||||||
March 31, | December 31, | March 31, | Valuation | March 31, | December 31, | |||||||||||||||||||
Level 3 Assets | 2015 | 2014 | 2014 | Technique | Unobservable Inputs | 2015 | 2014 | |||||||||||||||||
SBA Servicing Rights | $ | 2,717 | $ | 2,551 | $ | - | Discounted | Discount rate | 11.1 | % | 12 | % | ||||||||||||
cash flow | Prepayment Rate | 7.26 | % | 6.7 | % | |||||||||||||||||||
Corporate Bonds | 750 | 750 | 350 | Indicative bid provided by a broker | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company | N/A | N/A | |||||||||||||||||
Derivatives assets | 8,117 | 12,262 | - | Dealer Priced | Dealer Priced | N/A | N/A | |||||||||||||||||
Derivative liabilities | 14,529 | 18,979 | - | Dealer Priced | Dealer Priced | N/A | N/A | |||||||||||||||||
Schedule of presentation of united's assets and liabilities measured at fair value on nonrecurring basis | 31-Mar-15 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans | $ | - | $ | - | $ | 80,432 | $ | 80,432 | ||||||||||||||||
Foreclosed properties | - | - | 1,021 | 1,021 | ||||||||||||||||||||
Total | $ | - | $ | - | $ | 81,453 | $ | 81,453 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans | $ | - | $ | - | $ | 83,541 | $ | 83,541 | ||||||||||||||||
Foreclosed properties | - | - | 1,555 | 1,555 | ||||||||||||||||||||
Total | $ | - | $ | - | $ | 85,096 | $ | 85,096 | ||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans | $ | - | $ | - | $ | 79,918 | $ | 79,918 | ||||||||||||||||
Foreclosed properties | - | - | 3,120 | 3,120 | ||||||||||||||||||||
Total | $ | - | $ | - | $ | 83,038 | $ | 83,038 | ||||||||||||||||
Schedule of carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis | Carrying | Fair Value Level | ||||||||||||||||||||||
31-Mar-15 | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities held to maturity | $ | 399,228 | $ | - | $ | 413,550 | $ | - | $ | 413,550 | ||||||||||||||
Loans, net | 4,717,682 | - | - | 4,686,611 | 4,686,611 | |||||||||||||||||||
Mortgage loans held for sale | 15,723 | - | 16,181 | - | 16,181 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 6,437,931 | - | 6,438,984 | - | 6,438,984 | |||||||||||||||||||
Federal Home Loan Bank advances | 270,125 | - | 270,124 | - | 270,124 | |||||||||||||||||||
Long-term debt | 113,901 | - | - | 116,919 | 116,919 | |||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities held to maturity | 415,267 | - | 425,233 | - | 425,233 | |||||||||||||||||||
Loans, net | 4,600,500 | - | - | 4,549,027 | 4,549,027 | |||||||||||||||||||
Mortgage loans held for sale | 13,737 | - | 14,139 | - | 14,139 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 6,326,513 | - | 6,328,264 | - | 6,328,264 | |||||||||||||||||||
Federal Home Loan Bank advances | 270,125 | - | 270,125 | - | 270,125 | |||||||||||||||||||
Long-term debt | 129,865 | - | - | 132,814 | 132,814 | |||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities held to maturity | 464,697 | - | 473,136 | - | 473,136 | |||||||||||||||||||
Loans, net | 4,280,485 | - | - | 4,201,255 | 4,201,255 | |||||||||||||||||||
Mortgage loans held for sale | 10,933 | - | 11,121 | - | 11,121 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 6,247,541 | - | 6,238,927 | - | 6,238,927 | |||||||||||||||||||
Federal Home Loan Bank advances | 50,125 | - | 50,125 | - | 50,125 | |||||||||||||||||||
Long-term debt | 129,865 | - | - | 130,636 | 130,636 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule of contractual amount of off-balance sheet instruments | 31-Mar-15 | 31-Dec-14 | 31-Mar-14 | ||||||||||
Financial instruments whose contract amounts represent credit risk: | |||||||||||||
Commitments to extend credit | $ | 972,819 | $ | 878,160 | $ | 720,891 | |||||||
Letters of credit | 24,310 | 19,861 | 19,960 |
Acquisition_Detail_Textuals
Acquisition (Detail Textuals) (Business Carolina, Inc, USD $) | 1 Months Ended |
Jun. 26, 2014 | |
Business Carolina, Inc | |
Business Acquisition [Line Items] | |
Cash paid for loan | $31,300,000 |
Loans | 24,800,000 |
Accrued interest | 83,000 |
Servicing rights | 2,130,000 |
Premises and equipment | 2,600,000 |
Goodwill | 1,510,000 |
Gross contractual amount of loans receivable | $28,000,000 |
Balance_Sheet_Offsetting_Summa
Balance Sheet Offsetting - Summary of amounts outstanding under master netting agreements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Offsetting [Abstract] | |||
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized assets | $345,000 | $395,000 | $397,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet assets | -325,000 | -375,000 | -350,000 |
Repurchase agreements / reverse repurchase agreements, net assets balance | 20,000 | 20,000 | 47,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet assets of financial instruments | |||
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet assets of collateral received | -21,048 | -20,302 | -51,243 |
Repurchase agreements / reverse repurchase agreements, net amount | |||
Derivatives, gross amounts of recognized assets | 20,291 | 20,599 | 21,563 |
Derivatives, gross amounts offset on the balance sheet | |||
Derivatives, net asset balance | 20,291 | 20,599 | 21,563 |
Derivatives, gross amounts not off set in balance sheet assets of financial instruments | -597 | -869 | -3,896 |
Derivatives, gross amounts not off set in balance sheet assets of collateral received | -4,435 | -3,716 | -704 |
Derivatives, net amount | 15,259 | 16,014 | 16,963 |
Offsetting assets, gross amounts of recognized assets | 365,291 | 415,599 | 418,563 |
Offsetting assets, gross amounts offset on balance sheet | -325,000 | -375,000 | -350,000 |
Offsetting assets, net asset balance | 40,291 | 40,599 | 68,563 |
Offsetting assets, gross amounts not offset in balance sheet of financial instruments | -597 | -869 | -3,896 |
Offsetting assets, gross amounts not offset in the balance sheet of collateral received | -25,483 | -24,018 | -51,947 |
Offsetting assets, net amount | 15,259 | 16,014 | 16,963 |
Weighted average interest rate of reverse repurchase agreements, assets | 1.18% | 1.16% | 1.09% |
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized liabilities | 325,000 | 375,000 | 350,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet liabilities | -325,000 | -375,000 | -350,000 |
Repurchase agreements / reverse repurchase agreements, net liabilities balance | |||
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of financial instruments | |||
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of collateral pledged | |||
Repurchase agreements / reverse repurchase agreements, net amount | |||
Derivatives, gross amounts of recognized liabilities | 29,276 | 31,997 | 42,309 |
Derivatives, gross amounts offset on balance sheet liabilities | |||
Derivatives, net liabilities balance | 29,276 | 31,997 | 42,309 |
Derivatives, gross amounts not off set in balance sheet liabilities of financial instruments | -597 | -869 | -3,896 |
Derivatives, gross amounts not off set in balance sheet liabilities of collateral pledged | -31,407 | -32,792 | -35,754 |
Derivatives, net amount | 2,659 | ||
Offsetting liabilities, gross amounts of recognized liabilities | 354,276 | 406,997 | 392,309 |
Offsetting liabilities, gross amounts offset on balance sheet | -325,000 | -375,000 | -350,000 |
Offsetting liabilities, net liabilities balance | 29,276 | 31,997 | 42,309 |
Offsetting liabilities, gross amounts not offset in balance sheet of financial instruments | -597 | -869 | -3,896 |
Offsetting liabilities, gross amounts not offset in the balance sheet of collateral pledged | -31,407 | -32,792 | -35,754 |
Offsetting liabilities, net amount | $2,659 | ||
Weighted average interest rate of reverse repurchase agreements, liabilities | 30.00% | 0.29% | 0.28% |
Securities_Amortized_cost_gros
Securities - Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Thousands, unless otherwise specified | ||||||
Held-to-maturity securities: | ||||||
Amortized Cost | $399,228 | $415,267 | $464,697 | |||
Gross Unrealized Gains | 14,499 | 11,220 | 10,307 | |||
Gross Unrealized Losses | 177 | 1,254 | 1,868 | |||
Held-to-Maturity, Fair value | 413,550 | 425,233 | 473,136 | |||
State and political subdivisions | ||||||
Held-to-maturity securities: | ||||||
Amortized Cost | 48,136 | 48,157 | 51,257 | |||
Gross Unrealized Gains | 4,029 | 3,504 | 3,430 | |||
Gross Unrealized Losses | 13 | |||||
Held-to-Maturity, Fair value | 52,165 | 51,661 | 54,674 | |||
Mortgage-backed securities | ||||||
Held-to-maturity securities: | ||||||
Amortized Cost | 351,092 | [1] | 367,110 | [1] | 413,440 | [1] |
Gross Unrealized Gains | 10,470 | [1] | 7,716 | [1] | 6,877 | [1] |
Gross Unrealized Losses | 177 | [1] | 1,254 | [1] | 1,855 | [1] |
Held-to-Maturity, Fair value | $361,385 | [1] | $373,572 | [1] | $418,462 | [1] |
[1] | All are residential type mortgage-backed securities and U.S.government agency commercial mortgage backed securities. |
Securities_Summary_of_held_to_
Securities - Summary of held to maturity securities in unrealized loss position (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Summary of held to maturity securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | $16,177 | $126,514 | $201,912 |
Unrealized Loss, Less than 12 Months | 140 | 917 | 1,734 |
Fair Value, 12 Months or More | 6,252 | 17,053 | 1,644 |
Unrealized Loss, 12 Months or More | 37 | 337 | 134 |
Fair Value, Total | 22,429 | 143,567 | 203,556 |
Unrealized Loss, Total | 177 | 1,254 | 1,868 |
State and political subdivisions | |||
Summary of held to maturity securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 1,628 | ||
Unrealized Loss, Less than 12 Months | 13 | ||
Fair Value, 12 Months or More | |||
Unrealized Loss, 12 Months or More | |||
Fair Value, Total | 1,628 | ||
Unrealized Loss, Total | 13 | ||
Mortgage-backed securities | |||
Summary of held to maturity securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 16,177 | 126,514 | 200,284 |
Unrealized Loss, Less than 12 Months | 140 | 917 | 1,721 |
Fair Value, 12 Months or More | 6,252 | 17,053 | 1,644 |
Unrealized Loss, 12 Months or More | 37 | 337 | 134 |
Fair Value, Total | 22,429 | 143,567 | 201,928 |
Unrealized Loss, Total | $177 | $1,254 | $1,855 |
Securities_Cost_basis_unrealiz
Securities - Cost basis, unrealized gains and losses, and fair value of securities available for sale (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Thousands, unless otherwise specified | ||||||
Investment securities available for sale: | ||||||
Amortized Cost | $1,779,021 | $1,772,535 | $1,835,773 | |||
Gross Unrealized Gains | 27,909 | 20,955 | 18,674 | |||
Gross Unrealized Losses | 4,957 | 10,756 | 16,771 | |||
Available-for-Sale, Fair Value | 1,801,973 | 1,782,734 | 1,837,676 | |||
U.S. Treasuries | ||||||
Investment securities available for sale: | ||||||
Amortized Cost | 47,661 | 105,540 | ||||
Gross Unrealized Gains | 753 | 235 | ||||
Gross Unrealized Losses | 66 | |||||
Available-for-Sale, Fair Value | 48,414 | 105,709 | ||||
