Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Entity Registrant Name | UNITED COMMUNITY BANKS INC | |
Entity Central Index Key | 857,855 | |
Trading Symbol | ucbi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Voting Common Stock | ||
Entity Common Stock, Shares Outstanding | 54,416,549 | |
Non-Voting Common Stock | ||
Entity Common Stock, Shares Outstanding | 8,285,516 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest revenue: | ||||
Loans, including fees | $ 52,976 | $ 48,261 | $ 102,640 | $ 95,949 |
Investment securities, including tax exempt of $181, $193, $339 and $381 | 12,037 | 12,165 | 24,095 | 23,772 |
Deposits in banks and short-term investments | 795 | 980 | 1,607 | 1,823 |
Total interest revenue | 65,808 | 61,406 | 128,342 | 121,544 |
Deposits: | ||||
NOW | 348 | 411 | 742 | 851 |
Money market | 806 | 757 | 1,479 | 1,320 |
Savings | 26 | 21 | 46 | 41 |
Time | 895 | 2,018 | 2,004 | 3,789 |
Total deposit interest expense | 2,075 | 3,207 | 4,271 | 6,001 |
Short-term borrowings | 82 | 908 | 180 | 1,748 |
Federal Home Loan Bank advances | 454 | 80 | 846 | 138 |
Long-term debt | 2,206 | 2,638 | 4,812 | 5,272 |
Total interest expense | 4,817 | 6,833 | 10,109 | 13,159 |
Net interest revenue | 60,991 | 54,573 | 118,233 | 108,385 |
Provision for credit losses | 900 | 2,200 | 2,700 | 4,700 |
Net interest revenue after provision for credit losses | 60,091 | 52,373 | 115,533 | 103,685 |
Fee revenue: | ||||
Service charges and fees | 8,375 | 8,527 | 15,990 | 16,425 |
Mortgage loan and other related fees | 3,707 | 1,877 | 6,462 | 3,231 |
Brokerage fees | 1,232 | 1,245 | 2,783 | 2,422 |
Gains from sales of government guaranteed loans | 1,494 | 744 | 2,635 | 744 |
Securities gains, net | 13 | 4,435 | 1,552 | 4,652 |
Loss from prepayment of debt | (4,446) | (1,038) | (4,446) | |
Other | 2,445 | 1,761 | 4,564 | 3,291 |
Total fee revenue | 17,266 | 14,143 | 32,948 | 26,319 |
Total revenue | 77,357 | 66,516 | 148,481 | 130,004 |
Operating expenses: | ||||
Salaries and employee benefits | 27,961 | 24,287 | 54,407 | 48,683 |
Communications and equipment | 3,304 | 3,037 | 6,575 | 6,276 |
Occupancy | 3,415 | 3,262 | 6,693 | 6,640 |
Advertising and public relations | 1,127 | 1,139 | 1,877 | 1,765 |
Postage, printing and supplies | 993 | 804 | 1,931 | 1,580 |
Professional fees | 2,257 | 2,172 | 4,176 | 3,599 |
FDIC assessments and other regulatory charges | 1,298 | 1,425 | 2,507 | 2,778 |
Merger-related charges | 3,173 | 3,173 | ||
Other | 4,892 | 4,406 | 10,142 | 8,261 |
Total operating expenses | 48,420 | 40,532 | 91,481 | 79,582 |
Net income before income taxes | 28,937 | 25,984 | 57,000 | 50,422 |
Income tax expense | 11,124 | 9,627 | 21,517 | 18,665 |
Net income | 17,813 | 16,357 | 35,483 | 31,757 |
Preferred stock dividends and discount accretion | 17 | 17 | 439 | |
Net income available to common shareholders | $ 17,796 | $ 16,357 | $ 35,466 | $ 31,318 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.57 | $ 0.52 |
Diluted (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.57 | $ 0.52 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 62,549 | 60,712 | 61,730 | 60,386 |
Diluted (in shares) | 62,553 | 60,714 | 61,734 | 60,388 |
Consolidated Statement of Inco3
Consolidated Statement of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Investment securities tax exemption | $ 181 | $ 193 | $ 339 | $ 381 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statement Of Comprehensive Income (Loss) [Abstract] | ||||
Net income, Before-tax Amount | $ 28,937 | $ 25,984 | $ 57,000 | $ 50,422 |
Net income, Tax (Expense) Benefit | (11,124) | (9,627) | (21,517) | (18,665) |
Net income, Net of Tax Amount | 17,813 | 16,357 | 35,483 | 31,757 |
Unrealized gains on available-for-sale securities: | ||||
Unrealized holding gains arising during period, Before-tax Amount | (10,875) | 11,184 | 3,114 | 15,053 |
Unrealized holding gains arising during period, Tax (Expense) Benefit | 4,032 | (4,216) | (1,273) | (5,657) |
Unrealized holding gains arising during period, Net of Tax Amount | (6,843) | 6,968 | 1,841 | 9,396 |
Reclassification adjustment for gains included in net income, Before-tax Amount | (13) | (4,435) | (1,552) | (4,652) |
Reclassification adjustment for gains included in net income, Tax (Expense) Benefit | 5 | 1,725 | 603 | 1,817 |
Reclassification adjustment for gains included in net income, Net of Tax Amount | (8) | (2,710) | (949) | (2,835) |
Net unrealized gains, Before-tax Amount | (10,888) | 6,749 | 1,562 | 10,401 |
Net unrealized gains, Tax (Expense) Benefit | 4,037 | (2,491) | (670) | (3,840) |
Net unrealized gains, Net of Tax Amount | (6,851) | 4,258 | 892 | 6,561 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 289 | 409 | 773 | 739 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (105) | (154) | (287) | (277) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 184 | 255 | 486 | 462 |
Net unrealized gains, Before-tax Amount | 289 | 409 | 773 | 739 |
Net unrealized gains, Tax (Expense) Benefit | (105) | (154) | (287) | (277) |
Net unrealized gains, Net of Tax Amount | 184 | 255 | 486 | 462 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 455 | 573 | 880 | 670 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (177) | (223) | (342) | (261) |
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 | 278 | 350 | 538 | 409 |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Before-tax Amount | (3,547) | (471) | (6,379) | |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Tax (Expense) Benefit | 1,380 | 183 | 2,482 | |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Net of Tax Amount | (2,167) | (288) | (3,897) | |
Net unrealized losses, Before-tax Amount | 455 | (2,974) | 409 | (5,709) |
Net unrealized losses, Tax (Expense) Benefit | (177) | 1,157 | (159) | 2,221 |
Net unrealized losses, Net of Tax Amount | $ 278 | (1,817) | $ 250 | (3,488) |
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 | 92 | $ 318 | 183 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (62) | (36) | (124) | (71) |
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 | 194 | 112 |
Net defined benefit pension plan activity, Before-tax Amount | 159 | 92 | 318 | 479 |
Net defined benefit pension plan activity, Tax (Expense) Benefit | (62) | (36) | (124) | (186) |
Net defined benefit pension plan activity, Net of Tax Amount | 97 | 56 | 194 | 293 |
Total other comprehensive income, Before-tax Amount | (9,985) | 4,276 | 3,062 | 5,910 |
Total other comprehensive income, Tax (Expense) Benefit | 3,693 | (1,524) | (1,240) | (2,082) |
Total other comprehensive income, net of tax amount | (6,292) | 2,752 | 1,822 | 3,828 |
Comprehensive income, Before-tax Amount | 18,952 | 30,260 | 60,062 | 56,332 |
Comprehensive income, Tax (Expense) Benefit | (7,431) | (11,151) | (22,757) | (20,747) |
Comprehensive income, Net of Tax Amount | $ 11,521 | $ 19,109 | $ 37,305 | $ 35,585 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
ASSETS | |||
Cash and due from banks | $ 80,865 | $ 77,180 | $ 91,791 |
Interest-bearing deposits in banks | 94,032 | 89,074 | 100,270 |
Short-term investments | 30,000 | 26,401 | 47,999 |
Cash and cash equivalents | 204,897 | 192,655 | 240,060 |
Securities available-for-sale | 1,942,319 | 1,782,734 | 1,741,268 |
Securities held-to-maturity (fair value $388,066, $425,233 and $458,864) | 379,757 | 415,267 | 448,752 |
Mortgage loans held for sale | 22,003 | 13,737 | 14,918 |
Loans, net of unearned income | 5,173,517 | 4,672,119 | 4,410,285 |
Less allowance for loan losses | (70,129) | (71,619) | (73,248) |
Loans, net | 5,103,388 | 4,600,500 | 4,337,037 |
Premises and equipment, net | 173,313 | 159,390 | 161,614 |
Bank owned life insurance | 92,952 | 81,294 | 80,922 |
Accrued interest receivable | 21,030 | 20,103 | 19,141 |
Net deferred tax asset | 195,746 | 215,503 | 233,149 |
Derivative financial instruments | 21,728 | 20,599 | 22,024 |
Goodwill and other intangible assets | 20,190 | 3,641 | 2,731 |
Other assets | 68,980 | 61,563 | 50,450 |
Total assets | 8,246,303 | 7,566,986 | 7,352,066 |
Deposits: | |||
Demand | 1,847,696 | 1,574,317 | 1,519,635 |
NOW | 1,416,279 | 1,504,887 | 1,334,883 |
Money market | 1,406,352 | 1,273,283 | 1,245,912 |
Savings | 350,049 | 292,308 | 279,203 |
Time: | |||
Less than $100,000 | 792,300 | 748,478 | 805,289 |
Greater than $100,000 | 465,347 | 508,228 | 554,310 |
Brokered | 529,920 | 425,011 | 424,313 |
Total deposits | 6,807,943 | 6,326,512 | 6,163,545 |
Short-term borrowings | 25,000 | 6,000 | 76,256 |
Federal Home Loan Bank advances | 385,125 | 270,125 | 175,125 |
Long-term debt | 113,901 | 129,865 | 129,865 |
Derivative financial instruments | 32,374 | 31,997 | 36,545 |
Unsettled securities purchases | 5,425 | 7,264 | |
Accrued expenses and other liabilities | 54,728 | 57,485 | 41,497 |
Total liabilities | 7,419,071 | 6,827,409 | 6,630,097 |
Shareholders' equity: | |||
Common stock | 54,415 | 50,178 | 50,058 |
Common stock issuable; 400,369, 357,983 and 237,763 shares | 6,071 | 5,168 | 4,649 |
Capital surplus | 1,123,730 | 1,080,508 | 1,091,780 |
Accumulated deficit | (358,294) | (387,568) | (418,583) |
Accumulated other comprehensive loss | (16,968) | (18,790) | (16,016) |
Total shareholders' equity | 827,232 | 739,577 | 721,969 |
Total liabilities and shareholders' equity | 8,246,303 | 7,566,986 | 7,352,066 |
Preferred stock Series H | |||
Shareholders' equity: | |||
Preferred stock | 9,992 | ||
Non-Voting Common Stock | |||
Shareholders' equity: | |||
Common stock | 8,286 | 10,081 | 10,081 |
Total shareholders' equity | $ 8,286 | $ 10,081 | $ 10,081 |
Consolidated Balance Sheet (Un6
Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Held to maturity, fair value (in dollars) | $ 388,066 | $ 425,233 | $ 458,864 |
Preferred Stock, Par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
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 | 54,414,863 | 50,178,605 | 50,058,295 |
Common stock, shares outstanding | 54,414,863 | 50,178,605 | 50,058,295 |
Common stock issuable, shares | 413,014 | 357,983 | 314,039 |
Preferred stock Series H | |||
Preferred Stock, Par value (in dollars per share) | $ 1,000 | ||
Preferred Stock, Shares Issued | 9,992 | ||
Preferred Stock, Shares Outstanding | 9,992 | ||
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 | 8,285,516 | 10,080,787 | 10,080,787 |
Common stock, shares outstanding | 8,285,516 | 10,080,787 | 10,080,787 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Series B Preferred Stock | Series D Preferred Stock | Series H Preferred Stock | Non-Voting Common Stock | Common Stock | Common Stock Issuable | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
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 | 31,757 | 31,757 | ||||||||
Other comprehensive income | 3,828 | 3,828 | ||||||||
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 to employee benefit plans (19,299 and 7,661 shares for June 30, 2014 and June 30, 2015 respectively) | 19 | 309 | 328 | |||||||
Conversion of non-voting common stock to voting (3,107,419 shares and 1,795,271 shares for June 30, 2014 and June 30, 2015) | (3,107) | 3,107 | ||||||||
Amortization of stock option and restricted stock awards | 2,228 | 2,228 | ||||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (40,751 shares issued, 72,797 shares deferred and 60,698 shares issued, 59,685 shares deferred for June 30, 2014 and June 30, 2015 respectively) | 41 | 749 | (1,140) | (350) | ||||||
Deferred compensation plan, net, including dividend equivalents | 119 | 119 | ||||||||
Shares issued from deferred compensation plan (7,481 and 14,125 shares for June 30, 2014 and June 30, 2015 respectively) | 8 | (149) | 141 | |||||||
Common stock dividends ($.03 and $.10 per share for June 30, 2014 and June 30, 2015) | (1,810) | (1,810) | ||||||||
Preferred stock dividends: | ||||||||||
Series B | (159) | (159) | ||||||||
Series D | (280) | (280) | ||||||||
Balance at Jun. 30, 2014 | 10,081 | 50,058 | 4,649 | 1,091,780 | (418,583) | (16,016) | 721,969 | |||
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 | 35,483 | 35,483 | ||||||||
Other comprehensive income | 1,822 | 1,822 | ||||||||
Common stock issued to dividend reinvestment plan and to employee benefit plans (19,299 and 7,661 shares for June 30, 2014 and June 30, 2015 respectively) | 8 | 122 | 130 | |||||||
Conversion of non-voting common stock to voting (3,107,419 shares and 1,795,271 shares for June 30, 2014 and June 30, 2015) | (1,795) | 1,795 | ||||||||
Common and preferred stock issued for acquisition (2,358,503 common shares and 9,992 preferred shares) | $ 9,992 | 2,359 | 41,533 | 53,884 | ||||||
Amortization of stock option and restricted stock awards | 2,178 | 2,178 | ||||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (40,751 shares issued, 72,797 shares deferred and 60,698 shares issued, 59,685 shares deferred for June 30, 2014 and June 30, 2015 respectively) | 61 | 852 | (1,294) | (381) | ||||||
Deferred compensation plan, net, including dividend equivalents | 190 | (1) | 189 | |||||||
Shares issued from deferred compensation plan (7,481 and 14,125 shares for June 30, 2014 and June 30, 2015 respectively) | 14 | (139) | 125 | |||||||
Common stock dividends ($.03 and $.10 per share for June 30, 2014 and June 30, 2015) | (6,192) | (6,192) | ||||||||
Tax on option exercise and restricted stock vesting | 559 | 559 | ||||||||
Preferred stock dividends: | ||||||||||
Series H | (17) | (17) | ||||||||
Balance at Jun. 30, 2015 | $ 9,992 | $ 8,286 | $ 54,415 | $ 6,071 | $ 1,123,730 | $ (358,294) | $ (16,968) | $ 827,232 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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 | 7,661 | 19,299 |
Conversion of non-voting common stock to voting shares | 1,795,271 | 3,107,419 |
Common shares issued for acquisition | 2,358,503 | |
Series H preferred shares issued for acquisition | 9,992 | |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued | 60,698 | 40,751 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares deferred | 59,685 | 72,797 |
Shares issued from deferred compensation plan | 14,125 | 7,481 |
Common stock dividends (in dollars per share) | $ 0.10 | $ 0.03 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net income | $ 35,483 | $ 31,757 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 10,896 | 9,966 |
Provision for credit losses | 2,700 | 4,700 |
Stock based compensation | 2,178 | 2,228 |
Deferred income tax benefit | 18,519 | 18,716 |
Securities gains, net | (1,552) | (4,652) |
Gains from sales of government guaranteed loans | (2,635) | |
Net gains on sale of other assets | (83) | |
Net gains and write downs on sales of other real estate owned | (143) | (362) |
Loss on prepayment of borrowings | 1,038 | 4,446 |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | 12 | (2,567) |
Accrued expenses and other liabilities | (2,997) | (19,691) |
Mortgage loans held for sale | (6,924) | (4,599) |
Net cash provided by operating activities | 56,492 | 39,942 |
Investment securities held to maturity: | ||
Proceeds from maturities and calls of securities held to maturity: | 35,538 | 31,159 |
Purchases of securities held to maturity | (173) | |
Investment securities available for sale: | ||
Proceeds from sales of securities available for sale | 136,817 | 390,227 |
Proceeds from maturities and calls of securities available for sale | 134,521 | 111,378 |
Purchases of securities available for sale | (312,357) | (411,443) |
Net increase in loans | (264,702) | (55,199) |
Funds (paid to) collected from FDIC under loss sharing agreements | (1,198) | 2,112 |
Proceeds from sales of premises and equipment | 147 | 2,392 |
Purchases of premises and equipment | (5,055) | (1,934) |
Net cash received (paid) for acquisition | 44,594 | (31,243) |
Proceeds from sale of notes | 4,561 | |
Proceeds from sale of other real estate | 1,434 | 5,877 |
Net cash (used in) provided by investing activities | (230,261) | 47,714 |
Financing activities: | ||
Net change in deposits | 111,681 | (37,960) |
Net change in short-term borrowings | 3,460 | 18,569 |
Repayments of trust preferred securities | (15,998) | |
Proceeds from FHLB advances | 1,060,000 | 560,000 |
Repayments of FHLB advances | (967,070) | (505,000) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 130 | 328 |
Proceeds from issuance of common stock, net of issuance costs | 12,206 | |
Retirement of preferred stock | (121,613) | |
Cash dividends on common stock | (6,192) | (1,810) |
Cash dividends on preferred stock | (1,214) | |
Net cash provided by (used in) financing activities | 186,011 | (76,494) |
Net change in cash and cash equivalents | 12,242 | 11,162 |
Cash and cash equivalents at beginning of period | 192,655 | 228,898 |
Cash and cash equivalents at end of period | 204,897 | 240,060 |
Cash paid during the period for: | ||
Interest | 10,993 | 13,558 |
Income taxes | 2,791 | 2,044 |
Unsettled securities purchases | 7,264 | |
Unsettled government guaranteed loan sales | 6,013 | |
Transfers of loans to foreclosed properties | 1,528 | 6,054 |
Acquisitions: | ||
Assets acquired | 474,009 | 31,243 |
Liabilities assumed | 409,426 | |
Net assets acquired | 64,583 | $ 31,243 |
Common stock issued in acquisition | 43,892 | |
Preferred stock issued in acquisition | $ 9,992 |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 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 an
Accounting Standards Updates and Recently Adopted Standards | 6 Months Ended |
Jun. 30, 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”) issued Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In April 2015, the FASB issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs In May 2015, the FASB issued ASU 2015-07, Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent). In June 2015, the FASB issued ASU 2015-10: Technical Corrections and Improvements Transition guidance varies based on the amendments. The amendments that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon issuance. United retrospectively applied the provisions of ASU 2015-10 during the second quarter of 2015, with no material impact on United’s financial position or results of operations. The adoption of ASU 2015-10 did affect certain disclosures related to nonrecurring fair value measurements as presented in Note 14. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 660): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40) |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition | Note 3 – Acquisitions Acquisition of MoneyTree Corporation On May 1, 2015, United completed the acquisition of MoneyTree Corporation (“MoneyTree”) and its wholly-owned bank subsidiary, First National Bank (“FNB”). FNB operated ten branches in east Tennessee. In connection with the acquisition, United acquired $461 million of assets and assumed $409 million of liabilities and $9.99 million of preferred stock. Total consideration transferred was $54.6 million of common equity and cash. The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $13.0 million, which consisted largely of the intangible value of FNB’s business and reputation within the market it serves. None of the goodwill recognized is expected to be deductible for income tax purposes. United will amortize the related core deposit intangible of $4.22 million using the sum-of-the-years-digits method over 6.67 years, which represents the expected useful life of the asset. The deposit premium of $917,000 will be amortized using the effective yield method over 5 years, which represents the weighted average maturity of the underlying deposits. The fair value of the 2,358,503 common shares issued as part of the consideration paid for MoneyTree was determined on the basis of the closing market price of United’s common shares on the acquisition date. Acquisition-related costs totaled $3.17 million for the three and six months ending June 30, 2015 and were included in operating expenses in the consolidated income statement. Upon completion of the acquisition, each share of preferred stock issued by MoneyTree as part of the Small Business Lending Fund (“SBLF”) program of the United States Department of Treasury (9,992 shares in the aggregate with a liquidation preference amount of $1,000 per share) was converted automatically into one substantially identical share of preferred stock of the Company. See Note 12 for further detail. The purchased assets and assumed liabilities were recorded at their acquisition date fair values, and are summarized in the table below (in thousands) As Recorded by Money Tree Fair Value Adjustments (1) As Recorded by United Assets Cash and cash equivalents $ 55,293 $ - $ 55,293 Securities 127,123 (52 ) 127,071 Loans held for sale 1,342 - 1,342 Loans, net 246,816 (2,464 ) 244,352 Premises and equipment, net 9,497 3,759 13,256 Bank owned life insurance 11,194 - 11,194 Core deposit intangible - 4,220 4,220 Other assets 5,462 (1,199 ) 4,263 Total assets acquired $ 456,727 $ 4,264 $ 460,991 Liabilities Deposits $ 368,833 $ 917 $ 369,750 Short-term borrowings 15,000 - 15,000 Federal Home Loan Bank advances 22,000 70 22,070 Other liabilities 864 1,742 2,606 Total liabilities assumed 406,697 2,729 409,426 SBLF preferred stock assumed 9,992 - 9,992 Excess of assets acquired over liabilities and preferred stock assumed $ 40,038 Aggregate fair value adjustments $ 1,535 Consideration transferred Cash 10,699 Common stock issued (2,358,503 shares) 43,892 Total fair value of consideration transferred 54,591 Goodwill $ 13,018 (1) Purchased loans that show evidence of credit deterioration since origination are accounted for Loans and Debt Securities Acquired with Deteriorated Credit Quality. (in thousands) May 1, 2015 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 15,152 Non-accretable difference 3,677 Cash flows expected to be collected 11,475 Accretable yield 1,029 Fair value $ 10,446 Excluded from ASC 310-30: Fair value $ 233,906 Gross contractual amounts receivable 258,931 Estimate of contractual cash flows not expected to be collected 1,231 United’s operating results for the six months ended June 30, 2015 include the operating results of the acquired assets and assumed liabilities for the 61 days subsequent to the acquisition date of May 1, 2015. Merger-related charges of $3.17 million are recorded in the consolidated statement of income and include incremental costs related to closing the acquisition, including severance, conversion costs and legal and professional fees. The following table discloses the impact of the merger with MoneyTree (excluding the impact of merger-related expenses) since the acquisition on May 1, 2015 through June 30, 2015. The table also presents certain pro forma information as if MoneyTree had been acquired on January 1, 2014. These results combine the historical results of MoneyTree in United’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not necessarily indicative of what would have occurred had the acquisition taken place on January 1, 2014. Merger-related costs of $3.17 million from the MoneyTree acquisition have been excluded from the 2015 pro forma information presented below and included in the 2014 pro forma information presented below. Furthermore, no adjustments have been made to the pro forma information to eliminate the pre-acquisition provision for loan losses for the six months ended June 30, 2015 or 2014 of MoneyTree in the amount of $7,000 and $96,000, respectively. No adjustments have been made to reduce the impact of any OREO write downs recognized by MoneyTree in either the six months ended June 30, 2015 or 2014. In addition, expenses related to systems conversions and other costs of integration are expected to be recorded during the second half of 2015. United expects to achieve further operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts below. The actual results and pro forma information were as follows (in thousands) Revenue Net Income Actual MoneyTree from May 1, 2015 - June 30, 2015 $ 2,284 $ 384 2015 supplemental consolidated pro forma from January 1, 2015 - June 30, 2015 153,322 38,294 2014 supplemental consolidated pro forma from January 1, 2014 - June 30, 2014 137,809 31,080 Acquisition of Palmetto Bancshares, Inc. 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 $1.16 billion, loans of $824 million and deposits of $977 million as of June 30, 2015. 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 $21.21 per share as of July 31, 2015 the aggregate deal value was approximately $262 million. The merger is expected to close on September 1, 2015, subject to the approval of the shareholders of Palmetto at a special meeting to be held on August 12, 2015 and other customary conditions. All required regulatory approvals have been received. Acquisition of Business Carolina, Inc. 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 government guaranteed 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 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015, December 31, 2014 and June 30, 2014 (in thousands) Gross Gross Net Asset Gross Amounts not Offset in the Balance Sheet Net Amount June 30, 2015 Financial Instruments Collateral Repurchase agreements / reverse repurchase agreements $ 330,000 $ (300,000 ) $ 30,000 $ - $ (31,679 ) $ - Derivatives 21,728 - 21,728 (1,881 ) (3,978 ) 15,869 Total $ 351,728 $ (300,000 ) $ 51,728 $ (1,881 ) $ (35,657 ) $ 15,869 Weighted average interest rate of reverse repurchase agreements 1.17 % Gross Gross Net Gross Amounts not Offset Net Amount Financial Instruments Collateral Repurchase agreements / reverse repurchase agreements $ 300,000 $ (300,000 ) $ - $ - $ - $ - Derivatives 32,374 - 32,374 (1,881 ) (35,509 ) - Total $ 332,374 $ (300,000 ) $ 32,374 $ (1,881 ) $ (35,509 ) $ - Weighted average interest rate of repurchase agreements .31 % Gross Gross Net Asset Net Amount Gross Amounts not Offset December 31, 2014 Financial Collateral 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 Net Amount Gross Amounts not Offset Financial Collateral 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 .29 % Gross Gross Sheet Net Asset Gross Amounts not Offset in the Balance Sheet June 30, 2014 Financial Collateral Net Amount Repurchase agreements / reverse repurchase agreements $ 420,000 $ (375,000 ) $ 45,000 $ - $ (48,933 ) $ - Derivatives 22,024 - 22,024 (1,962 ) (162 ) 19,900 Total $ 442,024 $ (375,000 ) $ 67,024 $ (1,962 ) $ (49,095 ) $ 19,900 Weighted average interest rate of reverse repurchase agreements 1.09 % Gross Gross Net Gross Amounts not Offset in the Balance Sheet Financial Collateral Net Amount Repurchase agreements / reverse repurchase agreements $ 375,000 $ (375,000 ) $ - $ - $ - $ - Derivatives 36,545 - 36,545 (1,962 ) (35,245 ) - Total $ 411,545 $ (375,000 ) $ 36,545 $ (1,962 ) $ (35,245 ) $ - Weighted average interest rate of repurchase agreements .27 % |
