Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Entity Registrant Name | UNITED COMMUNITY BANKS INC | ||
Entity Central Index Key | 857,855 | ||
Trading Symbol | ucbi | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1,076,328,754 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Voting Common Stock | |||
Entity Common Stock, Shares Outstanding | 66,215,587 | ||
Non-Voting Common Stock | |||
Entity Common Stock, Shares Outstanding | 5,285,516 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest revenue: | |||
Loans, including fees | $ 223,256 | $ 196,279 | $ 200,893 |
Investment securities: | |||
Taxable | 51,143 | 47,755 | 40,331 |
Tax exempt | 705 | 738 | 827 |
Deposits in banks and short-term investments | 3,428 | 3,660 | 3,789 |
Total interest revenue | 278,532 | 248,432 | 245,840 |
Deposits: | |||
NOW | 1,505 | 1,651 | 1,759 |
Money market | 3,466 | 3,060 | 2,210 |
Savings | 98 | 81 | 133 |
Time | 3,756 | 7,133 | 10,464 |
Total deposit interest expense | 8,825 | 11,925 | 14,566 |
Short-term borrowings | 364 | 2,160 | 2,071 |
Federal Home Loan Bank advances | 1,743 | 912 | 68 |
Long-term debt | 10,177 | 10,554 | 10,977 |
Total interest expense | 21,109 | 25,551 | 27,682 |
Net interest revenue | 257,423 | 222,881 | 218,158 |
Provision for credit losses | 3,700 | 8,500 | 65,500 |
Net interest revenue after provision for credit losses | 253,723 | 214,381 | 152,658 |
Fee revenue: | |||
Service charges and fees | 36,825 | 33,073 | 31,997 |
Mortgage loan and other related fees | 13,592 | 7,520 | 9,925 |
Brokerage fees | 5,041 | 4,807 | 4,465 |
Gains from sales of government guaranteed loans | 6,276 | 2,615 | |
Securities gains, net | 2,255 | 4,871 | 186 |
Losses on prepayment of borrowings | (1,294) | (4,446) | |
Other | 9,834 | 7,114 | 10,025 |
Total fee revenue | 72,529 | 55,554 | 56,598 |
Total revenue | 326,252 | 269,935 | 209,256 |
Operating expenses: | |||
Salaries and employee benefits | 116,688 | 100,941 | 96,233 |
Occupancy | 15,372 | 13,513 | 13,930 |
Communications and equipment | 15,273 | 12,523 | 13,233 |
FDIC assessments and other regulatory charges | 5,106 | 4,792 | 9,219 |
Professional fees | 10,175 | 7,907 | 9,617 |
Postage, printing and supplies | 4,273 | 3,542 | 3,283 |
Advertising and public relations | 3,667 | 3,461 | 3,718 |
Amortization of intangibles | 2,444 | 1,348 | 2,031 |
Foreclosed property | 32 | 634 | 7,869 |
Merger-related and other charges | 17,995 | ||
Other | 20,213 | 14,204 | 15,171 |
Total operating expenses | 211,238 | 162,865 | 174,304 |
Income before income taxes | 115,014 | 107,070 | 34,952 |
Income tax expense (benefit) | 43,436 | 39,450 | (238,188) |
Net income | 71,578 | 67,620 | 273,140 |
Preferred stock dividends | 67 | 439 | 12,078 |
Net income available to common shareholders | $ 71,511 | $ 67,181 | $ 261,062 |
Income per common share: | |||
Basic (in dollars per share) | $ 1.09 | $ 1.11 | $ 4.44 |
Diluted (in dollars per share) | $ 1.09 | $ 1.11 | $ 4.44 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 65,488 | 60,588 | 58,787 |
Diluted (in shares) | 65,492 | 60,590 | 58,845 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statement of Comprehensive Income (Loss) [Abstract] | |||
Net income, Before-tax Amount | $ 115,014 | $ 107,070 | $ 34,952 |
Net income, Tax (Expense) Benefit | (43,436) | (39,450) | 238,188 |
Net income, Net of Tax Amount | 71,578 | 67,620 | 273,140 |
Unrealized (losses) gains on available for sale securities: | |||
Unrealized holding gains (losses) arising during period, Before-tax Amount | (10,779) | 12,550 | (22,421) |
Unrealized holding gains (losses) arising during period, Tax (Expense) Benefit | 4,004 | (4,676) | 8,475 |
Unrealized holding gains (losses) arising during period, Net of Tax Amount | (6,775) | 7,874 | (13,946) |
Reclassification of securities from available-for-sale to held-to-maturity, Before-tax Amount | 8,306 | ||
Reclassification of securities from available-for-sale to held-to-maturity, Tax (Expense) Benefit | (3,119) | ||
Reclassification of securities from available-for-sale to held-to-maturity, Net of Tax Amount | 5,187 | ||
Reclassification adjustment for gains included in net income, Before-tax Amount | (2,255) | (4,871) | (186) |
Reclassification adjustment for gains included in net income, Tax (Expense) Benefit | 862 | 1,902 | 72 |
Reclassification adjustment for gains included in net income, Net of Tax Amount | (1,393) | (2,969) | $ (114) |
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses on available-for-sale securities and release of valuation allowance, Before-tax Amount | |||
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses on available-for-sale securities and release of valuation allowance, Tax (Expense) Benefit | $ (2,963) | ||
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses on available-for-sale securities and release of valuation allowance, Net of Tax Amount | (2,963) | ||
Net unrealized gains (losses), Before-tax Amount | (13,034) | 7,679 | (14,301) |
Net unrealized gains (losses), Tax (Expense) Benefit | 4,866 | (2,774) | 2,465 |
Net unrealized gains (losses), Net of Tax Amount | (8,168) | 4,905 | (11,836) |
Amortization of gains included in net income (loss) on available-for-sale securities transferred to held to maturity, Before-tax Amount | 1,702 | 1,656 | (731) |
Amortization of gains included in net income (loss) on available-for-sale securities transferred to held to maturity, Tax (Expense) Benefit | (638) | (622) | 282 |
Amortization of gains included in net income (loss) on available-for-sale securities transferred to held to maturity, Net of Tax Amount | 1,064 | 1,034 | (449) |
Reclassification of securities from available-for-sale to held-to-maturity, Before Tax Amount | (8,306) | ||
Reclassification of securities from available-for-sale to held-to-maturity, Tax (Expense) Benefit | 3,119 | ||
Reclassification of securities from available-for-sale to held-to-maturity, Net of Tax Amount | $ (5,187) | ||
Adjustment of valuation allowance for the change in deferred taxes arising from the amortization of gains included in net income on available-for-sale securities transferred to held-to-maturity and release of valuation allowance, Before-tax Amount | |||
Adjustment of valuation allowance for the change in deferred taxes arising from the amortization of gains included in net income on available-for-sale securities transferred to held-to-maturity and release of valuation allowance, Tax (Expense) Benefit | $ 1,293 | ||
Adjustment of valuation allowance for the change in deferred taxes arising from the amortization of gains included in net income on available-for-sale securities transferred to held-to-maturity and release of valuation allowance, Net of Tax Amount | 1,293 | ||
Net unrealized gains (losses), Before-tax Amount | 1,702 | 1,656 | (9,037) |
Net unrealized gains (losses), Tax (Expense) Benefit | (638) | (622) | 4,694 |
Net unrealized gains (losses), Net of Tax Amount | 1,064 | 1,034 | (4,343) |
Amounts reclassified into net income on cash flow hedges, Before-tax Amount | 1,936 | 2,010 | (904) |
Amounts reclassified into net income on cash flow hedges, Tax (Expense) Benefit | (753) | (782) | 352 |
Amounts reclassified into net income on cash flow hedges, Net of Tax Amount | 1,183 | 1,228 | (552) |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Before-tax Amount | (471) | (8,437) | 10,084 |
unrealized losses on derivative financial instruments accounted for as cash flow hedges, Tax (Expense) Benefit | 183 | 3,282 | (3,923) |
unrealized losses on derivative financial instruments accounted for as cash flow hedges, Net of Tax Amount | (288) | (5,155) | $ 6,161 |
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses and amortization of gains included in net income on cash flow hedges and release of valuation allowance, Before-tax Amount | |||
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses and amortization of gains included in net income on cash flow hedges and release of valuation allowance, Tax (Expense) Benefit | $ 13,698 | ||
Adjustment of valuation allowance for the change in deferred taxes arising from unrealized gains and losses and amortization of gains included in net income on cash flow hedges and release of valuation allowance, Net of Tax Amount | 13,698 | ||
Net cash flow hedge activity, Before-tax Amount | 1,465 | (6,427) | 9,180 |
Net cash flow hedge activity, Tax (Expense) Benefit | (570) | 2,500 | 10,127 |
Net cash flow hedge activity, Net of Tax Amount | 895 | (3,927) | 19,307 |
Amendments to defined benefit pension plan, Before-tax Amount | (1,353) | ||
Amendments to defined benefit pension plan, Tax (Expense) Benefit | 526 | ||
Amendments to defined benefit pension plan, Net of Tax Amount | (827) | ||
Net actuarial gain (loss) on defined benefit pension plan, Before-tax Amount | (125) | (1,933) | 561 |
Net actuarial gain (loss) on defined benefit pension plan, Tax (Expense) Benefit | 49 | 752 | (218) |
Net actuarial gain (loss) on defined benefit pension plan, Net of Tax Amount | (76) | (1,181) | 343 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 736 | 365 | 532 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (286) | (142) | (207) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 450 | 223 | 325 |
Net defined benefit pension plan activity, Before-tax Amount | (742) | (1,568) | 1,093 |
Net defined benefit pension plan activity, Tax (Expense) Benefit | 289 | 610 | (425) |
Net defined benefit pension plan activity, Net of Tax Amount | (453) | (958) | 668 |
Total other comprehensive income (loss), Before-tax Amount | (10,609) | 1,340 | (13,065) |
Total other comprehensive income (loss), Tax (Expense) Benefit | 3,947 | (286) | 16,861 |
Total other comprehensive income (loss), Net of Tax Amount | (6,662) | 1,054 | 3,796 |
Comprehensive income (loss), Before-tax Amount | 104,405 | 108,410 | 21,887 |
Comprehensive income (loss), Tax (Expense) Benefit | (39,489) | (39,736) | 255,049 |
Comprehensive income (loss), Net of Tax Amount | $ 64,916 | $ 68,674 | $ 276,936 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 86,912 | $ 77,180 |
Interest-bearing deposits in banks | 153,451 | 89,074 |
Short-term investments | 26,401 | |
Cash and cash equivalents | 240,363 | 192,655 |
Securities available-for-sale | 2,291,511 | 1,782,734 |
Securities held-to-maturity (fair value $371,658 and $425,233) | 364,696 | 415,267 |
Mortgage loans held for sale | 24,231 | 13,737 |
Loans, net of unearned income | 5,995,441 | 4,672,119 |
Less allowance for loan losses | (68,448) | (71,619) |
Loans, net | 5,926,993 | 4,600,500 |
Premises and equipment, net | 178,165 | 159,390 |
Bank owned life insurance | 105,493 | 81,294 |
Accrued interest receivable | 25,786 | 20,103 |
Net deferred tax asset | 197,613 | 215,503 |
Derivative financial instruments | 20,082 | 20,599 |
Goodwill and other intangible assets | 147,420 | 3,641 |
Other assets | 103,755 | 61,563 |
Total assets | 9,626,108 | 7,566,986 |
Deposits: | ||
Demand | 2,204,755 | 1,574,317 |
NOW | 1,975,884 | 1,504,887 |
Money market | 1,599,637 | 1,273,283 |
Savings | 471,129 | 292,308 |
Time | 1,282,803 | 1,256,706 |
Brokered | 346,881 | 425,011 |
Total deposits | 7,881,089 | 6,326,512 |
Repurchase agreements | 16,640 | 6,000 |
Federal Home Loan Bank advances | 430,125 | 270,125 |
Long-term debt | 165,620 | 129,865 |
Derivative financial instruments | 28,825 | 31,997 |
Unsettled securities purchases | 5,425 | |
Accrued expenses and other liabilities | 85,524 | 57,485 |
Total liabilities | $ 8,607,823 | $ 6,827,409 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock | $ 66,198 | $ 50,178 |
Common stock issuable; 458,953 and 357,983 shares | 6,779 | 5,168 |
Capital surplus | 1,286,361 | 1,080,508 |
Accumulated deficit | (330,879) | (387,568) |
Accumulated other comprehensive loss | (25,452) | (18,790) |
Total shareholders' equity | 1,018,285 | 739,577 |
Total liabilities and shareholders' equity | 9,626,108 | $ 7,566,986 |
Series H Preferred Stock | ||
Shareholders' equity: | ||
Preferred stock | 9,992 | |
Total shareholders' equity | 9,992 | |
Non-Voting Common Stock | ||
Shareholders' equity: | ||
Common stock | 5,286 | $ 10,081 |
Total shareholders' equity | $ 5,286 | $ 10,081 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities held to maturity | $ 371,658 | $ 425,233 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 66,198,477 | 50,178,605 |
Common stock, shares outstanding | 66,198,477 | 50,178,605 |
Common stock issuable, shares | 458,953 | 357,983 |
Series H Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued | 9,992 | 0 |
Preferred stock, shares outstanding | 9,992 | 0 |
Non-Voting Common Stock | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 26,000,000 | 26,000,000 |
Common stock, shares issued | 5,285,516 | 10,080,787 |
Common stock, shares outstanding | 5,285,516 | 10,080,787 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Series A Preferred Stock | Series B Preferred Stock | Series D Preferred Stock | Series H Preferred Stock | Non-Voting Common Stock | Common Stock | Common Stock Issuable | Capital Surplus | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive (Loss) Income | Total |
Beginning balance at Dec. 31, 2012 | $ 217 | $ 178,557 | $ 16,613 | $ 15,317 | $ 42,424 | $ 3,119 | $ 1,057,951 | $ (709,153) | $ (23,640) | $ 581,405 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 273,140 | 273,140 | |||||||||
Other comprehensive loss | 3,796 | 3,796 | |||||||||
Redemption of Series A preferred stock (21,700 shares) | $ (217) | (217) | |||||||||
Redemption of Series B preferred stock (75,000 shares) | (75,000) | (75,000) | |||||||||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (17,129 common shares in 2015, 28,070 common shares in 2014 and 62,978 common shares in 2013) | 63 | 733 | $ 796 | ||||||||
Conversion of non-voting common stock to voting common stock (4,795,271 shares in 2015, 3,107,419 shares in 2014 and 2,128,588 shares in 2013) | (2,129) | 2,129 | |||||||||