U.S. Government agencies | ||||||
Investment securities available for sale: | ||||||
Amortized Cost | 36,508 | 36,474 | ||||
Gross Unrealized Gains | 760 | |||||
Gross Unrealized Losses | 175 | |||||
Available-for-Sale, Fair Value | 37,268 | 36,299 | ||||
State and political subdivisions | ||||||
Investment securities available for sale: | ||||||
Amortized Cost | 15,864 | 19,748 | 22,244 | |||
Gross Unrealized Gains | 491 | 504 | 842 | |||
Gross Unrealized Losses | 3 | 19 | 80 | |||
Available-for-Sale, Fair Value | 16,352 | 20,233 | 23,006 | |||
Mortgage-backed securities | ||||||
Investment securities available for sale: | ||||||
Amortized Cost | 1,023,809 | [1] | 988,012 | [1] | 1,126,227 | [1] |
Gross Unrealized Gains | 20,986 | [1] | 16,273 | [1] | 13,213 | [1] |
Gross Unrealized Losses | 3,681 | [1] | 7,465 | [1] | 11,328 | [1] |
Available-for-Sale, Fair Value | 1,041,114 | [1] | 996,820 | [1] | 1,128,112 | [1] |
Corporate bonds | ||||||
Investment securities available for sale: | ||||||
Amortized Cost | 186,126 | 165,018 | 255,238 | |||
Gross Unrealized Gains | 2,107 | 1,686 | 1,616 | |||
Gross Unrealized Losses | 526 | 1,076 | 4,930 | |||
Available-for-Sale, Fair Value | 187,707 | 165,628 | 251,924 | |||
Asset-backed securities | ||||||
Investment securities available for sale: | ||||||
Amortized Cost | 466,663 | 455,626 | 429,492 | |||
Gross Unrealized Gains | 2,812 | 2,257 | 3,003 | |||
Gross Unrealized Losses | 747 | 1,955 | 433 | |||
Available-for-Sale, Fair Value | 468,728 | 455,928 | 432,062 | |||
Other | ||||||
Investment securities available for sale: | ||||||
Amortized Cost | 2,390 | 2,117 | 2,572 | |||
Gross Unrealized Gains | ||||||
Gross Unrealized Losses | ||||||
Available-for-Sale, Fair Value | $2,390 | $2,117 | $2,572 | |||
[1] | All are residential type mortgage-backed securities and U.S.government agency commercial mortgage backed securities. |
Securities_Summary_of_availabl
Securities - Summary of available for sale securities in unrealized loss position (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | $202,246 | $420,951 | $564,894 |
Unrealized Loss, Less than 12 Months | 1,456 | 2,669 | 6,723 |
Fair Value, 12 Months or More | 249,256 | 313,204 | 261,610 |
Unrealized Loss, 12 Months or More | 3,501 | 8,087 | 10,048 |
Fair Value, Total | 451,502 | 734,155 | 826,504 |
Unrealized Loss, Total | 4,957 | 10,756 | 16,771 |
U.S. Treasuries | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 34,180 | ||
Unrealized Loss, Less than 12 Months | 66 | ||
Fair Value, 12 Months or More | |||
Unrealized Loss, 12 Months or More | |||
Fair Value, Total | 34,180 | ||
Unrealized Loss, Total | 66 | ||
U.S. Government agencies | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 36,299 | ||
Unrealized Loss, Less than 12 Months | 175 | ||
Fair Value, 12 Months or More | |||
Unrealized Loss, 12 Months or More | |||
Fair Value, Total | 36,299 | ||
Unrealized Loss, Total | 175 | ||
State and political subdivisions | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 2,957 | 2,481 | 3,595 |
Unrealized Loss, Less than 12 Months | 3 | 19 | 80 |
Fair Value, 12 Months or More | |||
Unrealized Loss, 12 Months or More | |||
Fair Value, Total | 2,957 | 2,481 | 3,595 |
Unrealized Loss, Total | 3 | 19 | 80 |
Mortgage-backed securities | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 51,339 | 88,741 | 342,886 |
Unrealized Loss, Less than 12 Months | 363 | 446 | 3,817 |
Fair Value, 12 Months or More | 219,027 | 251,977 | 186,290 |
Unrealized Loss, 12 Months or More | 3,318 | 7,019 | 7,511 |
Fair Value, Total | 270,366 | 340,718 | 529,176 |
Unrealized Loss, Total | 3,681 | 7,465 | 11,328 |
Corporate bonds | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 10,474 | 37,891 | 82,337 |
Unrealized Loss, Less than 12 Months | 526 | 371 | 2,393 |
Fair Value, 12 Months or More | 20,275 | 75,320 | |
Unrealized Loss, 12 Months or More | 705 | 2,537 | |
Fair Value, Total | 10,474 | 58,166 | 157,657 |
Unrealized Loss, Total | 526 | 1,076 | 4,930 |
Asset-backed securities | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 137,476 | 221,359 | 136,076 |
Unrealized Loss, Less than 12 Months | 564 | 1,592 | 433 |
Fair Value, 12 Months or More | 30,229 | 40,952 | |
Unrealized Loss, 12 Months or More | 183 | 363 | |
Fair Value, Total | 167,705 | 262,311 | 136,076 |
Unrealized Loss, Total | $747 | $1,955 | $433 |
Securities_Summary_of_securiti
Securities - Summary of securities sales activity (Details 4) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investment Securities [Abstract] | ||
Proceeds from sales | $69,467 | $153,316 |
Gross gains on sales | 1,539 | 410 |
Gross losses on sales | -193 | |
Net gains on sales of securities | 1,539 | 217 |
Income tax expense attributable to sales | $598 | $92 |
Securities_Amortized_cost_and_
Securities - Amortized cost and fair value of held to maturity and available for sale securities (Details 5) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |||
In Thousands, unless otherwise specified | ||||||
Available for Sale - Amortized Cost and Fair Value | ||||||
Available-for-Sale, Amortized Cost | $1,779,021 | $1,772,535 | $1,835,773 | |||
Available-for-Sale, Fair Value | 1,801,973 | 1,782,734 | 1,837,676 | |||
Held to Maturity - Amortized Cost and Fair Value | ||||||
Held-to-Maturity, Amortized Cost | 399,228 | 415,267 | 464,697 | |||
Held-to-Maturity, Fair value | 413,550 | 425,233 | 473,136 | |||
U.S. Treasuries | ||||||
Available for Sale - Amortized Cost and Fair Value | ||||||
Available-for-Sale, Amortized Cost, 1 to 5 years | 47,661 | |||||
Available-for-Sale, Fair Value, 1 to 5 years | 48,414 | |||||
Available-for-Sale, Amortized Cost | 47,661 | 105,540 | ||||
Available-for-Sale, Fair Value | 48,414 | 105,709 | ||||
Held to Maturity - Amortized Cost and Fair Value | ||||||
Held-to-Maturity, Amortized Cost, 1 to 5 years | ||||||
Held-to-Maturity, Fair Value, 1 to 5 years | ||||||
Held-to-Maturity, Amortized Cost | ||||||
Held-to-Maturity, Fair value | ||||||
U.S. Government agencies | ||||||
Available for Sale - Amortized Cost and Fair Value | ||||||
Available-for-Sale, Amortized Cost, 5 to 10 years | 36,508 | |||||
Available-for-Sale, Fair Value, 5 to 10 years | 37,268 | |||||
Available-for-Sale, Amortized Cost | 36,508 | 36,474 | ||||
Available-for-Sale, Fair Value | 37,268 | 36,299 | ||||
Held to Maturity - Amortized Cost and Fair Value | ||||||
Held-to-Maturity, Amortized Cost, 5 to 10 years | ||||||
Held-to-Maturity, Fair Value, 5 to 10 years | ||||||
Held-to-Maturity, Amortized Cost | ||||||
Held-to-Maturity, Fair value | ||||||
State and political subdivisions | ||||||
Available for Sale - Amortized Cost and Fair Value | ||||||
Available-for-Sale, Amortized Cost, Within 1 year | 5,368 | |||||
Available-for-Sale, Fair Value, Within 1 year | 5,442 | |||||
Available-for-Sale, Amortized Cost, 1 to 5 years | 7,550 | |||||
Available-for-Sale, Fair Value, 1 to 5 years | 7,821 | |||||
Available-for-Sale, Amortized Cost, 5 to 10 years | 2,098 | |||||
Available-for-Sale, Fair Value, 5 to 10 years | 2,201 | |||||
Available-for-Sale, Amortized Cost, More than 10 years | 848 | |||||
Available-for-Sale, Fair Value, More than 10 years | 888 | |||||
Available-for-Sale, Amortized Cost | 15,864 | 19,748 | 22,244 | |||
Available-for-Sale, Fair Value | 16,352 | 20,233 | 23,006 | |||
Held to Maturity - Amortized Cost and Fair Value | ||||||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,000 | |||||
Held-to-Maturity, Fair Value, Within 1 year | 1,007 | |||||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 18,689 | |||||
Held-to-Maturity, Fair Value, 1 to 5 years | 20,005 | |||||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 19,641 | |||||
Held-to-Maturity, Fair Value, 5 to 10 years | 21,371 | |||||
Held-to-Maturity, Amortized Cost, More than 10 years | 8,806 | |||||
Held-to-Maturity, Fair Value, More than 10 years | 9,782 | |||||
Held-to-Maturity, Amortized Cost | 48,136 | |||||
Held-to-Maturity, Fair value | 52,165 | |||||
Corporate bonds | ||||||
Available for Sale - Amortized Cost and Fair Value | ||||||
Available-for-Sale, Amortized Cost, 1 to 5 years | 37,870 | |||||
Available-for-Sale, Fair Value, 1 to 5 years | 38,009 | |||||
Available-for-Sale, Amortized Cost, 5 to 10 years | 115,749 | |||||
Available-for-Sale, Fair Value, 5 to 10 years | 117,333 | |||||
Available-for-Sale, Amortized Cost, More than 10 years | 32,507 | |||||
Available-for-Sale, Fair Value, More than 10 years | 32,365 | |||||
Available-for-Sale, Amortized Cost | 186,126 | 165,018 | 255,238 | |||
Available-for-Sale, Fair Value | 187,707 | 165,628 | 251,924 | |||
Held to Maturity - Amortized Cost and Fair Value | ||||||
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 | ||||||
Available for Sale - Amortized Cost and Fair Value | ||||||
Available-for-Sale, Amortized Cost, 1 to 5 years | 247,650 | |||||
Available-for-Sale, Fair Value, 1 to 5 years | 249,360 | |||||
Available-for-Sale, Amortized Cost, 5 to 10 years | 58,575 | |||||
Available-for-Sale, Fair Value, 5 to 10 years | 59,053 | |||||
Available-for-Sale, Amortized Cost, More than 10 years | 160,438 | |||||
Available-for-Sale, Fair Value, More than 10 years | 160,315 | |||||
Available-for-Sale, Amortized Cost | 466,663 | 455,626 | 429,492 | |||
Available-for-Sale, Fair Value | 468,728 | 455,928 | 432,062 | |||
Held to Maturity - Amortized Cost and Fair Value | ||||||
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 | ||||||
Available for Sale - Amortized Cost and Fair Value | ||||||
Available-for-Sale, Amortized Cost, Within 1 year | 442 | |||||
Available-for-Sale, Fair Value, Within 1 year | 442 | |||||
Available-for-Sale, Amortized Cost, More than 10 years | 1,948 | |||||
Available-for-Sale, Fair Value, More than 10 years | 1,948 | |||||
Available-for-Sale, Amortized Cost | 2,390 | 2,117 | 2,572 | |||
Available-for-Sale, Fair Value | 2,390 | 2,117 | 2,572 | |||
Held to Maturity - Amortized Cost and Fair Value | ||||||
Held-to-Maturity, Amortized Cost, Within 1 year | ||||||
Held-to-Maturity, Fair Value, Within 1 year | ||||||
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 | ||||||
Available for Sale - Amortized Cost and Fair Value | ||||||
Available-for-Sale, Amortized Cost, Within 1 year | 5,810 | |||||
Available-for-Sale, Fair Value, Within 1 year | 5,884 | |||||
Available-for-Sale, Amortized Cost, 1 to 5 years | 340,731 | |||||
Available-for-Sale, Fair Value, 1 to 5 years | 343,604 | |||||
Available-for-Sale, Amortized Cost, 5 to 10 years | 212,930 | |||||
Available-for-Sale, Fair Value, 5 to 10 years | 215,855 | |||||
Available-for-Sale, Amortized Cost, More than 10 years | 195,741 | |||||
Available-for-Sale, Fair Value, More than 10 years | 195,516 | |||||
Held to Maturity - Amortized Cost and Fair Value | ||||||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,000 | |||||
Held-to-Maturity, Fair Value, Within 1 year | 1,007 | |||||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 18,689 | |||||