Securities
Securities | 6 Months Ended |
Jun. 30, 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 June 30, 2015, December 31, 2014 and June 30, 2014 are as follows (in thousands) Gross Gross Amortized Unrealized Unrealized Fair As of June 30, 2015 Cost Gains Losses Value State and political subdivisions $ 47,116 $ 3,103 $ - $ 50,219 Mortgage-backed securities (1) 332,641 6,899 1,693 337,847 Total $ 379,757 $ 10,002 $ 1,693 $ 388,066 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 June 30, 2014 State and political subdivisions $ 50,669 $ 3,872 $ - $ 54,541 Mortgage-backed securities (1) 398,083 8,257 2,017 404,323 Total $ 448,752 $ 12,129 $ 2,017 $ 458,864 (1) All are residential type mortgage-backed securities or U.S.government agency commercial mortgage backed securities. The following table summarizes held-to-maturity securities in an unrealized loss position as of June 30, 2015, December 31, 2014 and June 30, 2014 ( in thousands) Less than 12 Months 12 Months or More Total As of June 30, 2015 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Mortgage-backed securities $ 130,980 $ 1,268 $ 19,359 $ 425 $ 150,339 $ 1,693 Total unrealized loss position $ 130,980 $ 1,268 $ 19,359 $ 425 $ 150,339 $ 1,693 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 June 30, 2014 Mortgage-backed securities $ 194,724 $ 1,898 $ 2,955 $ 119 $ 197,679 $ 2,017 Total unrealized loss position $ 194,724 $ 1,898 $ 2,955 $ 119 $ 197,679 $ 2,017 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 or six months ended June 30, 2015 or 2014. The cost basis, unrealized gains and losses, and fair value of securities available-for-sale at June 30, 2015, December 31, 2014 and June 30, 2014 are presented below (in thousands) As of June 30, 2015 Amortized Cost Gross Gross Fair U.S. Treasuries $ 127,962 $ 360 $ 421 $ 127,901 U.S. Government agencies 110,710 126 525 110,311 State and political subdivisions 30,489 416 141 30,764 Mortgage-backed securities (1) 989,636 14,852 6,372 998,116 Corporate bonds 208,114 1,611 2,701 207,024 Asset-backed securities 462,702 3,938 308 466,332 Other 1,871 - - 1,871 Total $ 1,931,484 $ 21,303 $ 10,468 $ 1,942,319 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 June 30, 2014 U.S. Treasuries $ 15,579 $ - $ 71 $ 15,508 State and political subdivisions 21,080 773 38 21,815 Mortgage-backed securities (1) 1,068,593 17,470 8,623 1,077,440 Corporate bonds 175,975 1,426 1,430 175,971 Asset-backed securities 444,910 3,664 251 448,323 Other 2,211 - - 2,211 Total $ 1,728,348 $ 23,333 $ 10,413 $ 1,741,268 (1) All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. The following table summarizes available-for-sale securities in an unrealized loss position as of June 30, 2015, December 31, 2014 and June 30, 2014 (in thousands) Less than 12 Months 12 Months or More Total As of June 30, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasuries $ 49,830 $ 421 $ - $ - $ 49,830 $ 421 U.S. Government agencies 85,769 525 - - 85,769 525 State and political subdivisions 13,441 141 - - 13,441 141 Mortgage-backed securities 145,477 1,283 198,067 5,089 343,544 6,372 Corporate bonds 119,690 2,701 - - 119,690 2,701 Asset-backed securities 49,294 261 14,899 47 64,193 308 Total unrealized loss position $ 463,501 $ 5,332 $ 212,966 $ 5,136 $ 676,467 $ 10,468 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 June 30, 2014 U.S. Treasuries $ 10,508 $ 71 $ - $ - $ 10,508 $ 71 State and political subdivisions - - 3,634 38 3,634 38 Mortgage-backed securities 100,949 519 277,556 8,104 378,505 8,623 Corporate bonds 19,130 114 46,010 1,316 65,140 1,430 Asset-backed securities 83,620 166 11,486 85 95,106 251 Total unrealized loss position $ 214,207 $ 870 $ 338,686 $ 9,543 $ 552,893 $ 10,413 At June 30, 2015, there were 142 available-for-sale securities and 23 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 June 30, 2015, December 31, 2014 and June 30, 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 and six months ended June 30, 2015 and 2014 (in thousands) Three Months Ended Six Months Ended 2015 2014 2015 2014 Proceeds from sales $ 67,350 $ 236,911 $ 136,817 $ 390,227 Gross gains on sales $ 13 $ 5,374 $ 1,552 $ 5,784 Gross losses on sales - (939 ) - (1,132 ) Net gains on sales of securities $ 13 $ 4,435 $ 1,552 $ 4,652 Income tax expense attributable to sales $ 5 $ 1,725 $ 603 $ 1,817 Securities with a carrying value of $1.25 billion, $1.51 billion and $1.37 billion were pledged to secure public deposits and other secured borrowings at June 30, 2015, December 31, 2014 and June 30, 2014, respectively. The amortized cost and fair value of held-to-maturity and available-for-sale securities at June 30, 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 $ 77,711 $ 78,071 $ - $ - 5 to 10 years 50,251 49,830 - - 127,962 127,901 - US Government agencies: 1 to 5 years 32,007 31,801 - - 5 to 10 years 78,703 78,510 - - 110,710 110,311 - State and political subdivisions: Within 1 year 4,487 4,563 1,006 1,036 1 to 5 years 9,709 9,969 17,670 18,756 5 to 10 years 11,325 11,237 22,140 23,673 More than 10 years 4,968 4,995 6,300 6,754 30,489 30,764 47,116 50,219 Corporate bonds: 1 to 5 years 57,031 57,474 - - 5 to 10 years 118,603 118,841 - - More than 10 years 32,480 30,709 - - 208,114 207,024 - Asset-backed securities: 1 to 5 years 237,660 239,903 - - 5 to 10 years 78,367 78,628 - - More than 10 years 146,675 147,801 - - 462,702 466,332 - Other: More than 10 years 1,871 1,871 - - 1,871 1,871 - Total securities other than mortgage-backed securities: Within 1 year 4,487 4,563 1,006 1,036 1 to 5 years 414,118 417,218 17,670 18,756 5 to 10 years 337,249 337,046 22,140 23,673 More than 10 years 185,994 185,376 6,300 6,754 Mortgage-backed securities 989,636 998,116 332,641 337,847 $ 1,931,484 $ 1,942,319 $ 379,757 $ 388,066 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 Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Allowance For Loan Losses [Abstract] | |
Loans and Allowance for Loan Losses | Note 6 – Loans and Allowance for Credit Losses Major classifications of loans as of June 30, 2015, December 31, 2014 and June 30, 2014, are summarized as follows (in thousands) June 30, December 31, June 30, Owner occupied commercial real estate $ 1,265,783 $ 1,163,480 $ 1,163,327 Income producing commercial real estate 688,768 598,537 598,318 Commercial & industrial 792,791 710,256 554,089 Commercial construction 237,820 196,030 159,755 Total commercial 2,985,162 2,668,303 2,475,489 Residential mortgage 935,646 865,789 860,525 Home equity lines of credit 490,753 465,872 451,435 Residential construction 298,920 298,627 301,737 Consumer installment 105,931 104,899 105,160 Indirect auto 357,105 268,629 215,939 Total loans 5,173,517 4,672,119 4,410,285 Less allowance for loan losses (70,129 ) (71,619 ) (73,248 ) Loans, net $ 5,103,388 $ 4,600,500 $ 4,337,037 At June 30, 2015, December 31, 2014 and June 30, 2014, loans totaling $2.42 billion, $2.35 billion and $2.09 billion, respectively, were pledged as collateral to secure FHLB advances and other contingent funding sources. At June 30, 2015, the carrying value and unpaid principal balance of purchased credit impaired loans accounted for under ASC 310-30 was $10.1 million and $13.6 million, respectively. The following table presents changes in the value of the accretable yield for acquired loans accounted for under ASC Topic 310-30 for the three and six months ended June 30, 2015 (in thousands) Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Balance at beginning of period $ - $ - Additions due to acquisitions 1,029 1,029 Accretion (83 ) (83 ) Balance at end of period $ 946 $ 946 In addition to the accretable yield on loans accounted for under ASC Topic 310-30, the fair value adjustments on purchased loans outside the scope of ASC Topic 310-30 are also accreted to interest income over the life of the loans. At June 30, 2015, the remaining accretable fair value mark on loans not accounted for under ASC Topic 310-30 was $2.60 million. 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 and six months ended June 30, 2015 and 2014 (in thousands) 2015 2014 Three Months Ended June 30, Beginning Balance Charge-Offs Recoveries Provision Ending Balance Beginning Balance Charge-Offs Recoveries Allocation of Unallocated Provision Ending Balance Owner occupied commercial real estate $ 14,952 $ (363 ) $ 78 $ 1,672 $ 16,339 $ 20,292 $ (918 ) $ 2,753 $ - $ (4,323 ) $ 17,804 Income producing commercial real estate 9,655 (74 ) 350 (1,731 ) 8,200 10,926 (632 ) 197 - 1,270 11,761 Commercial & industrial 3,442 (162 ) 789 659 4,728 4,247 (1,012 ) 350 - 300 3,885 Commercial construction 5,335 (147 ) 51 (344 ) 4,895 3,977 (131 ) - - 221 4,067 Residential mortgage 20,138 (1,109 ) 322 (299 ) 19,052 15,967 (2,800 ) 292 - 3,304 16,763 Home equity lines of credit 4,321 (348 ) 26 1,480 5,479 6,120 (624 ) 158 - 684 6,338 Residential construction 10,210 (499 ) 392 (766 ) 9,337 12,181 (1,946 ) 275 - 698 11,208 Consumer installment 713 (349 ) 187 137 688 717 (455 ) 391 - (54 ) 599 Indirect auto 1,241 (130 ) 8 292 1,411 796 (89 ) 16 - 100 823 Total allowance for loan losses 70,007 (3,181 ) 2,203 1,100 70,129 75,223 (8,607 ) 4,432 - 2,200 73,248 Allowance for unfunded commitments 2,780 - - (200 ) 2,580 2,165 - - - - 2,165 Total allowance for credit losses $ 72,787 $ (3,181 ) $ 2,203 $ 900 $ 72,709 $ 77,388 $ (8,607 ) $ 4,432 $ - $ 2,200 $ 75,413 Six Months Ended June 30, Beginning Balance Charge-Offs Recoveries Provision Ending Balance Beginning Balance Charge-Offs Recoveries Allocation of Unallocated Provision Ending Balance Owner occupied commercial real estate $ 16,041 $ (731 ) $ 89 $ 940 $ 16,339 $ 17,164 $ (1,284 ) $ 2,843 $ 1,278 $ (2,197 ) $ 17,804 Income producing commercial real estate 10,296 (322 ) 357 (2,131 ) 8,200 7,174 (837 ) 197 688 4,539 11,761 Commercial & industrial 3,255 (631 ) 917 1,187 4,728 6,527 (1,975 ) 891 318 (1,876 ) 3,885 Commercial construction 4,747 (169 ) 51 266 4,895 3,669 (132 ) - 388 142 4,067 Residential mortgage 20,311 (1,687 ) 484 (56 ) 19,052 15,446 (4,381 ) 357 1,452 3,889 16,763 Home equity lines of credit 4,574 (421 ) 40 1,286 5,479 5,528 (1,627 ) 168 391 1,878 6,338 Residential construction 10,603 (1,639 ) 471 (98 ) 9,337 12,532 (2,251 ) 369 1,728 (1,170 ) 11,208 Consumer installment 731 (675 ) 563 69 688 1,353 (1,131 ) 718 - (341 ) 599 Indirect auto 1,061 (258 ) 21 587 1,411 1,126 (166 ) 27 - (164 ) 823 Unallocated - - - - - 6,243 - - (6,243 ) - - Total allowance for loan losses 71,619 (6,533 ) 2,993 2,050 70,129 76,762 (13,784 ) 5,570 - 4,700 73,248 Allowance for unfunded commitments 1,930 - - 650 2,580 2,165 - - - - 2,165 Total allowance for credit losses $ 73,549 $ (6,533 ) $ 2,993 $ 2,700 $ 72,709 $ 78,927 $ (13,784 ) $ 5,570 $ - $ 4,700 $ 75,413 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 June 30, 2015, December 31, 2014 and June 30, 2014 (in thousands) June 30, 2015 December 31, 2014 June 30, 2014 Allowance for Loan Losses Individually evaluated for impairment Collectively evaluated for impairment Purchased with deteriorated credit quality Ending Balance Individually evaluated for impairment Collectively evaluated for impairment Ending Balance Individually evaluated for impairment Collectively evaluated for impairment Ending Balance Owner occupied commercial real estate $ 1,592 $ 14,747 $ - $ 16,339 $ 2,737 $ 13,304 $ 16,041 $ 2,483 $ 15,321 $ 17,804 Income producing commercial real estate 782 7,418 - 8,200 1,917 8,379 10,296 1,404 10,357 11,761 Commercial & industrial 137 4,591 - 4,728 15 3,240 3,255 399 3,486 3,885 Commercial construction 530 4,365 - 4,895 729 4,018 4,747 412 3,655 4,067 Residential mortgage 3,107 15,945 - 19,052 3,227 17,084 20,311 3,117 13,646 16,763 Home equity lines of credit 26 5,453 - 5,479 47 4,527 4,574 115 6,223 6,338 Residential construction 506 8,831 - 9,337 1,192 9,411 10,603 1,054 10,154 11,208 Consumer installment 6 682 - 688 18 713 731 33 566 599 Indirect auto - 1,411 - 1,411 - 1,061 1,061 - 823 823 Total allowance for loan losses 6,686 63,443 - 70,129 9,882 61,737 71,619 9,017 64,231 73,248 Allowance for unfunded commitments - 2,580 - 2,580 - 1,930 1,930 - 2,165 2,165 Total allowance for credit losses $ 6,686 $ 66,023 $ - $ 72,709 $ 9,882 $ 63,667 $ 73,549 $ 9,017 $ 66,396 $ 75,413 Loans Outstanding Owner occupied commercial real estate $ 37,547 $ 1,225,779 $ 2,457 $ 1,265,783 $ 34,654 $ 1,128,826 $ 1,163,480 $ 31,952 $ 1,131,375 $ 1,163,327 Income producing commercial real estate 21,926 661,988 4,854 688,768 24,484 574,053 598,537 26,045 572,273 598,318 Commercial & industrial 5,023 787,247 521 792,791 3,977 706,279 710,256 3,641 550,448 554,089 Commercial construction 12,123 223,631 2,066 237,820 12,321 183,709 196,030 11,214 148,541 159,755 Residential mortgage 20,538 914,981 127 935,646 18,775 847,014 865,789 20,455 840,070 860,525 Home equity lines of credit 551 490,132 70 490,753 478 465,394 465,872 540 450,895 451,435 Residential construction 8,631 290,289 - 298,920 11,604 287,023 298,627 13,320 288,417 301,737 Consumer installment 141 105,790 - 105,931 179 104,720 104,899 329 104,831 105,160 Indirect auto - 357,105 - 357,105 - 268,629 268,629 - 215,939 215,939 Total loans $ 106,480 $ 5,056,942 $ 10,095 $ 5,173,517 $ 106,472 $ 4,565,647 $ 4,672,119 $ 107,496 $ 4,302,789 $ 4,410,285 Excluding loans accounted for under ASC Topic 310-30, 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 and unfunded loan commitments. The allowance is comprised of specific reserves on individually impaired loans, which are determined as described above, and general reserves which are determined based on historical loss experience as adjusted for current trends and economic conditions multiplied by a loss emergence period factor. Management 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. Commercial and consumer asset quality committees consisting of the Chief Credit Officer, a Senior Risk Officer and the Senior Credit Officers meet 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 June 30, 2015, December 31, 2014 and June 30, 2014 (in thousands) June 30, 2015 December 31, 2014 June 30, 2014 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 14,138 $ 12,939 $ - $ 12,025 $ 11,325 $ - $ 14,445 $ 12,985 $ - Income producing commercial real estate 9,696 9,553 - 8,311 8,311 - 12,755 11,808 - Commercial & industrial 2,785 1,977 - 1,679 1,042 - 1,736 1,710 - Commercial construction - - - - - - 195 195 - Total commercial 26,619 24,469 - 22,015 20,678 - 29,131 26,698 - Residential mortgage 2,395 1,930 - 2,569 1,472 - 3,357 2,849 - Home equity lines of credit - - - - - - - - - Residential construction 2,347 2,347 - 4,338 3,338 - 6,168 5,491 - Consumer installment - - - - - - - - - Indirect auto - - - - - - - - - Total with no related allowance recorded 31,361 28,746 - 28,922 25,488 - 38,656 35,038 - With an allowance recorded: Owner occupied commercial real estate 26,301 24,608 1,592 24,728 23,329 2,737 20,287 18,967 2,483 Income producing commercial real estate 12,460 12,373 782 16,352 16,173 1,917 14,706 14,237 1,404 Commercial & industrial 3,055 3,046 137 2,936 2,935 15 1,931 1,931 399 Commercial construction 12,203 12,123 530 12,401 12,321 729 11,194 11,019 412 Total commercial 54,019 52,150 3,041 56,417 54,758 5,398 48,118 46,154 4,698 Residential mortgage 19,045 18,608 3,107 17,732 17,303 3,227 18,077 17,606 3,117 Home equity lines of credit 563 551 26 478 478 47 540 540 115 Residential construction 7,291 6,284 506 8,962 8,266 1,192 9,255 7,829 1,054 Consumer installment 163 141 6 179 179 18 329 329 33 Indirect auto - - - - - - - - - Total with an allowance recorded 81,081 77,734 6,686 83,768 80,984 9,882 76,319 72,458 9,017 Total $ 112,442 $ 106,480 $ 6,686 $ 112,690 $ 106,472 $ 9,882 $ 114,975 $ 107,496 $ 9,017 Excluding loans accounted for under ASC Topic 310-30, there were no loans more than 90 days past due and still accruing interest at June 30, 2015, December 31, 2014 or June 30, 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. Loans accounted for under ASC Topic 310-30 are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. However, these loans are considered as performing, even though they may be contractually past due, as any non-payment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period covered loan loss provision or future period yield adjustments. Loans accounted for under ASC Topic 310-30 were not classified as nonaccrual at June 30, 2015 as the carrying value of the respective loan or pool of loans cash flows were considered estimable and probable of collection. Therefore, interest income, through accretion of the difference between the carrying value of the loans and the expected cash flows, is being recognized on all acquired loans being accounted for under ASC Topic 310-30. 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 $165,000 and $96,000 for the three months ended June 30, 2015 and 2014, respectively and $424,000 and $556,000 for the six months ended June 30, 2015 and 2014, respectively. The gross additional interest revenue that would have been earned for the three and six months ended June 30, 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 and six months ended June 30, 2015 and 2014 (in thousands) 2015 2014 Three Months Ended June 30, Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 37,985 $ 469 $ 509 $ 31,558 $ 403 $ 391 Income producing commercial real estate 22,055 273 253 26,415 316 317 Commercial & industrial 5,221 45 89 3,683 40 50 Commercial construction 12,164 117 116 11,340 104 107 Total commercial 77,425 904 967 72,996 863 865 Residential mortgage 20,604 200 203 20,598 228 217 Home equity lines of credit 558 5 5 550 5 6 Residential construction 8,748 128 132 13,762 177 175 Consumer installment 161 3 3 335 6 5 Indirect auto - - - - - - Total $ 107,496 $ 1,240 $ 1,310 $ 108,241 $ 1,279 $ 1,268 Six Months Ended June 30, Owner occupied commercial real estate $ 37,487 $ 929 $ 968 $ 30,334 $ 761 $ 771 Income producing commercial real estate 21,740 540 529 26,138 628 650 Commercial & industrial 4,622 83 125 4,122 92 101 Commercial construction 12,219 233 237 12,027 216 242 Total commercial 76,068 1,785 1,859 72,621 1,697 1,764 Residential mortgage 21,345 425 436 20,960 457 455 Home equity lines of credit 518 10 10 528 10 12 Residential construction 9,662 248 258 13,400 322 325 Consumer installment 157 6 6 392 12 14 Indirect auto - - - - - - Total $ 107,750 $ 2,474 $ 2,569 $ 107,901 $ 2,498 $ 2,570 The following table presents the recorded investment in nonaccrual loans by loan class as of June 30, 2015, December 31, 2014 and June 30, 2014 (in thousands) Nonaccrual Loans June 30, 2015 December 31, 2014 June 30, 2014 Owner occupied commercial real estate $ 4,878 $ 4,133 $ 2,975 Income producing commercial real estate 883 717 1,032 Commercial & industrial 1,389 1,571 1,102 Commercial construction 59 83 95 Total commercial 7,209 6,504 5,204 Residential mortgage 8,599 8,196 10,201 Home equity lines of credit 940 695 510 Residential construction 1,358 2,006 4,248 Consumer installment 131 134 171 Indirect auto 568 346 390 Total $ 18,805 $ 17,881 $ 20,724 The following table presents the aging of the recorded investment in past due loans as of June 30, 2015, December 31, 2014 and June 30, 2014 by class of loans (in thousands) Loans Past Due Loans Not As of June 30, 2015 30 - 59 Days 60 - 89 Days >90 Days Total Past Due Total Owner occupied commercial real estate $ 2,789 $ 337 $ 1,646 $ 4,772 $ 1,261,011 $ 1,265,783 Income producing commercial real estate 726 313 440 1,479 687,289 688,768 Commercial & industrial 810 87 1,278 2,175 790,616 792,791 Commercial construction 626 - 44 670 237,150 237,820 Total commercial 4,951 737 3,408 9,096 2,976,066 2,985,162 Residential mortgage 4,888 1,568 1,615 8,071 927,575 935,646 Home equity lines of credit 1,268 528 279 2,075 488,678 490,753 Residential construction 2,110 269 429 2,808 296,112 298,920 Consumer installment 444 188 23 655 105,276 105,931 Indirect auto 276 132 402 810 356,295 357,105 Total loans $ 13,937 $ 3,422 $ 6,156 $ 23,515 $ 5,150,002 $ 5,173,517 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 As of June 30, 2014 Owner occupied commercial real estate $ 448 $ 1,239 $ 762 $ 2,449 $ 1,160,878 $ 1,163,327 Income producing commercial real estate 2,030 - 242 2,272 596,046 598,318 Commercial & industrial 930 101 405 1,436 552,653 554,089 Commercial construction 116 - 50 166 159,589 159,755 Total commercial 3,524 1,340 1,459 6,323 2,469,166 2,475,489 Residential mortgage 7,372 1,404 3,150 11,926 848,599 860,525 Home equity lines of credit 1,609 193 79 1,881 449,554 451,435 Residential construction 1,246 584 1,331 3,161 298,576 301,737 Consumer installment 677 80 1 758 104,402 105,160 Indirect auto 258 99 193 550 215,389 215,939 Total loans $ 14,686 $ 3,700 $ 6,213 $ 24,599 $ 4,385,686 $ 4,410,285 As of June 30, 2015, December 31, 2014, and June 30, 2014, $6.24 million, $9.72 million and $8.98 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 $75,000, $51,000 and $44,000 as of June 30, 2015, December 31, 2014 and June 30, 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 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 June 30, 2015, December 31, 2014 and June 30, 2014 (dollars in thousands) June 30, 2015 December 31, 2014 June 30, 2014 Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Owner occupied commercial real estate 57 $ 34,845 $ 33,401 54 $ 27,695 $ 26,296 52 $ 28,233 $ 26,670 Income producing commercial real estate 29 15,756 15,681 31 18,094 17,915 33 19,427 18,957 Commercial & industrial 32 3,583 3,583 32 2,848 2,847 31 2,893 2,893 Commercial construction 14 11,174 11,094 14 11,360 11,280 15 11,390 11,213 Total commercial 132 65,358 63,759 131 59,997 58,338 131 61,943 59,733 Residential mortgage 165 19,742 19,141 154 18,630 17,836 154 21,008 20,030 Home equity lines of credit 3 560 551 2 478 478 4 540 540 Residential construction 45 6,925 6,284 48 8,962 8,265 54 12,463 10,361 Consumer installment 16 159 141 17 179 179 23 329 329 Indirect auto - - - - - - - - - Total loans 361 $ 92,744 $ 89,876 352 $ 88,246 $ 85,096 366 $ 96,283 $ 90,993 Loans modified under the terms of a TDR during the three and six months ended June 30, 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 and six months ended June 30, 2015 and 2014, that were initially restructured within one year prior to becoming delinquent (dollars in thousands) New Troubled Debt Restructurings for the Three Months Ended June 30, New Troubled Debt Restructurings for the Six Months Ended June 30, Modified Within the Previous Twelve Months that Have Subsequently Defaulted During the Three Months Ended June 30, 2015 Modified Within the Previous Twelve Months that Have Subsequently Defaulted During the Six Months Ended June 30, 2015 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Number of Recorded Recorded Number of Recorded 2015 Contracts Investment Investment Contracts Investment Contracts Investment Investment Contracts Investment Owner occupied commercial real estate 6 $ 8,040 $ 7,996 - $ - 8 $ 12,537 $ 12,493 - $ - Income producing commercial real estate 1 55 54 - - 3 310 310 - - Commercial & industrial 4 992 992 - - 6 1,180 1,180 - - Commercial construction 1 233 233 - - 1 233 233 - - Total commercial 12 9,320 9,275 - - 18 14,260 14,216 - - Residential mortgage 8 523 523 - - 23 2,121 2,121 - - Home equity lines of credit 1 83 74 - - 1 83 74 - - Residential construction 2 163 139 - - 2 163 139 - - Consumer installment 1 25 25 - - 2 28 28 1 30 Indirect auto - - - - - - - - - - Total loans 24 $ 10,114 $ 10,036 - $ - 46 $ 16,655 $ 16,578 1 $ 30 Modified Within the Previous Twelve Months that Have Subsequently Defaulted During the Three Months Ended June 30, 2014 Modified Within the Previous Twelve Months that Have Subsequently Defaulted During the Six Months Ended June 30, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Number of Recorded Recorded Number of Recorded 2014 Contracts Investment Investment Contracts Investment Contracts Investment Investment Contracts Investment Owner occupied commercial real estate 5 $ 2,787 $ 2,787 - $ - 7 $ 3,392 $ 3,392 1 $ 104 Income producing commercial real estate 3 1,459 1,459 - - 5 1,992 1,992 - - Commercial & industrial 3 106 106 - - 4 330 330 2 54 Commercial construction 1 240 240 - - 2 471 471 - - Total commercial 12 4,592 4,592 - - 18 6,185 6,185 3 158 Residential mortgage 9 1,014 973 2 280 23 2,146 2,105 6 732 Home equity lines of credit 1 36 36 - - 1 36 36 - - Residential construction 3 1,124 1,124 - - 3 1,124 1,124 - - Consumer installment 3 84 84 - - 5 226 226 - - Indirect auto - - - - - - - - - - Total loans 28 $ 6,850 $ 6,809 2 $ 280 50 $ 9,717 $ 9,676 9 $ 890 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 June 30, 2015, December 31, 2014 and June 30, 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 June 30, 2015 Pass Watch Performing Nonaccrual Loss Total Owner occupied commercial real estate $ 1,195,986 $ 25,301 $ 39,618 $ 4,878 $ - $ 1,265,783 Income producing commercial real estate 664,137 4,973 18,775 883 - 688,768 Commercial & industrial 781,820 3,188 6,394 1,389 - 792,791 Commercial construction 232,080 2,426 3,255 59 - 237,820 Total commercial 2,874,023 35,888 68,042 7,209 - 2,985,162 Residential mortgage 886,863 9,605 30,579 8,599 - 935,646 Home equity lines of credit 484,222 - 5,591 940 - 490,753 Residential construction 284,395 3,481 9,686 1,358 - 298,920 Consumer installment 104,958 - 842 131 - 105,931 Indirect auto 355,576 - 961 568 - 357,105 Total loans $ 4,990,037 $ 48,974 $ 115,701 $ 18,805 $ - $ 5,173,517 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 June 30, 2014 Owner occupied commercial real estate $ 1,079,629 $ 32,501 $ 48,222 $ 2,975 $ - $ 1,163,327 Income producing commercial real estate 556,223 16,430 24,633 1,032 - 598,318 Commercial & industrial 542,836 4,504 5,647 1,102 - 554,089 Commercial construction 152,894 2,360 4,406 95 - 159,755 Total commercial 2,331,582 55,795 82,908 5,204 - 2,475,489 Residential mortgage 797,725 10,743 41,856 10,201 - 860,525 Home equity lines of credit 443,196 167 7,562 510 - 451,435 Residential construction 276,539 8,078 12,872 4,248 - 301,737 Consumer installment 103,203 10 1,776 171 - 105,160 Indirect auto 214,987 - 562 390 - 215,939 Total loans $ 4,167,232 $ 74,793 $ 147,536 $ 20,724 $ - $ 4,410,285 Risk Ratings Uni |