Warrant exercise (1,551,126 shares) | 1,551 | 17,838 | $ 19,389 | ||||||||
Amortization of stock option and restricted stock | 3,045 | 3,045 | |||||||||
Vesting of restricted stock awards (120,692 common shares issued, 110,935 common shares deferred in 2015, 146,548 common shares issued, 115,609 common shares deferred in 2014, 55,328 common shares issued and 115,664 common shares deferred in 2013) | 55 | 1,693 | (1,929) | (181) | |||||||
Deferred compensation plan, net | 177 | $ 177 | |||||||||
Shares issued from deferred compensation plan (28,265 common shares in 2015, 13,223 common shares in 2014 and 21,455 common shares in 2013) | 21 | (1,059) | 1,038 | ||||||||
Preferred stock dividends: | |||||||||||
Series A | (12) | $ (12) | |||||||||
Series B, including accretion | 1,443 | (10,401) | (8,958) | ||||||||
Series D | (1,665) | (1,665) | |||||||||
Ending balance at Dec. 31, 2013 | 105,000 | 16,613 | 13,188 | 46,243 | 3,930 | 1,078,676 | (448,091) | (19,844) | 795,715 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 67,620 | 67,620 | |||||||||
Other comprehensive loss | 1,054 | 1,054 | |||||||||
Redemption of Series B preferred stock (75,000 shares) | $ (105,000) | (105,000) | |||||||||
Redemption of Series D preferred stock (16,613 shares) | $ (16,613) | (16,613) | |||||||||
Common stock issued at market (640,000 shares) | 640 | 11,566 | 12,206 | ||||||||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (17,129 common shares in 2015, 28,070 common shares in 2014 and 62,978 common shares in 2013) | 28 | 441 | $ 469 | ||||||||
Conversion of non-voting common stock to voting common stock (4,795,271 shares in 2015, 3,107,419 shares in 2014 and 2,128,588 shares in 2013) | (3,107) | 3,107 | |||||||||
Warrant repurchase at fair value | (12,000) | $ (12,000) | |||||||||
Amortization of stock option and restricted stock | 4,304 | 4,304 | |||||||||
Vesting of restricted stock awards (120,692 common shares issued, 110,935 common shares deferred in 2015, 146,548 common shares issued, 115,609 common shares deferred in 2014, 55,328 common shares issued and 115,664 common shares deferred in 2013) | 147 | 1,274 | (2,736) | (1,315) | |||||||
Deferred compensation plan, net | 234 | $ 234 | |||||||||
Shares issued from deferred compensation plan (28,265 common shares in 2015, 13,223 common shares in 2014 and 21,455 common shares in 2013) | 13 | (270) | 257 | ||||||||
Common stock dividends | (6,658) | $ (6,658) | |||||||||
Preferred stock dividends: | |||||||||||
Series B, including accretion | (159) | (159) | |||||||||
Series D | (280) | (280) | |||||||||
Ending 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 | 71,578 | 71,578 | |||||||||
Other comprehensive loss | (6,662) | (6,662) | |||||||||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (17,129 common shares in 2015, 28,070 common shares in 2014 and 62,978 common shares in 2013) | 17 | 286 | $ 303 | ||||||||
Conversion of non-voting common stock to voting common stock (4,795,271 shares in 2015, 3,107,419 shares in 2014 and 2,128,588 shares in 2013) | (4,795) | 4,795 | |||||||||
Common and preferred stock issued for acquisitions (11,058,515 common shares and 9,992 preferred shares) | 11,059 | 203,092 | $ 224,143 | ||||||||
Common and preferred stock issued for acquisitions (11,058,515 common shares and 9,992 preferred shares) | 9,992 | ||||||||||
Amortization of stock option and restricted stock | 4,403 | 4,403 | |||||||||
Vesting of restricted stock awards (120,692 common shares issued, 110,935 common shares deferred in 2015, 146,548 common shares issued, 115,609 common shares deferred in 2014, 55,328 common shares issued and 115,664 common shares deferred in 2013) | 121 | 1,509 | $ (3,113) | (1,483) | |||||||
Deferred compensation plan, net | 372 | $ 372 | |||||||||
Shares issued from deferred compensation plan (28,265 common shares in 2015, 13,223 common shares in 2014 and 21,455 common shares in 2013) | 28 | (270) | $ 242 | ||||||||
Common stock dividends | (14,822) | $ (14,822) | |||||||||
Tax on option exercise and restricted stock vesting | 943 | 943 | |||||||||
Preferred stock dividends: | |||||||||||
Series H | (67) | (67) | |||||||||
Ending balance at Dec. 31, 2015 | $ 9,992 | $ 5,286 | $ 66,198 | $ 6,779 | $ 1,286,361 | $ (330,879) | $ (25,452) | $ 1,018,285 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common stock issued to dividend reinvestment plan and employee benefit plans | 17,129 | 28,070 | 62,978 |
Common stock issued at market, shares issued | 640,000 | ||
Conversion of stocks, shares | 4,795,271 | 3,107,419 | 2,128,588 |
Common stock dividends (in dollars per share) | $ 0.22 | $ 0.11 | |
Warrant exercise, shares | 1,551,126 | ||
Vesting of restricted stock, shares issued | 120,692 | 146,548 | 55,328 |
Vesting of restricted stock, shares deferred | 110,935 | 115,609 | 115,664 |
Shares issued from deferred compensation plan | 28,265 | 13,223 | 21,455 |
Common stock issued for acquisitions | 11,058,515 | ||
Preferred stock issued for acquisitions | 9,992 | ||
Series A Preferred Stock | |||
Retirement of preferred stock, shares | 21,700 | ||
Series B Preferred Stock | |||
Retirement of preferred stock, shares | 105,000 | 75,000 | |
Series D Preferred Stock | |||
Retirement of preferred stock, shares | 16,613 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 71,578 | $ 67,620 | $ 273,140 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 22,652 | 19,952 | 26,388 |
Provision for credit losses | 3,700 | 8,500 | 65,500 |
Fixed asset impairment charge | 5,969 | ||
Stock based compensation | 4,403 | 4,304 | 3,045 |
Deferred income tax expense (benefit) | 38,296 | 38,226 | (241,655) |
Securities gains, net | (2,255) | (4,871) | (186) |
Losses on prepayment of borrowings | 1,294 | 4,446 | |
Gains from sales of government guaranteed loans | (6,276) | (2,615) | |
Net gains on sales of other assets | (663) | ||
Net gains on sales and write downs of other real estate owned | (638) | (704) | 4,706 |
Change in assets and liabilities: | |||
Increase in other assets and accrued interest receivable | (8,848) | (16,776) | (293) |
(Decrease) increase in accrued expenses and other liabilities | (10,563) | (15,385) | 42,505 |
(Increase) decrease in mortgage loans held for sale | (6,705) | (3,418) | 18,502 |
Net cash provided by operating activities | 111,944 | 99,279 | 191,652 |
Investment securities held-to-maturity: | |||
Proceeds from maturities and calls | 70,962 | 64,791 | 63,985 |
Purchases | (20,000) | (173) | (8,481) |
Investment securities available-for-sale: | |||
Proceeds from sales | 353,860 | 419,201 | 39,731 |
Proceeds from maturities and calls | 284,435 | 224,302 | 477,060 |
Purchases | (839,345) | (603,384) | (818,256) |
Net increase in loans | (475,132) | (323,837) | (358,858) |
Proceeds from loan sales | 190,111 | 4,561 | 91,913 |
Net cash received (paid) for acquisitions | 35,497 | (31,261) | |
Funds (paid to) collected from FDIC under loss sharing agreements | (1,198) | 2,662 | 5,882 |
Purchases of premises and equipment | (10,532) | (5,054) | (8,143) |
Proceeds from sales of premises and equipment | 5,546 | 3,137 | 3,946 |
Proceeds from sale of other real estate owned | 5,352 | 10,175 | 28,430 |
Net cash used in investing activities | (400,444) | (234,880) | (482,791) |
Financing activities: | |||
Net increase in deposits | 195,881 | 125,007 | 249,365 |
Net increase (decrease) in short-term borrowings | (18,437) | (51,687) | 667 |
Proceeds from Federal Home Loan Bank advances | 2,075,000 | 1,230,000 | 770,000 |
Repayment of Federal Home Loan Bank advances | (1,937,070) | (1,080,000) | (690,000) |
Repayment of long-term debt | (48,521) | (35,000) | |
Proceeds from issuance of long-term debt | 83,924 | 40,000 | |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 303 | 469 | 796 |
Proceeds from issuance of common stock, net of offering costs | 12,206 | ||
Proceeds from warrant exercise | 19,389 | ||
Repurchase of outstanding warrant at fair value | (12,000) | ||
Retirement of preferred stock | (121,613) | (75,217) | |
Cash dividends on common stock | (14,822) | (1,810) | |
Cash dividends on preferred stock | (50) | (1,214) | (11,112) |
Net cash provided by financing activities | 336,208 | 99,358 | 268,888 |
Net change in cash and cash equivalents | 47,708 | (36,243) | (22,251) |
Cash and cash equivalents at beginning of year | 192,655 | 228,898 | 251,149 |
Cash and cash equivalents at end of year | 240,363 | 192,655 | 228,898 |
Cash paid during the period for: | |||
Interest | 21,604 | 25,669 | 26,139 |
Income taxes paid | $ 4,203 | $ 3,046 | $ 2,362 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies The accounting principles followed by United Community Banks, Inc. (“United”) and its subsidiaries and the methods of applying these principles conform with accounting principles generally accepted in the United States of America (“GAAP”) and with general practices within the banking industry. The following is a description of the significant policies. Organization and Basis of Presentation At December 31, 2015, United was a bank holding company subject to the regulation of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) whose principal business was conducted by its wholly-owned commercial bank subsidiary, United Community Bank (the “Bank”). United is subject to regulation under the Bank Holding Company Act of 1956. The consolidated financial statements include the accounts of United, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Bank is a Georgia state chartered commercial bank that serves markets throughout north Georgia, coastal Georgia, the Atlanta-Sandy Springs-Roswell, Georgia and Gainesville, Georgia metropolitan statistical areas, western North Carolina, upstate South Carolina and east Tennessee and provides a full range of banking services. The Bank is insured and subject to the regulation of the Federal Deposit Insurance Corporation (“FDIC”) and is also subject to the regulation of the Georgia Department of Banking and Finance. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions, those regions and banks have similar economic characteristics and are therefore aggregated into one operating segment for purposes of segment reporting. Additionally United assessed other operating units to determine if they should be classified and reported as segments. They include Mortgage, Advisory Services and Specialized Lending. Each was assessed for separate reporting on both a qualitative and a quantitative basis in accordance with Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification Topic 280 Segment Reporting (“ASC 280”). Qualitatively, these business units are currently operating in the same geographic footprint as the community banks and face many of the same customers as the community banks. While the chief operating decision maker does have some separate financial information for these entities, they are currently viewed more as a product line extension of the community banks. However, management will continue to evaluate these business units for separate reporting as facts and circumstances change. On a quantitative basis, ASC 280 provides a threshold of 10% of Revenue, Net Income or Assets where a breach of any of these thresholds would trigger segment reporting. Under this requirement none of the entities reached the threshold. Based on this analysis, United concluded that it has one operating and reportable segment. Cash and Cash Equivalents Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. A portion of the cash on hand and on deposit with the Federal Reserve Bank of Atlanta was required to meet regulatory reserve requirements. Investment Securities United classifies its securities in one of three categories: trading, held-to-maturity or available-for-sale. United does not hold any trading securities that are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which United has the ability and intent to hold until maturity. All other securities are classified as available-for-sale. Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Available-for-sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income in the consolidated balance sheet. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Management evaluates investment securities for other than temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other than temporary is charged to earnings for a decline in value deemed to be credit related. The decline in value attributed to non credit related factors is recognized in other comprehensive income and a new cost basis for the security is established. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale and held-to-maturity are included in net income and derived using the specific identification method for determining the cost of the securities sold. Federal Home Loan Bank (“FHLB”) stock is included in other assets at its original cost basis, as cost approximates fair value as there is no ready market for such investments. Mortgage Loans Held for Sale Mortgage loans held for sale are carried at the lower of aggregate cost or fair value. The amount by which cost exceeds fair value is accounted for as a valuation allowance. Changes in the valuation allowance are included in the determination of net income for the period in which the change occurs. No valuation allowances were required at December 31, 2015 or 2014 since those loans have fair values that exceeded the recorded cost basis. Loans With the exception of purchased loans that are recorded at fair value on the date of acquisition, loans are stated at principal amount outstanding, net of any unearned revenue and net of any deferred loan fees and costs. Interest on loans is primarily calculated by using the simple interest method on daily balances of the principal amount outstanding. Purchased Loans With Evidence of Credit Deterioration: Loans and Debt Securities Acquired with Deteriorated Credit Quality PCI loans are aggregated into pools of loans based on common risk characteristics such as the type of loan, payment status, or collateral type. United estimates the amount and timing of expected cash flows for each purchased loan pool and the expected cash flows in excess of the amount paid are recorded as interest income over the remaining life of the pool (accretable yield). The excess of the pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest revenue. Nonaccrual Loans: he accrual of interest is discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest revenue on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. Nonaccrual loans include smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Impaired Loans: PCI loans are considered to be impaired when it is probable that United will be unable to collect all the cash flows expected at acquisition, plus additional cash flows expected to be collected arising from changes in estimates after acquisition. Loans that are accounted for in pools are evaluated collectively for impairment on a pool by pool basis based on expected pool cash flows. Discounts continue to be accreted as long as there are expected future cash flows in excess of the current carrying amount of the specifically-reviewed loan or pool. Concentration of Credit Risk: Allowance for Credit Losses The allowance for credit losses includes the allowance for loan losses and the allowance for unfunded commitments included in other liabilities. Increases to the allowance for loan losses and allowance for unfunded commitments are established through a provision for credit losses charged to income. Loans are charged against the allowance for loan losses when available information confirms that the collectability of the principal is unlikely. The allowance for loan losses represents an amount, which, in management’s judgment, is adequate to absorb probable losses on existing loans as of the date of the balance sheet. The allowance for unfunded commitments represents expected losses on unfunded commitments and is reported in the consolidated balance sheet in other liabilities. The allowance for loan losses is composed of general reserves, specific reserves, and PCI reserves. General reserves are determined by applying loss percentages to the individual loan categories that are based on actual historical loss experience. United uses an eight-quarter weighted average annualized historical loss rate for each major loan category multiplied by the estimated loss emergence period for each loan type. Additionally, the general economic and business conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio, the findings of internal and external credit reviews and results from external bank regulatory examinations are considered in this evaluation. The need for specific reserves is evaluated on nonaccrual loan relationships greater than $500,000, accruing relationships rated substandard that are greater than $2 million and all troubled debt restructurings (“TDRs”). The specific reserves are determined on a loan-by-loan basis based on management’s evaluation of United’s exposure for each credit, given the current payment status of the loan and the value of any underlying collateral. Loans for which specific reserves are provided are excluded from the calculation of general reserves. For PCI loans, a valuation allowance is established when it is probable that the Company will be unable to collect all the cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimate after acquisition. The allocation of the allowance for loan losses is based on historical data, subjective judgment and estimates and, therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. For purposes of determining general reserves, United segments the loan portfolio into broad categories with similar risk elements. Those categories and their specific risks are described below. Owner occupied commercial real estate – Income producing commercial real estate – Commercial & industrial Commercial construction Residential mortgage Home equity lines of credit – Residential construction Consumer installment Indirect auto - Management outsources a significant portion of its loan review to ensure objectivity in the loan review process and to challenge and corroborate the loan grading system. The loan review function provides additional analysis used in determining the adequacy of the allowance for loan losses. To supplement the outsourced loan review, management also has an internal loan review department that is independent of the lending function. Management believes the allowance for loan losses is appropriate at December 31, 2015. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review United’s allowance for loan losses. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight-line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years, for land improvements, 10 years, and for furniture and equipment, 3 to 10 years. United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Foreclosed Properties Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the allowance for loan losses. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Financed sales of foreclosed property are accounted for in accordance with Accounting Standards Codification Topic 360, Subtopic 20, Real Estate Sales Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit intangible assets resulting from United’s acquisitions. Core deposit intangible assets are amortized on a sum-of-the-years-digits basis over their estimated useful lives. United evaluates its other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. Servicing Rights United records a separate servicing asset for Small Business Administration (“SBA”) loans, United States Department of Agriculture (“USDA”) loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans at fair value. There is no aggregation of the loans into pools for the valuation of the servicing asset, but rather the servicing asset value is measured at a loan level. Residential mortgage servicing rights are subsequently measured using the amortization method which requires the servicing rights to be amortized to expense over the estimated life of the servicing right. These servicing rights are carried at the lower of amortized cost or estimated fair value. Impairment valuations are based on projections using a discounted cash flow method that includes assumptions regarding prepayments, interest rates, servicing costs and other factors. Impairment is measured on a disaggregated basis for each stratum of the servicing rights, which is segregated based on predominant risk characteristics including interest rate and loan type. Subsequent increases in value are recognized to the extent of previously recorded impairment for each stratum. The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. Bank Owned Life Insurance United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams through acquisitions of other banks. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Income Taxes Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income taxes during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of United’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. United recognizes interest and / or penalties related to income tax matters in income tax expense. Derivative Instruments and Hedging Activities United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. United’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that net interest revenue is not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. In carrying out this part of its interest rate risk management strategy, United uses interest rate derivative contracts. The primary type of derivative contract used by United to manage interest rate risk is interest rate swaps. Interest rate swaps generally involve the exchange of fixed- and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, the Company is subject to the risk of variability in market prices. United also enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. Most of this activity is on a matched basis, with a loan sale commitment hedging a specific loan. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. United classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), or (3) derivatives not designated as accounting hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. United has master netting agreements with the derivatives dealers with which it does business, but reflects gross assets and liabilities on the consolidated balance sheet. United uses the long-haul method to assess hedge effectiveness. United documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in offsetting corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, changes in the value of derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. For fair value hedges and cash flow hedges, ineffectiveness is recognized in the same income statement line as interest accruals on the hedged item to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, United discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge) or over the time when the hedged item was forecasted to impact earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). By using derivative instruments, United is exposed to credit and market risk. If the counterparty fails to perform, credit risk is represented by the fair value gain in a derivative. When the fair value of a derivative contract is positive, this situation generally indicates that the counterparty is obligated to pay United, and, therefore, creates a repayment risk for United. When the fair value of a derivative contract is negative, United is obligated to pay the counterparty and, therefore, has no repayment risk. United minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by United. United also requires the counterparties to pledge securities as collateral to cover the net exposure. United’s derivative activities are monitored by its Asset/Liability Management Committee (“ALCO”) as part of that committee’s oversight of United’s asset/liability and treasury functions. ALCO is responsible for implementing various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the overall interest-rate risk management process. United recognizes the Acquisition Activities United accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values 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. The determination of the fair value of loans acquired takes into account credit quality deterioration and probability of loss; therefore, the related allowance for loan losses is not carried forward. All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets may be exchanged in observable exchange transactions. As a result, the depositor relationship intangible asset is considered identifiable, because the separability criterion has been met. Earnings Per Common Share Basic earnings per common share is net income available to common shareholders divided by the weighted average number of shares of common stock outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Additionally, shares issuable to participants in United’s deferred compensation plan are considered to be participating securities for purposes of calculating basic earnings per share. Diluted earnings per common share includes the dilutive effect of additional potential shares of common stock issuable under stock options, warrants and securities convertible into common stock. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. Dividend Restrictions Banking regulations require maintaining certain capital levels and may limit dividends paid by the Bank to United or by United to shareholders. Specifically, dividends paid by the Bank to United require pre-approval of the Georgia Department of Banking and Finance and the FDIC while the Bank has an accumulated deficit (negative retained earnings). Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 23. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Stock-Based Compensation United uses the fair value method of recognizing expense for stock-based compensation based on the fair value of option and restricted stock awards at the date of grant. Reclassifications Certain 2014 and 2013 amounts have been reclassified to conform to the 2015 presentation. |
Accounting Standards Updates
Accounting Standards Updates | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Standards Updates [Abstract] | |