Held-to-Maturity, Fair Value, 1 to 5 years | 20,005 | |||||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 19,641 | |||||
Held-to-Maturity, Fair Value, 5 to 10 years | 21,371 | |||||
Held-to-Maturity, Amortized Cost, More than 10 years | 8,806 | |||||
Held-to-Maturity, Fair Value, More than 10 years | 9,782 | |||||
Mortgage-backed securities | ||||||
Available for Sale - Amortized Cost and Fair Value | ||||||
Available-for-Sale, Amortized Cost | 1,023,809 | [1] | 988,012 | [1] | 1,126,227 | [1] |
Available-for-Sale, Fair Value | 1,041,114 | [1] | 996,820 | [1] | 1,128,112 | [1] |
Held to Maturity - Amortized Cost and Fair Value | ||||||
Held-to-Maturity, Amortized Cost | 351,092 | |||||
Held-to-Maturity, Fair value | $361,385 | |||||
[1] | All are residential type mortgage-backed securities and U.S.government agency commercial mortgage backed securities. |
Securities_Detail_Textuals
Securities (Detail Textuals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Billions, unless otherwise specified | Security | ||
Investment Securities [Abstract] | |||
Number of available for sale securities in unrealized loss position | 79 | ||
Carrying value of secure public deposits, FHLB advances and other secured borrowings | $1.36 | $1.51 | $1.48 |
Loans_and_Allowance_for_Loan_L2
Loans and Allowance for Loan Losses - Major classifications of loans (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Classifications of loans | |||
Total loans | $4,787,689 | $4,672,119 | $4,355,708 |
Less allowance for loan losses | -70,007 | -71,619 | -75,223 |
Loans, net | 4,717,682 | 4,600,500 | 4,280,485 |
Loans Receivable | |||
Classifications of loans | |||
Total loans | 4,787,689 | 4,672,119 | 4,355,708 |
Less allowance for loan losses | -70,007 | -71,619 | -75,223 |
Loans, net | 4,717,682 | 4,600,500 | 4,280,485 |
Loans Receivable | Owner occupied commercial real estate | |||
Classifications of loans | |||
Total loans | 1,166,916 | 1,163,480 | 1,141,791 |
Loans Receivable | Income producing commercial real estate | |||
Classifications of loans | |||
Total loans | 636,107 | 598,537 | 623,830 |
Loans Receivable | Commercial & industrial | |||
Classifications of loans | |||
Total loans | 716,281 | 710,256 | 495,178 |
Loans Receivable | Commercial construction | |||
Classifications of loans | |||
Total loans | 229,920 | 196,030 | 148,454 |
Loans Receivable | Commercial | |||
Classifications of loans | |||
Total loans | 2,749,224 | 2,668,303 | 2,409,253 |
Loans Receivable | Residential mortgage | |||
Classifications of loans | |||
Total loans | 863,311 | 865,789 | 866,615 |
Loans Receivable | Home equity lines of credit | |||
Classifications of loans | |||
Total loans | 465,474 | 465,872 | 446,705 |
Loans Receivable | Residential construction | |||
Classifications of loans | |||
Total loans | 291,259 | 298,627 | 317,749 |
Loans Receivable | Consumer installment | |||
Classifications of loans | |||
Total loans | 102,585 | 104,899 | 106,991 |
Loans Receivable | Indirect auto | |||
Classifications of loans | |||
Total loans | $315,836 | $268,629 | $208,395 |
Loans_and_Allowance_for_Loan_L3
Loans and Allowance for Loan Losses - Balance and activity in allowance for loan losses by portfolio segment and recorded investment in loans by portfolio segment (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | $73,549 | $78,927 |
Charge-Offs | -3,352 | -5,176 |
Recoveries | 790 | 1,137 |
Allocation of Unallocated | ||
Provision | 1,800 | 2,500 |
Ending Balance | 72,787 | 77,388 |
Loans Receivable | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 71,619 | 76,762 |
Charge-Offs | -3,352 | -5,176 |
Recoveries | 790 | 1,137 |
Allocation of Unallocated | ||
Provision | 950 | 2,500 |
Ending Balance | 70,007 | 75,223 |
Loans Receivable | Owner occupied commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 16,041 | 17,164 |
Charge-Offs | -368 | -341 |
Recoveries | 11 | 89 |
Allocation of Unallocated | 1,278 | |
Provision | -732 | 5,166 |
Ending Balance | 14,952 | 23,356 |
Loans Receivable | Income producing commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 10,296 | 7,174 |
Charge-Offs | -248 | -231 |
Recoveries | 7 | |
Allocation of Unallocated | 688 | |
Provision | -400 | 231 |
Ending Balance | 9,655 | 7,862 |
Loans Receivable | Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 3,255 | 6,527 |
Charge-Offs | -469 | -963 |
Recoveries | 128 | 541 |
Allocation of Unallocated | 318 | |
Provision | 528 | -2,176 |
Ending Balance | 3,442 | 4,247 |
Loans Receivable | Commercial construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 4,747 | 3,669 |
Charge-Offs | -22 | |
Recoveries | ||
Allocation of Unallocated | 388 | |
Provision | 610 | -80 |
Ending Balance | 5,335 | 3,977 |
Loans Receivable | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 20,311 | 15,446 |
Charge-Offs | -578 | -1,581 |
Recoveries | 162 | 66 |
Allocation of Unallocated | 1,452 | |
Provision | 243 | 584 |
Ending Balance | 20,138 | 15,967 |
Loans Receivable | Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 4,574 | 5,528 |
Charge-Offs | -73 | -1,003 |
Recoveries | 14 | 10 |
Allocation of Unallocated | 391 | |
Provision | -194 | 1,194 |
Ending Balance | 4,321 | 6,120 |
Loans Receivable | Residential construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 10,603 | 12,532 |
Charge-Offs | -1,140 | -304 |
Recoveries | 79 | 93 |
Allocation of Unallocated | 1,728 | |
Provision | 668 | -1,868 |
Ending Balance | 10,210 | 12,181 |
Loans Receivable | Consumer installment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 731 | 1,353 |
Charge-Offs | -326 | -676 |
Recoveries | 376 | 327 |
Allocation of Unallocated | ||
Provision | -68 | -287 |
Ending Balance | 713 | 717 |
Loans Receivable | Indirect auto | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 1,061 | 1,126 |
Charge-Offs | -128 | -77 |
Recoveries | 13 | 11 |
Allocation of Unallocated | ||
Provision | 295 | -264 |
Ending Balance | 1,241 | 796 |
Loans Receivable | Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 6,243 | |
Charge-Offs | ||
Recoveries | ||
Allocation of Unallocated | -6,243 | |
Provision | ||
Ending Balance | ||
Loans Receivable | Allowance for unfunded commitments | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 1,930 | 2,165 |
Charge-Offs | ||
Recoveries | ||
Allocation of Unallocated | ||
Provision | 850 | |
Ending Balance | $2,780 | $2,165 |
Loans_and_Allowance_for_Loan_L4
Loans and Allowance for Loan Losses - Recorded investment in loans by portfolio segment and the balance of the allowance for loan losses (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | $7,594 | $9,882 | $8,399 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 65,193 | 63,667 | 68,989 | |
Allowance for Loan Losses, Ending balance | 72,787 | 73,549 | 77,388 | 78,927 |
Loans Outstanding, Ending Balance | 4,787,689 | 4,672,119 | 4,355,708 | |
Loans Receivable | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 7,594 | 9,882 | 8,399 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 62,413 | 61,737 | 66,824 | |
Allowance for Loan Losses, Ending balance | 70,007 | 71,619 | 75,223 | 76,762 |
Loans Outstanding, Individually evaluated for impairment | 106,906 | 106,472 | 105,120 | |
Loans Outstanding, Collectively evaluated for impairment | 4,680,783 | 4,565,647 | 4,250,588 | |
Loans Outstanding, Ending Balance | 4,787,689 | 4,672,119 | 4,355,708 | |
Loans Receivable | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,758 | 2,737 | 855 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 13,194 | 13,304 | 22,501 | |
Allowance for Loan Losses, Ending balance | 14,952 | 16,041 | 23,356 | 17,164 |
Loans Outstanding, Individually evaluated for impairment | 36,835 | 34,654 | 29,051 | |
Loans Outstanding, Collectively evaluated for impairment | 1,130,081 | 1,128,826 | 1,112,740 | |
Loans Outstanding, Ending Balance | 1,166,916 | 1,163,480 | 1,141,791 | |
Loans Receivable | Income producing commercial real estate | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 866 | 1,917 | 2,404 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 8,789 | 8,379 | 5,458 | |
Allowance for Loan Losses, Ending balance | 9,655 | 10,296 | 7,862 | 7,174 |
Loans Outstanding, Individually evaluated for impairment | 21,285 | 24,484 | 25,955 | |
Loans Outstanding, Collectively evaluated for impairment | 614,822 | 574,053 | 597,875 | |
Loans Outstanding, Ending Balance | 636,107 | 598,537 | 623,830 | |
Loans Receivable | Commercial & industrial | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 8 | 15 | 253 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 3,434 | 3,240 | 3,994 | |
Allowance for Loan Losses, Ending balance | 3,442 | 3,255 | 4,247 | 6,527 |
Loans Outstanding, Individually evaluated for impairment | 3,977 | 3,977 | 4,167 | |
Loans Outstanding, Collectively evaluated for impairment | 712,304 | 706,279 | 491,011 | |
Loans Outstanding, Ending Balance | 716,281 | 710,256 | 495,178 | |
Loans Receivable | Commercial construction | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 598 | 729 | 469 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 4,737 | 4,018 | 3,508 | |
Allowance for Loan Losses, Ending balance | 5,335 | 4,747 | 3,977 | 3,669 |
Loans Outstanding, Individually evaluated for impairment | 12,222 | 12,321 | 11,390 | |
Loans Outstanding, Collectively evaluated for impairment | 217,698 | 183,709 | 137,064 | |
Loans Outstanding, Ending Balance | 229,920 | 196,030 | 148,454 | |
Loans Receivable | Residential mortgage | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 3,174 | 3,227 | 3,079 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 16,964 | 17,084 | 12,888 | |
Allowance for Loan Losses, Ending balance | 20,138 | 20,311 | 15,967 | 15,446 |
Loans Outstanding, Individually evaluated for impairment | 21,934 | 18,775 | 21,303 | |
Loans Outstanding, Collectively evaluated for impairment | 841,377 | 847,014 | 845,312 | |
Loans Outstanding, Ending Balance | 863,311 | 865,789 | 866,615 | |
Loans Receivable | Home equity lines of credit | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 29 | 47 | 67 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 4,292 | 4,527 | 6,053 | |
Allowance for Loan Losses, Ending balance | 4,321 | 4,574 | 6,120 | 5,528 |
Loans Outstanding, Individually evaluated for impairment | 478 | 478 | 505 | |
Loans Outstanding, Collectively evaluated for impairment | 464,996 | 465,394 | 446,200 | |
Loans Outstanding, Ending Balance | 465,474 | 465,872 | 446,705 | |
Loans Receivable | Residential construction | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,152 | 1,192 | 1,253 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 9,058 | 9,411 | 10,928 | |
Allowance for Loan Losses, Ending balance | 10,210 | 10,603 | 12,181 | 12,532 |
Loans Outstanding, Individually evaluated for impairment | 10,027 | 11,604 | 12,409 | |
Loans Outstanding, Collectively evaluated for impairment | 281,232 | 287,023 | 305,340 | |