Servicing Rights for Government
Servicing Rights for Government Guaranteed Loans | 6 Months Ended |
Jun. 30, 2015 | |
Transfers and Servicing [Abstract] | |
Servicing Rights for Government Guaranteed Loans | Note 7 – Servicing Rights for Government Guaranteed Loans United accounts for servicing rights for government guaranteed loans serviced for others at fair value and includes them in other assets. Changes in the balances of servicing assets and servicing liabilities subsequently measured using the fair value measurement method for the three and six months ended June 30, 2015 and 2014 are recorded as follows (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Fair value at beginning of period $ 2,717 $ - $ 2,551 $ - Additions: Acquired servicing rights - 2,133 - 2,133 Originated servicing rights capitalized upon sale on loans 442 129 632 129 Changes in fair value: Due to change in valuation inputs or assumptions used in valuation model (41 ) - (65 ) - Fair value at end of period $ 3,118 $ 2,262 $ 3,118 $ 2,262 A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the Company’s government guaranteed servicing assets as of June 30, 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) June 30, December 31, 2015 2014 Fair value of retained servicing assets $ 3,118 $ 2,551 Prepayment rate assumption 6.98 % 6.70 % 10% adverse change $ (80 ) $ (62 ) 20% adverse change $ (156 ) $ (122 ) Discount rate 11.0 % 12.0 % 100 bps adverse change $ (109 ) $ (85 ) 200bps adverse change $ (211 ) $ (164 ) Weighted-average life (months) 6.9 6.5 Weighted-average gross margin 2.02 % 2.00 % |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014 (in thousands) Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other For the Three Months Ended June 30, For the Six Months Ended June 30, Affected Line Item in the Statement Comprehensive Income Components 2015 2014 2015 2014 Where Net Income is Presented Realized gains on sales of available-for-sale securities: $ 13 $ 4,435 $ 1,552 $ 4,652 Securities gains, net (5 ) (1,725 ) (603 ) (1,817 ) Tax expense $ 8 $ 2,710 $ 949 $ 2,835 Net of tax Amortization of (losses) gains included in net income on available-for-sale securities transferred to held to maturity: $ (289 ) $ (409 ) $ (773 ) $ (739 ) Investment securities interest revenue 105 154 287 277 Tax benefit (expense) $ (184 ) $ (255 ) $ (486 ) $ (462 ) Net of tax Gains included in net income on derivative financial instruments accounted for as cash flow hedges: Effective portion of interest rate contracts $ - $ (350 ) $ - $ (447 ) Time deposit interest expense Amortization of losses on de-designated positions (30 ) - (78 ) - Deposits in banks and short-term investmens in interest revenue Amortization of losses on de-designated positions (146 ) (24 ) (265 ) (24 ) Money market deposit interest expense Amortization of losses on de-designated positions (279 ) - (537 ) - Federal Home Loan Bank advances interest expense Amortization of losses on de-designated positions - (199 ) - (199 ) Time deposit interest expense (455 ) (573 ) (880 ) (670 ) Total before tax 177 223 342 261 Tax or benefit (expense) $ (278 ) $ (350 ) $ (538 ) $ (409 ) 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 ) $ (92 ) $ (182 ) $ (183 ) Salaries and employee benefits expense Actuarial losses (68 ) - (136 ) - Salaries and employee benefits expense (159 ) (92 ) (318 ) (183 ) Total before tax 62 36 124 71 Tax benefit $ (97 ) $ (56 ) $ (194 ) $ (112 ) Net of tax Total reclassifications for the period $ (551 ) $ 2,049 $ (269 ) $ 1,852 Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 and 2014, United accrued dividends on preferred stock as shown in the following table (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Series H - 1% until March 15, 2016, subject to change based on Qualified Small Business Lending, 9% thereafter $ 17 $ - $ 17 $ - Series B - 5% fixed until December 6, 2013, 9% thereafter - - - 159 Series D - LIBOR plus 9.6875%, resets quarterly - - - 280 Total preferred stock dividends $ 17 $ - $ 17 $ 439 All preferred stock dividends are payable quarterly. The preferred stock dividends were subtracted from net income in order to arrive at net income available to common shareholders. The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income available to common shareholders $ 17,796 $ 16,357 $ 35,466 $ 31,318 Weighted average shares outstanding: Basic 62,549 60,712 61,730 60,386 Effect of dilutive securities Stock options 4 2 4 2 Diluted 62,553 60,714 61,734 60,388 Net income per common share: Basic $ .28 $ .27 $ .57 $ .52 Diluted $ .28 $ .27 $ .57 $ .52 At June 30, 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; 256,102 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $90.25; and 765,061 shares of common stock issuable upon completion of vesting of restricted stock unit awards. At June 30, 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; 316,343 common shares issuable upon exercise of stock options granted to employees with a weighted average exercise price of $96.22; 973,467 shares issuable upon completion of vesting of restricted stock 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 Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 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 June 30, 2015, December 31, 2014 and June 30, 2014 (in thousands) Derivatives designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet June 30, 2015 December 31, 2014 June 30, 2014 Cash flow hedge of money market deposits Derivative assets $ - $ - $ 1,109 Fair value hedge of corporate bonds Derivative assets 970 - - $ 970 $ - $ 1,109 Cash flow hedge of money market deposits Derivative liabilities $ - $ 350 $ 523 Fair value hedge of brokered CD’s Derivative liabilities 4,855 5,817 9,857 $ 4,855 $ 6,167 $ 10,380 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet June 30, 2015 December 31, 2014 June 30, 2014 Customer swap positions Derivative assets $ 3,456 $ 3,433 $ 2,572 Dealer offsets to customer swap positions Derivative assets - 128 333 Bifurcated embedded derivatives Derivative assets 11,531 12,262 12,369 Offsetting positions for de-designated cash flow hedges Derivative assets 5,771 4,776 5,641 $ 20,758 $ 20,599 $ 20,915 Customer swap positions Derivative liabilities $ 3,485 $ 129 $ 333 Dealer offsets to customer swap positions Derivative liabilities - 3,456 2,592 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 18,261 17,467 17,599 De-designated cash flow hedges Derivative liabilities 5,773 4,778 5,641 $ 27,519 $ 25,830 $ 26,165 Derivative contracts that are not accounted for as hedging instruments under ASC 815, Derivatives and Hedging, 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 June 30, 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 June 30, 2014, United had two swap contracts outstanding with a total notional amount of $275 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 did not recognize any hedge ineffectiveness on active cash flow hedges during the three months ended June 30, 2015 but did recognize $7,000 in hedge ineffectiveness gains in interest expense during the six months ended June 30, 2015. United recognized $50,000 and $85,000, respectively, in hedge ineffectiveness losses in interest expense on active cash flow hedges during the three and six months ended June 30, 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 June 30, 2015, United had 15 interest rate swaps with an aggregate notional amount of $184 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 June 30, 2015, United had 1 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 June 30, 2014, United had 16 interest rate swaps with an aggregate notional amount of $199 million that were designated as fair value hedges of interest rate risk. These contracts were pay-variable / receive-fixed swaps hedging 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 and six months ended June 30, 2015, United recognized net gains of $207,000 and $170,000, respectively, and during the three and six months ended June 30, 2014, United recognized net losses of $236,000 and $625,000, respectively, related to ineffectiveness in the fair value hedging relationships. United also recognized net reductions of interest expense of $1.13 million and $2.26 million, respectively, for the three and six months ended June 30, 2015 and net reductions of interest expense of $1.22 million and $2.43 million, respectively, for the three and six months ended June 30, 2014 related to United’s fair value hedges of brokered time deposits, which includes net settlements on the derivatives. United recognized reductions of interest revenue on securities during the three and six months ended June 30, 2015 of $146,000 and $220,000, respectively, and reductions of interest revenue on securities during the three and six months ended June 30, 2014 of $425,000 and $955,000 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 and six months ended June 30, 2015 and 2014. Derivatives in Fair Value Hedging Relationships (in thousands) Location of Gain Amount of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Hedged Item Derivative 2015 2014 2015 2014 Three Months Ended June 30, Fair value hedges of brokered CD’s Interest expense $ (3,145 ) $ 4,262 $ 3,287 $ (4,382 ) Fair value hedges of corporate bonds Interest revenue 1,315 (783 ) (1,250 ) 667 $ (1,830 ) $ 3,479 $ 2,037 $ (3,715 ) Six Months Ended June 30, Fair value hedges of brokered CD’s Interest expense $ (775 ) $ 10,115 $ 882 $ (10,416 ) Fair value hedges of corporate bonds Interest revenue 970 (2,487 ) (907 ) 2,163 $ 195 $ 7,628 $ (25 ) $ (8,253 ) 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. Amount of Gain (Loss) Gain (Loss) Reclassified from Accumulated Gain (Loss) Recognized in Income on 2015 2014 Location 2015 2014 Location 2015 2014 Three Months Ended June 30, Interest rate swaps $ - $ (3,547 ) Interest expense $ (455 ) $ (573 ) Interest expense $ - $ (50 ) Six Months Ended June 30, Interest rate swaps $ (471 ) $ (6,379 ) Interest expense $ (880 ) $ (670 ) Interest expense $ (7 ) $ (85 ) 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 June 30, 2015, collateral totaling $35.5 million was pledged toward derivatives in a liability position. United’s agreements with each of its derivative counterparties contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivatives counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that contain a provision where if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 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 June 30, 2015, 404,000 additional awards could be granted under the plan. Through June 30, 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 six months of 2015. Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinisic Value ($000) Outstanding at December 31, 2014 313,555 $ 93.40 Expired (45,242 ) 108.61 Forfeited (12,211 ) 103.12 Outstanding at June 30, 2015 256,102 90.25 2.9 $ 168 Exercisable at June 30, 2015 239,852 95.32 2.5 81 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 six months ended June 30, 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 ASC Topic 718-10-S99 to determine the expected life of options. United recognized $19,000 and $2,000, respectively, in compensation expense related to stock options during the six months ended June 30, 2015 and 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 six months of 2015 or 2014. The table below presents restricted stock units activity for the first six months of 2015. Restricted Stock Unit Awards Shares Weighted- Average Grant- Date Fair Value Outstanding at December 31, 2014 829,201 $ 14.76 Granted 129,507 18.23 Vested (140,102 ) 14.36 Cancelled (53,545 ) 15.26 Outstanding at June 30, 2015 765,061 15.39 Vested at June 30, 2015 1,170 10.69 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 six months ended June 30, 2015 and 2014, compensation expense of $2.11 million and $2.18 million, respectively, was recognized related to restricted stock unit awards. In addition, for the six months ended June 30, 2015 and 2014, $47,000 and $50,000, respectively, 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 $16.0 million at June 30, 2015. As of June 30, 2015, there was $8.95 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 2.51 years. The aggregate grant date fair value of options and restricted stock unit awards that vested during the six months ended June 30, 2015, was $1.95 million. |
Common and Preferred Stock Issu
Common and Preferred Stock Issued / Common Stock Issuable | 6 Months Ended |
Jun. 30, 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 six 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 six months ended June 30, 2015, 997 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 six months ended June 30, 2014, United’s 401(k) Plan purchased 14,171 shares directly from United at the average of the high and low stock prices on the transaction dates which increased capital by $245,000. 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 six months of 2015 and 2014, United issued 6,664 shares and 5,128 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 June 30, 2015 and 2014, 413,014 and 314,039 shares of common stock, respectively, were issuable under the deferred compensation plan. As discussed in Note 3, on May 1, 2015, the Company completed its previously announced acquisition of Moneytree. Upon completion of the acquisition, each share of preferred stock issued by MoneyTree as part of the SBLF program of the United States Department of Treasury (9,992 shares in the aggregate with a liquidation preference amount of $1,000 per share) was converted automatically into one substantially identical share of preferred stock of the Company with a liquidation preference amount of $1,000 per share, designated as the Company’s Non-Cumulative Perpetual Preferred Stock, Series H. The SBLF Preferred Shares may be redeemed at any time at the option of United, subject to the approval of the appropriate federal banking agency. All redemptions must be made at a per share redemption price equal to 100% of the liquidation preference, plus accrued and unpaid dividends as of the date of the redemption (“Redemption Date”) for the quarter that includes the Redemption Date, and a pro rata portion of any lending incentive fee. All redemptions must be in amounts equal to at least 25% of the number of originally issued shares, or 100% of the then outstanding shares, if less than 25% of the number of originally issued shares. In the first quarter of 2014, United redeemed all of its outstanding Series B and D 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 and cash on hand. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 – Income Taxes The income tax provision for the three and six months ended June 30, 2015 was $11.1 million and $21.5 million, respectively, which represents effective tax rates of 38.4% and 37.7%, respectively, for each period. The income tax provision for the three and six months ended June 30, 2014 was $9.63 million and $18.7 million, respectively, which represents effective tax rates of 37.0% for each period. At June 30, 2015, December 31, 2014 and June 30, 2014, United maintained a valuation allowance on its net deferred tax asset of $4.43 million, $4.12 million and $4.10 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 June 30, 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 $4.43 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 June 30, 2015 that it was more likely than not that United’s net deferred tax asset of $196 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 June 30, 2015, December 31, 2014 and June 30, 2014, unrecognized income tax benefits totaled $4.38 million, $4.20 million and $4.69 million, respectively. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 6 Months Ended |
Jun. 30, 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. 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 June 30, 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. Servicing Rights for Government Guaranteed Loans As United expanded its government guaranteed 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 June 30, 2015, December 31, 2014 and June 30, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) June 30, 2015 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 127,901 $ - $ - $ 127,901 U.S. Government agencies - 110,311 - 110,311 State and political subdivisions - 30,764 - 30,764 Mortgage-backed securities - 998,116 - 998,116 Corporate bonds - 206,274 750 207,024 Asset-backed securities - 466,332 - 466,332 Other - 1,871 - 1,871 Deferred compensation plan assets 3,429 - - 3,429 Servicing rights for government guaranteed loans - - 3,118 3,118 Derivative financial instruments - 10,197 11,531 21,728 Total assets $ 131,330 $ 1,823,865 $ 15,399 $ 1,970,594 Liabilities: Deferred compensation plan liability $ 3,429 $ - $ - $ 3,429 Derivative financial instruments - 14,113 18,261 32,374 Total liabilities $ 3,429 $ 14,113 $ 18,261 $ 35,803 December 31, 2014 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 Servicing rights for government guaranteed loans - 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 June 30, 2014 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ - $ 15,508 $ - $ 15,508 State and political subdivisions - 21,815 - 21,815 Mortgage-backed securities - 1,077,440 - 1,077,440 Corporate bonds - 175,671 300 175,971 Asset-backed securities - 448,323 - 448,323 Other - 2,211 - 2,211 Deferred compensation plan assets 3,715 - - 3,715 Derivative financial instruments - 22,024 - 22,024 Total assets $ 3,715 $ 1,762,992 $ 300 $ 1,767,007 Liabilities: Deferred compensation plan liability $ 3,715 $ - $ - $ 3,715 Brokered certificates of deposit - 179,215 - 179,215 Derivative financial instruments - 36,545 - 36,545 Total liabilities $ 3,715 $ 215,760 $ - $ 219,475 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) 2015 2014 Derivative Asset Derivative Liability Servicing rights for government guaranteed loans Securities Available-for- Sale Securities Available-for- Sale Three Months Ended June 30, Balance at beginning of period $ 8,117 $ 14,529 $ 2,717 $ 750 $ 350 Additions - - 442 - - Sales and settlements - - - - (50 ) Amounts included in earnings - fair value adjustments 3,414 3,732 (41 ) - - Balance at end of period $ 11,531 $ 18,261 $ 3,118 $ 750 $ 300 Six Months Ended June 30, Balance at beginning of period $ 12,262 $ 18,979 $ 2,551 $ 750 $ 350 Additions - - 632 - - Sales and settlements - - - - (50 ) Amounts included in earnings - fair value adjustments (731 ) (718 ) (65 ) - - Balance at end of period $ 11,531 $ 18,261 $ 3,118 $ 750 $ 300 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at June 30, 2015, December 31, 2014 and June 30, 2014 (in thousands) Fair Value Weighted Average Level 3 Assets June 30, 2015 December 31, 2014 June 30, 2014 Valuation Technique Unobservable Inputs June 30, 2015 December 31, 2014 Servicing Rights for $ 3,118 $ 2,551 $ - Discounted Discount rate 11.0 % 12.0 % Government cash flow Prepayment Rate 6.98 % 6.70 % Guaranteed Loans Corporate Bonds 750 750 300 Indicative bid Multiple factors, including but not N/A N/A provided by a limited to, current operations, broker financial condition, cash flows, and recently executed financing transactions related to the company Derivative assets 11,531 12,262 - Dealer Priced Dealer Priced N/A N/A Derivative liabilities 18,261 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 assets are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of June 30, 2015, December 31, 2014 and June 30, 2014, for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands) June 30, 2015 Level 1 Level 2 Level 3 Total Loans $ - $ - $ 3,907 $ 3,907 December 31, 2014 Loans $ - $ - $ 7,317 $ 7,317 June 30, 2014 Loans $ - $ - $ 8,641 $ 8,641 Loans that are reported above as being measured at fair value on a nonrecurring basis are generally impaired loans that have either been partially charged off or have specific reserves assigned to them. Nonaccrual impaired loans that are collateral dependent are generally written down to 80% of appraised value which considers the estimated costs to sell. Specific reserves are established for impaired loans based on appraised value of collateral or discounted cash flows, although only those specific reserves based on the fair value of collateral are considered nonrecurring fair value adjustments. As discussed in Note 2, United retrospectively adopted ASU 2015-10 Technical Corrections and Improvements 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 June 30, 2015, December 31, 2014, and June 30, 2014 are as follows (in thousands) Carrying Fair Value Level June 30, 2015 Amount Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 379,757 $ - $ 388,066 $ - $ 388,066 Loans, net 5,103,388 - - 5,083,619 5,083,619 Mortgage loans held for sale 22,003 - 22,312 - 22,312 Liabilities: Deposits 6,807,943 - 6,808,029 - 6,808,029 Federal Home Loan Bank advances 385,125 - 385,121 - 385,121 Long-term debt 113,901 - - 116,307 116,307 December 31, 2014 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 June 30, 2014 Assets: Securities held to maturity 448,752 - 458,864 - 458,864 Loans, net 4,337,037 - - 4,275,708 4,275,708 Mortgage loans held for sale 14,918 - 15,157 - 15,157 Liabilities: Deposits 6,163,545 - 6,152,839 - 6,152,839 Federal Home Loan Bank advances 175,125 - 175,125 - 175,125 Long-term debt 129,865 - - 132,145 132,145 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 June 30, 2015, December 31, 2014 and June 30, 2014, the contractual amount of off-balance sheet instruments (in thousands) June 30, 2015 December 31, 2014 June 30, 2014 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,047,970 $ 878,160 $ 797,068 Letters of credit 21,726 19,861 20,682 United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 16 – Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets is summarized below (in thousands) June 30, 2015 December 31, 2014 June 30, 2014 Core deposit intangible $ 36,872 $ 32,652 $ 32,652 Less: accumulated amortization (31,209 ) (30,520 ) (29,921 ) Total intangibles subject to amortization, net 5,663 2,132 2,731 Goodwill 14,527 1,509 - Total goodwill and other intangible assets, net $ 20,190 $ 3,641 $ 2,731 The following is a summary of changes in the carrying amounts of goodwill (in thousands) For the three months ended June 30, For the six months ended June 30, 2015 Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses Balance, beginning of period $ 307,099 $ (305,590 ) $ 1,509 $ 307,099 $ (305,590 ) $ 1,509 Acquisition of MoneyTree 13,018 - 13,018 13,018 - 13,018 Balance, end of period $ 320,117 $ (305,590 ) $ 14,527 $ 320,117 $ (305,590 ) $ 14,527 The amortization expense for intangibles subject to amortization for the three and six months ended June 30, 2015 was $447,000 and $689,000, respectively, which was recognized in operating expenses. The amortization expense for intangibles subject to amortization for the three and six months ended June 30, 2014 was $362,000 and $749,000, respectively. The estimated aggregate amortization expense for future periods is as follows (in thousands) Year Remainder of 2015 $ 1,063 2016 1,919 2017 1,115 2018 695 2019 479 Thereafter 392 Total $ 5,663 |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of purchased assets and assumed liabilities | As Recorded by Money Tree Fair Value Adjustments (1) As Recorded by United Assets Cash and cash equivalents $ 55,293 $ - $ 55,293 Securities 127,123 (52 ) 127,071 Loans held for sale 1,342 - 1,342 Loans, net 246,816 (2,464 ) 244,352 Premises and equipment, net 9,497 3,759 13,256 Bank owned life insurance 11,194 - 11,194 Core deposit intangible - 4,220 4,220 Other assets 5,462 (1,199 ) 4,263 Total assets acquired $ 456,727 $ 4,264 $ 460,991 Liabilities Deposits $ 368,833 $ 917 $ 369,750 Short-term borrowings 15,000 - 15,000 Federal Home Loan Bank advances 22,000 70 22,070 Other liabilities 864 1,742 2,606 Total liabilities assumed 406,697 2,729 409,426 SBLF preferred stock assumed 9,992 - 9,992 Excess of assets acquired over liabilities and preferred stock assumed $ 40,038 Aggregate fair value adjustments $ 1,535 Consideration transferred Cash 10,699 Common stock issued (2,358,503 shares) 43,892 Total fair value of consideration transferred 54,591 Goodwill $ 13,018 (1) |