Accounting Standards Updates | (2) Accounting Standards Updates 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 In July 2015, the FASB issued ASU 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Summary and Amendments that Create Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40), In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In January 2016, the FASB issued ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | (3) Mergers and Acquisitions Acquisition of Palmetto Bancshares, Inc. On September 1, 2015, United completed the acquisition of Palmetto Bancshares, Inc. (“Palmetto”) and its wholly-owned bank subsidiary The Palmetto Bank. Palmetto operated 25 branches in South Carolina. In connection with the acquisition, United acquired $1.15 billion of assets and assumed $1.02 billion of liabilities. Total consideration transferred was $244 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 $114 million, representing the intangible value of Palmetto’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 $12.9 million using the sum-of-the-years-digits method over 12 years, which represents the expected useful life of the asset. The fair value of the 8.7 million common shares issued as part of the consideration paid for Palmetto was determined on the basis of the closing market price of United’s common shares on the acquisition date. United’s operating results for the year ended December 31, 2015 include the operating results of the acquired assets and assumed liabilities for the period subsequent to the acquisition date of September 1, 2015. 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 Fair Value As Recorded by by Palmetto Adjustments (1) United Assets Cash and cash equivalents $ 64,906 $ - $ 64,906 Securities 208,407 (340 ) 208,067 Loans held for sale 2,356 91 2,447 Loans, net 802,111 (5,552 ) 796,559 Premises and equipment, net 21,888 (4,291 ) 17,597 Bank owned life insurance 12,133 (148 ) 11,985 Accrued interest receivable 3,227 (346 ) 2,881 Net deferred tax asset 14,798 1,150 15,948 Core deposit intangible - 12,900 12,900 Other assets 18,439 (4,234 ) 14,205 Total assets acquired $ 1,148,265 $ (770 ) $ 1,147,495 Liabilities Deposits $ 989,296 $ - $ 989,296 Short-term borrowings 13,537 - 13,537 Other liabilities 11,994 2,808 14,802 Total liabilities assumed 1,014,827 2,808 1,017,635 Excess of assets acquired over liabilities assumed $ 133,438 Aggregate fair value adjustments $ (3,578 ) Consideration transferred Cash 74,003 Common stock issued (8,700,012 shares) 170,259 Total fair value of consideration transferred 244,262 Goodwill $ 114,402 (1) In fourth quarter 2015, within the one year measurement period, United received additional information regarding the fair values of loans, premises and equipment, other real estate owned (“OREO”), which is included in other assets in the table above, and certain other assets. The following table presents additional information related to the acquired loan portfolio at acquisition date (in thousands) September 1, 2015 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 63,623 Non-accretable difference 13,397 Cash flows expected to be collected 50,226 Accretable yield 4,306 Fair value $ 45,920 Excluded from ASC 310-30: Fair value $ 750,639 Gross contractual amounts receivable 859,628 Estimate of contractual cash flows not expected to be collected 7,733 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 $459 million of assets and assumed $410 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 $14.7 million, representing 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 2.36 million 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. 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 U.S. Department of the 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 21 for further information on preferred stock. United’s operating results for the year ended December 31, 2015 include the operating results of the acquired assets and assumed liabilities for the period subsequent to the acquisition date of May 1, 2015. 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 Fair Value As Recorded by by MoneyTree Adjustments (1) 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 1,362 10,859 Bank owned life insurance 11,194 - 11,194 Core deposit intangible - 4,220 4,220 Other assets 5,462 (399 ) 5,063 Total assets acquired $ 456,727 $ 2,667 $ 459,394 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 1,828 2,692 Total liabilities assumed 406,697 2,815 409,512 SBLF preferred stock assumed 9,992 - 9,992 Excess of assets acquired over liabilities and preferred stock assumed $ 40,038 Aggregate fair value adjustments $ (148 ) Consideration transferred Cash 10,699 Common stock issued (2,358,503 shares) 43,892 Total fair value of consideration transferred 54,591 Goodwill $ 14,701 (1) Since the acquisition date, within the one year measurement period, United received additional information regarding the fair value of premises and equipment. The following table presents additional information related to the acquired loan portfolio at acquisition date (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 Pro forma information The following table discloses the impact of the merger with Palmetto and MoneyTree since the respective acquisition dates through December 31, 2015. The table also presents certain pro forma information as if Palmetto and MoneyTree had been acquired on January 1, 2014. These results combine the historical results of Palmetto and MoneyTree with 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 $12.0 million from the acquisitions 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 2015 or 2014 of Palmetto or MoneyTree. No adjustments have been made to reduce the impact of any OREO write downs recognized by Palmetto or MoneyTree in 2015 or 2014. In addition, expenses related to systems conversions and other costs of integration are expected to be recorded during the next several quarters. 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 - December 31, 2015 $ 8,373 $ 3,806 Actual Palmetto from September 1, 2015 - December 31, 2015 17,887 7,010 2015 supplemental consolidated pro forma from January 1, 2015 - December 31, 2015 367,349 85,182 2014 supplemental consolidated pro forma from January 1, 2014 - December 31, 2014 342,211 72,438 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 SBA / 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 did not identify any material separately identifiable intangible assets resulting from the acquisition. |
Cash Flows
Cash Flows | 12 Months Ended |
Dec. 31, 2015 | |
Cash Flow [Abstract] | |
Cash Flows | (4) Cash Flows During 2015, 2014 and 2013, loans having a value of $4.93 million, $9.09 million and $22.5 million, respectively, were transferred to foreclosed property. United accounts for securities transactions on the trade date. There were no unsettled securities transactions at December 31, 2015. At December 31, 2014, United had purchased $5.43 million in securities that had not settled. At December 31, 2013, United had sold $4.60 million in securities and purchased $29.6 million in securities that had not settled. United also accounts for sales and purchases of government guaranteed loans on the trade date. At December 31, 2015, United had unsettled sales of government guaranteed loans of $18.5 million. At December 31, 2015, United had unsettled purchases of government guaranteed loans of $18.3 million. There were no unsettled government guaranteed loan transactions at December 31, 2014 or 2013. During 2015, United acquired, through business combinations, assets with a fair value totaling $1.74 billion and liabilities with a fair value totaling $1.43 billion, for net assets acquired of $309 million. Common and preferred stock issued pursuant to these business combinations in 2015 totaled $214 million and $9.99 million, respectively. During 2014, United acquired, through business combinations, assets with a fair value totaling $31.3 million. United was not involved in any business combinations in 2013. |
Balance Sheet Offsetting and Re
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting | (5) Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings United enters into reverse repurchase agreements in order to invest short-term funds. In addition, United enters into repurchase agreements and reverse repurchase agreements and offsetting securities lending transactions with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet in accordance with ASC 210-20, Offsetting. The following table presents a summary of amounts outstanding under reverse repurchase agreements, securities lending transactions and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements (in thousands). Gross Gross Gross Amounts not Offset December 31, 2015 Recognized Balance Net Asset Financial Collateral Net Amount Repurchase agreements / reverse repurchase agreements $ 400,000 $ (400,000 ) $ - $ - $ - $ - Derivatives 20,082 - 20,082 (519 ) (3,729 ) 15,834 Total $ 420,082 $ (400,000 ) $ 20,082 $ (519 ) $ (3,729 ) $ 15,834 Weighted average interest rate of reverse repurchase agreements 1.34 % Gross Gross Gross Amounts not Offset Recognized Balance Net Liabilities Financial Collateral Net Amount Repurchase agreements / reverse repurchase agreements $ 400,000 $ (400,000 ) $ - $ - $ - $ - Derivatives 28,825 - 28,825 (519 ) (30,917 ) - Total $ 428,825 $ (400,000 ) $ 28,825 $ (519 ) $ (30,917 ) $ - Weighted average interest rate of repurchase agreements .50 % Gross Gross Gross Amounts not Offset December 31, 2014 Recognized Balance Net Asset Financial Collateral Net Amount 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 Gross Amounts not Offset Recognized Balance Net Liabilities Financial Collateral Net Amount 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 % The following table presents additional detail regarding repurchase agreements accounted for as secured borrowings and the securities underlying these agreements (in thousands) Remaining Contractual Maturity of the Agreements Overnight and As of December 31, 2015 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total U.S. Treasuries $ - $ - $ 100,000 $ - $ 100,000 U.S. Government agencies 32 - - - 32 Mortgage-backed securities 16,608 25,000 175,000 100,000 316,608 Total $ 16,640 $ 25,000 $ 275,000 $ 100,000 $ 416,640 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 400,000 Amounts related to agreements not included in offsetting disclosure $ 16,640 United is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. United manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Investment Securities | (6) Investment Securities In 2013, securities available-for-sale with a fair value of $301 million were transferred to held-to-maturity. The securities were transferred at their fair value on the date of transfer. The unrealized loss of $8.31 million on the transferred securities is being amortized into interest revenue as an adjustment to the yield on those securities over the remaining life of the transferred securities. At both December 31, 2015 and 2014, securities with a carrying value of $1.63 billion and $1.51 billion, respectively, were pledged to secure public deposits, derivatives and other secured borrowings. The cost basis, unrealized gains and losses, and fair value of securities held-to-maturity are listed below (in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of December 31, 2015 State and political subdivisions $ 62,073 $ 3,211 $ - $ 65,284 Mortgage-backed securities (1) 302,623 5,424 1,673 306,374 Total $ 364,696 $ 8,635 $ 1,673 $ 371,658 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 (1) The cost basis, unrealized gains and losses, and fair value of securities available-for-sale are listed below (in thousands): Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of December 31, 2015 U.S. Treasuries $ 169,034 $ 156 $ 484 $ 168,706 U.S. Government agencies 112,394 385 439 112,340 State and political subdivisions 56,265 461 458 56,268 Mortgage-backed securities (1) 1,108,206 12,077 7,165 1,113,118 Corporate bonds 308,102 933 3,009 306,026 Asset-backed securities 538,679 569 6,006 533,242 Other 1,811 - - 1,811 Total $ 2,294,491 $ 14,581 $ 17,561 $ 2,291,511 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 (1) The following summarizes securities held-to-maturity in an unrealized loss position (in thousands) Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of December 31, 2015 Mortgage-backed securities $ 140,362 $ 1,331 $ 13,127 $ 342 $ 153,489 $ 1,673 Total unrealized loss position $ 140,362 $ 1,331 $ 13,127 $ 342 $ 153,489 $ 1,673 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 The following summarizes securities available-for-sale in an unrealized loss position (in thousands) Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of December 31, 2015 U.S. Treasuries $ 126,066 $ 484 $ - $ - $ 126,066 $ 484 U.S. Government agencies 74,189 439 - - 74,189 439 State and political subdivisions 27,014 458 - - 27,014 458 Mortgage-backed securities 274,005 2,580 173,254 4,585 447,259 7,165 Corporate bonds 221,337 2,759 750 250 222,087 3,009 Asset-backed securities 358,940 5,746 4,816 260 363,756 6,006 Total unrealized loss position $ 1,081,551 $ 12,466 $ 178,820 $ 5,095 $ 1,260,371 $ 17,561 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 At December 31, 2015, there were 200 available-for-sale securities and 26 held-to-maturity securities that were in an unrealized loss position. Management does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of its amortized cost basis. Unrealized losses at December 31, 2015 and 2014 were primarily attributable to changes in interest rates. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, among other factors. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analyst’s reports. No impairment charges were recognized during 2015, 2014 or 2013. Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The amortized cost and fair value of available-for-sale and held-to-maturity securities at December 31, 2015, by contractual maturity, are presented in the following table (in thousands) Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value US Treasuries: 1 to 5 years $ 94,550 $ 94,194 $ - $ - 5 to 10 years 74,484 74,512 - - 169,034 168,706 - - US Government agencies: 1 to 5 years 20,030 19,897 - - 5 to 10 years 92,364 92,443 - - 112,394 112,340 - - State and political subdivisions: Within 1 year 4,041 4,059 3,506 3,572 1 to 5 years 10,638 10,852 15,500 16,426 5 to 10 years 32,695 32,305 21,235 23,124 More than 10 years 8,891 9,052 21,832 22,162 56,265 56,268 62,073 65,284 Corporate bonds: 1 to 5 years 197,903 197,798 - - 5 to 10 years 77,776 77,329 - - More than 10 years 32,423 30,899 - - 308,102 306,026 - - Asset-backed securities: 1 to 5 years 2,849 2,831 - - 5 to 10 years 243,705 241,230 - - More than 10 years 292,125 289,181 - - 538,679 533,242 - - Other: More than 10 years 1,811 1,811 - - 1,811 1,811 - - Total securities other than mortgage-backed securities: Within 1 year 4,041 4,059 3,506 3,572 1 to 5 years 325,970 325,572 15,500 16,426 5 to 10 years 521,024 517,819 21,235 23,124 More than 10 years 335,250 330,943 21,832 22,162 Mortgage-backed securities 1,108,206 1,113,118 302,623 306,374 $ 2,294,491 $ 2,291,511 $ 364,696 $ 371,658 Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. The following summarizes available-for-sale securities sales activities for the years ended December 31 (in thousands) 2015 2014 2013 Proceeds from sales $ 353,860 $ 419,201 $ 39,731 Gross gains on sales $ 2,409 $ 6,003 $ 264 Gross losses on sales (154 ) (1,132 ) (78 ) Net gains on sales of securities $ 2,255 $ 4,871 $ 186 Income tax expense attributable to sales $ 862 $ 1,902 $ 72 At year-end 2015 and 2014, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | (7) Loans and Allowance for Credit Losses Major classifications of loans are summarized as follows (in thousands) December 31, 2015 2014 Owner occupied commercial real estate $ 1,493,966 $ 1,163,480 Income producing commercial real estate 823,729 598,537 Commercial & industrial 785,417 710,256 Commercial construction 342,078 196,030 Total commercial 3,445,190 2,668,303 Residential mortgage 1,029,663 865,789 Home equity lines of credit 597,806 465,872 Residential construction 351,700 298,627 Consumer installment 115,111 104,899 Indirect auto 455,971 268,629 Total loans 5,995,441 4,672,119 Less allowance for loan losses (68,448 ) (71,619 ) Loans, net $ 5,926,993 $ 4,600,500 At December 31, 2015 and 2014, $827,000 and $1.05 million, respectively, in overdrawn deposit accounts were reclassified as commercial and industrial loans. No specific allowance for loan losses was deemed necessary for these accounts at December 31, 2015 and 2014. At December 31, 2015 and 2014, loans with a carrying value of $2.44 billion and $2.35 billion were pledged as collateral to secure FHLB advances and other contingent funding sources. At December 31, 2015, the carrying value and outstanding balance of PCI loans accounted for under ASC 310-30 was $51.3 million and $71.0 million, respectively. The following table presents changes in the value of the accretable yield for acquired loans accounted for under ASC Topic 310-30 (in thousands) Year Ended December 31, 2015 Balance at beginning of period $ - Additions due to acquisitions 5,335 Accretion (1,056 ) Balance at end of period $ 4,279 In addition to the accretable yield on PCI loans, 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 December 31, 2015, the remaining accretable fair value mark on loans acquired through a business combination and not accounted for under ASC Topic 310-30 was $7.03 million. In addition, indirect auto loans purchased at a premium outside of a business combination have a remaining premium of $12.0 million at December 31, 2015. The allowance for loan losses represents management’s estimate of probable incurred losses in the loan portfolio as of year-end. In 2013, United established an allowance for unfunded commitments separate from the allowance for loan losses due to significant growth in unfunded loan commitments. The allowance for unfunded commitments is included in other liabilities in the consolidated balance sheet. Combined, the allowance for loan losses and allowance for unfunded commitments are referred to as the allowance for credit losses. The following table presents the balance and activity in the allowance for credit losses by portfolio segment (in thousands) Year Ended December 31, 2015 Beginning Charge- Recoveries Allocation Provision Ending Owner occupied commercial real estate $ 16,041 $ (2,096 ) $ 358 $ - $ 2,429 $ 16,732 Income producing commercial real estate 10,296 (522 ) 697 - (2,236 ) 8,235 Commercial & industrial 3,255 (1,358 ) 2,174 - 371 4,442 Commercial construction 4,747 (507 ) 77 - 1,266 5,583 Residential mortgage 20,311 (3,178 ) 1,662 - (1,563 ) 17,232 Home equity lines of credit 4,574 (1,094 ) 226 - 2,336 6,042 Residential construction 10,603 (2,291 ) 832 - (1,183 ) 7,961 Consumer installment 731 (1,597 ) 1,044 - 650 828 Indirect auto 1,061 (772 ) 86 - 1,018 1,393 Total allowance for loan losses 71,619 (13,415 ) 7,156 - 3,088 68,448 Allowance for unfunded commitments 1,930 - - - 612 2,542 Total allowance for credit losses $ 73,549 $ (13,415 ) $ 7,156 $ - $ 3,700 $ 70,990 Year Ended December 31, 2014 Beginning Charge- Recoveries Allocation Provision Ending Owner occupied commercial real estate $ 17,164 $ (3,136 ) $ 3,056 $ 1,278 $ (2,321 ) $ 16,041 Income producing commercial real estate 7,174 (1,611 ) 725 688 3,320 10,296 Commercial & industrial 6,527 (2,145 ) 1,698 318 (3,143 ) 3,255 Commercial construction 3,669 (235 ) 6 388 919 4,747 Residential mortgage 15,446 (7,502 ) 1,110 1,452 9,805 20,311 Home equity lines of credit 5,528 (2,314 ) 287 391 682 4,574 Residential construction 12,532 (3,176 ) 627 1,728 (1,108 ) 10,603 Consumer installment 1,353 (2,008 ) 1,226 - 160 731 Indirect auto 1,126 (540 ) 54 - 421 1,061 Unallocated 6,243 - - (6,243 ) - - Total allowance for loan losses 76,762 (22,667 ) 8,789 - 8,735 71,619 Allowance for unfunded commitments 2,165 - - - (235 ) 1,930 Total allowance for credit losses $ 78,927 $ (22,667 ) $ 8,789 $ - $ 8,500 $ 73,549 Year Ended December 31, 2013 Beginning Charge- Recoveries Allocation Provision Ending Owner occupied commercial real estate $ 17,265 $ (24,965 ) $ 1,305 $ - $ 23,559 $ 17,164 Income producing commercial real estate 10,582 (11,505 ) 640 - 7,457 7,174 Commercial & industrial 5,537 (18,914 ) 1,888 - 18,016 6,527 Commercial construction 8,389 (6,483 ) 69 - 1,694 3,669 Residential mortgage 19,117 (8,840 ) 611 - 4,558 15,446 Home equity lines of credit 7,525 (3,437 ) 104 - 1,336 5,528 Residential construction 26,662 (23,049 ) 173 - 8,746 12,532 Consumer installment 2,527 (2,184 ) 1,114 - (104 ) 1,353 Indirect auto 220 (277 ) 40 - 1,143 1,126 Unallocated 9,313 - - - (3,070 ) 6,243 Total allowance for loan losses 107,137 (99,654 ) 5,944 - 63,335 76,762 Allowance for unfunded commitments - - - - 2,165 2,165 Total allowance for credit losses $ 107,137 $ (99,654 ) $ 5,944 $ - $ 65,500 $ 78,927 The following table presents the recorded investment in loans by portfolio segment and the balance of the allowance for loan losses assigned to each segment based on the method of evaluating the loans for impairment (in thousands) Allowance for Loan Losses December 31, 2015 December 31, 2014 Individually Collectively PCI Ending Individually Collectively Ending Owner occupied commercial real estate $ 1,465 $ 15,267 $ - $ 16,732 $ 2,737 $ 13,304 $ 16,041 Income producing commercial real estate 961 7,274 - 8,235 1,917 8,379 10,296 Commercial & industrial 280 4,162 - 4,442 15 3,240 3,255 Commercial construction 13 5,570 - 5,583 729 4,018 4,747 Residential mortgage 3,885 13,347 - 17,232 3,227 17,084 20,311 Home equity lines of credit 6 6,036 - 6,042 47 4,527 4,574 Residential construction 174 7,787 - 7,961 1,192 9,411 10,603 Consumer installment 13 815 - 828 18 713 731 Indirect auto - 1,393 - 1,393 - 1,061 1,061 Total allowance for loan losses 6,797 61,651 - 68,448 9,882 61,737 71,619 Allowance for unfunded commitments - 2,542 - 2,542 - 1,930 1,930 Total allowance for credit losses $ 6,797 $ 64,193 $ - $ 70,990 $ 9,882 $ 63,667 $ 73,549 Loans Outstanding December 31, 2015 December 31, 2014 Individually Collectively PCI Ending Individually Collectively Ending Owner occupied commercial real estate $ 38,268 $ 1,442,024 $ 13,674 $ 1,493,966 $ 34,654 $ 1,128,826 $ 1,163,480 Income producing commercial real estate 23,013 772,945 27,771 823,729 24,484 574,053 598,537 Commercial & industrial 3,339 781,423 655 785,417 3,977 706,279 710,256 Commercial construction 10,616 329,320 2,142 342,078 12,321 183,709 196,030 Residential mortgage 19,627 1,005,860 4,176 1,029,663 18,775 847,014 865,789 Home equity lines of credit 167 595,951 1,688 597,806 478 465,394 465,872 Residential construction 7,900 342,677 1,123 351,700 11,604 287,023 298,627 Consumer installment 329 114,741 41 115,111 179 104,720 104,899 Indirect auto 749 455,173 49 455,971 - 268,629 268,629 Total loans $ 104,008 $ 5,840,114 $ 51,319 $ 5,995,441 $ 106,472 $ 4,565,647 $ 4,672,119 Management considers all non-PCI loans that are on nonaccrual with a balance of $500,000 or greater and all 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, management prepares an analysis of the allowance for credit losses to determine the appropriate balance that measures and quantifies the amount of probable incurred losses in the loan portfolio. The allowance is comprised of specific reserves on individually impaired loans, which are determined as described above, and general reserves which are determined based on historical loss experience as adjusted for current trends and economic conditions multiplied by a loss emergence period factor. Management uses eight quarters of historical loss experience to determine the loss factors to be used in the reserve calculation for loans evaluated in the aggregate. Eight quarters has been determined to be an appropriate time period as it is recent enough to be relevant to current conditions and covers a length of time sufficient to minimize distortions caused by nonrecurring and unusual activity that might otherwise influence a shorter time period. In previous years, a weighted average giving more weight to recent quarters was calculated 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. Pursuant to stabilization of credit conditions, management concluded that it was appropriate to apply a more level weighting moving forward 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 measurement of 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 the 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 for 2014. These updates 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 placed on nonaccrual and charged off. Full or partial charge-offs may also be recommended by the Collections Department, the Special Assets Department, the Loss Mitigation Department and the Foreclosure/OREO Department. Nonaccrual real estate loans 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 in order to approximate fair value less costs to sell. Commercial and consumer asset quality committees consisting of the Chief Credit Officer, Senior Risk Officers and 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 unsecured (revolving) retail loans which are past due 90 cumulative days from their contractual due date are generally charged off. In the ordinary course of business, the Bank grants loans to executive officers, and directors of the holding company and the Bank, including their immediate families and companies with which they are associated. Management believes that such loans are made on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable transactions with other customers. The following is a summary of such loans outstanding and the activity in these loans for the years ended December 31 (in thousands) 2015 2014 Balance at beginning of period $ 3,204 $ 2,898 New loans and advances 40 400 Repayments (512 ) (94 ) Balance at end of period $ 2,732 $ 3,204 The average balances of impaired loans and income recognized on impaired loans while they were considered impaired is presented below for the last three years (in thousands) 2015 2014 2013 Average Interest Cash Basis Average Interest Cash Basis Average Interest Cash Basis Owner occupied commercial real estate $ 37,842 $ 1,895 $ 1,975 $ 32,748 $ 1,647 $ 1,712 $ 31,935 $ 1,923 $ 2,044 Income producing commercial real estate 21,889 1,079 1,077 25,920 1,270 1,311 27,789 1,630 1,763 Commercial & industrial 4,360 166 263 4,290 175 231 4,609 401 865 Commercial construction 11,920 443 443 12,156 455 458 13,946 633 720 Total commercial 76,011 3,583 3,758 75,114 3,547 3,712 78,279 4,587 5,392 Residential mortgage 21,396 868 838 20,132 873 869 20,906 1,091 1,066 Home equity lines of credit 420 17 16 518 21 22 507 23 22 Residential construction 8,965 467 482 13,058 576 575 14,558 993 1,023 Consumer installment 223 16 16 305 19 22 383 21 21 Indirect auto 221 11 11 - - - - - - Total $ 107,236 $ 4,962 $ 5,121 $ 109,127 $ 5,036 $ 5,200 $ 114,633 $ 6,715 $ 7,524 The following table presents loans individually evaluated for impairment by class of loans (in thousands) December 31, 2015 December 31, 2014 Unpaid Recorded Allowance Unpaid Recorded Allowance With no related allowance recorded: Owner occupied commercial real estate $ 14,793 $ 14,460 $ - $ 12,025 $ 11,325 $ - Income producing commercial real estate 13,044 12,827 - 8,311 8,311 - Commercial & industrial 493 469 - 1,679 1,042 - Commercial construction - - - - - - Total commercial 28,330 27,756 - 22,015 20,678 - Residential mortgage 791 791 - 2,569 1,472 - Home equity lines of credit - - - - - - Residential construction 3,731 3,429 - 4,338 3,338 - Consumer installment - - - - - - Indirect auto 749 749 - - - - Total with no related allowance recorded 33,601 32,725 - 28,922 25,488 - With an allowance recorded: Owner occupied commercial real estate 24,043 23,808 1,465 24,728 23,329 2,737 Income producing commercial real estate 10,281 10,186 961 16,352 16,173 1,917 Commercial & industrial 2,957 2,870 280 2,936 2,935 15 Commercial construction 10,787 10,616 13 12,401 12,321 729 Total commercial 48,068 47,480 2,719 56,417 54,758 5,398 Residential mortgage 19,346 18,836 3,885 17,732 17,303 3,227 Home equity lines of credit 167 167 6 478 478 47 Residential construction 4,854 4,471 174 8,962 8,266 1,192 Consumer installment 354 329 13 179 179 18 Indirect auto - - - - - - Total with an allowance recorded 72,789 71,283 6,797 83,768 80,984 9,882 Total $ 106,390 $ 104,008 $ 6,797 $ 112,690 $ 106,472 $ 9,882 Excluding PCI loans, there were no loans more than 90 days past due and still accruing interest at December 31, 2015 and 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. PCI Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. However, these loans are considered 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 310-30 were not classified as nonaccrual at December 31, 2015 as the carrying value of the respective loan or pool of loans cash flows were considered estimable and probable of collection. Therefore, interest revenue, through accretion of the difference between the carrying value of the loans and the expected cash flows, is being recognized on all acquired loans being accounted for under ASC 310-30. The following table presents the recorded investment (unpaid principal