Loans Outstanding, Ending Balance | 291,259 | 298,627 | 317,749 | |
Loans Receivable | Consumer installment | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 9 | 18 | 19 | |
Allowance for Loan Losses,Collectively evaluated for impairment | 704 | 713 | 698 | |
Allowance for Loan Losses, Ending balance | 713 | 731 | 717 | 1,353 |
Loans Outstanding, Individually evaluated for impairment | 148 | 179 | 340 | |
Loans Outstanding, Collectively evaluated for impairment | 102,437 | 104,720 | 106,651 | |
Loans Outstanding, Ending Balance | 102,585 | 104,899 | 106,991 | |
Loans Receivable | Indirect auto | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | ||||
Allowance for Loan Losses,Collectively evaluated for impairment | 1,241 | 1,061 | 796 | |
Allowance for Loan Losses, Ending balance | 1,241 | 1,061 | 796 | 1,126 |
Loans Outstanding, Individually evaluated for impairment | ||||
Loans Outstanding, Collectively evaluated for impairment | 315,836 | 268,629 | 208,395 | |
Loans Outstanding, Ending Balance | 315,836 | 268,629 | 208,395 | |
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 | 2,780 | 1,930 | 2,165 | |
Allowance for Loan Losses, Ending balance | $2,780 | $1,930 | $2,165 | $2,165 |
Loans_and_Allowance_for_Loan_L5
Loans and Allowance for Loan Losses - Loans individually evaluated for impairment by class of loans (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Loans individually evaluated for impairment by class of loans | |||
Allowance for loan losses, Individually evaluated for impairment | $7,594 | $9,882 | $8,399 |
Loans Receivable | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 33,950 | 28,922 | 41,371 |
Recorded Investment, With no related allowance recorded | 29,942 | 25,488 | 30,711 |
Unpaid Principal Balance, With an allowance recorded | 82,211 | 83,768 | 79,222 |
Recorded Investment, With allowance recorded | 76,964 | 80,984 | 74,409 |
Unpaid Principal Balance | 116,161 | 112,690 | 120,593 |
Recorded Investment | 106,906 | 106,472 | 105,120 |
Allowance for loan losses allocated with allowance | 7,594 | 9,882 | 8,399 |
Allowance for loan losses, Individually evaluated for impairment | 7,594 | 9,882 | 8,399 |
Loans Receivable | Owner occupied commercial real estate | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 17,214 | 12,025 | 18,141 |
Recorded Investment, With no related allowance recorded | 15,968 | 11,325 | 14,034 |
Unpaid Principal Balance, With an allowance recorded | 22,494 | 24,728 | 15,157 |
Recorded Investment, With allowance recorded | 20,867 | 23,329 | 17,072 |
Allowance for loan losses allocated with allowance | 1,758 | 2,737 | 855 |
Allowance for loan losses, Individually evaluated for impairment | 1,758 | 2,737 | 855 |
Loans Receivable | Income producing commercial real estate | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 8,645 | 8,311 | 6,575 |
Recorded Investment, With no related allowance recorded | 8,502 | 8,311 | 3,816 |
Unpaid Principal Balance, With an allowance recorded | 12,789 | 16,352 | 24,220 |
Recorded Investment, With allowance recorded | 12,783 | 16,173 | 20,084 |
Allowance for loan losses allocated with allowance | 866 | 1,917 | 2,404 |
Allowance for loan losses, Individually evaluated for impairment | 866 | 1,917 | 2,404 |
Loans Receivable | Commercial & industrial | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 1,677 | 1,679 | 2,417 |
Recorded Investment, With no related allowance recorded | 1,040 | 1,042 | 1,851 |
Unpaid Principal Balance, With an allowance recorded | 2,945 | 2,936 | 2,598 |
Recorded Investment, With allowance recorded | 2,937 | 2,935 | 2,316 |
Allowance for loan losses allocated with allowance | 8 | 15 | 253 |
Allowance for loan losses, Individually evaluated for impairment | 8 | 15 | 253 |
Loans Receivable | Commercial construction | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 390 | ||
Recorded Investment, With no related allowance recorded | 390 | ||
Unpaid Principal Balance, With an allowance recorded | 12,302 | 12,401 | 11,079 |
Recorded Investment, With allowance recorded | 12,222 | 12,321 | 11,000 |
Allowance for loan losses allocated with allowance | 598 | 729 | 469 |
Allowance for loan losses, Individually evaluated for impairment | 598 | 729 | 469 |
Loans Receivable | Commercial | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 27,536 | 22,015 | 27,523 |
Recorded Investment, With no related allowance recorded | 25,510 | 20,678 | 20,091 |
Unpaid Principal Balance, With an allowance recorded | 50,530 | 56,417 | 53,054 |
Recorded Investment, With allowance recorded | 48,809 | 54,758 | 50,472 |
Allowance for loan losses allocated with allowance | 3,230 | 5,398 | 3,981 |
Loans Receivable | Residential mortgage | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 3,411 | 2,569 | 7,292 |
Recorded Investment, With no related allowance recorded | 1,793 | 1,472 | 5,364 |
Unpaid Principal Balance, With an allowance recorded | 21,872 | 17,732 | 16,688 |
Recorded Investment, With allowance recorded | 20,141 | 17,303 | 15,939 |
Allowance for loan losses allocated with allowance | 3,174 | 3,227 | 3,079 |
Allowance for loan losses, Individually evaluated for impairment | 3,174 | 3,227 | 3,079 |
Loans Receivable | Home equity lines of credit | |||
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 | 478 | 478 | 505 |
Recorded Investment, With allowance recorded | 478 | 478 | 505 |
Allowance for loan losses allocated with allowance | 29 | 47 | 67 |
Allowance for loan losses, Individually evaluated for impairment | 29 | 47 | 67 |
Loans Receivable | Residential construction | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 3,003 | 4,338 | 6,474 |
Recorded Investment, With no related allowance recorded | 2,639 | 3,338 | 5,174 |
Unpaid Principal Balance, With an allowance recorded | 9,180 | 8,962 | 8,615 |
Recorded Investment, With allowance recorded | 7,388 | 8,266 | 7,235 |
Allowance for loan losses allocated with allowance | 1,152 | 1,192 | 1,253 |
Allowance for loan losses, Individually evaluated for impairment | 1,152 | 1,192 | 1,253 |
Loans Receivable | Consumer installment | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 82 | ||
Recorded Investment, With no related allowance recorded | 82 | ||
Unpaid Principal Balance, With an allowance recorded | 151 | 179 | 360 |
Recorded Investment, With allowance recorded | 148 | 179 | 258 |
Allowance for loan losses allocated with allowance | 9 | 18 | 19 |
Allowance for loan losses, Individually evaluated for impairment | 9 | 18 | 19 |
Loans Receivable | Indirect auto | |||
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 | |||
Recorded Investment, With allowance recorded | |||
Allowance for loan losses allocated with allowance | |||
Allowance for loan losses, Individually evaluated for impairment |
Loans_and_Allowance_for_Loan_L6
Loans and Allowance for Loan Losses - Average balances of impaired loans and income recognized on impaired loans (Details 4) (Loans Receivable, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | $108,000 | $107,554 |
Interest Revenue Recognized During Impairment | 1,235 | 1,220 |
Cash Basis Interest Revenue Received | 1,259 | 1,302 |
Owner occupied commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 36,989 | 29,109 |
Interest Revenue Recognized During Impairment | 460 | 358 |
Cash Basis Interest Revenue Received | 459 | 380 |
Income producing commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 21,424 | 25,860 |
Interest Revenue Recognized During Impairment | 267 | 312 |
Cash Basis Interest Revenue Received | 275 | 333 |
Commercial & industrial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 4,023 | 4,560 |
Interest Revenue Recognized During Impairment | 38 | 53 |
Cash Basis Interest Revenue Received | 37 | 51 |
Commercial construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 12,273 | 12,714 |
Interest Revenue Recognized During Impairment | 116 | 112 |
Cash Basis Interest Revenue Received | 121 | 135 |
Commercial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 74,709 | 72,243 |
Interest Revenue Recognized During Impairment | 881 | 835 |
Cash Basis Interest Revenue Received | 892 | 899 |
Residential mortgage | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 22,085 | 21,321 |
Interest Revenue Recognized During Impairment | 226 | 229 |
Cash Basis Interest Revenue Received | 233 | 238 |
Home equity lines of credit | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 478 | 505 |
Interest Revenue Recognized During Impairment | 5 | 5 |
Cash Basis Interest Revenue Received | 5 | 6 |
Residential construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 10,575 | 13,037 |
Interest Revenue Recognized During Impairment | 120 | 145 |
Cash Basis Interest Revenue Received | 126 | 150 |
Consumer installment | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 153 | 448 |
Interest Revenue Recognized During Impairment | 3 | 6 |
Cash Basis Interest Revenue Received | 3 | 9 |
Indirect auto | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | ||
Interest Revenue Recognized During Impairment | ||
Cash Basis Interest Revenue Received |
Loans_and_Allowance_for_Loan_L7
Loans and Allowance for Loan Losses - Recorded investment in nonaccrual loans by loan class (Details 5) (Loans Receivable, USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | $19,015 | $17,881 | $25,250 |
Owner occupied commercial real estate | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 4,360 | 4,133 | 3,868 |
Income producing commercial real estate | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 835 | 717 | 1,278 |
Commercial & industrial | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 1,629 | 1,571 | 822 |
Commercial construction | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 60 | 83 | 479 |
Commercial | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 6,884 | 6,504 | 6,447 |
Residential mortgage | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 8,669 | 8,196 | 13,307 |
Home equity lines of credit | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 693 | 695 | 1,106 |
Residential construction | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 2,127 | 2,006 | 3,805 |
Consumer installment | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 142 | 134 | 291 |
Indirect auto | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | $500 | $346 | $294 |
Loans_and_Allowance_for_Loan_L8
Loans and Allowance for Loan Losses - Aging of recorded investment in past due loans (Details 6) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Aging of the recorded investment in past due loans | |||
Loans Outstanding, Ending Balance | $4,787,689 | $4,672,119 | $4,355,708 |
Loans Receivable | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 10,341 | 12,242 | 15,320 |
Loans Past Due, 60 - 89 Days | 5,996 | 6,925 | 6,498 |
Loans Past Due, > 90 Days | 6,633 | 7,646 | 9,107 |
Loans, Total Past Due | 22,970 | 26,813 | 30,925 |
Loans Not Past Due | 4,764,719 | 4,645,306 | 4,324,783 |