Schedule of acquired loan portfolio | May 1, 2015 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 15,152 Non-accretable difference 3,677 Cash flows expected to be collected 11,475 Accretable yield 1,029 Fair value $ 10,446 Excluded from ASC 310-30: Fair value $ 233,906 Gross contractual amounts receivable 258,931 Estimate of contractual cash flows not expected to be collected 1,231 |
Schedule of actual results and pro forma information | Revenue Net Income Actual MoneyTree from May 1, 2015 - June 30, 2015 $ 2,284 $ 384 2015 supplemental consolidated pro forma from January 1, 2015 - June 30, 2015 153,322 38,294 2014 supplemental consolidated pro forma from January 1, 2014 - June 30, 2014 137,809 31,080 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Offsetting [Abstract] | |
Schedule of summary of amounts outstanding under reverse repurchase agreements and derivative financial instruments | Gross Gross Net Asset Gross Amounts not Offset in the Balance Sheet Net Amount June 30, 2015 Financial Instruments Collateral Repurchase agreements / reverse repurchase agreements $ 330,000 $ (300,000 ) $ 30,000 $ - $ (31,679 ) $ - Derivatives 21,728 - 21,728 (1,881 ) (3,978 ) 15,869 Total $ 351,728 $ (300,000 ) $ 51,728 $ (1,881 ) $ (35,657 ) $ 15,869 Weighted average interest rate of reverse repurchase agreements 1.17 % Gross Gross Net Gross Amounts not Offset Net Amount Financial Instruments Collateral Repurchase agreements / reverse repurchase agreements $ 300,000 $ (300,000 ) $ - $ - $ - $ - Derivatives 32,374 - 32,374 (1,881 ) (35,509 ) - Total $ 332,374 $ (300,000 ) $ 32,374 $ (1,881 ) $ (35,509 ) $ - Weighted average interest rate of repurchase agreements .31 % Gross Gross Net Asset Net Amount Gross Amounts not Offset December 31, 2014 Financial Collateral 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 Net Amount Gross Amounts not Offset Financial Collateral 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 .29 % Gross Gross Sheet Net Asset Gross Amounts not Offset in the Balance Sheet June 30, 2014 Financial Collateral Net Amount Repurchase agreements / reverse repurchase agreements $ 420,000 $ (375,000 ) $ 45,000 $ - $ (48,933 ) $ - Derivatives 22,024 - 22,024 (1,962 ) (162 ) 19,900 Total $ 442,024 $ (375,000 ) $ 67,024 $ (1,962 ) $ (49,095 ) $ 19,900 Weighted average interest rate of reverse repurchase agreements 1.09 % Gross Gross Net Gross Amounts not Offset in the Balance Sheet Financial Collateral Net Amount Repurchase agreements / reverse repurchase agreements $ 375,000 $ (375,000 ) $ - $ - $ - $ - Derivatives 36,545 - 36,545 (1,962 ) (35,245 ) - Total $ 411,545 $ (375,000 ) $ 36,545 $ (1,962 ) $ (35,245 ) $ - Weighted average interest rate of repurchase agreements .27 % |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 Cost Gains Losses Value State and political subdivisions $ 47,116 $ 3,103 $ - $ 50,219 Mortgage-backed securities (1) 332,641 6,899 1,693 337,847 Total $ 379,757 $ 10,002 $ 1,693 $ 388,066 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 June 30, 2014 State and political subdivisions $ 50,669 $ 3,872 $ - $ 54,541 Mortgage-backed securities (1) 398,083 8,257 2,017 404,323 Total $ 448,752 $ 12,129 $ 2,017 $ 458,864 (1) All are residential type mortgage-backed securities or 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 June 30, 2015 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Mortgage-backed securities $ 130,980 $ 1,268 $ 19,359 $ 425 $ 150,339 $ 1,693 Total unrealized loss position $ 130,980 $ 1,268 $ 19,359 $ 425 $ 150,339 $ 1,693 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 June 30, 2014 Mortgage-backed securities $ 194,724 $ 1,898 $ 2,955 $ 119 $ 197,679 $ 2,017 Total unrealized loss position $ 194,724 $ 1,898 $ 2,955 $ 119 $ 197,679 $ 2,017 |
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | As of June 30, 2015 Amortized Cost Gross Gross Fair U.S. Treasuries $ 127,962 $ 360 $ 421 $ 127,901 U.S. Government agencies 110,710 126 525 110,311 State and political subdivisions 30,489 416 141 30,764 Mortgage-backed securities (1) 989,636 14,852 6,372 998,116 Corporate bonds 208,114 1,611 2,701 207,024 Asset-backed securities 462,702 3,938 308 466,332 Other 1,871 - - 1,871 Total $ 1,931,484 $ 21,303 $ 10,468 $ 1,942,319 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 June 30, 2014 U.S. Treasuries $ 15,579 $ - $ 71 $ 15,508 State and political subdivisions 21,080 773 38 21,815 Mortgage-backed securities (1) 1,068,593 17,470 8,623 1,077,440 Corporate bonds 175,975 1,426 1,430 175,971 Asset-backed securities 444,910 3,664 251 448,323 Other 2,211 - - 2,211 Total $ 1,728,348 $ 23,333 $ 10,413 $ 1,741,268 (1) All are residential type mortgage-backed securities or 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 June 30, 2015 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasuries $ 49,830 $ 421 $ - $ - $ 49,830 $ 421 U.S. Government agencies 85,769 525 - - 85,769 525 State and political subdivisions 13,441 141 - - 13,441 141 Mortgage-backed securities 145,477 1,283 198,067 5,089 343,544 6,372 Corporate bonds 119,690 2,701 - - 119,690 2,701 Asset-backed securities 49,294 261 14,899 47 64,193 308 Total unrealized loss position $ 463,501 $ 5,332 $ 212,966 $ 5,136 $ 676,467 $ 10,468 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 June 30, 2014 U.S. Treasuries $ 10,508 $ 71 $ - $ - $ 10,508 $ 71 State and political subdivisions - - 3,634 38 3,634 38 Mortgage-backed securities 100,949 519 277,556 8,104 378,505 8,623 Corporate bonds 19,130 114 46,010 1,316 65,140 1,430 Asset-backed securities 83,620 166 11,486 85 95,106 251 Total unrealized loss position $ 214,207 $ 870 $ 338,686 $ 9,543 $ 552,893 $ 10,413 |
Schedule of summary of securities sales activities | Three Months Ended Six Months Ended 2015 2014 2015 2014 Proceeds from sales $ 67,350 $ 236,911 $ 136,817 $ 390,227 Gross gains on sales $ 13 $ 5,374 $ 1,552 $ 5,784 Gross losses on sales - (939 ) - (1,132 ) Net gains on sales of securities $ 13 $ 4,435 $ 1,552 $ 4,652 Income tax expense attributable to sales $ 5 $ 1,725 $ 603 $ 1,817 |
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 $ 77,711 $ 78,071 $ - $ - 5 to 10 years 50,251 49,830 - - 127,962 127,901 - US Government agencies: 1 to 5 years 32,007 31,801 - - 5 to 10 years 78,703 78,510 - - 110,710 110,311 - State and political subdivisions: Within 1 year 4,487 4,563 1,006 1,036 1 to 5 years 9,709 9,969 17,670 18,756 5 to 10 years 11,325 11,237 22,140 23,673 More than 10 years 4,968 4,995 6,300 6,754 30,489 30,764 47,116 50,219 Corporate bonds: 1 to 5 years 57,031 57,474 - - 5 to 10 years 118,603 118,841 - - More than 10 years 32,480 30,709 - - 208,114 207,024 - Asset-backed securities: 1 to 5 years 237,660 239,903 - - 5 to 10 years 78,367 78,628 - - More than 10 years 146,675 147,801 - - 462,702 466,332 - Other: More than 10 years 1,871 1,871 - - 1,871 1,871 - Total securities other than mortgage-backed securities: Within 1 year 4,487 4,563 1,006 1,036 1 to 5 years 414,118 417,218 17,670 18,756 5 to 10 years 337,249 337,046 22,140 23,673 More than 10 years 185,994 185,376 6,300 6,754 Mortgage-backed securities 989,636 998,116 332,641 337,847 $ 1,931,484 $ 1,942,319 $ 379,757 $ 388,066 |
Loans and Allowance for Loan 29
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans and Allowance For Loan Losses [Abstract] | |
Schedule of major classifications of loans | June 30, December 31, June 30, Owner occupied commercial real estate $ 1,265,783 $ 1,163,480 $ 1,163,327 Income producing commercial real estate 688,768 598,537 598,318 Commercial & industrial 792,791 710,256 554,089 Commercial construction 237,820 196,030 159,755 Total commercial 2,985,162 2,668,303 2,475,489 Residential mortgage 935,646 865,789 860,525 Home equity lines of credit 490,753 465,872 451,435 Residential construction 298,920 298,627 301,737 Consumer installment 105,931 104,899 105,160 Indirect auto 357,105 268,629 215,939 Total loans 5,173,517 4,672,119 4,410,285 Less allowance for loan losses (70,129 ) (71,619 ) (73,248 ) Loans, net $ 5,103,388 $ 4,600,500 $ 4,337,037 |
Schedule of changes in the value of the accretable yield for acquired loans accounted | Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Balance at beginning of period $ - $ - Additions due to acquisitions 1,029 1,029 Accretion (83 ) (83 ) Balance at end of period $ 946 $ 946 |
Schedule of balance and activity in the allowance for credit losses by portfolio segment | 2015 2014 Three Months Ended June 30, Beginning Balance Charge-Offs Recoveries Provision Ending Balance Beginning Balance Charge-Offs Recoveries Allocation of Unallocated Provision Ending Balance Owner occupied commercial real estate $ 14,952 $ (363 ) $ 78 $ 1,672 $ 16,339 $ 20,292 $ (918 ) $ 2,753 $ - $ (4,323 ) $ 17,804 Income producing commercial real estate 9,655 (74 ) 350 (1,731 ) 8,200 10,926 (632 ) 197 - 1,270 11,761 Commercial & industrial 3,442 (162 ) 789 659 4,728 4,247 (1,012 ) 350 - 300 3,885 Commercial construction 5,335 (147 ) 51 (344 ) 4,895 3,977 (131 ) - - 221 4,067 Residential mortgage 20,138 (1,109 ) 322 (299 ) 19,052 15,967 (2,800 ) 292 - 3,304 16,763 Home equity lines of credit 4,321 (348 ) 26 1,480 5,479 6,120 (624 ) 158 - 684 6,338 Residential construction 10,210 (499 ) 392 (766 ) 9,337 12,181 (1,946 ) 275 - 698 11,208 Consumer installment 713 (349 ) 187 137 688 717 (455 ) 391 - (54 ) 599 Indirect auto 1,241 (130 ) 8 292 1,411 796 (89 ) 16 - 100 823 Total allowance for loan losses 70,007 (3,181 ) 2,203 1,100 70,129 75,223 (8,607 ) 4,432 - 2,200 73,248 Allowance for unfunded commitments 2,780 - - (200 ) 2,580 2,165 - - - - 2,165 Total allowance for credit losses $ 72,787 $ (3,181 ) $ 2,203 $ 900 $ 72,709 $ 77,388 $ (8,607 ) $ 4,432 $ - $ 2,200 $ 75,413 Six Months Ended June 30, Beginning Balance Charge-Offs Recoveries Provision Ending Balance Beginning Balance Charge-Offs Recoveries Allocation of Unallocated Provision Ending Balance Owner occupied commercial real estate $ 16,041 $ (731 ) $ 89 $ 940 $ 16,339 $ 17,164 $ (1,284 ) $ 2,843 $ 1,278 $ (2,197 ) $ 17,804 Income producing commercial real estate 10,296 (322 ) 357 (2,131 ) 8,200 7,174 (837 ) 197 688 4,539 11,761 Commercial & industrial 3,255 (631 ) 917 1,187 4,728 6,527 (1,975 ) 891 318 (1,876 ) 3,885 Commercial construction 4,747 (169 ) 51 266 4,895 3,669 (132 ) - 388 142 4,067 Residential mortgage 20,311 (1,687 ) 484 (56 ) 19,052 15,446 (4,381 ) 357 1,452 3,889 16,763 Home equity lines of credit 4,574 (421 ) 40 1,286 5,479 5,528 (1,627 ) 168 391 1,878 6,338 Residential construction 10,603 (1,639 ) 471 (98 ) 9,337 12,532 (2,251 ) 369 1,728 (1,170 ) 11,208 Consumer installment 731 (675 ) 563 69 688 1,353 (1,131 ) 718 - (341 ) 599 Indirect auto 1,061 (258 ) 21 587 1,411 1,126 (166 ) 27 - (164 ) 823 Unallocated - - - - - 6,243 - - (6,243 ) - - Total allowance for loan losses 71,619 (6,533 ) 2,993 2,050 70,129 76,762 (13,784 ) 5,570 - 4,700 73,248 Allowance for unfunded commitments 1,930 - - 650 2,580 2,165 - - - - 2,165 Total allowance for credit losses $ 73,549 $ (6,533 ) $ 2,993 $ 2,700 $ 72,709 $ 78,927 $ (13,784 ) $ 5,570 $ - $ 4,700 $ 75,413 June 30, 2015 December 31, 2014 June 30, 2014 Allowance for Loan Losses Individually evaluated for impairment Collectively evaluated for impairment Purchased with deteriorated credit quality Ending Balance Individually evaluated for impairment Collectively evaluated for impairment Ending Balance Individually evaluated for impairment Collectively evaluated for impairment Ending Balance Owner occupied commercial real estate $ 1,592 $ 14,747 $ - $ 16,339 $ 2,737 $ 13,304 $ 16,041 $ 2,483 $ 15,321 $ 17,804 Income producing commercial real estate 782 7,418 - 8,200 1,917 8,379 10,296 1,404 10,357 11,761 Commercial & industrial 137 4,591 - 4,728 15 3,240 3,255 399 3,486 3,885 Commercial construction 530 4,365 - 4,895 729 4,018 4,747 412 3,655 4,067 Residential mortgage 3,107 15,945 - 19,052 3,227 17,084 20,311 3,117 13,646 16,763 Home equity lines of credit 26 5,453 - 5,479 47 4,527 4,574 115 6,223 6,338 Residential construction 506 8,831 - 9,337 1,192 9,411 10,603 1,054 10,154 11,208 Consumer installment 6 682 - 688 18 713 731 33 566 599 Indirect auto - 1,411 - 1,411 - 1,061 1,061 - 823 823 Total allowance for loan losses 6,686 63,443 - 70,129 9,882 61,737 71,619 9,017 64,231 73,248 Allowance for unfunded commitments - 2,580 - 2,580 - 1,930 1,930 - 2,165 2,165 Total allowance for credit losses $ 6,686 $ 66,023 $ - $ 72,709 $ 9,882 $ 63,667 $ 73,549 $ 9,017 $ 66,396 $ 75,413 Loans Outstanding Owner occupied commercial real estate $ 37,547 $ 1,225,779 $ 2,457 $ 1,265,783 $ 34,654 $ 1,128,826 $ 1,163,480 $ 31,952 $ 1,131,375 $ 1,163,327 Income producing commercial real estate 21,926 661,988 4,854 688,768 24,484 574,053 598,537 26,045 572,273 598,318 Commercial & industrial 5,023 787,247 521 792,791 3,977 706,279 710,256 3,641 550,448 554,089 Commercial construction 12,123 223,631 2,066 237,820 12,321 183,709 196,030 11,214 148,541 159,755 Residential mortgage 20,538 914,981 127 935,646 18,775 847,014 865,789 20,455 840,070 860,525 Home equity lines of credit 551 490,132 70 490,753 478 465,394 465,872 540 450,895 451,435 Residential construction 8,631 290,289 - 298,920 11,604 287,023 298,627 13,320 288,417 301,737 Consumer installment 141 105,790 - 105,931 179 104,720 104,899 329 104,831 105,160 Indirect auto - 357,105 - 357,105 - 268,629 268,629 - 215,939 215,939 Total loans $ 106,480 $ 5,056,942 $ 10,095 $ 5,173,517 $ 106,472 $ 4,565,647 $ 4,672,119 $ 107,496 $ 4,302,789 $ 4,410,285 |
Schedule of recorded investments in individually evaluated impaired loans | June 30, 2015 December 31, 2014 June 30, 2014 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 14,138 $ 12,939 $ - $ 12,025 $ 11,325 $ - $ 14,445 $ 12,985 $ - Income producing commercial real estate 9,696 9,553 - 8,311 8,311 - 12,755 11,808 - Commercial & industrial 2,785 1,977 - 1,679 1,042 - 1,736 1,710 - Commercial construction - - - - - - 195 195 - Total commercial 26,619 24,469 - 22,015 20,678 - 29,131 26,698 - Residential mortgage 2,395 1,930 - 2,569 1,472 - 3,357 2,849 - Home equity lines of credit - - - - - - - - - Residential construction 2,347 2,347 - 4,338 3,338 - 6,168 5,491 - Consumer installment - - - - - - - - - Indirect auto - - - - - - - - - Total with no related allowance recorded 31,361 28,746 - 28,922 25,488 - 38,656 35,038 - With an allowance recorded: Owner occupied commercial real estate 26,301 24,608 1,592 24,728 23,329 2,737 20,287 18,967 2,483 Income producing commercial real estate 12,460 12,373 782 16,352 16,173 1,917 14,706 14,237 1,404 Commercial & industrial 3,055 3,046 137 2,936 2,935 15 1,931 1,931 399 Commercial construction 12,203 12,123 530 12,401 12,321 729 11,194 11,019 412 Total commercial 54,019 52,150 3,041 56,417 54,758 5,398 48,118 46,154 4,698 Residential mortgage 19,045 18,608 3,107 17,732 17,303 3,227 18,077 17,606 3,117 Home equity lines of credit 563 551 26 478 478 47 540 540 115 Residential construction 7,291 6,284 506 8,962 8,266 1,192 9,255 7,829 1,054 Consumer installment 163 141 6 179 179 18 329 329 33 Indirect auto - - - - - - - - - Total with an allowance recorded 81,081 77,734 6,686 83,768 80,984 9,882 76,319 72,458 9,017 Total $ 112,442 $ 106,480 $ 6,686 $ 112,690 $ 106,472 $ 9,882 $ 114,975 $ 107,496 $ 9,017 |
Schedule of average balances of impaired loans and income recognized on impaired loans | 2015 2014 Three Months Ended June 30, Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 37,985 $ 469 $ 509 $ 31,558 $ 403 $ 391 Income producing commercial real estate 22,055 273 253 26,415 316 317 Commercial & industrial 5,221 45 89 3,683 40 50 Commercial construction 12,164 117 116 11,340 104 107 Total commercial 77,425 904 967 72,996 863 865 Residential mortgage 20,604 200 203 20,598 228 217 Home equity lines of credit 558 5 5 550 5 6 Residential construction 8,748 128 132 13,762 177 175 Consumer installment 161 3 3 335 6 5 Indirect auto - - - - - - Total $ 107,496 $ 1,240 $ 1,310 $ 108,241 $ 1,279 $ 1,268 Six Months Ended June 30, Owner occupied commercial real estate $ 37,487 $ 929 $ 968 $ 30,334 $ 761 $ 771 Income producing commercial real estate 21,740 540 529 26,138 628 650 Commercial & industrial 4,622 83 125 4,122 92 101 Commercial construction 12,219 233 237 12,027 216 242 Total commercial 76,068 1,785 1,859 72,621 1,697 1,764 Residential mortgage 21,345 425 436 20,960 457 455 Home equity lines of credit 518 10 10 528 10 12 Residential construction 9,662 248 258 13,400 322 325 Consumer installment 157 6 6 392 12 14 Indirect auto - - - - - - Total $ 107,750 $ 2,474 $ 2,569 $ 107,901 $ 2,498 $ 2,570 |
Schedule of recorded investment in nonaccrual loans by loan class | Nonaccrual Loans June 30, 2015 December 31, 2014 June 30, 2014 Owner occupied commercial real estate $ 4,878 $ 4,133 $ 2,975 Income producing commercial real estate 883 717 1,032 Commercial & industrial 1,389 1,571 1,102 Commercial construction 59 83 95 Total commercial 7,209 6,504 5,204 Residential mortgage 8,599 8,196 10,201 Home equity lines of credit 940 695 510 Residential construction 1,358 2,006 4,248 Consumer installment 131 134 171 Indirect auto 568 346 390 Total $ 18,805 $ 17,881 $ 20,724 |
Schedule of aging of the recorded investment in past due loans | Loans Past Due Loans Not As of June 30, 2015 30 - 59 Days 60 - 89 Days >90 Days Total Past Due Total Owner occupied commercial real estate $ 2,789 $ 337 $ 1,646 $ 4,772 $ 1,261,011 $ 1,265,783 Income producing commercial real estate 726 313 440 1,479 687,289 688,768 Commercial & industrial 810 87 1,278 2,175 790,616 792,791 Commercial construction 626 - 44 670 237,150 237,820 Total commercial 4,951 737 3,408 9,096 2,976,066 2,985,162 Residential mortgage 4,888 1,568 1,615 8,071 927,575 935,646 Home equity lines of credit 1,268 528 279 2,075 488,678 490,753 Residential construction 2,110 269 429 2,808 296,112 298,920 Consumer installment 444 188 23 655 105,276 105,931 Indirect auto 276 132 402 810 356,295 357,105 Total loans $ 13,937 $ 3,422 $ 6,156 $ 23,515 $ 5,150,002 $ 5,173,517 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 As of June 30, 2014 Owner occupied commercial real estate $ 448 $ 1,239 $ 762 $ 2,449 $ 1,160,878 $ 1,163,327 Income producing commercial real estate 2,030 - 242 2,272 596,046 598,318 Commercial & industrial 930 101 405 1,436 552,653 554,089 Commercial construction 116 - 50 166 159,589 159,755 Total commercial 3,524 1,340 1,459 6,323 2,469,166 2,475,489 Residential mortgage 7,372 1,404 3,150 11,926 848,599 860,525 Home equity lines of credit 1,609 193 79 1,881 449,554 451,435 Residential construction 1,246 584 1,331 3,161 298,576 301,737 Consumer installment 677 80 1 758 104,402 105,160 Indirect auto 258 99 193 550 215,389 215,939 Total loans $ 14,686 $ 3,700 $ 6,213 $ 24,599 $ 4,385,686 $ 4,410,285 |
Schedule of TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment | June 30, 2015 December 31, 2014 June 30, 2014 Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Owner occupied commercial real estate 57 $ 34,845 $ 33,401 54 $ 27,695 $ 26,296 52 $ 28,233 $ 26,670 Income producing commercial real estate 29 15,756 15,681 31 18,094 17,915 33 19,427 18,957 Commercial & industrial 32 3,583 3,583 32 2,848 2,847 31 2,893 2,893 Commercial construction 14 11,174 11,094 14 11,360 11,280 15 11,390 11,213 Total commercial 132 65,358 63,759 131 59,997 58,338 131 61,943 59,733 Residential mortgage 165 19,742 19,141 154 18,630 17,836 154 21,008 20,030 Home equity lines of credit 3 560 551 2 478 478 4 540 540 Residential construction 45 6,925 6,284 48 8,962 8,265 54 12,463 10,361 Consumer installment 16 159 141 17 179 179 23 329 329 Indirect auto - - - - - - - - - Total loans 361 $ 92,744 $ 89,876 352 $ 88,246 $ 85,096 366 $ 96,283 $ 90,993 |
Schedule of loans modified under the terms of TDR | New Troubled Debt Restructurings for the Three Months Ended June 30, New Troubled Debt Restructurings for the Six Months Ended June 30, Modified Within the Previous Twelve Months that Have Subsequently Defaulted During the Three Months Ended June 30, 2015 Modified Within the Previous Twelve Months that Have Subsequently Defaulted During the Six Months Ended June 30, 2015 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Number of Recorded Recorded Number of Recorded 2015 Contracts Investment Investment Contracts Investment Contracts Investment Investment Contracts Investment Owner occupied commercial real estate 6 $ 8,040 $ 7,996 - $ - 8 $ 12,537 $ 12,493 - $ - Income producing commercial real estate 1 55 54 - - 3 310 310 - - Commercial & industrial 4 992 992 - - 6 1,180 1,180 - - Commercial construction 1 233 233 - - 1 233 233 - - Total commercial 12 9,320 9,275 - - 18 14,260 14,216 - - Residential mortgage 8 523 523 - - 23 2,121 2,121 - - Home equity lines of credit 1 83 74 - - 1 83 74 - - Residential construction 2 163 139 - - 2 163 139 - - Consumer installment 1 25 25 - - 2 28 28 1 30 Indirect auto - - - - - - - - - - Total loans 24 $ 10,114 $ 10,036 - $ - 46 $ 16,655 $ 16,578 1 $ 30 Modified Within the Previous Twelve Months that Have Subsequently Defaulted During the Three Months Ended June 30, 2014 Modified Within the Previous Twelve Months that Have Subsequently Defaulted During the Six Months Ended June 30, 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Number of Recorded Recorded Number of Recorded 2014 Contracts Investment Investment Contracts Investment Contracts Investment Investment Contracts Investment Owner occupied commercial real estate 5 $ 2,787 $ 2,787 - $ - 7 $ 3,392 $ 3,392 1 $ 104 Income producing commercial real estate 3 1,459 1,459 - - 5 1,992 1,992 - - Commercial & industrial 3 106 106 - - 4 330 330 2 54 Commercial construction 1 240 240 - - 2 471 471 - - Total commercial 12 4,592 4,592 - - 18 6,185 6,185 3 158 Residential mortgage 9 1,014 973 2 280 23 2,146 2,105 6 732 Home equity lines of credit 1 36 36 - - 1 36 36 - - Residential construction 3 1,124 1,124 - - 3 1,124 1,124 - - Consumer installment 3 84 84 - - 5 226 226 - - Indirect auto - - - - - - - - - - Total loans 28 $ 6,850 $ 6,809 2 $ 280 50 $ 9,717 $ 9,676 9 $ 890 |
Schedule of risk category of loans by class of loans | Substandard Doubtful / As of June 30, 2015 Pass Watch Performing Nonaccrual Loss Total Owner occupied commercial real estate $ 1,195,986 $ 25,301 $ 39,618 $ 4,878 $ - $ 1,265,783 Income producing commercial real estate 664,137 4,973 18,775 883 - 688,768 Commercial & industrial 781,820 3,188 6,394 1,389 - 792,791 Commercial construction 232,080 2,426 3,255 59 - 237,820 Total commercial 2,874,023 35,888 68,042 7,209 - 2,985,162 Residential mortgage 886,863 9,605 30,579 8,599 - 935,646 Home equity lines of credit 484,222 - 5,591 940 - 490,753 Residential construction 284,395 3,481 9,686 1,358 - 298,920 Consumer installment 104,958 - 842 131 - 105,931 Indirect auto 355,576 - 961 568 - 357,105 Total loans $ 4,990,037 $ 48,974 $ 115,701 $ 18,805 $ - $ 5,173,517 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 June 30, 2014 Owner occupied commercial real estate $ 1,079,629 $ 32,501 $ 48,222 $ 2,975 $ - $ 1,163,327 Income producing commercial real estate 556,223 16,430 24,633 1,032 - 598,318 Commercial & industrial 542,836 4,504 5,647 1,102 - 554,089 Commercial construction 152,894 2,360 4,406 95 - 159,755 Total commercial 2,331,582 55,795 82,908 5,204 - 2,475,489 Residential mortgage 797,725 10,743 41,856 10,201 - 860,525 Home equity lines of credit 443,196 167 7,562 510 - 451,435 Residential construction 276,539 8,078 12,872 4,248 - 301,737 Consumer installment 103,203 10 1,776 171 - 105,160 Indirect auto 214,987 - 562 390 - 215,939 Total loans $ 4,167,232 $ 74,793 $ 147,536 $ 20,724 $ - $ 4,410,285 |
Servicing Rights for Governme30
Servicing Rights for Government Guaranteed Loans (Tables) | 6 Months Ended |
Jun. 30, 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 | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Fair value at beginning of period $ 2,717 $ - $ 2,551 $ - Additions: Acquired servicing rights - 2,133 - 2,133 Originated servicing rights capitalized upon sale on loans 442 129 632 129 Changes in fair value: Due to change in valuation inputs or assumptions used in valuation model (41 ) - (65 ) - Fair value at end of period $ 3,118 $ 2,262 $ 3,118 $ 2,262 |
Schedule of key characteristics, inputs, and economic assumptions used to estimate the fair value of SBA Servicing Asset | June 30, December 31, 2015 2014 Fair value of retained servicing assets $ 3,118 $ 2,551 Prepayment rate assumption 6.98 % 6.70 % 10% adverse change $ (80 ) $ (62 ) 20% adverse change $ (156 ) $ (122 ) Discount rate 11.0 % 12.0 % 100 bps adverse change $ (109 ) $ (85 ) 200bps adverse change $ (211 ) $ (164 ) Weighted-average life (months) 6.9 6.5 Weighted-average gross margin 2.02 % 2.00 % |
Reclassifications Out of Accu31