less amounts charged-off) in nonaccrual loans by loan class (in thousands) December 31, 2015 2014 Owner occupied commercial real estate $ 7,036 $ 4,133 Income producing commercial real estate 2,595 717 Commercial & industrial 892 1,571 Commercial construction 328 83 Total commercial 10,851 6,504 Residential mortgage 8,555 8,196 Home equity lines of credit 851 695 Residential construction 1,398 2,006 Consumer installment 175 134 Indirect auto 823 346 Total $ 22,653 $ 17,881 The following table presents the aging of the recorded investment in past due loans by class of loans (in thousands) Loans Past Due Loans Not 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total As of December 31, 2015 Owner occupied commercial real estate $ 3,733 $ 1,686 $ 1,400 $ 6,819 $ 1,473,473 $ 13,674 $ 1,493,966 Income producing commercial real estate 204 1,030 621 1,855 794,103 27,771 823,729 Commercial & industrial 858 88 489 1,435 783,327 655 785,417 Commercial construction 159 - 76 235 339,701 2,142 342,078 Total commercial 4,954 2,804 2,586 10,344 3,390,604 44,242 3,445,190 Residential mortgage 5,111 1,338 3,544 9,993 1,015,494 4,176 1,029,663 Home equity lines of credit 1,118 188 287 1,593 594,525 1,688 597,806 Residential construction 2,180 239 344 2,763 347,814 1,123 351,700 Consumer installment 610 115 83 808 114,262 41 115,111 Indirect auto 611 311 561 1,483 454,439 49 455,971 Total loans $ 14,584 $ 4,995 $ 7,405 $ 26,984 $ 5,917,138 $ 51,319 $ 5,995,441 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 The modification of the terms of TDRs included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a 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; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. Loans modified under the terms of a TDR during the years ended December 31, 2015, 2014 and 2013 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 years ended December 31, 2015, 2014 and 2013, that were initially restructured within one year prior to becoming delinquent (dollars in thousands) New TDRs TDRs Modified Within the Year That Have Subsequently Defaulted During the Year Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Recorded Investment Year ended December 31, 2015 Owner occupied commercial real estate 12 $ 13,496 $ 13,369 1 $ 178 Income producing commercial real estate 4 1,821 1,821 - - Commercial & industrial 9 1,325 1,246 - - Commercial construction 1 233 233 - - Total commercial 26 16,875 16,669 1 178 Residential mortgage 37 3,257 3,257 1 2 Home equity lines of credit 2 187 177 - - Residential construction 5 569 545 - - Consumer installment 10 222 222 2 32 Indirect auto - - - - - Total loans 80 $ 21,110 $ 20,871 4 $ 212 Year ended December 31, 2014 Owner occupied commercial real estate 12 $ 4,793 $ 4,793 1 $ 104 Income producing commercial real estate 3 1,459 1,459 - - Commercial & industrial 9 1,185 1,185 2 54 Commercial construction 6 829 829 - - Total commercial 30 8,266 8,266 3 158 Residential mortgage 39 3,622 3,445 9 892 Home equity lines of credit 1 36 36 - - Residential construction 4 1,262 1,262 - - Consumer installment 5 226 226 - - Indirect auto - - - - - Total loans 79 $ 13,412 $ 13,235 12 $ 1,050 Year ended December 31, 2013 Owner occupied commercial real estate 12 $ 6,326 $ 5,227 3 $ 670 Income producing commercial real estate 8 6,157 6,157 - - Commercial & industrial 14 1,464 1,208 1 35 Commercial construction 1 416 416 2 1,454 Total commercial 35 14,363 13,008 6 2,159 Residential mortgage 49 7,098 6,573 3 641 Home equity lines of credit - - - - - Residential construction 15 2,160 2,015 3 531 Consumer installment 11 80 80 5 29 Indirect auto - - - - - Total loans 110 $ 23,701 $ 21,676 17 $ 3,360 The following table presents additional information on TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment (dollars in thousands) December 31, 2015 December 31, 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 Owner occupied commercial real estate 54 $ 32,544 $ 32,058 54 $ 27,695 $ 26,296 Income producing commercial real estate 29 15,703 15,629 31 18,094 17,915 Commercial & industrial 26 2,955 2,870 32 2,848 2,847 Commercial construction 14 10,785 10,616 14 11,360 11,280 Total commercial 123 61,987 61,173 131 59,997 58,338 Residential mortgage 173 19,101 18,836 154 18,630 17,836 Home equity lines of credit 2 167 167 2 478 478 Residential construction 44 5,663 5,334 48 8,962 8,265 Consumer installment 22 348 329 17 179 179 Indirect auto 49 749 749 - - - Total loans 413 $ 88,015 $ 86,588 352 $ 88,246 $ 85,096 Collateral dependent TDRs that subsequently default or are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. Impairment on TDRs that are not collateral dependent continues to be measured based on discounted cash flows regardless of whether the loan has subsequently defaulted. As of December 31, 2015 and 2014, United has allocated $6.37 million and $9.72 million, respectively, of specific reserves to customers whose loan terms have been modified in TDRs. United committed to lend additional amounts totaling up to $224,000 and $51,000 as of December 31, 2015 and 2014, respectively, to customers with outstanding loans that are classified as TDRs. Risk Ratings United categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. United uses the following definitions for its risk ratings: Watch Substandard. Doubtful. Loss. Consumer Purpose Loans Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. As of December 31, 2015 and 2014, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands) Pass Watch Substandard Doubtful / Loss Total As of December 31, 2015 Owner occupied commercial real estate $ 1,414,353 $ 24,175 $ 41,764 $ - $ 1,480,292 Income producing commercial real estate 771,792 4,151 20,015 - 795,958 Commercial & industrial 770,287 8,171 6,304 - 784,762 Commercial construction 335,571 3,069 1,296 - 339,936 Total commercial 3,292,003 39,566 69,379 - 3,400,948 Residential mortgage 985,109 5,070 35,308 - 1,025,487 Home equity lines of credit 589,749 24 6,345 - 596,118 Residential construction 335,341 3,813 11,423 - 350,577 Consumer installment 114,178 - 892 - 115,070 Indirect auto 453,935 - 1,987 - 455,922 Total loans, excluding PCI loans $ 5,770,315 $ 48,473 $ 125,334 $ - $ 5,944,122 Owner occupied commercial real estate $ 1,811 $ 6,705 $ 4,809 $ 349 $ 13,674 Income producing commercial real estate 9,378 5,766 12,627 - 27,771 Commercial & industrial 17 83 505 50 655 Commercial construction 1,698 6 438 - 2,142 Total commercial 12,904 12,560 18,379 399 44,242 Residential mortgage - 410 3,766 - 4,176 Home equity lines of credit 214 - 1,474 - 1,688 Residential construction 345 39 227 512 1,123 Consumer installment 1 - 40 - 41 Indirect auto - - 49 - 49 Total PCI loans $ 13,464 $ 13,009 $ 23,935 $ 911 $ 51,319 As of December 31, 2014 Owner occupied commercial real estate $ 1,094,057 $ 18,889 $ 50,534 $ - $ 1,163,480 Income producing commercial real estate 560,559 16,701 21,277 - 598,537 Commercial & industrial 696,805 4,017 9,434 - 710,256 Commercial construction 190,070 2,311 3,649 - 196,030 Total commercial 2,541,491 41,918 84,894 - 2,668,303 Residential mortgage 814,168 11,594 40,027 - 865,789 Home equity lines of credit 459,881 - 5,991 - 465,872 Residential construction 280,166 5,535 12,926 - 298,627 Consumer installment 103,383 - 1,516 - 104,899 Indirect auto 267,709 - 920 - 268,629 Total loans $ 4,466,798 $ 59,047 $ 146,274 $ - $ 4,672,119 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | (8) Premises and Equipment Premises and equipment are summarized as follows (in thousands) December 31, 2015 2014 Land and land improvements $ 79,686 $ 79,525 Buildings and improvements 127,493 113,105 Furniture and equipment 68,309 59,827 Construction in progress 3,787 1,861 279,275 254,318 Less accumulated depreciation (101,110 ) (94,928 ) Premises and equipment, net $ 178,165 $ 159,390 Depreciation expense was $9.36 million, $8.66 million and $9.40 million for 2015, 2014 and 2013, respectively. In 2015, United recognized $5.97 million of impairment on properties acquired in prior years for future expansion. The resulting impairment charge, which was included in merger-related and other charges in the Consolidated Statement of Income, was based on an assessment of the properties that showed evidence that the carrying value may not be recoverable and exceeded the fair value. United leases certain branch properties and equipment under operating leases. Rent expense was $2.72 million, $2.14 million and $2.34 million for 2015, 2014 and 2013, respectively. United does not have any capital leases. As of December 31, 2015, rent commitments under operating leases, before considering renewal options that generally are present, were as follows (in thousands) 2016 $ 3,484 2017 3,213 2018 2,740 2019 2,624 2020 2,482 Thereafter 8,964 Total $ 23,507 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | (9) Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets is summarized below (in thousands) December 31, 2015 2014 Core deposit intangible $ 49,772 $ 32,652 Less: accumulated amortization (32,964 ) (30,520 ) Total intangibles subject to amortization, net 16,808 2,132 Goodwill 130,612 1,509 Total goodwill and other intangible assets, net $ 147,420 $ 3,641 The following is a summary of changes in the carrying amounts of goodwill (in thousands) Goodwill, net of Accumulated Accumulated Impairment Impairment Goodwill Losses Losses December 31, 2013 $ 305,590 $ (305,590 ) $ - Acquisition of Business Carolina, Inc. 1,509 - 1,509 December 31, 2014 307,099 (305,590 ) 1,509 Acquisition of Palmetto 114,402 - 114,402 Acquisition of MoneyTree 14,701 - 14,701 December 31, 2015 $ 436,202 $ (305,590 ) $ 130,612 The amortization expense for intangibles subject to amortization for 2015, 2014 and 2013 was $2.44 million, $1.35 million, and $2.03 million, respectively, which was recognized in operating expenses. The estimated aggregate amortization expense for future periods is as follows (in thousands) Year 2016 $ 3,875 2017 2,900 2018 2,310 2019 1,924 2020 1,563 Thereafter 4,236 Total $ 16,808 |
SBA Servicing Rights
SBA Servicing Rights | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Servicing Rights | (10) Servicing Rights Servicing Rights for Government Guaranteed Loans United accounts for servicing rights for government guaranteed loans at fair value. Changes in the balances of servicing assets and servicing liabilities are as follows (in thousands) 2015 2014 Servicing rights for government guaranteed loans, beginning of period $ 2,551 $ - Additions: Acquired servicing rights 137 2,133 Originated servicing rights capitalized upon sale of loans 1,699 832 Subtractions: Disposals (353 ) (152 ) Changes in fair value: Due to change in valuation inputs or assumptions used in the valuation model (322 ) (262 ) Servicing rights for government guaranteed loans, end of period $ 3,712 $ 2,551 The portfolio of government guaranteed loans serviced for others, which is not included in the accompanying balance sheets, was $151 million and $88.0 million, respectively, at December 31, 2015 and 2014. The amount of contractually specified servicing fees earned by United on these servicing rights during the years ended December 31, 2015 and 2014 was $1.07 million and $513,000, respectively. Servicing fees and changes in fair value were included in interest revenue in the Consolidated Statement of Income. A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the Company’s servicing asset for government guaranteed loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below (in thousands) December 31, 2015 2014 Fair value of retained servicing assets $ 3,712 $ 2,551 Prepayment rate assumption 6.95 % 6.70 % 10% adverse change $ (84 ) $ (62 ) 20% adverse change $ (163 ) $ (122 ) Discount rate 11.8 % 12.0 % 100 bps adverse change $ (109 ) $ (85 ) 200bps adverse change $ (212 ) $ (164 ) Weighted-average life (years) 6.7 6.5 Weighted-average gross margin 2.02 % 2.00 % The above sensitivities are hypothetical and changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. Residential Mortgage Servicing Rights United accounts for residential mortgage servicing rights using the amortization method. The following table summarizes the changes in residential mortgage servicing rights ( in thousands 2015 Residential mortgage servicing rights, net of valuation allowance, beginning of period $ - Additions: Acquired servicing rights 3,454 Originated servicing rights capitalized upon sale of loans 199 Subtractions: Amortization (273 ) Impairment (10 ) Residential mortgage servicing rights, net of valuation allowance, end of period $ 3,370 The estimated fair value of residential mortgage servicing rights was $3.52 million at December 31, 2015. The following table summarizes the activity in the valuation allowance for impairment of the residential mortgage servicing rights portfolio ( in thousands 2015 Valuation allowance, beginning of period $ - Additions charged to operations, net 10 Valuation allowance, end of period $ 10 The portfolio of residential mortgage loans serviced for others, which is not included in the consolidated balance sheet, was $377 million at December 31, 2015. The amount of contractually specified servicing fees earned by United on these servicing rights during the year ended December 31, 2015 was $299,000. Servicing fees, impairment, and amortization of these servicing rights are included in mortgage loan and other related fee revenue in the Consolidated Statement of Income. The following table summarizes the estimated future amortization expense of residential mortgage servicing rights during the years indicated ( in thousands 2016 $ 819 2017 667 2018 539 2019 434 2020 346 thereafter 565 $ 3,370 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | (11) Deposits At December 31, 2015, the contractual maturities of time deposits, including brokered time deposits, are summarized as follows (in thousands) 2016 $ 1,027,814 2017 137,114 2018 58,559 2019 23,894 2020 35,222 thereafter 241,939 $ 1,524,542 At December 31, 2015 and 2014, time deposits (excluding brokered time deposits) that met or exceeded the FDIC insurance limit of $250,000 totaled $139 million and $135 million, respectively. At December 31, 2015 and 2014, United held $242 million and $273 million, respectively, in certificates of deposit obtained through third party brokers. The daily average balance of these brokered deposits totaled $269 million and $294 million in 2015 and 2014, respectively. The brokered certificates of deposit at December 31, 2015 had maturities ranging from 2018 through 2033 and are callable by United. Most of the brokered certificates of deposit have been swapped in fair value hedging relationships to 90 day LIBOR minus a spread that currently exceeds LIBOR, thereby resulting in a negative yield. United also has certain market-linked brokered deposits that are considered hybrid instruments that contain embedded derivatives that have been bifurcated from the host contract leaving host instruments paying a rate of 90 day LIBOR minus a spread that also result in a negative yield. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2015 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | (12) Federal Home Loan Bank Advances At December 31, 2015 and 2014, United had FHLB advances totaling $430 million and $270 million, respectively. The advances outstanding at December 31, 2015 had maturities in 2016 with interest rates up to .60%. At December 31, 2015, the weighted average interest rate on FHLB advances was .49%, compared to .22% as of December 31, 2014. The FHLB advances are collateralized by owner occupied and income producing commercial real estate and residential mortgage loans, investment securities and FHLB stock. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Long-term Debt | (13) Long-term Debt Long-term debt consisted of the following (in thousands) Stated Earliest December 31, Issue Maturity Call 2015 2014 Date Date Date Interest Rate 2012 senior debentures $ 35,000 $ 35,000 2012 2017 2017 9.000% 2013 senior debentures 40,000 40,000 2013 2018 2015 6.000 2022 senior debentures 50,000 - 2015 2022 2020 5.000% through August 13, 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 - 2015 2027 2025 5.500% through August 13, 2025 3-month LIBOR plus 3.71% thereafter Total senior debentures 160,000 75,000 United Community Capital Trust - 21,650 1998 2028 2008 8.125 United Community Statutory Trust I - 5,155 2000 2030 2010 10.600 United Community Capital Trust II - 10,309 2000 2030 2010 11.295 Southern Bancorp Capital Trust I 4,382 4,382 2004 2034 2009 Prime + 1.00 United Community Statutory Trust II - 12,131 2008 2038 2013 9.000 United Community Statutory Trust III 1,238 1,238 2008 2038 2013 Prime + 3.00 Total trust preferred securities 5,620 54,865 Total long-term debt $ 165,620 $ 129,865 Interest is currently paid semiannually for all senior debentures and trust preferred securities. The 2022 and 2027 senior debentures require quarterly interest payments after August 2020 and 2025, respectively. Senior Debentures The 2012 senior debentures are not redeemable prior to maturity and will mature on October 15, 2017. The 2013 senior debentures are redeemable on or after August 13, 2015, at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest, and will mature on August 13, 2018 if not redeemed prior to that date. The 2022 senior debentures are redeemable, in whole or in part, on or after August 14, 2020 at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest, and will mature on February 14, 2022 if not redeemed prior to that date. The 2027 senior debentures are redeemable, in whole or in part, on or after August 14, 2025 at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest, and will mature on February 14, 2027 if not redeemed prior to that date. Trust Preferred Securities Trust preferred securities qualify as Tier 1 capital under risk based capital guidelines subject to certain limitations. The trust preferred securities are mandatorily redeemable upon maturity, or upon earlier redemption at a premium as provided in the indentures. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | (14) Reclassifications Out of Accumulated Other Comprehensive Income The following presents the details regarding amounts reclassified out of accumulated other comprehensive income (in thousands). Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other For the Years Ended December 31, Affected Line Item in the Statement Comprehensive Income Components 2015 2014 2013 Where Net Income is Presented Realized gains on available-for-sale securities: $ 2,255 $ 4,871 $ 186 Securities gains, net (862 ) (1,902 ) (72 ) Tax expense $ 1,393 $ 2,969 $ 114 Net of tax Amortization of (losses) gains included in net income on available-for-sale securities transferred to held to maturity: $ (1,702 ) $ (1,656 ) $ 731 Investment securities interest revenue 638 622 (282 ) Tax (expense) benefit $ (1,064 ) $ (1,034 ) $ 449 Net of tax Amounts included in net income on derivative financial instruments accounted for as cash flow hedges: Effective portion of interest rate contracts $ - $ - $ 852 Loan interest revenue Ineffective portion of interest rate contracts - - 52 Loan interest revenue Effective portion of interest rate contracts - (764 ) - Time deposit interest expense Effective portion of interest rate contracts - (223 ) - Money market deposit interest expense Amortization of losses on de-designated positions (129 ) (79 ) - Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (695 ) (198 ) - Money market deposit interest expense Amortization of losses on de-designated positions (1,112 ) (234 ) - Federal Home Loan Bank advances interest expense Amortization of losses on de-designated positions - (512 ) - Time deposit interest expense (1,936 ) (2,010 ) 904 Total before tax 753 782 (352 ) Tax (expense) benefit $ (1,183 ) $ (1,228 ) $ 552 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 $ (465 ) $ (365 ) $ (365 ) Salaries and employee benefits expense Actuarial losses (271 ) - (167 ) Salaries and employee benefits expense (736 ) (365 ) (532 ) Total before tax 286 142 207 Tax benefit $ (450 ) $ (223 ) $ (325 ) Net of tax Total reclassifications for the period $ (1,304 ) $ 484 $ 790 Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (15) 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 shares of common stock outstanding during the period while the effects of potential shares of common stock outstanding during the period are included in diluted earnings per common share. United accrued dividends on preferred stock, including accretion of discounts, as shown in the following table ( in thousands) For the years ended December 31, 2015 2014 2013 Series A - 6% fixed $ - $ - $ 12 Series B - 5% fixed until December 6, 2013, 9% thereafter - 159 10,401 Series D - LIBOR plus 9.6875%, resets quarterly - 280 1,665 Series H - 1% until March 15, 2016, 9% thereafter 67 - - Total preferred stock dividends $ 67 $ 439 $ 12,078 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 net income per common share (in thousands, except per share data) Year Ended December 31, 2015 2014 2013 Net income available to common stockholders $ 71,511 $ 67,181 $ 261,062 Income per common share: Basic 1.09 1.11 4.44 Diluted 1.09 1.11 4.44 Weighted average common shares: Basic 65,488 60,588 58,787 Effect of dilutive securities: Stock options 4 2 1 Warrants - - 57 Diluted 65,492 60,590 58,845 At December 31, 2015, United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 241,493 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $89.92; and 712,667 shares of common stock issuable upon completion of vesting of restricted stock awards. At December 31, 2014, 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; 313,555 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $93.40; and 829,201 shares of common stock issuable upon completion of vesting of restricted stock awards. At December 31, 2013, United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 371,449 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $98.54; 1,073,259 shares of common stock issuable upon completion of vesting of restricted stock awards; and warrants to purchase shares of common stock equivalent junior preferred stock at a price equivalent to $21.25 per share that would be convertible into 1,411,765 shares of common stock, which were granted to Fletcher International Ltd. (“Fletcher”) in connection with a 2010 asset purchase and sale agreement. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | (16) Income Taxes Income tax expense (benefit) is as follows (in thousands) Year Ended December 31, 2015 2014 2013 Current $ 5,140 $ 1,224 $ 3,467 Deferred 37,685 37,524 23,785 Increase (decrease) in valuation allowance 611 702 (265,440 ) Total income tax expense (benefit) $ 43,436 $ 39,450 $ (238,188 ) The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 35% to income before income taxes are as follows (in thousands) Year Ended December 31, 2015 2014 2013 Pretax income at statutory rates $ 40,255 $ 37,475 $ 12,234 Add (deduct): State taxes, net of federal benefit 3,537 3,365 895 Bank owned life insurance earnings (348 ) (209 ) (704 ) Adjustment to reserve for uncertain tax positions (136 ) (200 ) (426 ) Tax-exempt interest revenue (662 ) (757 ) (714 ) Equity compensation - - 676 Transaction costs 509 - - Tax credits (190 ) (250 ) (438 ) Change in state statutory tax rate 340 - 1,003 Change in valuation allowance affecting other comprehensive income - - 12,174 Increase (decrease) in valuation allowance 611 702 (265,440 ) Other (480 ) (676 ) 2,552 Total income tax expense (benefit) $ 43,436 $ 39,450 $ (238,188 ) The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net deferred tax asset (in thousands) December 31, 2015 2014 Deferred tax assets: Allowance for loan losses $ 25,840 $ 27,563 Net operating loss carryforwards 155,757 184,015 Deferred compensation 8,727 7,188 Loan purchase accounting adjustments 7,940 - Reserve for losses on foreclosed properties 2,025 254 Nonqualified share based compensation 3,628 3,993 Accrued expenses 3,990 2,107 Investment in partnerships 1,814 1,856 Unamortized pension actuarial losses and prior service cost 2,151 1,862 Acquired intangible assets - 593 Unrealized losses on securities available-for-sale 2,943 - Unrealized losses on cash flow hedges 1,351 1,977 Derivatives 936 457 Other 2,174 714 Total deferred tax assets 219,276 232,579 Deferred tax liabilities: Unrealized gains on securities available-for-sale - 1,340 Acquired intangible assets 5,034 - Premises and equipment 398 2,452 Loan origination costs 5,030 4,342 Prepaid expenses 729 626 Servicing asset 2,208 - Uncertain tax positions 3,981 4,195 Total deferred tax liabilities 17,380 12,955 Less valuation allowance 4,283 4,121 Net deferred tax asset $ 197,613 $ 215,503 The change in the net deferred tax asset includes an increase of $16.5 million due to current year merger and acquisition activity. At December 31, 2015, United has state net operating loss carryforwards of approximately $4.58 million that begin to expire in 2018, $16.9 million that begin to expire in 2025, approximately $464 million that begin to expire in 2029, and $52.2 million that begin to expire in 2030, if not previously utilized. United has $315 million in federal net operating loss carryforwards that begin to expire in 2030, if not previously utilized. United has $27.5 million in federal net operating loss carryforwards subject to annual limitation under IRC Section 382 that begin to expire in 2029, if not previously utilized. United has $3.01 million of federal general business tax credits that begin to expire in 2028, if not previously utilized. United has $7.42 million of federal alternative minimum tax credits which have no expiration date. United has $2.04 million of federal alternative minimum tax credits subject to annual limitation under IRC Section 382 which have no expiration date. United has $6.81 million of state tax credits that begin to expire in 2016, if not previously utilized. Management assesses the valuation allowance recorded against deferred tax assets at each reporting period. The determination of whether a valuation allowance for deferred tax assets is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. Accounting Standards Codification Topic 740, Income Taxes In the second quarter of 2013, United reversed $272 million of its valuation on its net deferred tax asset. United established a full valuation allowance on its deferred tax asset in 2010 due to the realization of significant losses and uncertainty about United’s future earnings forecasts. At December 31, 2015 and 2014, based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of the net deferred tax asset will be realized based upon future taxable income. The valuation allowance of $4.28 million is related to specific state income tax credits that have short carryforward periods and an acquired state net operating loss, both of which 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 December 31, 2015 that it was more likely than not that the net deferred tax asset of $198 million will be realized is based on management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts which consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased for some or all the deferred tax asset. Such an increase to the deferred tax asset valuation allowance could have a material adverse effect on United’s financial condition and results of operations. A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows (in thousands) 2015 2014 2013 Balance at beginning of year $ 4,195 $ 4,503 $ 5,069 Additions based on tax positions related to the current year 371 374 352 Decreases resulting from a lapse in the applicable statute of limitations (585 ) (682 ) (918 ) Balance at end of year $ 3,981 $ 4,195 $ 4,503 Approximately $3.3 million of this amount would increase income from continuing operations, and thus affect United’s effective tax rate, if ultimately recognized into income. It is United’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. In 2013, United reversed $59,000 in previously recorded penalties and interest as a result of statute expiration on affected returns, settlement with a state taxing authority and a change in estimate relating to prior year tax positions. No previously recorded penalties and interest were reversed in 2015 or 2014. No amounts were accrued for interest and penalties at December 31, 2015 or 2014. United |