Loans Outstanding, Ending Balance | 4,787,689 | 4,672,119 | 4,355,708 |
Loans Receivable | Owner occupied commercial real estate | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 1,965 | 1,444 | 1,265 |
Loans Past Due, 60 - 89 Days | 1,130 | 1,929 | 187 |
Loans Past Due, > 90 Days | 1,573 | 1,141 | 1,276 |
Loans, Total Past Due | 4,668 | 4,514 | 2,728 |
Loans Not Past Due | 1,162,248 | 1,158,966 | 1,139,063 |
Loans Outstanding, Ending Balance | 1,166,916 | 1,163,480 | 1,141,791 |
Loans Receivable | Income producing commercial real estate | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 62 | 2,322 | 1,045 |
Loans Past Due, 60 - 89 Days | 1,172 | 1,259 | |
Loans Past Due, > 90 Days | 440 | 589 | |
Loans, Total Past Due | 502 | 3,494 | 2,893 |
Loans Not Past Due | 635,605 | 595,043 | 620,937 |
Loans Outstanding, Ending Balance | 636,107 | 598,537 | 623,830 |
Loans Receivable | Commercial & industrial | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 790 | 302 | 1,468 |
Loans Past Due, 60 - 89 Days | 1,001 | 40 | 231 |
Loans Past Due, > 90 Days | 1,405 | 1,425 | 589 |
Loans, Total Past Due | 3,196 | 1,767 | 2,288 |
Loans Not Past Due | 713,085 | 708,489 | 492,890 |
Loans Outstanding, Ending Balance | 716,281 | 710,256 | 495,178 |
Loans Receivable | Commercial construction | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 313 | ||
Loans Past Due, 60 - 89 Days | 46 | ||
Loans Past Due, > 90 Days | 44 | 66 | 366 |
Loans, Total Past Due | 44 | 66 | 725 |
Loans Not Past Due | 229,876 | 195,964 | 147,729 |
Loans Outstanding, Ending Balance | 229,920 | 196,030 | 148,454 |
Loans Receivable | Commercial | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 2,817 | 4,068 | 4,091 |
Loans Past Due, 60 - 89 Days | 2,131 | 3,141 | 1,723 |
Loans Past Due, > 90 Days | 3,462 | 2,632 | 2,820 |
Loans, Total Past Due | 8,410 | 9,841 | 8,634 |
Loans Not Past Due | 2,740,814 | 2,658,462 | 2,400,619 |
Loans Outstanding, Ending Balance | 2,749,224 | 2,668,303 | 2,409,253 |
Loans Receivable | Residential mortgage | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 4,290 | 5,234 | 7,295 |
Loans Past Due, 60 - 89 Days | 1,566 | 2,931 | 3,520 |
Loans Past Due, > 90 Days | 2,558 | 3,278 | 4,806 |
Loans, Total Past Due | 8,414 | 11,443 | 15,621 |
Loans Not Past Due | 854,897 | 854,346 | 850,994 |
Loans Outstanding, Ending Balance | 863,311 | 865,789 | 866,615 |
Loans Receivable | Home equity lines of credit | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 1,470 | 961 | 1,554 |
Loans Past Due, 60 - 89 Days | 762 | 303 | 551 |
Loans Past Due, > 90 Days | 86 | 167 | 502 |
Loans, Total Past Due | 2,318 | 1,431 | 2,607 |
Loans Not Past Due | 463,156 | 464,441 | 444,098 |
Loans Outstanding, Ending Balance | 465,474 | 465,872 | 446,705 |
Loans Receivable | Residential construction | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 1,018 | 1,172 | 1,440 |
Loans Past Due, 60 - 89 Days | 1,343 | 268 | 30 |
Loans Past Due, > 90 Days | 245 | 1,395 | 782 |
Loans, Total Past Due | 2,606 | 2,835 | 2,252 |
Loans Not Past Due | 288,653 | 295,792 | 315,497 |
Loans Outstanding, Ending Balance | 291,259 | 298,627 | 317,749 |
Loans Receivable | Consumer installment | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 485 | 607 | 677 |
Loans Past Due, 60 - 89 Days | 61 | 136 | 495 |
Loans Past Due, > 90 Days | 80 | 33 | 60 |
Loans, Total Past Due | 626 | 776 | 1,232 |
Loans Not Past Due | 101,959 | 104,123 | 105,759 |
Loans Outstanding, Ending Balance | 102,585 | 104,899 | 106,991 |
Loans Receivable | Indirect auto | |||
Aging of the recorded investment in past due loans | |||
Loans Past Due, 30 - 59 Days | 261 | 200 | 263 |
Loans Past Due, 60 - 89 Days | 133 | 146 | 179 |
Loans Past Due, > 90 Days | 202 | 141 | 137 |
Loans, Total Past Due | 596 | 487 | 579 |
Loans Not Past Due | 315,240 | 268,142 | 207,816 |
Loans Outstanding, Ending Balance | $315,836 | $268,629 | $208,395 |
Loans_and_Allowance_for_Loan_L9
Loans and Allowance for Loan Losses - TDRs and pre and post-modification recorded investment (Details 7) (Loans Receivable, USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Contract | Contract | Contract |
Additional information on troubled debt restructurings | |||
Number of Contracts | 354 | 352 | 356 |
Pre-Modification Outstanding Recorded Investment | $90,088 | $88,246 | $92,892 |
Post-Modification Outstanding Recorded Investment | 86,430 | 85,096 | 85,869 |
Owner occupied commercial real estate | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | 52 | 54 | 46 |
Pre-Modification Outstanding Recorded Investment | 30,600 | 27,695 | 24,194 |
Post-Modification Outstanding Recorded Investment | 29,201 | 26,296 | 22,471 |
Income producing commercial real estate | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | 28 | 31 | 32 |
Pre-Modification Outstanding Recorded Investment | 14,525 | 18,094 | 20,936 |
Post-Modification Outstanding Recorded Investment | 14,525 | 17,915 | 18,488 |
Commercial & industrial | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | 32 | 32 | 35 |
Pre-Modification Outstanding Recorded Investment | 2,902 | 2,848 | 3,574 |
Post-Modification Outstanding Recorded Investment | 2,902 | 2,847 | 3,292 |
Commercial construction | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | 14 | 14 | 14 |
Pre-Modification Outstanding Recorded Investment | 11,268 | 11,360 | 11,678 |
Post-Modification Outstanding Recorded Investment | 11,188 | 11,280 | 11,598 |
Commercial | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | 126 | 131 | 127 |
Pre-Modification Outstanding Recorded Investment | 59,295 | 59,997 | 60,382 |
Post-Modification Outstanding Recorded Investment | 57,816 | 58,338 | 55,849 |
Residential mortgage | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | 162 | 154 | 148 |
Pre-Modification Outstanding Recorded Investment | 21,343 | 18,630 | 21,163 |
Post-Modification Outstanding Recorded Investment | 20,600 | 17,836 | 19,657 |
Home equity lines of credit | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | 2 | 2 | 3 |
Pre-Modification Outstanding Recorded Investment | 478 | 478 | 505 |
Post-Modification Outstanding Recorded Investment | 478 | 478 | 505 |
Residential construction | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | 47 | 48 | 52 |
Pre-Modification Outstanding Recorded Investment | 8,824 | 8,962 | 10,400 |
Post-Modification Outstanding Recorded Investment | 7,388 | 8,265 | 9,518 |
Consumer installment | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | 17 | 17 | 26 |
Pre-Modification Outstanding Recorded Investment | 148 | 179 | 442 |
Post-Modification Outstanding Recorded Investment | 148 | 179 | 340 |
Indirect auto | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | |||
Pre-Modification Outstanding Recorded Investment | |||
Post-Modification Outstanding Recorded Investment |
Recovered_Sheet1
Loans and Allowance for Loan Losses - Loans modified under terms of TDR (Details 8) (Loans Receivable, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 22 | 22 |
Pre-Modification Outstanding Recorded Investment | $6,541 | $2,867 |
Post Modification Outstanding Recorded Investment | 6,541 | 2,867 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | 1 | 7 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | 30 | 610 |
Owner occupied commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | 4,497 | 605 |
Post Modification Outstanding Recorded Investment | 4,497 | 605 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | 1 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | 104 | |
Income producing commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | 255 | 533 |
Post Modification Outstanding Recorded Investment | 255 | 533 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Commercial & industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | 188 | 224 |
Post Modification Outstanding Recorded Investment | 188 | 224 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | 2 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | 54 | |
Commercial construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | 231 | |
Post Modification Outstanding Recorded Investment | 231 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 6 | 6 |
Pre-Modification Outstanding Recorded Investment | 4,940 | 1,593 |
Post Modification Outstanding Recorded Investment | 4,940 | 1,593 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | 3 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | 158 | |
Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 15 | 14 |
Pre-Modification Outstanding Recorded Investment | 1,598 | 1,132 |
Post Modification Outstanding Recorded Investment | 1,598 | 1,132 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | 4 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | 452 | |
Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Pre-Modification Outstanding Recorded Investment | ||
Post Modification Outstanding Recorded Investment | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Residential construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Pre-Modification Outstanding Recorded Investment | ||
Post Modification Outstanding Recorded Investment | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Consumer installment | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | 3 | 142 |
Post Modification Outstanding Recorded Investment | 3 | 142 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | 1 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | 30 | |
Indirect auto | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | ||
Pre-Modification Outstanding Recorded Investment | ||
Post Modification Outstanding Recorded Investment | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment |
Recovered_Sheet2
Loans and Allowance for Loan Losses - Risk category of loans by class of loans (Details 9) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Risk category of loans by class of loans | |||
Total loans | $4,787,689 | $4,672,119 | $4,355,708 |
Loans Receivable | |||
Risk category of loans by class of loans | |||
Total loans | 4,787,689 | 4,672,119 | 4,355,708 |
Loans Receivable | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 4,589,476 | 4,466,798 | 4,098,137 |
Loans Receivable | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 57,481 | 59,047 | 67,456 |
Loans Receivable | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 121,717 | 128,393 | 164,865 |
Loans Receivable | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 19,015 | 17,881 | 25,250 |
Loans Receivable | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans | |||
Loans Receivable | Owner occupied commercial real estate | |||
Risk category of loans by class of loans | |||
Total loans | 1,166,916 | 1,163,480 | 1,141,791 |
Loans Receivable | Owner occupied commercial real estate | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 1,097,075 | 1,094,057 | 1,059,528 |