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 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 Details about Accumulated Other For the Three Months Ended June 30, For the Six Months Ended June 30, Affected Line Item in the Statement Comprehensive Income Components 2015 2014 2015 2014 Where Net Income is Presented Realized gains on sales of available-for-sale securities: $ 13 $ 4,435 $ 1,552 $ 4,652 Securities gains, net (5 ) (1,725 ) (603 ) (1,817 ) Tax expense $ 8 $ 2,710 $ 949 $ 2,835 Net of tax Amortization of (losses) gains included in net income on available-for-sale securities transferred to held to maturity: $ (289 ) $ (409 ) $ (773 ) $ (739 ) Investment securities interest revenue 105 154 287 277 Tax benefit (expense) $ (184 ) $ (255 ) $ (486 ) $ (462 ) Net of tax Gains included in net income on derivative financial instruments accounted for as cash flow hedges: Effective portion of interest rate contracts $ - $ (350 ) $ - $ (447 ) Time deposit interest expense Amortization of losses on de-designated positions (30 ) - (78 ) - Deposits in banks and short-term investmens in interest revenue Amortization of losses on de-designated positions (146 ) (24 ) (265 ) (24 ) Money market deposit interest expense Amortization of losses on de-designated positions (279 ) - (537 ) - Federal Home Loan Bank advances interest expense Amortization of losses on de-designated positions - (199 ) - (199 ) Time deposit interest expense (455 ) (573 ) (880 ) (670 ) Total before tax 177 223 342 261 Tax or benefit (expense) $ (278 ) $ (350 ) $ (538 ) $ (409 ) 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 ) $ (92 ) $ (182 ) $ (183 ) Salaries and employee benefits expense Actuarial losses (68 ) - (136 ) - Salaries and employee benefits expense (159 ) (92 ) (318 ) (183 ) Total before tax 62 36 124 71 Tax benefit $ (97 ) $ (56 ) $ (194 ) $ (112 ) Net of tax Total reclassifications for the period $ (551 ) $ 2,049 $ (269 ) $ 1,852 Net of tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of accrued dividends on preferred stock, including accretion of discounts | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Series H - 1% until March 15, 2016, subject to change based on Qualified Small Business Lending, 9% thereafter $ 17 $ - $ 17 $ - Series B - 5% fixed until December 6, 2013, 9% thereafter - - - 159 Series D - LIBOR plus 9.6875%, resets quarterly - - - 280 Total preferred stock dividends $ 17 $ - $ 17 $ 439 |
Schedule of computation of basic and diluted loss per share | Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income available to common shareholders $ 17,796 $ 16,357 $ 35,466 $ 31,318 Weighted average shares outstanding: Basic 62,549 60,712 61,730 60,386 Effect of dilutive securities Stock options 4 2 4 2 Diluted 62,553 60,714 61,734 60,388 Net income per common share: Basic $ .28 $ .27 $ .57 $ .52 Diluted $ .28 $ .27 $ .57 $ .52 |
Derivatives and Hedging Activ33
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 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 Interest Rate Products Balance Sheet June 30, 2015 December 31, 2014 June 30, 2014 Cash flow hedge of money market deposits Derivative assets $ - $ - $ 1,109 Fair value hedge of corporate bonds Derivative assets 970 - - $ 970 $ - $ 1,109 Cash flow hedge of money market deposits Derivative liabilities $ - $ 350 $ 523 Fair value hedge of brokered CD’s Derivative liabilities 4,855 5,817 9,857 $ 4,855 $ 6,167 $ 10,380 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet June 30, 2015 December 31, 2014 June 30, 2014 Customer swap positions Derivative assets $ 3,456 $ 3,433 $ 2,572 Dealer offsets to customer swap positions Derivative assets - 128 333 Bifurcated embedded derivatives Derivative assets 11,531 12,262 12,369 Offsetting positions for de-designated cash flow hedges Derivative assets 5,771 4,776 5,641 $ 20,758 $ 20,599 $ 20,915 Customer swap positions Derivative liabilities $ 3,485 $ 129 $ 333 Dealer offsets to customer swap positions Derivative liabilities - 3,456 2,592 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 18,261 17,467 17,599 De-designated cash flow hedges Derivative liabilities 5,773 4,778 5,641 $ 27,519 $ 25,830 $ 26,165 |
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) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Hedged Item Derivative 2015 2014 2015 2014 Three Months Ended June 30, Fair value hedges of brokered CD’s Interest expense $ (3,145 ) $ 4,262 $ 3,287 $ (4,382 ) Fair value hedges of corporate bonds Interest revenue 1,315 (783 ) (1,250 ) 667 $ (1,830 ) $ 3,479 $ 2,037 $ (3,715 ) Six Months Ended June 30, Fair value hedges of brokered CD’s Interest expense $ (775 ) $ 10,115 $ 882 $ (10,416 ) Fair value hedges of corporate bonds Interest revenue 970 (2,487 ) (907 ) 2,163 $ 195 $ 7,628 $ (25 ) $ (8,253 ) |
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 2015 2014 Location 2015 2014 Location 2015 2014 Three Months Ended June 30, Interest rate swaps $ - $ (3,547 ) Interest expense $ (455 ) $ (573 ) Interest expense $ - $ (50 ) Six Months Ended June 30, Interest rate swaps $ (471 ) $ (6,379 ) Interest expense $ (880 ) $ (670 ) Interest expense $ (7 ) $ (85 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of stock option activity | Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinisic Value ($000) Outstanding at December 31, 2014 313,555 $ 93.40 Expired (45,242 ) 108.61 Forfeited (12,211 ) 103.12 Outstanding at June 30, 2015 256,102 90.25 2.9 $ 168 Exercisable at June 30, 2015 239,852 95.32 2.5 81 |
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 129,507 18.23 Vested (140,102 ) 14.36 Cancelled (53,545 ) 15.26 Outstanding at June 30, 2015 765,061 15.39 Vested at June 30, 2015 1,170 10.69 |
Assets and Liabilities Measur35
Assets and Liabilities Measured at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | June 30, 2015 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 127,901 $ - $ - $ 127,901 U.S. Government agencies - 110,311 - 110,311 State and political subdivisions - 30,764 - 30,764 Mortgage-backed securities - 998,116 - 998,116 Corporate bonds - 206,274 750 207,024 Asset-backed securities - 466,332 - 466,332 Other - 1,871 - 1,871 Deferred compensation plan assets 3,429 - - 3,429 Servicing rights for government guaranteed loans - - 3,118 3,118 Derivative financial instruments - 10,197 11,531 21,728 Total assets $ 131,330 $ 1,823,865 $ 15,399 $ 1,970,594 Liabilities: Deferred compensation plan liability $ 3,429 $ - $ - $ 3,429 Derivative financial instruments - 14,113 18,261 32,374 Total liabilities $ 3,429 $ 14,113 $ 18,261 $ 35,803 December 31, 2014 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 Servicing rights for government guaranteed loans - 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 UNITED COMMUNITY BANKS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements June 30, 2014 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ - $ 15,508 $ - $ 15,508 State and political subdivisions - 21,815 - 21,815 Mortgage-backed securities - 1,077,440 - 1,077,440 Corporate bonds - 175,671 300 175,971 Asset-backed securities - 448,323 - 448,323 Other - 2,211 - 2,211 Deferred compensation plan assets 3,715 - - 3,715 Derivative financial instruments - 22,024 - 22,024 Total assets $ 3,715 $ 1,762,992 $ 300 $ 1,767,007 Liabilities: Deferred compensation plan liability $ 3,715 $ - $ - $ 3,715 Brokered certificates of deposit - 179,215 - 179,215 Derivative financial instruments - 36,545 - 36,545 Total liabilities $ 3,715 $ 215,760 $ - $ 219,475 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | 2015 2014 Derivative Asset Derivative Liability Servicing rights for government guaranteed loans Securities Available-for- Sale Securities Available-for- Sale Three Months Ended June 30, Balance at beginning of period $ 8,117 $ 14,529 $ 2,717 $ 750 $ 350 Additions - - 442 - - Sales and settlements - - - - (50 ) Amounts included in earnings - fair value adjustments 3,414 3,732 (41 ) - - Balance at end of period $ 11,531 $ 18,261 $ 3,118 $ 750 $ 300 Six Months Ended June 30, Balance at beginning of period $ 12,262 $ 18,979 $ 2,551 $ 750 $ 350 Additions - - 632 - - Sales and settlements - - - - (50 ) Amounts included in earnings - fair value adjustments (731 ) (718 ) (65 ) - - Balance at end of period $ 11,531 $ 18,261 $ 3,118 $ 750 $ 300 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | Fair Value Weighted Average Level 3 Assets June 30, 2015 December 31, 2014 June 30, 2014 Valuation Technique Unobservable Inputs June 30, 2015 December 31, 2014 Servicing Rights for $ 3,118 $ 2,551 $ - Discounted Discount rate 11.0 % 12.0 % Government cash flow Prepayment Rate 6.98 % 6.70 % Guaranteed Loans Corporate Bonds 750 750 300 Indicative bid Multiple factors, including but not N/A N/A provided by a limited to, current operations, broker financial condition, cash flows, and recently executed financing transactions related to the company Derivative assets 11,531 12,262 - Dealer Priced Dealer Priced N/A N/A Derivative liabilities 18,261 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 | June 30, 2015 Level 1 Level 2 Level 3 Total Loans $ - $ - $ 3,907 $ 3,907 December 31, 2014 Loans $ - $ - $ 7,317 $ 7,317 June 30, 2014 Loans $ - $ - $ 8,641 $ 8,641 |
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 June 30, 2015 Amount Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 379,757 $ - $ 388,066 $ - $ 388,066 Loans, net 5,103,388 - - 5,083,619 5,083,619 Mortgage loans held for sale 22,003 - 22,312 - 22,312 Liabilities: Deposits 6,807,943 - 6,808,029 - 6,808,029 Federal Home Loan Bank advances 385,125 - 385,121 - 385,121 Long-term debt 113,901 - - 116,307 116,307 December 31, 2014 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 June 30, 2014 Assets: Securities held to maturity 448,752 - 458,864 - 458,864 Loans, net 4,337,037 - - 4,275,708 4,275,708 Mortgage loans held for sale 14,918 - 15,157 - 15,157 Liabilities: Deposits 6,163,545 - 6,152,839 - 6,152,839 Federal Home Loan Bank advances 175,125 - 175,125 - 175,125 Long-term debt 129,865 - - 132,145 132,145 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance sheet instruments | June 30, 2015 December 31, 2014 June 30, 2014 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,047,970 $ 878,160 $ 797,068 Letters of credit 21,726 19,861 20,682 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule goodwill and other intangible assets | June 30, 2015 December 31, 2014 June 30, 2014 Core deposit intangible $ 36,872 $ 32,652 $ 32,652 Less: accumulated amortization (31,209 ) (30,520 ) (29,921 ) Total intangibles subject to amortization, net 5,663 2,132 2,731 Goodwill 14,527 1,509 - Total goodwill and other intangible assets, net $ 20,190 $ 3,641 $ 2,731 |
Schedule of changes in the carrying amounts of goodwill | For the three months ended June 30, For the six months ended June 30, 2015 Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses Balance, beginning of period $ 307,099 $ (305,590 ) $ 1,509 $ 307,099 $ (305,590 ) $ 1,509 Acquisition of MoneyTree 13,018 - 13,018 13,018 - 13,018 Balance, end of period $ 320,117 $ (305,590 ) $ 14,527 $ 320,117 $ (305,590 ) $ 14,527 |
Schedule of amortization expense for future periods | Year Remainder of 2015 $ 1,063 2016 1,919 2017 1,115 2018 695 2019 479 Thereafter 392 Total $ 5,663 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
May. 01, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | ||
Consideration transferred | ||||||
Cash | $ (44,594) | $ 31,243 | ||||
Goodwill | $ 14,527 | $ 1,509 | $ 1,509 | |||
MoneyTree | FNB | ||||||
Assets | ||||||
Total assets acquired | $ 461,000 | |||||
Liabilities | ||||||
Total liabilities assumed | 409,000 | |||||
Consideration transferred | ||||||
Total fair value of consideration transferred | 54,600 | |||||
Goodwill | 13,000 | |||||
MoneyTree | FNB | As Recorded by Money Tree | ||||||
Assets | ||||||
Cash and cash equivalents | 55,293 | |||||
Securities | 127,123 | |||||
Loans held for sale | 1,342 | |||||
Loans, net | 246,816 | |||||
Premises and equipment, net | 9,497 | |||||
Bank owned life insurance | $ 11,194 | |||||
Core deposit intangible | ||||||
Other assets | $ 5,462 | |||||
Total assets acquired | 456,727 | |||||
Liabilities | ||||||
Deposits | 368,833 | |||||
Short-term borrowings | 15,000 | |||||
Federal Home Loan Bank advances | 22,000 | |||||
Other liabilities | 864 | |||||
Total liabilities assumed | 406,697 | |||||
SBLF preferred stock assumed | 9,992 | |||||
Excess of assets acquired over liabilities and preferred stock assumed | $ 40,038 | |||||
MoneyTree | FNB | Fair Value Adjustments | ||||||
Assets | ||||||
Cash and cash equivalents | ||||||
Securities | [1] | $ (52) | ||||
Loans held for sale | ||||||
Loans, net | [1] | $ (2,464) | ||||
Premises and equipment, net | [1] | $ 3,759 | ||||
Bank owned life insurance | ||||||
Core deposit intangible | [1] | $ 4,220 | ||||
Other assets | [1] | (1,199) | ||||
Total assets acquired | [1] | 4,264 | ||||
Liabilities | ||||||
Deposits | [1] | $ 917 | ||||
Short-term borrowings | ||||||
Federal Home Loan Bank advances | [1] | $ 70 | ||||
Other liabilities | [1] | 1,742 | ||||
Total liabilities assumed | [1] | $ 2,729 | ||||
SBLF preferred stock assumed | ||||||
Aggregate fair value adjustments | [1] | $ 1,535 | ||||
MoneyTree | FNB | As Recorded by United | ||||||
Assets | ||||||
Cash and cash equivalents | 55,293 | |||||
Securities | 127,071 | |||||
Loans held for sale | 1,342 | |||||
Loans, net | 244,352 | |||||
Premises and equipment, net | 13,256 | |||||
Bank owned life insurance | 11,194 | |||||
Core deposit intangible | 4,220 | |||||
Other assets | 4,263 | |||||
Total assets acquired | 460,991 | |||||
Liabilities | ||||||
Deposits | 369,750 | |||||
Short-term borrowings | 15,000 | |||||
Federal Home Loan Bank advances | 22,070 | |||||
Other liabilities | 2,606 | |||||
Total liabilities assumed | 409,426 | |||||
SBLF preferred stock assumed | 9,992 | |||||
Consideration transferred | ||||||
Cash | 10,699 | |||||
Common stock issued (2,358,503 shares) | 43,892 | |||||
Total fair value of consideration transferred | 54,591 | |||||
Goodwill | $ 13,018 | |||||
[1] | Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. |
Acquisition (Parentheticals) (D
Acquisition (Parentheticals) (Details) - MoneyTree - FNB $ in Thousands | May. 01, 2015USD ($) |
Accounted for pursuant to ASC 310-30: | |
Business Acquisition [Line Items] | |
Contractually required principal and interest | $ 15,152 |
Non-accretable difference | 3,677 |
Cash flows expected to be collected | 11,475 |
Certain Loans Acquired in Transfer, Accretable Yield | 1,029 |
Fair value | 10,446 |
Excluded from ASC 310-30: | |
Business Acquisition [Line Items] | |
Fair value | 233,906 |
Gross contractual amounts receivable | 258,931 |
Estimate of contractual cash flows not expected to be collected | $ 1,231 |
Acquisition (Details 1)
Acquisition (Details 1) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition [Line Items] | |||||
Revenue, Actual MoneyTree from May 1, 2015 - June 30, 2015 | $ 77,357 | $ 66,516 | $ 148,481 | $ 130,004 | |
Net Income, Actual MoneyTree from May 1, 2015 - June 30, 2015 | $ 17,813 | $ 16,357 | 35,483 | 31,757 | |
MoneyTree | FNB | |||||
Business Acquisition [Line Items] | |||||
Revenue, Actual MoneyTree from May 1, 2015 - June 30, 2015 | $ 2,284 | ||||
Net Income, Actual MoneyTree from May 1, 2015 - June 30, 2015 | $ 384 | ||||
Revenue, supplemental consolidated pro forma from January 1, 2015 - June 30, 2015 | 153,322 | 137,809 | |||
Net Income, supplemental consolidated pro forma from January 1, 2014 - June 30, 2014 | $ 38,294 | $ 31,080 |
Acquisition (Details Textuals)
Acquisition (Details Textuals) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May. 01, 2015USD ($)Branch$ / sharesshares | Jun. 30, 2015USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 14,527,000 | $ 14,527,000 | $ 1,509,000 | $ 1,509,000 | ||
Common shares issued as part of consideration | shares | 2,358,503 | |||||
Acquisition related costs excluded from pro forma | $ 3,173,000 | $ 3,173,000 | ||||
Period operating results of acquired assets and assumed liabilities | 61 days | |||||
Preferred stock Series H | ||||||
Business Acquisition [Line Items] | ||||||
Number preferred stock shares outstanding | shares | 9,992 | 9,992 | ||||
MoneyTree | FNB | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | Branch | 10 | |||||
Assets acquired | $ 461,000,000 | |||||
Liabilities assumed | 409,000,000 | |||||
Preferred stock assumed | 9,990,000 | |||||
Total consideration transferred | 54,600,000 | |||||
Goodwill | $ 13,000,000 | |||||
Common shares issued as part of consideration | shares | 2,358,503 | |||||
Number preferred stock shares outstanding | shares | 9,992 | |||||
Liquidation preference amount | $ / shares | $ 1,000 | |||||
Pre-acquisition provision for loan losses | $ 7,000 | $ 96,000 | ||||
MoneyTree | FNB | Operating expenses | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition related costs excluded from pro forma | $ 3,170,000 | |||||
MoneyTree | FNB | Core deposit | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 4,220,000 | |||||
Expected useful life of asset | 6 years 8 months 1 day | |||||
MoneyTree | FNB | Deposit premium | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 917,000 | |||||
Weighted average maturity of underlying deposits | 5 years |
Acquisition (Details Textuals 1
Acquisition (Details Textuals 1) | 1 Months Ended | 6 Months Ended | |||||
Apr. 22, 2015USD ($)BranchCorridorCountry$ / shares | Jun. 26, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jul. 31, 2015$ / shares | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||||||
Cash payment for acquisition | $ (44,594,000) | $ 31,243,000 | |||||
Goodwill | $ 14,527,000 | $ 1,509,000 | $ 1,509,000 | ||||
Business Carolina Inc | |||||||
Business Acquisition [Line Items] | |||||||
Cash payment for acquisition | $ 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 | ||||||
Palmetto Bancshares Inc | Palmetto Bank | |||||||
Business Acquisition [Line Items] | |||||||
Total assets | $ 1,160,000,000 | ||||||
Loans, net | 824,000,000 | ||||||
Deposits | $ 977,000,000 | ||||||
Number of branches | Branch | 25 | ||||||
Number of countries | Country | 9 | ||||||
Number of interstate corridor | Corridor | 85 | ||||||
Business acquisition share price | $ / shares | $ 19.25 | ||||||
Share exchange per share | $ / 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 | $ / shares | $ 21.21 | ||||||
Aggregate deal value | $ 262,000,000 |
Balance Sheet Offsetting - Summ
Balance Sheet Offsetting - Summary of amounts outstanding under master netting agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Offsetting [Abstract] | |||
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized assets | $ 330,000 | $ 395,000 | $ 420,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet assets | (300,000) | (375,000) | (375,000) |
Repurchase agreements / reverse repurchase agreements, net assets balance | $ 30,000 | $ 20,000 | $ 45,000 |
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 | $ (31,679) | $ (20,302) | $ (48,933) |
Repurchase agreements / reverse repurchase agreements, net amount | |||
Derivatives, gross amounts of recognized assets | $ 21,728 | $ 20,599 | $ 22,024 |
Derivatives, gross amounts offset on the balance sheet | |||
Derivatives, net asset balance | $ 21,728 | $ 20,599 | $ 22,024 |
Derivatives, gross amounts not off set in balance sheet assets of financial instruments | (1,881) | (869) | (1,962) |
Derivatives, gross amounts not off set in balance sheet assets of collateral received | (3,978) | (3,716) | 162 |
Derivatives, net amount | 15,869 | 16,014 | 19,900 |
Offsetting assets, gross amounts of recognized assets | 351,728 | 415,599 | 442,024 |
Offsetting assets, gross amounts offset on balance sheet | (300,000) | (375,000) | (375,000) |
Offsetting assets, net asset balance | 51,728 | 40,599 | 67,024 |
Offsetting assets, gross amounts not offset in balance sheet of financial instruments | (1,881) | (869) | (1,962) |
Offsetting assets, gross amounts not offset in the balance sheet of collateral received | (35,657) | (24,018) | (49,095) |
Offsetting assets, net amount | $ 15,869 | $ 16,014 | $ 19,900 |
Weighted average interest rate of reverse repurchase agreements, assets | 1.17% | 1.16% | 1.09% |
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized liabilities | $ 300,000 | $ 375,000 | $ 375,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet liabilities | $ (300,000) | $ (375,000) | $ (375,000) |
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 | $ 32,374 | $ 31,997 | $ 36,545 |
Derivatives, gross amounts offset on balance sheet liabilities | |||
Derivatives, net liabilities balance | $ 32,374 | $ 31,997 | $ 36,545 |
Derivatives, gross amounts not off set in balance sheet liabilities of financial instruments | (1,881) | (869) | (1,962) |
Derivatives, gross amounts not off set in balance sheet liabilities of collateral pledged | $ (35,509) | $ (32,792) | $ 35,245 |
Derivatives, net amount | |||
Offsetting liabilities, gross amounts of recognized liabilities | $ 332,374 | $ 406,997 | $ 411,545 |
Offsetting liabilities, gross amounts offset on balance sheet | (300,000) | (375,000) | (375,000) |
Offsetting liabilities, net liabilities balance | 32,374 | 31,997 | 36,545 |
Offsetting liabilities, gross amounts not offset in balance sheet of financial instruments | (1,881) | (869) | (1,962) |
Offsetting liabilities, gross amounts not offset in the balance sheet of collateral pledged | $ (35,509) | $ (32,792) | $ (35,245) |
Offsetting liabilities, net amount | |||
Weighted average interest rate of reverse repurchase agreements, liabilities | 0.31% | 0.29% | 0.27% |
Securities - Amortized cost, gr
Securities - Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Held-to-maturity securities: | ||||
Amortized Cost | $ 379,757 | $ 415,267 | $ 448,752 | |
Gross Unrealized Gains | 10,002 | 11,220 | 12,129 | |
Gross Unrealized Losses | 1,693 | 1,254 | 2,017 | |
Held-to-Maturity, Fair value | 388,066 | 425,233 | 458,864 | |
State and political subdivisions | ||||
Held-to-maturity securities: | ||||
Amortized Cost | 47,116 | 48,157 | 50,669 | |
Gross Unrealized Gains | $ 3,103 | $ 3,504 | $ 3,872 | |
Gross Unrealized Losses | ||||
Held-to-Maturity, Fair value | $ 50,219 | $ 51,661 | $ 54,541 | |
Mortgage-backed securities | ||||
Held-to-maturity securities: | ||||
Amortized Cost | [1] | 332,641 | 367,110 | 398,083 |
Gross Unrealized Gains | [1] | 6,899 | 7,716 | 8,257 |
Gross Unrealized Losses | [1] | 1,693 | 1,254 | 2,017 |
Held-to-Maturity, Fair value | [1] | $ 337,847 | $ 373,572 | $ 404,323 |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities - Summary of held to
Securities - Summary of held to maturity securities in unrealized loss position (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Summary of held to maturity securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | $ 130,980 | $ 126,514 | $ 194,724 |
Unrealized Loss, Less than 12 Months | 1,268 | 917 | 1,898 |
Fair Value, 12 Months or More | 19,359 | 17,053 | 2,955 |
Unrealized Loss, 12 Months or More | 425 | 337 | 119 |
Fair Value, Total | 150,339 | 143,567 | 197,679 |
Unrealized Loss, Total | 1,693 | 1,254 | 2,017 |
Mortgage-backed securities | |||
Summary of held to maturity securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 130,980 | 126,514 | 194,724 |
Unrealized Loss, Less than 12 Months | 1,268 | 917 | 1,898 |
Fair Value, 12 Months or More | 19,359 | 17,053 | 2,955 |
Unrealized Loss, 12 Months or More | 425 | 337 | 119 |
Fair Value, Total | 150,339 | 143,567 | 197,679 |
Unrealized Loss, Total | $ 1,693 | $ 1,254 | $ 2,017 |
Securities - Cost basis, unreal
Securities - Cost basis, unrealized gains and losses, and fair value of securities available for sale (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Investment securities available for sale: | ||||
Amortized Cost | $ 1,931,484 | $ 1,772,535 | $ 1,728,348 | |
Gross Unrealized Gains | 21,303 | 20,955 | 23,333 | |
Gross Unrealized Losses | 10,468 | 10,756 | 10,413 | |
Available-for-Sale, Fair Value | 1,942,319 | 1,782,734 | 1,741,268 | |
U.S. Treasuries | ||||
Investment securities available for sale: | ||||
Amortized Cost | 127,962 | 105,540 | $ 15,579 | |
Gross Unrealized Gains | 360 | 235 | ||
Gross Unrealized Losses | 421 | 66 | $ 71 | |
Available-for-Sale, Fair Value | 127,901 | 105,709 | 15,508 | |
U.S. Government agencies | ||||
Investment securities available for sale: | ||||
Amortized Cost | 110,710 | $ 36,474 | ||
Gross Unrealized Gains | 126 | |||
Gross Unrealized Losses | 525 | $ 175 | ||
Available-for-Sale, Fair Value | 110,311 | 36,299 | ||
State and political subdivisions | ||||
Investment securities available for sale: | ||||
Amortized Cost | 30,489 | 19,748 | 21,080 | |
Gross Unrealized Gains | 416 | 504 | 773 | |
Gross Unrealized Losses | 141 | 19 | 38 | |
Available-for-Sale, Fair Value | 30,764 | 20,233 | 21,815 | |
Mortgage-backed securities | ||||
Investment securities available for sale: | ||||
Amortized Cost | [1] | 989,636 | 988,012 | 1,068,593 |
Gross Unrealized Gains | [1] | 14,852 | 16,273 | 17,470 |
Gross Unrealized Losses | [1] | 6,372 | 7,465 | 8,623 |
Available-for-Sale, Fair Value | [1] | 998,116 | 996,820 | 1,077,440 |
Corporate bonds | ||||
Investment securities available for sale: | ||||
Amortized Cost | 208,114 | 165,018 | 175,975 | |
Gross Unrealized Gains | 1,611 | 1,686 | 1,426 | |
Gross Unrealized Losses | 2,701 | 1,076 | 1,430 | |
Available-for-Sale, Fair Value | 207,024 | 165,628 | 175,971 | |
Asset-backed securities | ||||
Investment securities available for sale: | ||||
Amortized Cost | 462,702 | 455,626 | 444,910 | |
Gross Unrealized Gains | 3,938 | 2,257 | 3,664 | |
Gross Unrealized Losses | 308 | 1,955 | 251 | |
Available-for-Sale, Fair Value | 466,332 | 455,928 | 448,323 | |
Other | ||||
Investment securities available for sale: | ||||
Amortized Cost | $ 1,871 | $ 2,117 | $ 2,211 | |
Gross Unrealized Gains | ||||
Gross Unrealized Losses | ||||
Available-for-Sale, Fair Value | $ 1,871 | $ 2,117 | $ 2,211 | |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities - Summary of availab
Securities - Summary of available for sale securities in unrealized loss position (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | $ 463,501 | $ 420,951 | $ 214,207 |
Unrealized Loss, Less than 12 Months | 5,332 | 2,669 | 870 |
Fair Value, 12 Months or More | 212,966 | 313,204 | 338,686 |
Unrealized Loss, 12 Months or More | 5,136 | 8,087 | 9,543 |
Fair Value, Total | 676,467 | 734,155 | 552,893 |
Unrealized Loss, Total | 10,468 | 10,756 | 10,413 |
U.S. Treasuries | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 49,830 | 34,180 | 10,508 |
Unrealized Loss, Less than 12 Months | $ 421 | $ 66 | $ 71 |
Fair Value, 12 Months or More | |||
Unrealized Loss, 12 Months or More | |||
Fair Value, Total | $ 49,830 | $ 34,180 | $ 10,508 |
Unrealized Loss, Total | 421 | 66 | $ 71 |
U.S. Government agencies | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 85,769 | 36,299 | |
Unrealized Loss, Less than 12 Months | $ 525 | $ 175 | |
Fair Value, 12 Months or More | |||
Unrealized Loss, 12 Months or More | |||
Fair Value, Total | $ 85,769 | $ 36,299 | |
Unrealized Loss, Total | 525 | 175 | |
State and political subdivisions | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 13,441 | 2,481 | |
Unrealized Loss, Less than 12 Months | $ 141 | $ 19 | |
Fair Value, 12 Months or More | $ 3,634 | ||
Unrealized Loss, 12 Months or More | 38 | ||
Fair Value, Total | $ 13,441 | $ 2,481 | 3,634 |
Unrealized Loss, Total | 141 | 19 | 38 |
Mortgage-backed securities | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 145,477 | 88,741 | 100,949 |
Unrealized Loss, Less than 12 Months | 1,283 | 446 | 519 |
Fair Value, 12 Months or More | 198,067 | 251,977 | 277,556 |
Unrealized Loss, 12 Months or More | 5,089 | 7,019 | 8,104 |
Fair Value, Total | 343,544 | 340,718 | 378,505 |
Unrealized Loss, Total | 6,372 | 7,465 | 8,623 |
Corporate bonds | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 119,690 | 37,891 | 19,130 |
Unrealized Loss, Less than 12 Months | $ 2,701 | 371 | 114 |
Fair Value, 12 Months or More | 20,275 | 46,010 | |
Unrealized Loss, 12 Months or More | 705 | 1,316 | |
Fair Value, Total | $ 119,690 | 58,166 | 65,140 |
Unrealized Loss, Total | 2,701 | 1,076 | 1,430 |
Asset-backed securities | |||
Summary of available for sale securities in an unrealized loss position | |||
Fair Value, Less than 12 Months | 49,294 | 221,359 | 83,620 |
Unrealized Loss, Less than 12 Months | 261 | 1,592 | 166 |
Fair Value, 12 Months or More | 14,899 | 40,952 | 11,486 |
Unrealized Loss, 12 Months or More | 47 | 363 | 85 |
Fair Value, Total | 64,193 | 262,311 | 95,106 |
Unrealized Loss, Total | $ 308 | $ 1,955 | $ 251 |
Securities - Summary of securit
Securities - Summary of securities sales activity (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investment Securities [Abstract] | ||||
Proceeds from sales | $ 67,350 | $ 236,911 | $ 136,817 | $ 390,227 |
Gross gains on sales | $ 13 | 5,374 | $ 1,552 | 5,784 |
Gross losses on sales | (939) | (1,132) | ||
Net gains on sales of securities | $ 13 | 4,435 | $ 1,552 | 4,652 |
Income tax expense attributable to sales | $ 5 | $ 1,725 | $ 603 | $ 1,817 |
Securities - Amortized cost and
Securities - Amortized cost and fair value of held to maturity and available for sale securities (Details 5) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Available for Sale - Amortized Cost and Fair Value | ||||
Available-for-Sale, Amortized Cost | $ 1,931,484 | $ 1,772,535 | $ 1,728,348 | |
Available-for-Sale, Fair Value | 1,942,319 | 1,782,734 | 1,741,268 | |
Held to Maturity - Amortized Cost and Fair Value | ||||
Held-to-Maturity, Amortized Cost | 379,757 | 415,267 | 448,752 | |
Held-to-Maturity, Fair value | 388,066 | 425,233 | 458,864 | |
U.S. Treasuries | ||||
Available for Sale - Amortized Cost and Fair Value | ||||
Available-for-Sale, Amortized Cost, 1 to 5 years | 77,711 | |||
Available-for-Sale, Fair Value, 1 to 5 years | 78,071 | |||
Available-for-Sale, Amortized Cost, 5 to 10 years | 50,251 | |||
Available-for-Sale, Fair Value, 5 to 10 years | 49,830 | |||
Available-for-Sale, Amortized Cost | 127,962 | 105,540 | 15,579 | |
Available-for-Sale, Fair Value | $ 127,901 | 105,709 | 15,508 | |
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 | ||||
Held-to-Maturity, Fair value | ||||
U.S. Government agencies | ||||
Available for Sale - Amortized Cost and Fair Value | ||||
Available-for-Sale, Amortized Cost, 1 to 5 years | $ 32,007 | |||
Available-for-Sale, Fair Value, 1 to 5 years | 31,801 | |||
Available-for-Sale, Amortized Cost, 5 to 10 years | 78,703 | |||
Available-for-Sale, Fair Value, 5 to 10 years | 78,510 | |||
Available-for-Sale, Amortized Cost | 110,710 | 36,474 | ||
Available-for-Sale, Fair Value | $ 110,311 | 36,299 | ||
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 | ||||
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 | $ 4,487 | |||
Available-for-Sale, Fair Value, Within 1 year | 4,563 | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 9,709 | |||
Available-for-Sale, Fair Value, 1 to 5 years | 9,969 | |||
Available-for-Sale, Amortized Cost, 5 to 10 years | 11,325 | |||
Available-for-Sale, Fair Value, 5 to 10 years | 11,237 | |||
Available-for-Sale, Amortized Cost, More than 10 years | 4,968 | |||
Available-for-Sale, Fair Value, More than 10 years | 4,995 | |||
Available-for-Sale, Amortized Cost | 30,489 | 19,748 | 21,080 | |
Available-for-Sale, Fair Value | 30,764 | 20,233 | 21,815 | |
Held to Maturity - Amortized Cost and Fair Value | ||||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,006 | |||
Held-to-Maturity, Fair Value, Within 1 year | 1,036 | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 17,670 | |||
Held-to-Maturity, Fair Value, 1 to 5 years | 18,756 | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 22,140 | |||
Held-to-Maturity, Fair Value, 5 to 10 years | 23,673 | |||
Held-to-Maturity, Amortized Cost, More than 10 years | 6,300 | |||
Held-to-Maturity, Fair Value, More than 10 years | 6,754 | |||
Held-to-Maturity, Amortized Cost | 47,116 | |||
Held-to-Maturity, Fair value | 50,219 | |||
Corporate bonds | ||||
Available for Sale - Amortized Cost and Fair Value | ||||
Available-for-Sale, Amortized Cost, 1 to 5 years | 57,031 | |||
Available-for-Sale, Fair Value, 1 to 5 years | 57,474 | |||
Available-for-Sale, Amortized Cost, 5 to 10 years | 118,603 | |||
Available-for-Sale, Fair Value, 5 to 10 years | 118,841 | |||
Available-for-Sale, Amortized Cost, More than 10 years | 32,480 | |||
Available-for-Sale, Fair Value, More than 10 years | 30,709 | |||
Available-for-Sale, Amortized Cost | 208,114 | 165,018 | 175,975 | |
Available-for-Sale, Fair Value | $ 207,024 | 165,628 | 175,971 | |
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 | $ 237,660 | |||
Available-for-Sale, Fair Value, 1 to 5 years | 239,903 | |||
Available-for-Sale, Amortized Cost, 5 to 10 years | 78,367 | |||
Available-for-Sale, Fair Value, 5 to 10 years | 78,628 | |||
Available-for-Sale, Amortized Cost, More than 10 years | 146,675 | |||
Available-for-Sale, Fair Value, More than 10 years | 147,801 | |||
Available-for-Sale, Amortized Cost | 462,702 | 455,626 | 444,910 | |
Available-for-Sale, Fair Value | $ 466,332 | 455,928 | 448,323 | |
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, More than 10 years | $ 1,871 | |||
Available-for-Sale, Fair Value, More than 10 years | 1,871 | |||
Available-for-Sale, Amortized Cost | 1,871 | 2,117 | 2,211 | |
Available-for-Sale, Fair Value | $ 1,871 | 2,117 | 2,211 | |
Held to Maturity - Amortized Cost and Fair Value | ||||
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 | $ 4,487 | |||
Available-for-Sale, Fair Value, Within 1 year | 4,563 | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 414,118 | |||
Available-for-Sale, Fair Value, 1 to 5 years | 417,218 | |||
Available-for-Sale, Amortized Cost, 5 to 10 years | 337,249 | |||
Available-for-Sale, Fair Value, 5 to 10 years | 337,046 | |||
Available-for-Sale, Amortized Cost, More than 10 years | 185,994 | |||
Available-for-Sale, Fair Value, More than 10 years | 185,376 | |||
Held to Maturity - Amortized Cost and Fair Value | ||||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,006 | |||
Held-to-Maturity, Fair Value, Within 1 year | 1,036 | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 17,670 | |||
Held-to-Maturity, Fair Value, 1 to 5 years | 18,756 | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 22,140 | |||
Held-to-Maturity, Fair Value, 5 to 10 years | 23,673 | |||
Held-to-Maturity, Amortized Cost, More than 10 years | 6,300 | |||
Held-to-Maturity, Fair Value, More than 10 years | 6,754 | |||
Mortgage-backed securities | ||||
Available for Sale - Amortized Cost and Fair Value | ||||
Available-for-Sale, Amortized Cost, More than 10 years | 989,636 | |||
Available-for-Sale, Fair Value, More than 10 years | 998,116 | |||
Available-for-Sale, Amortized Cost | [1] | 989,636 | 988,012 | 1,068,593 |
Available-for-Sale, Fair Value | [1] | 998,116 | $ 996,820 | $ 1,077,440 |
Held to Maturity - Amortized Cost and Fair Value | ||||
Held-to-Maturity, Amortized Cost, More than 10 years | 332,641 | |||
Held-to-Maturity, Fair Value, More than 10 years | $ 337,847 | |||
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities (Detail Textuals)
Securities (Detail Textuals) $ in Millions | Jun. 30, 2015USD ($)Security | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) |
Investment Securities [Abstract] | |||
Number of available for sale securities in unrealized loss position | 142 | ||
Number of held to maturity securities in unrealized loss position | 23 | ||
Carrying value of secure public deposits, FHLB advances and other secured borrowings | $ | $ 1,250 | $ 1,510 | $ 1,370 |
Loans and Allowance for Loan 51
Loans and Allowance for Loan Losses - Major classifications of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Classifications of loans | |||
Total loans | $ 5,173,517 | $ 4,672,119 | $ 4,410,285 |
Less allowance for loan losses | (70,129) | (71,619) | (73,248) |
Loans, net | 5,103,388 | 4,600,500 | 4,337,037 |
Loans Receivable | |||
Classifications of loans | |||
Total loans | 5,173,517 | 4,672,119 | 4,410,285 |
Less allowance for loan losses | (70,129) | (71,619) | (73,248) |
Loans, net | 5,103,388 | 4,600,500 | 4,337,037 |
Loans Receivable | Owner occupied commercial real estate | |||
Classifications of loans | |||
Total loans | 1,265,783 | 1,163,480 | 1,163,327 |
Loans Receivable | Income producing commercial real estate | |||
Classifications of loans | |||
Total loans | 688,768 | 598,537 | 598,318 |
Loans Receivable | Commercial & industrial | |||
Classifications of loans | |||
Total loans | 792,791 | 710,256 | 554,089 |
Loans Receivable | Commercial construction | |||
Classifications of loans | |||
Total loans | 237,820 | 196,030 | 159,755 |
Loans Receivable | Commercial | |||
Classifications of loans | |||
Total loans | 2,985,162 | 2,668,303 | 2,475,489 |
Loans Receivable | Residential mortgage | |||
Classifications of loans | |||
Total loans | 935,646 | 865,789 | 860,525 |
Loans Receivable | Home equity lines of credit | |||
Classifications of loans | |||
Total loans | 490,753 | 465,872 | 451,435 |
Loans Receivable | Residential construction | |||
Classifications of loans | |||
Total loans | 298,920 | 298,627 | 301,737 |
Loans Receivable | Consumer installment | |||
Classifications of loans | |||
Total loans | 105,931 | 104,899 | 105,160 |
Loans Receivable | Indirect auto | |||
Classifications of loans | |||
Total loans | $ 357,105 | $ 268,629 | $ 215,939 |
Loans and Allowance for Loan 52
Loans and Allowance for Loan Losses - Changes in the value of the accretable yield for acquired loans (Details 1) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | ||
Additions due to acquisitions | $ 1,029 | $ 1,029 |
Accretion | (83) | (83) |
Balance at end of period | $ 946 | $ 946 |
Loans and Allowance for Loan 53
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 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | $ 72,787 | $ 77,388 | $ 73,549 | $ 78,927 |
Charge-Offs | (3,181) | (8,607) | (6,533) | (13,784) |
Recoveries | 2,203 | $ 4,432 | 2,993 | $ 5,570 |
Allocation of Unallocated | ||||
Provision | 900 | $ 2,200 | 2,700 | $ 4,700 |
Ending Balance | 72,709 | 75,413 | 72,709 | 75,413 |
Loans Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 70,007 | 75,223 | 71,619 | 76,762 |
Charge-Offs | (3,181) | (8,607) | (6,533) | (13,784) |
Recoveries | 2,203 | $ 4,432 | 2,993 | $ 5,570 |
Allocation of Unallocated | ||||
Provision | 1,100 | $ 2,200 | 2,050 | $ 4,700 |
Ending Balance | 70,129 | 73,248 | 70,129 | 73,248 |
Loans Receivable | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 14,952 | 20,292 | 16,041 | 17,164 |
Charge-Offs | (363) | (918) | (731) | (1,284) |
Recoveries | 78 | $ 2,753 | 89 | 2,843 |
Allocation of Unallocated | 1,278 | |||
Provision | 1,672 | $ (4,323) | 940 | (2,197) |
Ending Balance | 16,339 | 17,804 | 16,339 | 17,804 |
Loans Receivable | Income producing commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 9,655 | 10,926 | 10,296 | 7,174 |
Charge-Offs | (74) | (632) | (322) | (837) |
Recoveries | 350 | $ 197 | 357 | 197 |
Allocation of Unallocated | 688 | |||
Provision | (1,731) | $ 1,270 | (2,131) | 4,539 |
Ending Balance | 8,200 | 11,761 | 8,200 | 11,761 |
Loans Receivable | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 3,442 | 4,247 | 3,255 | 6,527 |
Charge-Offs | (162) | (1,012) | (631) | (1,975) |
Recoveries | 789 | $ 350 | 917 | 891 |
Allocation of Unallocated | 318 | |||
Provision | 659 | $ 300 | 1,187 | (1,876) |
Ending Balance | 4,728 | 3,885 | 4,728 | 3,885 |
Loans Receivable | Commercial construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 5,335 | 3,977 | 4,747 | 3,669 |
Charge-Offs | (147) | $ (131) | (169) | $ (132) |
Recoveries | 51 | 51 | ||
Allocation of Unallocated | $ 388 | |||
Provision | (344) | $ 221 | 266 | 142 |
Ending Balance | 4,895 | 4,067 | 4,895 | 4,067 |
Loans Receivable | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 20,138 | 15,967 | 20,311 | 15,446 |
Charge-Offs | (1,109) | (2,800) | (1,687) | (4,381) |
Recoveries | 322 | $ 292 | 484 | 357 |
Allocation of Unallocated | 1,452 | |||
Provision | (299) | $ 3,304 | (56) | 3,889 |
Ending Balance | 19,052 | 16,763 | 19,052 | 16,763 |
Loans Receivable | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 4,321 | 6,120 | 4,574 | 5,528 |
Charge-Offs | (348) | (624) | (421) | (1,627) |
Recoveries | 26 | $ 158 | 40 | 168 |
Allocation of Unallocated | 391 | |||
Provision | 1,480 | $ 684 | 1,286 | 1,878 |
Ending Balance | 5,479 | 6,338 | 5,479 | 6,338 |
Loans Receivable | Residential construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 10,210 | 12,181 | 10,603 | 12,532 |
Charge-Offs | (499) | (1,946) | (1,639) | (2,251) |
Recoveries | 392 | $ 275 | 471 | 369 |
Allocation of Unallocated | 1,728 | |||
Provision | (766) | $ 698 | (98) | (1,170) |
Ending Balance | 9,337 | 11,208 | 9,337 | 11,208 |
Loans Receivable | Consumer installment | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 713 | 717 | 731 | 1,353 |
Charge-Offs | (349) | (455) | (675) | (1,131) |
Recoveries | 187 | $ 391 | 563 | $ 718 |
Allocation of Unallocated | ||||
Provision | 137 | $ (54) | 69 | $ (341) |
Ending Balance | 688 | 599 | 688 | 599 |
Loans Receivable | Indirect auto | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 1,241 | 796 | 1,061 | 1,126 |
Charge-Offs | (130) | (89) | (258) | (166) |
Recoveries | 8 | $ 16 | 21 | $ 27 |
Allocation of Unallocated | ||||
Provision | 292 | $ 100 | 587 | $ (164) |
Ending Balance | $ 1,411 | $ 823 | $ 1,411 | 823 |
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 | $ 2,780 | $ 2,165 | $ 1,930 | $ 2,165 |
Charge-Offs | ||||
Recoveries | ||||
Allocation of Unallocated | ||||
Provision | $ (200) | $ 650 | ||
Ending Balance | $ 2,580 | $ 2,165 | $ 2,580 | $ 2,165 |
Loans and Allowance for Loan 54
Loans and Allowance for Loan Losses - Recorded investment in loans by portfolio segment and the balance of the allowance for loan losses (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | $ 6,686 | $ 9,882 | $ 9,017 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 66,023 | 63,667 | 66,396 | |||
Allowance for Loan Losses, Ending balance | 72,709 | $ 72,787 | 73,549 | 75,413 | $ 77,388 | $ 78,927 |
Loans Outstanding, Ending Balance | 5,173,517 | 4,672,119 | 4,410,285 | |||
Loans Receivable | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 6,686 | 9,882 | 9,017 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 63,443 | 61,737 | 64,231 | |||
Allowance for Loan Losses, Ending balance | 70,129 | 70,007 | 71,619 | 73,248 | 75,223 | 76,762 |
Loans Outstanding, Individually evaluated for impairment | 106,480 | 106,472 | 107,496 | |||
Loans Outstanding, Collectively evaluated for impairment | 5,056,942 | 4,565,647 | 4,302,789 | |||
Loans Outstanding, Purchased with deteriorated credit quality | 10,095 | |||||
Loans Outstanding, Ending Balance | 5,173,517 | 4,672,119 | 4,410,285 | |||
Loans Receivable | Owner occupied commercial real estate | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,592 | 2,737 | 2,483 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 14,747 | 13,304 | 15,321 | |||
Allowance for Loan Losses, Ending balance | 16,339 | 14,952 | 16,041 | 17,804 | 20,292 | 17,164 |
Loans Outstanding, Individually evaluated for impairment | 37,547 | 34,654 | 31,952 | |||
Loans Outstanding, Collectively evaluated for impairment | 1,225,779 | 1,128,826 | 1,131,375 | |||
Loans Outstanding, Purchased with deteriorated credit quality | 2,457 | |||||
Loans Outstanding, Ending Balance | 1,265,783 | 1,163,480 | 1,163,327 | |||
Loans Receivable | Income producing commercial real estate | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 782 | 1,917 | 1,404 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 7,418 | 8,379 | 10,357 | |||
Allowance for Loan Losses, Ending balance | 8,200 | 9,655 | 10,296 | 11,761 | 10,926 | 7,174 |
Loans Outstanding, Individually evaluated for impairment | 21,926 | 24,484 | 26,045 | |||
Loans Outstanding, Collectively evaluated for impairment | 661,988 | 574,053 | 572,273 | |||
Loans Outstanding, Purchased with deteriorated credit quality | 4,854 | |||||
Loans Outstanding, Ending Balance | 688,768 | 598,537 | 598,318 | |||
Loans Receivable | Commercial & industrial | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 137 | 15 | 399 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 4,591 | 3,240 | 3,486 | |||
Allowance for Loan Losses, Ending balance | 4,728 | 3,442 | 3,255 | 3,885 | 4,247 | 6,527 |
Loans Outstanding, Individually evaluated for impairment | 5,023 | 3,977 | 3,641 | |||
Loans Outstanding, Collectively evaluated for impairment | 787,247 | 706,279 | 550,448 | |||
Loans Outstanding, Purchased with deteriorated credit quality | 521 | |||||
Loans Outstanding, Ending Balance | 792,791 | 710,256 | 554,089 | |||
Loans Receivable | Commercial construction | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 530 | 729 | 412 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 4,365 | 4,018 | 3,655 | |||
Allowance for Loan Losses, Ending balance | 4,895 | 5,335 | 4,747 | 4,067 | 3,977 | 3,669 |
Loans Outstanding, Individually evaluated for impairment | 12,123 | 12,321 | 11,214 | |||
Loans Outstanding, Collectively evaluated for impairment | 223,631 | 183,709 | 148,541 | |||
Loans Outstanding, Purchased with deteriorated credit quality | 2,066 | |||||
Loans Outstanding, Ending Balance | 237,820 | 196,030 | 159,755 | |||
Loans Receivable | Residential mortgage | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 3,107 | 3,227 | 3,117 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 15,945 | 17,084 | 13,646 | |||
Allowance for Loan Losses, Ending balance | 19,052 | 20,138 | 20,311 | 16,763 | 15,967 | 15,446 |
Loans Outstanding, Individually evaluated for impairment | 20,538 | 18,775 | 20,455 | |||
Loans Outstanding, Collectively evaluated for impairment | 914,981 | 847,014 | 840,070 | |||
Loans Outstanding, Purchased with deteriorated credit quality | 127 | |||||
Loans Outstanding, Ending Balance | 935,646 | 865,789 | 860,525 | |||
Loans Receivable | Home equity lines of credit | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 26 | 47 | 115 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 5,453 | 4,527 | 6,223 | |||
Allowance for Loan Losses, Ending balance | 5,479 | 4,321 | 4,574 | 6,338 | 6,120 | 5,528 |
Loans Outstanding, Individually evaluated for impairment | 551 | 478 | 540 | |||
Loans Outstanding, Collectively evaluated for impairment | 490,132 | 465,394 | 450,895 | |||
Loans Outstanding, Purchased with deteriorated credit quality | 70 | |||||
Loans Outstanding, Ending Balance | 490,753 | 465,872 | 451,435 | |||
Loans Receivable | Residential construction | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 506 | 1,192 | 1,054 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 8,831 | 9,411 | 10,154 | |||
Allowance for Loan Losses, Ending balance | 9,337 | 10,210 | 10,603 | 11,208 | 12,181 | 12,532 |
Loans Outstanding, Individually evaluated for impairment | 8,631 | 11,604 | 13,320 | |||
Loans Outstanding, Collectively evaluated for impairment | $ 290,289 | 287,023 | 288,417 | |||
Loans Outstanding, Purchased with deteriorated credit quality | ||||||
Loans Outstanding, Ending Balance | $ 298,920 | 298,627 | 301,737 | |||
Loans Receivable | Consumer installment | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 6 | 18 | 33 | |||
Allowance for Loan Losses,Collectively evaluated for impairment | 682 | 713 | 566 | |||
Allowance for Loan Losses, Ending balance | 688 | 713 | 731 | 599 | 717 | 1,353 |
Loans Outstanding, Individually evaluated for impairment | 141 | 179 | 329 | |||
Loans Outstanding, Collectively evaluated for impairment | $ 105,790 | 104,720 | 104,831 | |||
Loans Outstanding, Purchased with deteriorated credit quality | ||||||
Loans Outstanding, Ending Balance | $ 105,931 | $ 104,899 | $ 105,160 | |||
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 | $ 1,411 | $ 1,061 | $ 823 | |||
Allowance for Loan Losses, Ending balance | 1,411 | 1,241 | $ 1,061 | $ 823 | 796 | 1,126 |
Loans Outstanding, Individually evaluated for impairment | ||||||
Loans Outstanding, Collectively evaluated for impairment | $ 357,105 | $ 268,629 | $ 215,939 | |||
Loans Outstanding, Purchased with deteriorated credit quality | ||||||
Loans Outstanding, Ending Balance | $ 357,105 | $ 268,629 | $ 215,939 | |||
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 | $ 2,580 | $ 1,930 | $ 2,165 | |||
Allowance for Loan Losses, Ending balance | $ 2,580 | $ 2,780 | $ 1,930 | $ 2,165 | $ 2,165 | $ 2,165 |
Loans and Allowance for Loan 55
Loans and Allowance for Loan Losses - Loans individually evaluated for impairment by class of loans (Details 4) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance | $ 13,600 | ||
Allowance for loan losses, Individually evaluated for impairment | 6,686 | $ 9,882 | $ 9,017 |
Loans Receivable | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 31,361 | 28,922 | 38,656 |
Recorded Investment, With no related allowance recorded | 28,746 | 25,488 | 35,038 |
Unpaid Principal Balance, With an allowance recorded | 81,081 | 83,768 | 76,319 |
Recorded Investment, With allowance recorded | 77,734 | 80,984 | 72,458 |
Unpaid Principal Balance | 112,442 | 112,690 | 114,975 |
Recorded Investment | 106,480 | 106,472 | 107,496 |
Allowance for loan losses allocated with allowance | 6,686 | 9,882 | 9,017 |
Allowance for loan losses, Individually evaluated for impairment | 6,686 | 9,882 | 9,017 |
Loans Receivable | Owner occupied commercial real estate | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 14,138 | 12,025 | 14,445 |
Recorded Investment, With no related allowance recorded | 12,939 | 11,325 | 12,985 |
Unpaid Principal Balance, With an allowance recorded | 26,301 | 24,728 | 20,287 |
Recorded Investment, With allowance recorded | 24,608 | 23,329 | 18,967 |
Allowance for loan losses allocated with allowance | 1,592 | 2,737 | 2,483 |
Allowance for loan losses, Individually evaluated for impairment | 1,592 | 2,737 | 2,483 |
Loans Receivable | Income producing commercial real estate | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 9,696 | 8,311 | 12,755 |
Recorded Investment, With no related allowance recorded | 9,553 | 8,311 | 11,808 |
Unpaid Principal Balance, With an allowance recorded | 12,460 | 16,352 | 14,706 |
Recorded Investment, With allowance recorded | 12,373 | 16,173 | 14,237 |
Allowance for loan losses allocated with allowance | 782 | 1,917 | 1,404 |
Allowance for loan losses, Individually evaluated for impairment | 782 | 1,917 | 1,404 |
Loans Receivable | Commercial & industrial | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 2,785 | 1,679 | 1,736 |
Recorded Investment, With no related allowance recorded | 1,977 | 1,042 | 1,710 |
Unpaid Principal Balance, With an allowance recorded | 3,055 | 2,936 | 1,931 |
Recorded Investment, With allowance recorded | 3,046 | 2,935 | 1,931 |
Allowance for loan losses allocated with allowance | 137 | 15 | 399 |
Allowance for loan losses, Individually evaluated for impairment | $ 137 | 15 | 399 |
Loans Receivable | Commercial construction | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 195 | ||
Recorded Investment, With no related allowance recorded | 195 | ||
Unpaid Principal Balance, With an allowance recorded | $ 12,203 | 12,401 | 11,194 |
Recorded Investment, With allowance recorded | 12,123 | 12,321 | 11,019 |
Allowance for loan losses allocated with allowance | 530 | 729 | 412 |
Allowance for loan losses, Individually evaluated for impairment | 530 | 729 | 412 |
Loans Receivable | Commercial | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 26,619 | 22,015 | 29,131 |
Recorded Investment, With no related allowance recorded | 24,469 | 20,678 | 26,698 |
Unpaid Principal Balance, With an allowance recorded | 54,019 | 56,417 | 48,118 |
Recorded Investment, With allowance recorded | 52,150 | 54,758 | 46,154 |
Allowance for loan losses allocated with allowance | 3,041 | 5,398 | 4,698 |
Loans Receivable | Residential mortgage | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 2,395 | 2,569 | 3,357 |