Loans Receivable | Owner occupied commercial real estate | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 21,594 | 18,889 | 30,869 |
Loans Receivable | Owner occupied commercial real estate | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 43,887 | 46,401 | 47,525 |
Loans Receivable | Owner occupied commercial real estate | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 4,360 | 4,133 | 3,868 |
Loans Receivable | Owner occupied commercial real estate | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans | |||
Loans Receivable | Income producing commercial real estate | |||
Risk category of loans by class of loans | |||
Total loans | 636,107 | 598,537 | 623,830 |
Loans Receivable | Income producing commercial real estate | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 600,976 | 560,559 | 577,771 |
Loans Receivable | Income producing commercial real estate | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 14,415 | 16,701 | 7,982 |
Loans Receivable | Income producing commercial real estate | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 19,881 | 20,560 | 36,800 |
Loans Receivable | Income producing commercial real estate | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 835 | 717 | 1,278 |
Loans Receivable | Income producing commercial 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 | 716,281 | 710,256 | 495,178 |
Loans Receivable | Commercial & industrial | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 704,714 | 696,805 | 481,310 |
Loans Receivable | Commercial & industrial | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 3,234 | 4,017 | 4,905 |
Loans Receivable | Commercial & industrial | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 6,704 | 7,863 | 8,141 |
Loans Receivable | Commercial & industrial | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 1,629 | 1,571 | 822 |
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 | 229,920 | 196,030 | 148,454 |
Loans Receivable | Commercial construction | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 223,810 | 190,070 | 138,560 |
Loans Receivable | Commercial construction | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 2,522 | 2,311 | 4,134 |
Loans Receivable | Commercial construction | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 3,528 | 3,566 | 5,281 |
Loans Receivable | Commercial construction | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 60 | 83 | 479 |
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 | 2,749,224 | 2,668,303 | 2,409,253 |
Loans Receivable | Commercial | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 2,626,575 | 2,541,491 | 2,257,169 |
Loans Receivable | Commercial | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 41,765 | 41,918 | 47,890 |
Loans Receivable | Commercial | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 74,000 | 78,390 | 97,747 |
Loans Receivable | Commercial | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 6,884 | 6,504 | 6,447 |
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 | 863,311 | 865,789 | 866,615 |
Loans Receivable | Residential mortgage | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 813,075 | 814,168 | 799,145 |
Loans Receivable | Residential mortgage | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 11,185 | 11,594 | 10,591 |
Loans Receivable | Residential mortgage | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 30,382 | 31,831 | 43,572 |
Loans Receivable | Residential mortgage | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 8,669 | 8,196 | 13,307 |
Loans Receivable | Residential mortgage | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans | |||
Loans Receivable | Home equity lines of credit | |||
Risk category of loans by class of loans | |||
Total loans | 465,474 | 465,872 | 446,705 |
Loans Receivable | Home equity lines of credit | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 458,577 | 459,881 | 437,908 |
Loans Receivable | Home equity lines of credit | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 470 | 29 | |
Loans Receivable | Home equity lines of credit | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 5,734 | 5,296 | 7,662 |
Loans Receivable | Home equity lines of credit | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 693 | 695 | 1,106 |
Loans Receivable | Home equity lines of credit | 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 | 291,259 | 298,627 | 317,749 |
Loans Receivable | Residential construction | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 275,567 | 280,166 | 292,032 |
Loans Receivable | Residential construction | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 4,061 | 5,535 | 8,935 |
Loans Receivable | Residential construction | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 9,504 | 10,920 | 12,977 |
Loans Receivable | Residential construction | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 2,127 | 2,006 | 3,805 |
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 | 102,585 | 104,899 | 106,991 |
Loans Receivable | Consumer installment | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 101,142 | 103,383 | 104,379 |
Loans Receivable | Consumer installment | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 11 | ||
Loans Receivable | Consumer installment | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 1,301 | 1,382 | 2,310 |
Loans Receivable | Consumer installment | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 142 | 134 | 291 |
Loans Receivable | Consumer installment | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans | |||
Loans Receivable | Indirect auto | |||
Risk category of loans by class of loans | |||
Total loans | 315,836 | 268,629 | 208,395 |
Loans Receivable | Indirect auto | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 314,540 | 267,709 | 207,504 |
Loans Receivable | Indirect auto | Watch | |||
Risk category of loans by class of loans | |||
Total loans | |||
Loans Receivable | Indirect auto | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 796 | 574 | 597 |
Loans Receivable | Indirect auto | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | 500 | 346 | 294 |
Loans Receivable | Indirect auto | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans |
Recovered_Sheet3
Loans and Allowance for Loan Losses (Detail Textuals) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Criteria amount for evaluation of impairment | $500,000 | ||
Accruing substandard relationship | 2,000,000 | ||
Percentage of appraised value of underlying collateral in nonaccrual status | 80.00% | ||
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original terms | 260,000 | 460,000 | |
Specific reserves | 7,120,000 | 8,250,000 | 9,720,000 |
Loans outstanding classified as troubled debt restructurings | 36,000 | 12,000 | 51,000 |
FHLB | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged as collateral to secure FHLB advances | $2,280,000,000 | $2,070,000,000 | $2,350,000,000 |
SBA_Servicing_Rights_Changes_i
SBA Servicing Rights - Changes in the balances of servicing assets and servicing liabilities subsequently measured using fair value measurement method (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
ASC 860 Servicing Asset Rollforward | |
Fair value as of January 1, 2015 | $2,551 |
Additions: | |
Originated servicing rights capitalized upon sale of loans | 190 |
Subtractions: | |
Disposals | |
Changes in fair value: | |
Due to change in valuation inputs or assumptions used in the valuation model | -24 |
Fair value as of March 31, 2015 | $2,717 |
SBA_Servicing_Rights_Economic_
SBA Servicing Rights - Economic assumptions of SBA Servicing Asset (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Servicing Assets at Fair Value [Line Items] | ||
Fair value of retained Servicing Assets | $2,717 | $2,551 |
Prepayment rate assumption | 7.26% | 6.70% |
10% adverse change | -75 | -62 |
20% adverse change | -146 | -122 |
Discount rate | 11.10% | 12.00% |
Weighted-average life (months) | 7 years 1 month 6 days | 6 years 6 months |
Weighted-average gross margin | 2.13% | 2.00% |
100 bps adverse change | ||
Servicing Assets at Fair Value [Line Items] | ||
Adverse change | -101 | -85 |
200bps adverse change | ||
Servicing Assets at Fair Value [Line Items] | ||
Adverse change | ($196) | ($164) |
Reclassifications_Out_of_Accum2
Reclassifications Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities gains, net | $1,539 | $217 |
Time deposit interest expense | -1,109 | -1,771 |
Money market deposit interest expense | 673 | 563 |
Tax benefit (expense) | 10,393 | 9,038 |
Net of tax | 17,670 | 14,961 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | 282 | -197 |
Reclassifications Out of Accumulated Other Comprehensive Income | Realized gains on sales of available-for-sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities gains, net | 1,539 | 217 |
Tax benefit (expense) | -598 | -92 |
Net of tax | 941 | 125 |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of (losses) 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 | -484 | -330 |
Tax benefit (expense) | 182 | 123 |
Net of tax | -302 | -207 |
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] | ||
Time deposit interest expense | -97 | |
Deposits in banks and short-term investments interest revenue | -48 | |
Money market deposit interest expense | -119 | |
Federal Home Loan Bank advances interest expense | -258 | |
Total before tax | -425 | -97 |
Tax benefit (expense) | 165 | 38 |
Net of tax | -260 | -59 |
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 | -159 | -91 |
Tax benefit (expense) | 62 | 35 |
Net of tax | -97 | -56 |
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 | -91 | -91 |
Actuarial losses | ($68) |
Earnings_Per_Share_Preferred_s
Earnings Per Share - Preferred stock dividends (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accrued dividends on preferred stock, including accretion of discounts | ||
Total preferred stock dividends | $439 | |
Series B - 5% fixed until December 6, 2013, 9% thereafter | ||
Accrued dividends on preferred stock, including accretion of discounts | ||
Total preferred stock dividends | 159 | |
Series D - LIBOR plus 9.6875%, resets quarterly | ||
Accrued dividends on preferred stock, including accretion of discounts | ||
Total preferred stock dividends | $280 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of basic and diluted earnings per share (Details 1) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Computation of basic and diluted loss per share | ||
Net income available to common shareholders | $17,670 | $14,961 |
Weighted average shares outstanding: | ||
Basic | 60,905 | 60,059 |
Effect of dilutive securities | ||
Stock options | 4 | 2 |
Diluted | 60,909 | 60,061 |
Net income per common share: | ||
Basic (in dollars per share) | $0.29 | $0.25 |
Diluted (in dollars per share) | $0.29 | $0.25 |
Earnings_Per_Share_Detail_Text
Earnings Per Share (Detail Textuals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Class of Stock [Line Items] | ||