Recorded Investment, With no related allowance recorded | 1,930 | 1,472 | 2,849 |
Unpaid Principal Balance, With an allowance recorded | 19,045 | 17,732 | 18,077 |
Recorded Investment, With allowance recorded | 18,608 | 17,303 | 17,606 |
Allowance for loan losses allocated with allowance | 3,107 | 3,227 | 3,117 |
Allowance for loan losses, Individually evaluated for impairment | $ 3,107 | 3,227 | $ 3,117 |
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 | $ 563 | 478 | $ 540 |
Recorded Investment, With allowance recorded | 551 | 478 | 540 |
Allowance for loan losses allocated with allowance | 26 | 47 | 115 |
Allowance for loan losses, Individually evaluated for impairment | 26 | 47 | 115 |
Loans Receivable | Residential construction | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | 2,347 | 4,338 | 6,168 |
Recorded Investment, With no related allowance recorded | 2,347 | 3,338 | 5,491 |
Unpaid Principal Balance, With an allowance recorded | 7,291 | 8,962 | 9,255 |
Recorded Investment, With allowance recorded | 6,284 | 8,266 | 7,829 |
Allowance for loan losses allocated with allowance | 506 | 1,192 | 1,054 |
Allowance for loan losses, Individually evaluated for impairment | $ 506 | 1,192 | $ 1,054 |
Loans Receivable | Consumer installment | |||
Loans individually evaluated for impairment by class of loans | |||
Unpaid Principal Balance, With no related allowance recorded | |||
Recorded Investment, With no related allowance recorded | |||
Unpaid Principal Balance, With an allowance recorded | $ 163 | 179 | $ 329 |
Recorded Investment, With allowance recorded | 141 | 179 | 329 |
Allowance for loan losses allocated with allowance | 6 | 18 | 33 |
Allowance for loan losses, Individually evaluated for impairment | $ 6 | $ 18 | $ 33 |
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 56
Loans and Allowance for Loan Losses - Average balances of impaired loans and income recognized on impaired loans (Details 5) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | $ 107,496 | $ 108,241 | $ 107,750 | $ 107,901 |
Interest Revenue Recognized During Impairment | 1,240 | 1,279 | 2,474 | 2,498 |
Cash Basis Interest Revenue Received | 1,310 | 1,268 | 2,569 | 2,570 |
Owner occupied commercial real estate | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 37,985 | 31,558 | 37,487 | 30,334 |
Interest Revenue Recognized During Impairment | 469 | 403 | 929 | 761 |
Cash Basis Interest Revenue Received | 509 | 391 | 968 | 771 |
Income producing commercial real estate | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 22,055 | 26,415 | 21,740 | 26,138 |
Interest Revenue Recognized During Impairment | 273 | 316 | 540 | 628 |
Cash Basis Interest Revenue Received | 253 | 317 | 529 | 650 |
Commercial & industrial | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 5,221 | 3,683 | 4,622 | 4,122 |
Interest Revenue Recognized During Impairment | 45 | 40 | 83 | 92 |
Cash Basis Interest Revenue Received | 89 | 50 | 125 | 101 |
Commercial construction | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 12,164 | 11,340 | 12,219 | 12,027 |
Interest Revenue Recognized During Impairment | 117 | 104 | 233 | 216 |
Cash Basis Interest Revenue Received | 116 | 107 | 237 | 242 |
Commercial | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 77,425 | 72,996 | 76,068 | 72,621 |
Interest Revenue Recognized During Impairment | 904 | 863 | 1,785 | 1,697 |
Cash Basis Interest Revenue Received | 967 | 865 | 1,859 | 1,764 |
Residential mortgage | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 20,604 | 20,598 | 21,345 | 20,960 |
Interest Revenue Recognized During Impairment | 200 | 228 | 425 | 457 |
Cash Basis Interest Revenue Received | 203 | 217 | 436 | 455 |
Home equity lines of credit | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 558 | 550 | 518 | 528 |
Interest Revenue Recognized During Impairment | 5 | 5 | 10 | 10 |
Cash Basis Interest Revenue Received | 5 | 6 | 10 | 12 |
Residential construction | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 8,748 | 13,762 | 9,662 | 13,400 |
Interest Revenue Recognized During Impairment | 128 | 177 | 248 | 322 |
Cash Basis Interest Revenue Received | 132 | 175 | 258 | 325 |
Consumer installment | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 161 | 335 | 157 | 392 |
Interest Revenue Recognized During Impairment | 3 | 6 | 6 | 12 |
Cash Basis Interest Revenue Received | $ 3 | $ 5 | $ 6 | $ 14 |
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 57
Loans and Allowance for Loan Losses - Recorded investment in nonaccrual loans by loan class (Details 6) - Loans Receivable - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | $ 18,805 | $ 17,881 | $ 20,724 |
Owner occupied commercial real estate | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 4,878 | 4,133 | 2,975 |
Income producing commercial real estate | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 883 | 717 | 1,032 |
Commercial & industrial | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 1,389 | 1,571 | 1,102 |
Commercial construction | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 59 | 83 | 95 |
Commercial | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 7,209 | 6,504 | 5,204 |
Residential mortgage | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 8,599 | 8,196 | 10,201 |
Home equity lines of credit | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 940 | 695 | 510 |
Residential construction | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 1,358 | 2,006 | 4,248 |
Consumer installment | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | 131 | 134 | 171 |
Indirect auto | |||
Recorded investment in nonaccrual loans by loan class | |||
Nonaccrual Loans | $ 568 | $ 346 | $ 390 |
Loans and Allowance for Loan 58
Loans and Allowance for Loan Losses - Aging of recorded investment in past due loans (Details 7) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Recorded investment in nonaccrual loans by loan class | |||
Loans Outstanding, Ending Balance | $ 5,173,517 | $ 4,672,119 | $ 4,410,285 |
Loans Receivable | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 23,515 | 26,813 | 24,599 |
Loans Not Past Due | 5,150,002 | 4,645,306 | 4,385,686 |
Loans Outstanding, Ending Balance | 5,173,517 | 4,672,119 | 4,410,285 |
Loans Receivable | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 13,937 | 12,242 | 14,686 |
Loans Receivable | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 3,422 | 6,925 | 3,700 |
Loans Receivable | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 6,156 | 7,646 | 6,213 |
Loans Receivable | Owner occupied commercial real estate | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 4,772 | 4,514 | 2,449 |
Loans Not Past Due | 1,261,011 | 1,158,966 | 1,160,878 |
Loans Outstanding, Ending Balance | 1,265,783 | 1,163,480 | 1,163,327 |
Loans Receivable | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 2,789 | 1,444 | 448 |
Loans Receivable | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 337 | 1,929 | 1,239 |
Loans Receivable | Owner occupied commercial real estate | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 1,646 | 1,141 | 762 |
Loans Receivable | Income producing commercial real estate | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 1,479 | 3,494 | 2,272 |
Loans Not Past Due | 687,289 | 595,043 | 596,046 |
Loans Outstanding, Ending Balance | 688,768 | 598,537 | 598,318 |
Loans Receivable | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 726 | 2,322 | $ 2,030 |
Loans Receivable | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 313 | $ 1,172 | |
Loans Receivable | Income producing commercial real estate | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 440 | $ 242 | |
Loans Receivable | Commercial & industrial | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 2,175 | $ 1,767 | 1,436 |
Loans Not Past Due | 790,616 | 708,489 | 552,653 |
Loans Outstanding, Ending Balance | 792,791 | 710,256 | 554,089 |
Loans Receivable | Commercial & industrial | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 810 | 302 | 930 |
Loans Receivable | Commercial & industrial | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 87 | 40 | 101 |
Loans Receivable | Commercial & industrial | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 1,278 | 1,425 | 405 |
Loans Receivable | Commercial construction | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 670 | 66 | 166 |
Loans Not Past Due | 237,150 | 195,964 | 159,589 |
Loans Outstanding, Ending Balance | 237,820 | $ 196,030 | 159,755 |
Loans Receivable | Commercial construction | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | $ 626 | $ 116 | |
Loans Receivable | Commercial construction | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | |||
Loans Receivable | Commercial construction | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | $ 44 | $ 66 | $ 50 |
Loans Receivable | Commercial | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 9,096 | 9,841 | 6,323 |
Loans Not Past Due | 2,976,066 | 2,658,462 | 2,469,166 |
Loans Outstanding, Ending Balance | 2,985,162 | 2,668,303 | 2,475,489 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 4,951 | 4,068 | 3,524 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 737 | 3,141 | 1,340 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 3,408 | 2,632 | 1,459 |
Loans Receivable | Residential mortgage | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 8,071 | 11,443 | 11,926 |
Loans Not Past Due | 927,575 | 854,346 | 848,599 |
Loans Outstanding, Ending Balance | 935,646 | 865,789 | 860,525 |
Loans Receivable | Residential mortgage | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 4,888 | 5,234 | 7,372 |
Loans Receivable | Residential mortgage | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 1,568 | 2,931 | 1,404 |
Loans Receivable | Residential mortgage | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 1,615 | 3,278 | 3,150 |
Loans Receivable | Home equity lines of credit | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 2,075 | 1,431 | 1,881 |
Loans Not Past Due | 488,678 | 464,441 | 449,554 |
Loans Outstanding, Ending Balance | 490,753 | 465,872 | 451,435 |
Loans Receivable | Home equity lines of credit | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 1,268 | 961 | 1,609 |
Loans Receivable | Home equity lines of credit | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 528 | 303 | 193 |
Loans Receivable | Home equity lines of credit | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 279 | 167 | 79 |
Loans Receivable | Residential construction | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 2,808 | 2,835 | 3,161 |
Loans Not Past Due | 296,112 | 295,792 | 298,576 |
Loans Outstanding, Ending Balance | 298,920 | 298,627 | 301,737 |
Loans Receivable | Residential construction | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 2,110 | 1,172 | 1,246 |
Loans Receivable | Residential construction | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 269 | 268 | 584 |
Loans Receivable | Residential construction | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 429 | 1,395 | 1,331 |
Loans Receivable | Consumer installment | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 655 | 776 | 758 |
Loans Not Past Due | 105,276 | 104,123 | 104,402 |
Loans Outstanding, Ending Balance | 105,931 | 104,899 | 105,160 |
Loans Receivable | Consumer installment | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 444 | 607 | 677 |
Loans Receivable | Consumer installment | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 188 | 136 | 80 |
Loans Receivable | Consumer installment | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 23 | 33 | 1 |
Loans Receivable | Indirect auto | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 810 | 487 | 550 |
Loans Not Past Due | 356,295 | 268,142 | 215,389 |
Loans Outstanding, Ending Balance | 357,105 | 268,629 | 215,939 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 276 | 200 | 258 |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | 132 | 146 | 99 |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | |||
Recorded investment in nonaccrual loans by loan class | |||
Loans, Total Past Due | $ 402 | $ 141 | $ 193 |
Loans and Allowance for Loan 59
Loans and Allowance for Loan Losses - TDRs and pre and post-modification recorded investment (Details 8) - Loans Receivable $ in Thousands | Jun. 30, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Jun. 30, 2014USD ($)Contract |
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 361 | 352 | 366 |
Pre-Modification Outstanding Recorded Investment | $ 92,744 | $ 88,246 | $ 96,283 |
Post-Modification Outstanding Recorded Investment | $ 89,876 | $ 85,096 | $ 90,993 |
Owner occupied commercial real estate | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 57 | 54 | 52 |
Pre-Modification Outstanding Recorded Investment | $ 34,845 | $ 27,695 | $ 28,233 |
Post-Modification Outstanding Recorded Investment | $ 33,401 | $ 26,296 | $ 26,670 |
Income producing commercial real estate | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 29 | 31 | 33 |
Pre-Modification Outstanding Recorded Investment | $ 15,756 | $ 18,094 | $ 19,427 |
Post-Modification Outstanding Recorded Investment | $ 15,681 | $ 17,915 | $ 18,957 |
Commercial & industrial | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 32 | 32 | 31 |
Pre-Modification Outstanding Recorded Investment | $ 3,583 | $ 2,848 | $ 2,893 |
Post-Modification Outstanding Recorded Investment | $ 3,583 | $ 2,847 | $ 2,893 |
Commercial construction | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 14 | 14 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 11,174 | $ 11,360 | $ 11,390 |
Post-Modification Outstanding Recorded Investment | $ 11,094 | $ 11,280 | $ 11,213 |
Commercial | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 132 | 131 | 131 |
Pre-Modification Outstanding Recorded Investment | $ 65,358 | $ 59,997 | $ 61,943 |
Post-Modification Outstanding Recorded Investment | $ 63,759 | $ 58,338 | $ 59,733 |
Residential mortgage | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 165 | 154 | 154 |
Pre-Modification Outstanding Recorded Investment | $ 19,742 | $ 18,630 | $ 21,008 |
Post-Modification Outstanding Recorded Investment | $ 19,141 | $ 17,836 | $ 20,030 |
Home equity lines of credit | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 3 | 2 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 560 | $ 478 | $ 540 |
Post-Modification Outstanding Recorded Investment | $ 551 | $ 478 | $ 540 |
Residential construction | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 45 | 48 | 54 |
Pre-Modification Outstanding Recorded Investment | $ 6,925 | $ 8,962 | $ 12,463 |
Post-Modification Outstanding Recorded Investment | $ 6,284 | $ 8,265 | $ 10,361 |
Consumer installment | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | 16 | 17 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 159 | $ 179 | $ 329 |
Post-Modification Outstanding Recorded Investment | $ 141 | $ 179 | $ 329 |
Indirect auto | |||
Additional information on troubled debt restructurings | |||
Number of Contracts | Contract | |||
Pre-Modification Outstanding Recorded Investment | |||
Post-Modification Outstanding Recorded Investment |
Loans and Allowance for Loan 60
Loans and Allowance for Loan Losses - Loans modified under terms of TDR (Details 9) - Loans Receivable $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 24 | 28 | 46 | 50 |
Pre-Modification Outstanding Recorded Investment | $ 10,114 | $ 6,850 | $ 16,655 | $ 9,717 |
Post Modification Outstanding Recorded Investment | $ 10,036 | $ 6,809 | $ 16,578 | $ 9,676 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 1 | 9 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 280 | $ 30 | $ 890 | |
Owner occupied commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 6 | 5 | 8 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 8,040 | $ 2,787 | $ 12,537 | $ 3,392 |
Post Modification Outstanding Recorded Investment | $ 7,996 | $ 2,787 | $ 12,493 | $ 3,392 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 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 | Contract | 1 | 3 | 3 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 55 | $ 1,459 | $ 310 | $ 1,992 |
Post Modification Outstanding Recorded Investment | $ 54 | $ 1,459 | $ 310 | $ 1,992 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||||
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 | Contract | 4 | 3 | 6 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 992 | $ 106 | $ 1,180 | $ 330 |
Post Modification Outstanding Recorded Investment | $ 992 | $ 106 | $ 1,180 | $ 330 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 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 | Contract | 1 | 1 | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 233 | $ 240 | $ 233 | $ 471 |
Post Modification Outstanding Recorded Investment | $ 233 | $ 240 | $ 233 | $ 471 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||||
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 12 | 12 | 18 | 18 |
Pre-Modification Outstanding Recorded Investment | $ 9,320 | $ 4,592 | $ 14,260 | $ 6,185 |
Post Modification Outstanding Recorded Investment | $ 9,275 | $ 4,592 | $ 14,216 | $ 6,185 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 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 | Contract | 8 | 9 | 23 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 523 | $ 1,014 | $ 2,121 | $ 2,146 |
Post Modification Outstanding Recorded Investment | $ 523 | $ 973 | $ 2,121 | $ 2,105 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 6 | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 280 | $ 732 | ||
Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 83 | $ 36 | $ 83 | $ 36 |
Post Modification Outstanding Recorded Investment | $ 74 | $ 36 | $ 74 | $ 36 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||||
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 | Contract | 2 | 3 | 2 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 163 | $ 1,124 | $ 163 | $ 1,124 |
Post Modification Outstanding Recorded Investment | $ 139 | $ 1,124 | $ 139 | $ 1,124 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||||
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 | Contract | 1 | 3 | 2 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 25 | $ 84 | $ 28 | $ 226 |
Post Modification Outstanding Recorded Investment | $ 25 | $ 84 | $ 28 | $ 226 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 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 | Contract | ||||
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 | Contract | ||||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment |
Loans and Allowance for Loan 61
Loans and Allowance for Loan Losses - Risk category of loans by class of loans (Details 10) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Risk category of loans by class of loans | |||
Total loans | $ 5,173,517 | $ 4,672,119 | $ 4,410,285 |
Loans Receivable | |||
Risk category of loans by class of loans | |||
Total loans | 5,173,517 | 4,672,119 | 4,410,285 |
Loans Receivable | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 4,990,037 | 4,466,798 | 4,167,232 |
Loans Receivable | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 48,974 | 59,047 | 74,793 |
Loans Receivable | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 115,701 | 128,393 | 147,536 |
Loans Receivable | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 18,805 | $ 17,881 | $ 20,724 |
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 | $ 1,265,783 | $ 1,163,480 | $ 1,163,327 |
Loans Receivable | Owner occupied commercial real estate | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 1,195,986 | 1,094,057 | 1,079,629 |
Loans Receivable | Owner occupied commercial real estate | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 25,301 | 18,889 | 32,501 |
Loans Receivable | Owner occupied commercial real estate | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 39,618 | 46,401 | 48,222 |
Loans Receivable | Owner occupied commercial real estate | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 4,878 | $ 4,133 | $ 2,975 |
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 | $ 688,768 | $ 598,537 | $ 598,318 |
Loans Receivable | Income producing commercial real estate | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 664,137 | 560,559 | 556,223 |
Loans Receivable | Income producing commercial real estate | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 4,973 | 16,701 | 16,430 |
Loans Receivable | Income producing commercial real estate | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 18,775 | 20,560 | 24,633 |
Loans Receivable | Income producing commercial real estate | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 883 | $ 717 | $ 1,032 |
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 | $ 792,791 | $ 710,256 | $ 554,089 |
Loans Receivable | Commercial & industrial | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 781,820 | 696,805 | 542,836 |
Loans Receivable | Commercial & industrial | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 3,188 | 4,017 | 4,504 |
Loans Receivable | Commercial & industrial | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 6,394 | 7,863 | 5,647 |
Loans Receivable | Commercial & industrial | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 1,389 | $ 1,571 | $ 1,102 |
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 | $ 237,820 | $ 196,030 | $ 159,755 |
Loans Receivable | Commercial construction | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 232,080 | 190,070 | 152,894 |
Loans Receivable | Commercial construction | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 2,426 | 2,311 | 2,360 |
Loans Receivable | Commercial construction | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 3,255 | 3,566 | 4,406 |
Loans Receivable | Commercial construction | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 59 | $ 83 | $ 95 |
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 | $ 2,985,162 | $ 2,668,303 | $ 2,475,489 |
Loans Receivable | Commercial | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 2,874,023 | 2,541,491 | 2,331,582 |
Loans Receivable | Commercial | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 35,888 | 41,918 | 55,795 |
Loans Receivable | Commercial | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 68,042 | 78,390 | 82,908 |
Loans Receivable | Commercial | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 7,209 | $ 6,504 | $ 5,204 |
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 | $ 935,646 | $ 865,789 | $ 860,525 |
Loans Receivable | Residential mortgage | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 886,863 | 814,168 | 797,725 |
Loans Receivable | Residential mortgage | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 9,605 | 11,594 | 10,743 |
Loans Receivable | Residential mortgage | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 30,579 | 31,831 | 41,856 |
Loans Receivable | Residential mortgage | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 8,599 | $ 8,196 | $ 10,201 |
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 | $ 490,753 | $ 465,872 | $ 451,435 |
Loans Receivable | Home equity lines of credit | Pass | |||
Risk category of loans by class of loans | |||
Total loans | $ 484,222 | $ 459,881 | 484,222 |
Loans Receivable | Home equity lines of credit | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 167 | ||
Loans Receivable | Home equity lines of credit | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | $ 5,591 | $ 5,296 | 7,562 |
Loans Receivable | Home equity lines of credit | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 940 | $ 695 | $ 510 |
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 | $ 298,920 | $ 298,627 | $ 301,737 |
Loans Receivable | Residential construction | Pass | |||
Risk category of loans by class of loans | |||
Total loans | 284,395 | 280,166 | 276,539 |
Loans Receivable | Residential construction | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 3,481 | 5,535 | 8,078 |
Loans Receivable | Residential construction | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | 9,686 | 10,920 | 12,872 |
Loans Receivable | Residential construction | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 1,358 | $ 2,006 | $ 4,248 |
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 | $ 105,931 | $ 104,899 | $ 105,160 |
Loans Receivable | Consumer installment | Pass | |||
Risk category of loans by class of loans | |||
Total loans | $ 104,958 | $ 103,383 | 103,203 |
Loans Receivable | Consumer installment | Watch | |||
Risk category of loans by class of loans | |||
Total loans | 10 | ||
Loans Receivable | Consumer installment | Substandard Performing | |||
Risk category of loans by class of loans | |||
Total loans | $ 842 | $ 1,382 | 1,776 |
Loans Receivable | Consumer installment | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 131 | $ 134 | $ 171 |
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 | $ 357,105 | $ 268,629 | $ 215,939 |
Loans Receivable | Indirect auto | Pass | |||
Risk category of loans by class of loans | |||
Total loans | $ 355,576 | $ 267,709 | $ 214,987 |
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 | $ 961 | $ 574 | $ 562 |
Loans Receivable | Indirect auto | Substandard Nonaccrual | |||
Risk category of loans by class of loans | |||
Total loans | $ 568 | $ 346 | $ 390 |
Loans Receivable | Indirect auto | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans |
Loans and Allowance for Loan 62
Loans and Allowance for Loan Losses (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of purchased credit impaired loans | $ 10,100 | $ 10,100 | |||