Shares issuable upon the exercise of warrants | 219,909 | 219,909 |
Exercise of price warrants | $61.40 | $61.40 |
Fletcher International Ltd | ||
Class of Stock [Line Items] | ||
Shares issuable upon the exercise of warrants | 1,411,765 | |
Exercise of price warrants | $21.25 | |
Employees | ||
Class of Stock [Line Items] | ||
Shares issuable upon exercise of grants | 301,344 | 348,860 |
Weighted average exercise price of stock options granted to employees | $93.01 | $98.02 |
Restricted Stock | ||
Class of Stock [Line Items] | ||
Vesting of restricted stock awards | 773,304 | 1,100,000 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Derivatives accounted for as hedges under ASC 815 (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, asset derivatives, fair value | $5 | $5,626 | |
Derivatives accounted for as hedges, liability derivatives, fair value | 3,797 | 6,167 | 21,176 |
Other assets | Cash flow hedging | Money Market Deposits | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, asset derivatives, fair value | 2,971 | ||
Other assets | Fair value hedging | Brokered CD's | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, asset derivatives, fair value | 5 | ||
Other assets | Fair value hedging | Corporate Bonds | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, asset derivatives, fair value | 2,655 | ||
Other liabilities | Cash flow hedging | Short-Term Debt | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, liability derivatives, fair value | 3,650 | ||
Other liabilities | Cash flow hedging | Money Market Deposits | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, liability derivatives, fair value | 350 | 678 | |
Other liabilities | Fair value hedging | AFS security | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, liability derivatives, fair value | 345 | ||
Other liabilities | Fair value hedging | Brokered CD's | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, liability derivatives, fair value | 3,452 | 5,817 | 14,119 |
Other liabilities | Fair value hedging | Corporate Bonds | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, liability derivatives, fair value | $2,729 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments under ASC 815 (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $20,286 | $20,599 | $15,937 |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 25,479 | 25,830 | 21,133 |
Other assets | Customer swap positions | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 5,043 | 3,433 | 1,359 |
Other assets | Dealer offsets to customer swap positions | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 128 | 825 | |
Other assets | Bifurcated embedded derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 8,117 | 12,262 | 13,753 |
Other assets | Offsetting positions for de-designated cash flow hedges | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 7,126 | 4,776 | |
Other liabilities | Customer swap positions | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 129 | 825 | |
Other liabilities | Dealer offsets to customer swap positions | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 5,107 | 3,456 | 1,377 |
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 | 13,244 | 17,467 | 18,931 |
Other liabilities | De-designated cash flow hedges | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $7,128 | $4,778 |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities - Derivatives in Fair Value Hedging Relationships (Details 2) (Fair value hedging, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $2,025 | $4,149 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | -2,062 | -4,538 |
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 | 2,370 | 5,853 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | -2,405 | -6,034 |
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 | -345 | -1,704 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $343 | $1,496 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities - Derivatives in Cash Flow Hedging Relationships (Details 3) (Cash flow hedging, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | ($471) | ($2,833) |
Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | -425 | -97 |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | ($7) | ($35) |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activities (Detail Textuals) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized net gain (loss) related to ineffectiveness of hedging relationships | $37,000 | $389,000 | ||
Net reduction of interest expense/revenue | 1,140,000 | 1,210,000 | ||
Credit risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Collateral pledged toward derivatives | 31,400,000 | |||
Cash flow hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of derivative contracts outstanding | 1 | |||
Total notional amount designated as cash flow hedges | 175,000,000 | |||
Cash flow hedging | Offsetting positions for de-designated cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total notional amount designated as cash flow hedges | 500,000,000 | 500,000,000 | ||
Cash flow hedging | Interest Rate Risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of derivative contracts outstanding | 3 | 3 | 1 | |
Recognized net gain (loss) related to ineffectiveness of hedging relationships | 7,000 | 35,000 | ||
Increase to deposit interest expense over next twelve months | 1,830,000 | |||
Total notional amount designated as cash flow hedges | 375,000,000 | 200,000,000 | 175,000,000 | |
Fair value hedging of interest rate risk | Corporate Bonds | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net reduction of interest expense/revenue | 74,000 | 530,000 | ||
Fair value hedging of interest rate risk | Interest Rate Risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of derivative contracts outstanding | 16 | 24 | 1 | |
Derivative instruments outstanding | 8 | |||
Remaining number of derivative held | 16 | |||
Aggregate notional amount designated as fair value hedges of interest rate risk | 86,000,000 | |||
Total notional amount designated as cash flow hedges | $197,000,000 | $285,000,000 | $30,000,000 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock option activity (Details) (Stock Options, USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Stock Options | |
Shares | |
Outstanding at December 31, 2014 | 313,555 |
Expired | -12,211 |
Outstanding at March 31, 2015 | 301,344 |
Outstanding at March 31, 2015 | 285,095 |
Weighted-Average Exercise Price | |
Outstanding at December 31, 2014 | $93.40 |
Expired | $103.12 |
Outstanding at March 31, 2015 | $93.01 |
Outstanding at March 31, 2015 | $97.43 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 2 years 8 months 12 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 2 years 3 months 18 days |
Aggregate Intrinsic Value, Outstanding | $118 |
Aggregate Intrinsic Value, Exercisable | $63 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted stock activity (Details 2) (Restricted Stock and Restricted Stock Unit, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock and Restricted Stock Unit | |
Shares | |
Outstanding at December 31, 2014 | 829,201 |
Granted | 95,167 |
Exercised | -100,607 |
Cancelled | -50,457 |
Outstanding at March 31, 2015 | 773,304 |
Vested at March 31, 2015 | 7,580 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at December 31, 2013 | $14.76 |
Granted | $18.06 |
Exercised | $15.36 |
Cancelled | $15.09 |
Outstanding at March 31, 2015 | $15.07 |
Vested at March 31, 2015 | $9.90 |
StockBased_Compensation_Detail
Stock-Based Compensation (Detail textuals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional award granted under plan | 405,000 | |
Vesting period | 4 years | |
Exercisable period | 10 years | |
Total intrinsic value | $9,460,000 | |
Recognition period for unrecognized compensation cost related | 2 years 8 months 9 days | |
Aggregate grant date fair value | $1,550,000 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 10,000 | |
Estimated forfeiture rate of award | 3.00% | |
Restricted Stock and Restricted Stock Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 956,000 | 1,100,000 |
Total intrinsic value | $14,600,000 | |
Other operating expense for restricted stock units granted | $25,000 | $25,000 |
Common_and_Preferred_Stock_Iss1
Common and Preferred Stock Issued / Common Stock Issuable (Detail Textual) (USD $) | 3 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 25, 2014 | |
Common And Preferred Stock Issued And Common Stock Issuable [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 640,000 | ||
Stock Issued During Period, Value, New Issues | $12,206,000 | ||
Proceeds from Issuance of Common Stock | 12,206,000 | ||
Shares issued in connection with DRIP | 487 | ||
Shares purchased by United's 401(k) retirement plan | 11,837 | ||
Amount of shares issued | 209,000 | ||
Discount offered to employees under United has an Employee Stock Purchase Program (ESPP) to purchase shares of common stock | 5.00% | ||
Increased percentage of discount on purchases made through ESPP | 10.00% | ||
Stock issued during period shares employee stock pension plan | 3,202 | 2,639 | |
Common stock issuable shares under deferred compensation plan | 400,369 | 237,763 | |
Settlement Agreement | Fletcher International Ltd | |||
Common And Preferred Stock Issued And Common Stock Issuable [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 640,000 | ||
Stock Issued During Period, Value, New Issues | 12,000,000 | ||
Proceeds from Issuance of Common Stock | $12,200,000 |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $10,393,000 | $9,038,000 | |
Income tax effective tax rate | 37.00% | 37.00% | |
Valuation allowance on deferred tax assets | 4,270,000 | 4,080,000 | 4,120,000 |
Valuation allowance related to specific state income tax credits | 4,270,000 | ||
Net deferred tax asset realized based upon future taxable income | 202,000,000 | ||
Unrecognized income tax benefits | $4,290,000 | $4,590,000 | $4,200,000 |
Assets_and_Liabilities_Measure2
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) (Recurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Level 1 | |||
Assets: | |||
Total assets | $51,780 | $109,573 | $3,468 |
Liabilities: | |||
Total liabilities | 3,366 | 3,864 | 3,468 |
Level 1 | U.S. Treasury securities | |||
Assets: | |||
Total assets | 48,414 | 105,709 | |
Level 1 | U.S. Government agencies | |||
Assets: | |||
Total assets | |||
Level 1 | State and political subdivisions | |||
Assets: | |||
Total assets | |||
Level 1 | Mortgage-backed securities | |||
Assets: | |||
Total assets | |||
Level 1 | Corporate bonds | |||
Assets: | |||
Total assets | |||
Level 1 | Asset-backed securities | |||
Assets: | |||
Total assets | |||
Level 1 | Other | |||
Assets: | |||
Total assets | |||
Level 1 | Deferred compensation plan assets | |||
Assets: | |||
Total assets | 3,366 | 3,864 | 3,468 |
Level 1 | SBA servicing rights | |||
Assets: | |||
Total assets | |||