Unpaid Principal Balance | 13,600 | 13,600 | |||
Remaining accretable fair value mark on loans | 2,600 | 2,600 | |||
Criteria amount for evaluation of impairment | 500,000 | 500,000 | |||
Accruing substandard relationship | $ 2,000 | $ 2,000 | |||
Percentage of appraised value of underlying collateral in nonaccrual status | 80.00% | 80.00% | |||
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original terms | $ 165,000 | $ 96,000 | $ 424,000 | $ 556,000 | |
Specific reserves | 6,240 | 8,980 | 6,240 | 8,980 | $ 9,720 |
Loans outstanding classified as troubled debt restructurings | 75,000 | 44,000 | 75,000 | 44,000 | 51,000 |
FHLB | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Pledged as collateral to secure FHLB advances | $ 2,420,000 | $ 2,090,000 | $ 2,420,000 | $ 2,090,000 | $ 2,350,000 |
Servicing Rights for Governme63
Servicing Rights for Government Guaranteed Loans - Changes in the balances of servicing assets and servicing liabilities subsequently measured using fair value measurement method (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
ASC 860 Servicing Asset Rollforward | ||||
Fair value at beginning of period | $ 2,717 | $ 2,551 | ||
Additions: | ||||
Acquired servicing rights | $ 2,133 | $ 2,133 | ||
Originated servicing rights capitalized upon sale on loans | $ 442 | $ 129 | $ 632 | $ 129 |
Changes in fair value: | ||||
Due to change in valuation inputs or assumptions used in valuation model | (41) | (65) | ||
Fair value at end of period | $ 3,118 | $ 2,262 | $ 3,118 | $ 2,262 |
Servicing Rights for Governme64
Servicing Rights for Government Guaranteed Loans - Economic assumptions of SBA Servicing Asset (Details 1) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Servicing Assets at Fair Value [Line Items] | ||||||
Fair value of retained Servicing Assets | $ 3,118 | $ 2,551 | $ 2,717 | $ 2,262 | ||
Prepayment rate assumption | 6.98% | 6.70% | ||||
10% adverse change | $ (80) | $ (62) | ||||
20% adverse change | $ (156) | $ (122) | ||||
Discount rate | 11.00% | 12.00% | ||||
Weighted-average life (months) | 6 years 10 months 24 days | 6 years 6 months | ||||
Weighted-average gross margin | 2.02% | 2.00% | ||||
100 bps adverse change | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Adverse change | $ (109) | $ (85) | ||||
200bps adverse change | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Adverse change | $ (211) | $ (164) |
Reclassifications Out of Accu65
Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains, net | $ 13 | $ 4,435 | $ 1,552 | $ 4,652 |
Time deposit interest expense | (895) | (2,018) | (2,004) | (3,789) |
Money market deposit interest expense | 806 | 757 | 1,479 | 1,320 |
Tax benefit (expense) | 11,124 | 9,627 | 21,517 | 18,665 |
Net of tax | 17,796 | 16,357 | 35,466 | 31,318 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net of tax | (551) | 2,049 | (269) | 1,852 |
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 | 13 | 4,435 | 1,552 | 4,652 |
Tax benefit (expense) | (5) | (1,725) | (603) | (1,817) |
Net of tax | 8 | 2,710 | 949 | 2,835 |
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 | (289) | (409) | (773) | (739) |
Tax benefit (expense) | 105 | 154 | 287 | 277 |
Net of tax | $ (184) | (255) | $ (486) | (462) |
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 | $ (350) | $ (447) | ||
Deposits in banks and short-term investments interest revenue | $ (30) | $ (78) | ||
Money market deposit interest expense | (146) | $ (24) | (265) | $ (24) |
Federal Home Loan Bank advances interest expense | (279) | (537) | ||
Total before tax | (455) | $ (573) | (880) | $ (670) |
Tax benefit (expense) | 177 | 223 | 342 | 261 |
Net of tax | (278) | (350) | (538) | (409) |
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) | (92) | (318) | (183) |
Tax benefit (expense) | 62 | 36 | 124 | 71 |
Net of tax | (97) | (56) | (194) | (112) |
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) | $ (92) | (182) | $ (183) |
Actuarial losses | $ (68) | $ (136) |
Earnings Per Share - Preferred
Earnings Per Share - Preferred stock dividends (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accrued dividends on preferred stock, including accretion of discounts | ||||
Total preferred stock dividends | $ 17 | $ 17 | $ 439 | |
Series H - 1% until March 15, 2016, subject to change based on Qualified Small Business Lending, 9% thereafter | ||||
Accrued dividends on preferred stock, including accretion of discounts | ||||
Total preferred stock dividends | $ 17 | $ 17 | ||
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 - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Computation of basic and diluted loss per share | ||||
Net income available to common shareholders | $ 17,796 | $ 16,357 | $ 35,466 | $ 31,318 |
Weighted average shares outstanding: | ||||
Basic | 62,549 | 60,712 | 61,730 | 60,386 |
Effect of dilutive securities | ||||
Stock options | 4 | 2 | 4 | 2 |
Diluted | 62,553 | 60,714 | 61,734 | 60,388 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.57 | $ 0.52 |
Diluted (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.57 | $ 0.52 |
Earnings Per Share (Detail Text
Earnings Per Share (Detail Textuals) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Class of Stock [Line Items] | ||
Number of common stock called by warrants | 219,909 | 219,909 |
Exercise of price warrants | $ 61.40 | $ 61.40 |
Fletcher International Ltd | ||
Class of Stock [Line Items] | ||
Number of common stock called by warrants | 1,411,765 | |
Exercise of price warrants | $ 21.25 | |
Employees | ||
Class of Stock [Line Items] | ||
Common shares issuable upon exercise of stock options granted | 256,102 | 316,343 |
Weighted average exercise price of options exercised to issue common shares | $ 90.25 | $ 96.22 |
Restricted Stock | ||
Class of Stock [Line Items] | ||
Vesting of restricted stock awards | 765,061 | 973,467 |
Derivatives and Hedging Activ69
Derivatives and Hedging Activities - Derivatives accounted for as hedges under ASC 815 (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, asset derivatives, fair value | $ 970 | $ 1,109 | |
Derivatives accounted for as hedges, liability derivatives, fair value | $ 4,855 | $ 6,167 | 10,380 |
Derivative assets | Cash flow hedging | Money Market Deposits | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, asset derivatives, fair value | $ 1,109 | ||
Derivative assets | Fair value hedging | Corporate Bonds | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, asset derivatives, fair value | $ 970 | ||
Derivative liabilities | Cash flow hedging | Money Market Deposits | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, liability derivatives, fair value | $ 350 | $ 523 | |
Derivative liabilities | Fair value hedging | Brokered CD's | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives accounted for as hedges, liability derivatives, fair value | $ 4,855 | $ 5,817 | $ 9,857 |
Derivatives and Hedging Activ70
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments under ASC 815 (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 20,758 | $ 20,599 | $ 20,915 |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 27,519 | 25,830 | 26,165 |
Derivative assets | Customer swap positions | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 3,456 | 3,433 | 2,572 |
Derivative 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 | 333 | |
Derivative assets | Bifurcated embedded derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 11,531 | 12,262 | 12,369 |
Derivative 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 | 5,771 | 4,776 | 5,641 |
Derivative liabilities | Customer swap positions | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $ 3,485 | 129 | 333 |
Derivative 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 | 3,456 | 2,592 | |
Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $ 18,261 | 17,467 | 17,599 |
Derivative liabilities | De-designated cash flow hedges | |||
Derivatives, Fair Value [Line Items] | |||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $ 5,773 | $ 4,778 | $ 5,641 |
Derivatives and Hedging Activ71
Derivatives and Hedging Activities - Derivatives in Fair Value Hedging Relationships (Details 2) - Fair value hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | $ (1,830) | $ 3,479 | $ 195 | $ 7,628 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 2,037 | (3,715) | (25) | (8,253) |
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 | (3,145) | 4,262 | (775) | 10,115 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 3,287 | (4,382) | 882 | (10,416) |
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 | 1,315 | (783) | 970 | (2,487) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $ (1,250) | $ 667 | $ (907) | $ 2,163 |
Derivatives and Hedging Activ72
Derivatives and Hedging Activities - Derivatives in Cash Flow Hedging Relationships (Details 3) - Cash flow hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $ (3,547) | $ (471) | $ (6,379) | |
Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | $ (455) | (573) | (880) | (670) |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | $ (50) | $ (7) | $ (85) |
Derivatives and Hedging Activ73
Derivatives and Hedging Activities (Detail Textuals) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | Mar. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Recognized net gain (loss) related to ineffectiveness of hedging relationships | $ 207,000 | $ 236,000 | $ 170,000 | $ 625,000 | ||
Net reduction of interest expense/revenue | 1,130,000 | 1,220,000 | 2,260,000 | 2,430,000 | ||
Credit risk | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Collateral pledged toward derivatives | 35,500,000 | 35,500,000 | ||||
Cash flow hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Number of derivative contracts outstanding | Contract | 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 | $ 500,000,000 | |||
Cash flow hedging | Interest Rate Risk | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Number of derivative contracts outstanding | Contract | 2 | 2 | 1 | |||
Recognized net gain (loss) related to ineffectiveness of hedging relationships | $ 50,000 | 7,000 | $ 85,000 | |||
Increase to deposit interest expense over next twelve months | 1,830,000 | |||||
Total notional amount designated as cash flow hedges | 275,000,000 | 275,000,000 | $ 175,000,000 | |||
Fair value hedging of interest rate risk | Corporate Bonds | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net reduction of interest expense/revenue | $ 146,000 | $ 425,000 | $ 220,000 | $ 955,000 | ||
Fair value hedging of interest rate risk | Interest Rate Risk | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Number of derivative contracts outstanding | Contract | 15 | 16 | 15 | 16 | 1 | |
Total notional amount designated as cash flow hedges | $ 184,000,000 | $ 199,000,000 | $ 184,000,000 | $ 199,000,000 | $ 30,000,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - Jun. 30, 2015 - Stock Options - USD ($) $ / shares in Units, $ in Thousands | Total |
Shares | |
Outstanding at December 31, 2014 | 313,555 |
Expired | (45,242) |
Forfeited | (12,211) |
Outstanding at June 30, 2015 | 256,102 |
Outstanding at June 30, 2015 | 239,852 |
Weighted-Average Exercise Price | |
Outstanding at December 31, 2014 | $ 93.40 |
Expired | 108.61 |
Forfeited | 103.12 |
Outstanding at June 30, 2015 | 90.25 |
Outstanding at June 30, 2015 | $ 95.32 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 2 years 10 months 24 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 2 years 6 months |
Aggregate Intrinsic Value, Outstanding | $ 168 |
Aggregate Intrinsic Value, Exercisable | $ 81 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock activity (Details 1) - Jun. 30, 2015 - Restricted Stock and Restricted Stock Unit - $ / shares | Total |
Shares | |
Outstanding at December 31, 2014 | 829,201 |
Granted | 129,507 |
Exercised | (140,102) |
Cancelled | (53,545) |
Outstanding at June 30, 2015 | 765,061 |
Vested at June 30, 2015 | 1,170 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at December 31, 2013 | $ 14.76 |
Granted | 18.23 |
Exercised | 14.36 |
Cancelled | 15.26 |
Outstanding at June 30, 2015 | 15.39 |
Vested at June 30, 2015 | $ 10.69 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail textuals) - USD ($) $ / shares in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional award granted under plan | 404,000 | |
Vesting period | 4 years | |
Maximum exercisable period | 10 years | |
Unrecognized compensation cost of non-vested stock options and restricted stock unit awards | $ 8,950,000 | |
Recognition period for unrecognized compensation cost related | 2 years 6 months 4 days | |
Aggregate grant date fair value | $ 1,950,000 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 19,000 | $ 2,000 |
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 | $ 2,110,000 | 2,180,000 |
Total intrinsic value | $ 16 | |
Other operating expense for restricted stock units granted | $ 47,000 | $ 50,000 |
Common and Preferred Stock Is77
Common and Preferred Stock Issued / Common Stock Issuable (Detail Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Common And Preferred Stock Issued And Common Stock Issuable [Table] | ||
Shares issued in connection with DRIP | 997 | |
Shares purchased by United's 401(k) retirement plan | 14,171 | |
Amount of shares issued | $ 245,000 | |
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% | |
Number of stock issued through ESPP | 6,664 | 5,128 |
Common stock issuable shares under deferred compensation plan | 413,014 | 314,039 |
Common and Preferred Stock Is78
Common and Preferred Stock Issued / Common Stock Issuable (Detail Textual 1) - May. 01, 2015 - MoneyTree - $ / shares | Total |
Common And Preferred Stock Issued And Common Stock Issuable [Line Items] | |
Liquidation preference redemption price per share | 100.00% |
Minimum redemption percentage of number of originally issued shares | 25.00% |
Redemption percentage of then outstanding shares | 100.00% |
Redemption percentage of number of originally issued shares | 25.00% |
Non-Cumulative Perpetual Preferred Stock, Series H | |
Common And Preferred Stock Issued And Common Stock Issuable [Line Items] | |
Liquidation preference amount | $ 1,000 |
Current dividend rate | 1.00% |
Dividend rate increase to rate per annum | 9.00% |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 11,124 | $ 9,627 | $ 21,517 | $ 18,665 | |
Income tax effective tax rate | 38.40% | 37.00% | 37.70% | 37.00% | |
Valuation allowance on deferred tax assets | $ 4,430 | $ 4,100 | $ 4,430 | $ 4,100 | $ 4,120 |
Valuation allowance related to specific state income tax credits | 4,430 | ||||
Net deferred tax asset realized based upon future taxable income | 196,000 | ||||
Unrecognized income tax benefits | $ 4,380 | $ 4,690 | $ 4,380 | $ 4,690 | $ 4,200 |
Assets and Liabilities Measur80
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Level 1 | |||
Assets: | |||
Total assets | $ 131,330 | $ 109,573 | $ 3,715 |
Liabilities: | |||
Total liabilities | 3,429 | 3,864 | $ 3,715 |
Level 1 | U.S. Treasury securities | |||
Assets: | |||
Total assets | $ 127,901 | $ 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 | $ 3,429 | $ 3,864 | $ 3,715 |
Level 1 | Servicing rights for government guaranteed loans | |||
Assets: | |||
Total assets | |||
Level 1 | Derivative financial instruments | |||
Assets: | |||
Total assets | |||
Level 1 | Deferred compensation plan liability | |||
Liabilities: | |||
Total liabilities | $ 3,429 | $ 3,864 | $ 3,715 |
Level 1 | Brokered certificates of deposit | |||
Liabilities: | |||
Total liabilities | |||
Level 1 | Derivative financial instruments | |||
Liabilities: | |||
Total liabilities | |||
Level 2 | |||
Assets: | |||
Total assets | 1,823,865 | $ 1,684,612 | $ 1,762,992 |
Liabilities: | |||
Total liabilities | $ 14,113 | $ 13,018 | 215,760 |
Level 2 | U.S. Treasury securities | |||
Assets: | |||
Total assets | 15,508 | ||
Level 2 | U.S. Government agencies | |||
Assets: | |||
Total assets | $ 110,311 | $ 36,299 | |
Level 2 | State and political subdivisions | |||
Assets: | |||
Total assets | 30,764 | 20,233 | 21,815 |
Level 2 | Mortgage-backed securities | |||
Assets: | |||
Total assets | 998,116 | 996,820 | 1,077,440 |
Level 2 | Corporate bonds | |||
Assets: | |||
Total assets | 206,274 | 164,878 | 175,671 |
Level 2 | Asset-backed securities | |||
Assets: | |||
Total assets | 466,332 | 455,928 | 448,323 |
Level 2 | Other | |||
Assets: | |||
Total assets | $ 1,871 | $ 2,117 | $ 2,211 |
Level 2 | Deferred compensation plan assets | |||
Assets: | |||
Total assets | |||
Level 2 | Servicing rights for government guaranteed loans | |||
Assets: | |||
Total assets | |||
Level 2 | Derivative financial instruments | |||
Assets: | |||
Total assets | $ 10,197 | $ 8,337 | $ 22,024 |
Level 2 | Deferred compensation plan liability | |||
Liabilities: | |||
Total liabilities | |||
Level 2 | Brokered certificates of deposit | |||
Liabilities: | |||
Total liabilities | $ 179,215 | ||
Level 2 | Derivative financial instruments | |||
Liabilities: | |||
Total liabilities | $ 14,113 | $ 13,018 | 36,545 |
Level 3 | |||
Assets: | |||
Total assets | 15,399 | 15,563 | $ 300 |
Liabilities: | |||
Total liabilities | $ 18,261 | $ 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 | $ 300 |
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 | Servicing rights for government guaranteed loans | |||
Assets: | |||
Total assets | $ 3,118 | $ 2,551 | |
Level 3 | Derivative financial instruments | |||
Assets: | |||
Total assets | $ 11,531 | $ 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 | $ 18,261 | $ 18,979 | |
Total | |||
Assets: | |||
Total assets | 1,970,594 | 1,809,748 | $ 1,767,007 |
Liabilities: | |||
Total liabilities | 35,803 | 35,861 | 219,475 |
Total | U.S. Treasury securities | |||
Assets: | |||
Total assets | 127,901 | 105,709 | 15,508 |
Total | U.S. Government agencies | |||
Assets: | |||
Total assets | 110,311 | 36,299 | |
Total | State and political subdivisions | |||
Assets: | |||
Total assets | 30,764 | 20,233 | 21,815 |
Total | Mortgage-backed securities | |||
Assets: | |||
Total assets | 998,116 | 996,820 | 1,077,440 |
Total | Corporate bonds | |||
Assets: | |||
Total assets | 207,024 | 165,628 | 175,971 |
Total | Asset-backed securities | |||
Assets: | |||
Total assets | 466,332 | 455,928 | 448,323 |
Total | Other | |||
Assets: | |||
Total assets | 1,871 | 2,117 | 2,211 |
Total | Deferred compensation plan assets | |||
Assets: | |||
Total assets | 3,429 | 3,864 | 3,715 |
Total | Servicing rights for government guaranteed loans | |||
Assets: | |||
Total assets | 3,118 | 2,551 | |
Total | Derivative financial instruments | |||
Assets: | |||
Total assets | 21,728 | 20,599 | 22,024 |
Total | Deferred compensation plan liability | |||
Liabilities: | |||
Total liabilities | 3,429 | 3,864 | 3,715 |
Total | Brokered certificates of deposit | |||
Liabilities: | |||
Total liabilities | 179,215 | ||
Total | Derivative financial instruments | |||
Liabilities: | |||
Total liabilities | $ 32,374 | $ 31,997 | $ 36,545 |
Assets and Liabilities Measur81
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value (Details 1) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | |
Derivative Asset | |||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 8,117 | $ 12,262 | |
Additions | |||
Sales and settlements | |||
Amounts included in earnings - fair value adjustments | $ 3,414 | $ (731) | |
Balance at end of period | 11,531 | 11,531 | |
Derivative Liability | |||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 14,529 | $ 18,979 | |
Additions | |||
Sales and settlements | |||
Amounts included in earnings - fair value adjustments | $ 3,732 | $ (718) | |
Balance at end of period | 18,261 | 18,261 | |
Servicing rights for government guaranteed loans | |||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | 2,717 | 2,551 | |
Additions | $ 442 | $ 632 | |
Sales and settlements | |||
Amounts included in earnings - fair value adjustments | $ (41) | $ (65) | |
Balance at end of period | 3,118 | 3,118 | |
Securities Available-for-Sale | |||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning of period | $ 750 | $ 350 | $ 750 |
Additions | |||
Sales and settlements | $ (50) | ||
Amounts included in earnings - fair value adjustments | |||
Balance at end of period | $ 750 | $ 300 | $ 750 |
Assets and Liabilities Measur82
Assets and Liabilities Measured at Fair Value - Level 3 fair value measurements for fair value on recurring basis (Details 2) - Recurring - Level 3 - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | $ 15,399 | $ 15,563 | $ 300 |
Liabilities, fair value | 18,261 | 18,979 | |
Derivative Asset | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | $ 11,531 | 12,262 | |
ValuationTechnique | Dealer Priced | ||
Unobservable Inputs | Dealer Priced | ||
Derivative Liability | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | $ 18,261 | 18,979 | |
ValuationTechnique | Dealer Priced | ||
Unobservable Inputs | Dealer Priced | ||
Servicing rights for government guaranteed loans | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | $ 3,118 | $ 2,551 | |
ValuationTechnique | Discounted cash flow | ||
Unobservable Inputs | Discount rate Prepayment Rate | ||
Servicing rights for government guaranteed loans | Weighted Average | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rate | 11.00% | 12.00% | |
Prepayment Rate | 6.98% | 6.70% | |
Corporate bonds | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Total assets | $ 750 | $ 750 | $ 300 |
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 Measur83
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details 3) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | |||
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | |||
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | $ 3,907 | $ 7,317 | $ 8,641 |
Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans | $ 3,907 | $ 7,317 | $ 8,641 |
Assets and Liabilities Measur84
Assets and Liabilities Measured at Fair Value - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details 4) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Assets: | |||
Securities held to maturity | $ 388,066 | $ 425,233 | $ 458,864 |
Loans, net | $ 5,103,388 | $ 4,600,500 | $ 4,337,037 |
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 | $ 388,066 | $ 425,233 | $ 458,864 |
Loans, net | |||
Mortgage loans held for sale | $ 22,312 | $ 14,139 | $ 15,157 |
Liabilities: | |||
Deposits | 6,808,029 | 6,328,264 | 6,152,839 |
Federal Home Loan Bank advances | $ 385,121 | $ 270,125 | $ 175,125 |
Long-term debt | |||
Level 3 | |||
Assets: | |||
Securities held to maturity | |||
Loans, net | $ 5,083,619 | $ 4,549,027 | $ 4,275,708 |
Mortgage loans held for sale | |||
Liabilities: | |||
Deposits | |||
Federal Home Loan Bank advances | |||
Long-term debt | $ 116,307 | $ 132,814 | $ 132,145 |
Total | |||
Assets: | |||
Securities held to maturity | 388,066 | 425,233 | 458,864 |
Loans, net | 5,083,619 | 4,549,027 | 4,275,708 |
Mortgage loans held for sale | 22,312 | 14,139 | 15,157 |
Liabilities: | |||
Deposits | 6,808,029 | 6,328,264 | 6,152,839 |
Federal Home Loan Bank advances | 385,121 | 270,125 | 175,125 |
Long-term debt | 116,307 | 132,814 | 132,145 |
Carrying Amount | |||
Assets: | |||
Securities held to maturity | 379,757 | 415,267 | 448,752 |
Loans, net | 5,103,388 | 4,600,500 | 4,337,037 |
Mortgage loans held for sale | 22,003 | 13,737 | 14,918 |
Liabilities: | |||
Deposits | 6,807,943 | 6,326,513 | 6,163,545 |
Federal Home Loan Bank advances | 385,125 | 270,125 | 175,125 |
Long-term debt | $ 113,901 | $ 129,865 | $ 129,865 |
Assets and Liabilities Measur85
Assets and Liabilities Measured at Fair Value (Detail Textual) - 6 months ended Jun. 30, 2015 | Total |
Fair Value [Abstract] | |
Percentage of written down in appraisal value of nonaccrual impaired loans | 80.00% |
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Commitments to extend credit | |||
Financial instruments whose contract amounts represent credit risk: | |||
Financial instruments | $ 1,047,970 | $ 878,160 | $ 797,068 |
Letters of credit | |||
Financial instruments whose contract amounts represent credit risk: | |||
Financial instruments | $ 21,726 | $ 19,861 | $ 20,682 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Total intangibles subject to amortization, net | $ 5,663 | |||
Goodwill | 14,527 | $ 1,509 | $ 1,509 | |
Total goodwill and other intangible assets, net | 20,190 | 3,641 | $ 2,731 | |
Core deposit intangible | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||
Gross | 36,872 | 32,652 | 32,652 | |
Less: accumulated amortization | (31,209) | (30,520) | (29,921) | |
Total intangibles subject to amortization, net | $ 5,663 | $ 2,132 | $ 2,731 |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets (Details 1) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Goodwill [Roll Forward] | ||
Balance, beginning of period | $ 307,099 | $ 307,099 |
Acquisition of MoneyTree/ Business Carolina, Inc | 13,018 | 13,018 |
Balance, end of period | 320,117 | 320,117 |
Balance, beginning of period | $ (305,590) | $ (305,590) |
Acquisition of MoneyTree/ Business Carolina, Inc | ||
Balance, end of period | $ (305,590) | $ (305,590) |
Balance, beginning of period | 1,509 | 1,509 |
Acquisition of MoneyTree/ Business Carolina, Inc | 13,018 | 13,018 |
Balance, end of period | $ 14,527 | $ 14,527 |
Goodwill and Other Intangible89
Goodwill and Other Intangible Assets (Details 2) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $ 1,063 |
2,016 | 1,919 |
2,017 | 1,115 |
2,018 | 695 |
2,019 | 479 |
Thereafter | 392 |
Total | $ 5,663 |
Goodwill and Other Intangible90
Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 447,000 | $ 362,000 | $ 689,000 | $ 749,000 |