Level 1 | Derivative financial instruments | |||
Assets: | |||
Total assets | |||
Level 1 | Deferred compensation plan liability | |||
Liabilities: | |||
Total liabilities | 3,366 | 3,864 | 3,468 |
Level 1 | Brokered certificates of deposit | |||
Liabilities: | |||
Total liabilities | |||
Level 1 | Derivative financial instruments | |||
Liabilities: | |||
Total liabilities | |||
Level 2 | |||
Assets: | |||
Total assets | 1,764,983 | 1,684,612 | 1,858,889 |
Liabilities: | |||
Total liabilities | 14,747 | 13,018 | 220,035 |
Level 2 | U.S. Treasury securities | |||
Assets: | |||
Total assets | |||
Level 2 | U.S. Government agencies | |||
Assets: | |||
Total assets | 37,268 | 36,299 | |
Level 2 | State and political subdivisions | |||
Assets: | |||
Total assets | 16,352 | 20,233 | 23,006 |
Level 2 | Mortgage-backed securities | |||
Assets: | |||
Total assets | 1,041,114 | 996,820 | 1,128,112 |
Level 2 | Corporate bonds | |||
Assets: | |||
Total assets | 186,957 | 164,878 | 251,574 |
Level 2 | Asset-backed securities | |||
Assets: | |||
Total assets | 468,728 | 455,928 | 432,062 |
Level 2 | Other | |||
Assets: | |||
Total assets | 2,390 | 2,117 | 2,572 |
Level 2 | Deferred compensation plan assets | |||
Assets: | |||
Total assets | |||
Level 2 | SBA servicing rights | |||
Assets: | |||
Total assets | |||
Level 2 | Derivative financial instruments | |||
Assets: | |||
Total assets | 12,174 | 8,337 | 21,563 |
Level 2 | Deferred compensation plan liability | |||
Liabilities: | |||
Total liabilities | |||
Level 2 | Brokered certificates of deposit | |||
Liabilities: | |||
Total liabilities | 177,726 | ||
Level 2 | Derivative financial instruments | |||
Liabilities: | |||
Total liabilities | 14,747 | 13,018 | 42,309 |
Level 3 | |||
Assets: | |||
Total assets | 11,584 | 15,563 | 350 |
Liabilities: | |||
Total liabilities | 14,529 | 18,979 | |
Level 3 | U.S. Treasury securities | |||
Assets: | |||
Total assets | |||
Level 3 | U.S. Government agencies | |||
Assets: | |||
Total assets | |||
Level 3 | State and political subdivisions | |||
Assets: | |||
Total assets | |||
Level 3 | Mortgage-backed securities | |||
Assets: | |||
Total assets | |||
Level 3 | Corporate bonds | |||
Assets: | |||
Total assets | 750 | 750 | 350 |
Level 3 | Asset-backed securities | |||
Assets: | |||
Total assets | |||
Level 3 | Other | |||
Assets: | |||
Total assets | |||
Level 3 | Deferred compensation plan assets | |||
Assets: | |||
Total assets | |||
Level 3 | SBA servicing rights | |||
Assets: | |||
Total assets | 2,717 | 2,551 | |
Level 3 | Derivative financial instruments | |||
Assets: | |||
Total assets | 8,117 | 12,262 | |
Level 3 | Deferred compensation plan liability | |||
Liabilities: | |||
Total liabilities | |||
Level 3 | Brokered certificates of deposit | |||
Liabilities: | |||
Total liabilities | |||
Level 3 | Derivative financial instruments | |||
Liabilities: | |||
Total liabilities | 8,117 | 12,262 | |
Total | |||
Assets: | |||
Total assets | 1,828,347 | 1,809,748 | 1,862,707 |
Liabilities: | |||
Total liabilities | 32,642 | 35,861 | 223,503 |
Total | U.S. Treasury securities | |||
Assets: | |||
Total assets | 48,414 | 105,709 | |
Total | U.S. Government agencies | |||
Assets: | |||
Total assets | 37,268 | 36,299 | |
Total | State and political subdivisions | |||
Assets: | |||
Total assets | 16,352 | 20,233 | 23,006 |
Total | Mortgage-backed securities | |||
Assets: | |||
Total assets | 1,041,114 | 996,820 | 1,128,112 |
Total | Corporate bonds | |||
Assets: | |||
Total assets | 187,707 | 165,628 | 251,924 |
Total | Asset-backed securities | |||
Assets: | |||
Total assets | 468,728 | 455,928 | 432,062 |
Total | Other | |||
Assets: | |||
Total assets | 2,390 | 2,117 | 2,572 |
Total | Deferred compensation plan assets | |||
Assets: | |||
Total assets | 3,366 | 3,864 | 3,468 |
Total | SBA servicing rights | |||
Assets: | |||
Total assets | 2,717 | 2,551 | |
Total | Derivative financial instruments | |||
Assets: | |||
Total assets | 20,291 | 20,599 | 21,563 |
Total | Deferred compensation plan liability | |||
Liabilities: | |||
Total liabilities | 3,366 | 3,864 | 3,468 |
Total | Brokered certificates of deposit | |||
Liabilities: | |||
Total liabilities | 177,726 | ||
Total | Derivative financial instruments | |||
Liabilities: | |||
Total liabilities | $29,276 | $31,997 | $42,309 |
Assets_and_Liabilities_Measure3
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value (Details 1) (Recurring, Level 3, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Asset | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $12,262 | |
Purchases | ||
Additions | ||
Sales and settlements | ||
Other comprehensive income | ||
Amounts included in earnings - fair value adjustments | -4,145 | |
Transfers between valuation levels, net | 0 | |
Balance at end of period | 8,117 | |
Derivative Liability | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 18,979 | |
Purchases | ||
Additions | ||
Sales and settlements | ||
Other comprehensive income | ||
Amounts included in earnings - fair value adjustments | -4,450 | |
Transfers between valuation levels, net | 0 | |
Balance at end of period | 14,529 | |
SBA servicing rights | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 2,551 | |
Purchases | ||
Additions | 190 | |
Sales and settlements | ||
Other comprehensive income | ||
Amounts included in earnings - fair value adjustments | -24 | |
Transfers between valuation levels, net | ||
Balance at end of period | 2,717 | |
Securities Available-for-Sale | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 750 | 350 |
Purchases | ||
Additions | ||
Sales and settlements | ||
Other comprehensive income | ||
Amounts included in earnings - fair value adjustments | ||
Transfers between valuation levels, net | ||
Balance at end of period | $750 | $350 |
Assets_and_Liabilities_Measure4
Assets and Liabilities Measured at Fair Value - Level 3 fair value measurements for fair value on recurring basis (Details 2) (Recurring, Level 3, USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | $11,584 | 15,563 | $350 |
Liabilities, fair value | 14,529 | 18,979 | |
Derivative Asset | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | 8,117 | 12,262 | |
ValuationTechnique | Dealer Priced | ||
Unobservable Inputs | Dealer Priced | ||
Derivative Liability | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | 14,529 | 18,979 | |
ValuationTechnique | Dealer Priced | ||
Unobservable Inputs | Dealer Priced | ||
SBA servicing rights | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | 2,717 | 2,551 | |
ValuationTechnique | Discounted cash flow | ||
Unobservable Inputs | Discount rate Prepayment Rate | ||
SBA servicing rights | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 11.10% | 12.00% | |
Prepayment Rate | 7.26% | 6.70% | |
Corporate bonds | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | $750 | 750 | $350 |
ValuationTechnique | Indicative bid provided by a broker | ||
Unobservable Inputs | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company |
Assets_and_Liabilities_Measure5
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details 3) (Nonrecurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Level 1 | |||
Assets | |||
Loans | |||
Foreclosed properties | |||
Total assets | |||
Level 2 | |||
Assets | |||
Loans | |||
Foreclosed properties | |||
Total assets | |||
Level 3 | |||
Assets | |||
Loans | 80,432 | 83,541 | 79,918 |
Foreclosed properties | 1,021 | 1,555 | 3,120 |
Total assets | 81,453 | 85,096 | 83,038 |
Total | |||
Assets | |||
Loans | 80,432 | 83,541 | 79,918 |
Foreclosed properties | 1,021 | 1,555 | 3,120 |
Total assets | $81,453 | $85,096 | $83,038 |
Assets_and_Liabilities_Measure6
Assets and Liabilities Measured at Fair Value - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Assets: | |||
Securities held to maturity | $413,550 | $425,233 | $473,136 |
Loans, net | 4,717,682 | 4,600,500 | 4,280,485 |
Level 1 | |||
Assets: | |||
Securities held to maturity | |||
Loans, net | |||
Mortgage loans held for sale | |||
Liabilities: | |||
Deposits | |||
Federal Home Loan Bank advances | |||
Long-term debt | |||
Level 2 | |||
Assets: | |||
Securities held to maturity | 413,550 | 425,233 | 473,136 |
Loans, net | |||
Mortgage loans held for sale | 16,181 | 14,139 | 11,121 |
Liabilities: | |||
Deposits | 6,438,984 | 6,328,264 | 6,238,927 |
Federal Home Loan Bank advances | 270,124 | 270,125 | 50,125 |
Long-term debt | |||
Level 3 | |||
Assets: | |||
Securities held to maturity | |||
Loans, net | 4,686,611 | 4,549,027 | 4,201,255 |
Mortgage loans held for sale | |||
Liabilities: | |||
Deposits | |||
Federal Home Loan Bank advances | |||
Long-term debt | 116,919 | 132,814 | 130,636 |
Total | |||
Assets: | |||
Securities held to maturity | 413,550 | 425,233 | 473,136 |
Loans, net | 4,686,611 | 4,549,027 | 4,201,255 |
Mortgage loans held for sale | 16,181 | 14,139 | 11,121 |
Liabilities: | |||
Deposits | 6,438,984 | 6,328,264 | 6,238,927 |
Federal Home Loan Bank advances | 270,124 | 270,125 | 50,125 |
Long-term debt | 116,919 | 132,814 | 130,636 |
Carrying Amount | |||
Assets: | |||
Securities held to maturity | 399,228 | 415,267 | 464,697 |
Loans, net | 4,717,682 | 4,600,500 | 4,280,485 |
Mortgage loans held for sale | 15,723 | 13,737 | 10,933 |
Liabilities: | |||
Deposits | 6,437,931 | 6,326,513 | 6,247,541 |
Federal Home Loan Bank advances | 270,125 | 270,125 | 50,125 |
Long-term debt | $113,901 | $129,865 | $129,865 |
Assets_and_Liabilities_Measure7
Assets and Liabilities Measured at Fair Value (Detail Textual) | 3 Months Ended |
Mar. 31, 2015 | |
Fair Value [Abstract] | |
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 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Commitments to extend credit | |||
Financial instruments whose contract amounts represent credit risk: | |||
Financial instruments | $972,819 | $878,160 | $720,891 |
Letters of credit | |||
Financial instruments whose contract amounts represent credit risk: | |||
Financial instruments | $24,310 | $19,861 | $19,960 |
Subsequent_Events_Detail_Textu
Subsequent Events (Detail Textual) (USD $) | 1 Months Ended | ||||
Apr. 21, 2015 | Apr. 22, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
Corridor | |||||
Branch | |||||
Subsequent Event [Line Items] | |||||
Total assets | $7,663,903,000 | $7,566,986,000 | $7,398,237,000 | ||
Deposits | 6,437,931,000 | 6,326,512,000 | 6,247,541,000 | ||
Subsequent Event | Palmetto Bancshares, Inc. | |||||
Subsequent Event [Line Items] | |||||
Total assets | 1,200,000,000 | ||||
Loans | 832,000,000 | ||||
Deposits | 967,000,000 | ||||
Number of branches | 25 | ||||
Number of corridor | 85 | ||||
Business acquisition share price | $19.25 | ||||
Business acquisition equivalent shares | 0.97 | ||||
Percentage of consideration exchange for cash | 30.00% | ||||
Percentage of consideration common stock | 70.00% | ||||
Number of average closing days | 10 days | ||||
Share price | $18.78 | ||||
Aggregate deal value | $240,500,000 |