Pension and Employee Benefit Pl
Pension and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Pension and Employee Benefit Plans [Abstract] | |
Pension and Employee Benefit Plans | (17) Pension and Employee Benefit Plans United offers a defined contribution 401(k) and Profit Sharing Plan (the “401(k) Plan”) that covers substantially all employees meeting certain minimum service requirements. The Plan allows employees to make pre-tax contributions to the 401(k) Plan and United matches these employee contributions up to 5% of eligible compensation, subject to Plan and regulatory limits. Employees begin to receive matching contributions after completing one year of service and benefits vest after three years of service. United’s Plan is administered in accordance with applicable laws and regulations. Effective April 1, 2012, the matching contribution was 50% of employee contributions up to 5% of eligible compensation. Compensation expense from continuing operations related to the 401(k) Plan totaled $1.45 million, $1.20 million and $1.24 million in 2015, 2014 and 2013, respectively. The 401(k) Plan allows employees to choose to invest among a number of investment options, that previously included United’s common stock. Effective January 1, 2015, United’s common stock was no longer offered as an investment option for new contributions. During 2014 and 2013, the 401(k) Plan purchased 17,373 and 48,996 common shares, respectively, directly from United at the average of the high and low stock price on the date of purchase. United sponsors a non-qualified deferred compensation plan for its executive officers, certain other key employees and members of United’s Board of Directors and its community banks’ advisory boards of directors. The deferred compensation plan provides for the pre-tax deferral of compensation, fees and other specified benefits. The deferred compensation plan also permits each employee participant to elect to defer a portion of his or her base salary, bonus or vested restricted stock units and permits each director participant to elect to defer all or a portion of his or her director’s fees. Further, the deferred compensation plan allows for additional contributions by an employee, with matching contributions by United, for amounts that exceed the allowable amounts under the 401(k) Plan. During 2015, 2014 and 2013, United recognized $21,000, $24,000 and $24,000, respectively, in matching contributions for this provision of the deferred compensation plan. The Board of Directors may also elect to make a discretionary contribution to any or all participants. The Board of Directors elected to make a discretionary contribution of 25,000 shares of United’s common stock in 2013 to the deferred compensation plan. No discretionary contributions were made in 2015 or 2014. Defined Benefit Pension Plans United has an unfunded noncontributory defined benefit pension plan (“Modified Retirement Plan”) that covers certain executive officers and other key employees. The Modified Retirement Plan provides a fixed annual retirement benefit to plan participants. United acquired Palmetto on September 1, 2015, including its funded noncontributory defined benefit pension plan (“Funded Plan”), which covers all full-time Palmetto teammates who had fulfilled at least 12 months of continuous service and attained age 21 by December 31, 2007. Benefits under the Funded Plan are no longer accrued for service subsequent to 2007. Weighted-average assumptions used to determine pension benefit obligations at year end and net periodic pension cost are shown in the table below: 2015 2014 Modified Modified Retirement Funded Retirement Plan Plan Plan Discount rate for disclosures 4.25 % 4.53 % 4.00 % Discount rate for net periodic benefit cost 4.00 % 4.50 % 4.50 % Expected long-term rate of return N/A 6.30 % N/A Rate of compensation increase N/A N/A N/A Measurement date 12/31/2015 12/31/2015 12/31/2014 The discount rate is determined in consultation with the third-party actuary and is set by matching the projected benefit cash flow to a notional yield curve consisting of bonds monitored by the third-party actuary. The yield curve provides transparency with respect to the underlying bonds and provides matching of future benefit obligations to the payment of benefits. The expected long-term rate of return is designed to approximate the actual long-term rate of return over time. Therefore, the pattern of income / expense recognition should match the stable pattern of services provided by teammates over the life of the pension obligation. Expected returns on plan assets are developed in conjunction with input from external advisors and take into account the investment policy, actual investment allocation, long-term expected rates of return on the relevant asset classes and considers any material forward-looking return expectations for these major asset classes. United recognizes the underfunded status of the plans as a liability in the consolidated balance sheet. Information about changes in obligations and plan assets follows (in thousands) 2015 2014 Modified Modified Retirement Funded Retirement Plan Plan Plan Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 15,869 $ - $ 13,320 Business combinations - 19,620 - Service cost 376 - 341 Interest cost 628 292 579 Plan amendments 1,353 - - Actuarial (gains) losses (297 ) 136 1,933 Benefits paid (334 ) (802 ) (304 ) Accumulated benefit obligation - end of year 17,595 19,246 15,869 Change in plan assets, at fair value: Beginning plan assets - - - Business combinations - 18,028 - Actual return - 89 - Employer contribution 334 - 304 Benefits paid (334 ) (802 ) (304 ) Plan assets - end of year - 17,315 - Funded status - end of year (plan assets less benefit obligations) $ (17,595 ) $ (1,931 ) $ (15,869 ) Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands): 2015 2014 2013 Modified Modified Modified Retirement Funded Retirement Retirement Plan Plan Plan Plan Service cost $ 376 $ - $ 341 $ 465 Interest cost 628 292 579 533 Expected return on plan assets - (375 ) - - Amortization of prior service cost 465 - 365 365 Amortization of net losses 271 - - 167 Net periodic benefit cost $ 1,740 $ (83 ) $ 1,285 $ 1,530 The estimated net loss and prior service costs for the Modified Retirement Plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $167,000 and $501,000, respectively, as of December 31, 2015. For the Funded Plan, United is not expecting to amortize any estimated net loss or prior service costs from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year. In 2016 United expects to make contributions to the Modified Retirement Plan and the Funded Plan of $394,000 and $1.60 million, respectively. The following table summarizes the estimated future benefit payments expected to be paid from the plans for the periods indicated (in thousands) Modified Retirement Funded Plan Plan 2016 $ 394 $ 1,046 2017 849 1,070 2018 1,066 1,109 2019 1,060 1,136 2020 1,143 1,145 2021-2025 5,610 5,957 $ 10,122 $ 11,463 The following table summarizes the Funded Plan assets by major category as of December 31, 2015, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,346 $ - $ - $ 2,346 Mutual funds 857 - - 857 Corporate stocks 1,178 - - 1,178 Exchange traded funds 12,902 - - 12,902 Other 32 - - 32 Total plan assets $ 17,315 $ - $ - $ 17,315 The investment objectives of the plan assets are designed to fund the projected benefit obligation and to maximize returns in order to minimize contributions within reasonable and prudent levels of risk. The precise amount for which these obligations will be settled depends on future events, including the life expectancy of the plan participants. The plan’s investment strategy balances the requirement to generate return, using higher returning assets, with the need to control risk using less volatile assets. Risks include, but are not limited to, inflation, volatility in equity values and changes in interest rates that could cause the plan to become underfunded, thereby increasing the plan’s dependence on contributions from United. Plan assets are managed by a third-party firm as approved by United’s Employee Benefits Committee. The Board of Directors delegated certain responsibilities to the Employee Benefits Committee including maintaining the investment policy of the plan, approving the appointment of the investment manager and reviewing the performance of the plan assets at least annually. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although United believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | (18) 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, management made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a gross basis. The table below presents the fair value of United’s derivative financial instruments as well as their classification on the consolidated balance sheet (in thousands) Derivatives designated as hedging instruments under ASC 815 Fair Value Balance Sheet December 31, Interest Rate Products Location 2015 2014 Fair value hedge of corporate bonds Derivative assets $ 31 $ - $ 31 $ - Cash flow hedge of money market deposits Derivative liabilities $ - $ 350 Fair value hedge of brokered CD’s Derivative liabilities 2,169 5,817 $ 2,169 $ 6,167 Derivatives not designated as hedging instruments under ASC 815 Fair Value Balance Sheet December 31, Interest Rate Products Location 2015 2014 Customer swap positions Derivative assets $ 6,185 $ 3,433 Dealer offsets to customer swap positions Derivative assets 31 128 Mortgage banking - loan commitment Derivative assets 188 - Mortgage banking - forward sales commitment Derivative assets 1 - Bifurcated embedded derivatives Derivative assets 9,230 12,262 Offsetting positions for de-designated cash flow hedges Derivative assets 4,416 4,776 $ 20,051 $ 20,599 Customer swap positions Derivative liabilities $ 31 $ 129 Dealer offsets to customer swap positions Derivative liabilities 6,339 3,456 Mortgage banking - forward sales commitment Derivative liabilities 22 - Dealer offsets to bifurcated embedded derivatives Derivative liabilities 15,794 17,467 De-designated cash flow hedges Derivative liabilities 4,470 4,778 $ 26,656 $ 25,830 Risk Management Objective of Using Derivatives Derivative contracts that are not accounted for as hedging instruments under ASC 815, Derivatives and Hedging In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, the Company is subject to the risk of variability in market prices. United also enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. Most of this activity is on a matched basis, with a loan sale commitment hedging a specific loan. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. The underlying loans are accounted for under the lower of cost or fair value method and are not reflected in the table above. Fair value adjustments on these derivative instruments are recorded within mortgage loan and other related fee income in the Consolidated Statement of Income. Cash Flow Hedges of Interest Rate Risk United’s objectives in using interest rate derivatives are to add stability to net interest revenue and to manage its exposure to interest rate movements. To accomplish this objective, United primarily uses interest rate swaps as part of its interest rate risk management strategy. At December 31, 2015, United did not have any active cash flow hedges. At December 31, 2014, United had one interest rate swap with a notional amount of $175 million that was designated as a cash flow hedge of indexed money market accounts. The swap contract involved the payment of fixed-rate amounts to a counterparty in exchange for United receiving variable-rate payments over the life of the agreement without exchange of the underlying notional amount. 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 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 expects that $1.89 million will be reclassified as an increase to deposit interest expense over the next twelve months related to these cash flow hedges. During the year ended December 31, 2013, United accelerated the reclassification of $52,000 in gains from terminated positions as a result of the forecasted transactions becoming probable not to occur. These amounts were recognized in loan interest revenue as hedge ineffectiveness. The table below presents the effect of United’s cash flow hedges on the consolidated statement of income (in thousands) Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated Other Gain (Loss) Recognized in Income on Derivative 2015 2014 2013 Location 2015 2014 2013 Location 2015 2014 2013 Interest revenue $ - $ (79 ) $ 904 Interest expense (1,936 ) (1,931 ) - Interest rate swaps $ (471 ) $ (8,437 ) $ 10,084 $ (1,936 ) $ (2,010 ) $ 904 Interest expense $ (7 ) $ (107 ) $ 70 Fair Value Hedges of Interest Rate Risk United is exposed to changes in the fair value of certain of its fixed rate obligations due to changes in interest rates. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. Interest rate swaps designated as fair value hedges of brokered deposits involve the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges of fixed rate investments involve the receipt of variable-rate payments from a counterparty in exchange for United making fixed rate payments over the life of the instrument without the exchange of the underlying notional amount. At December 31, 2015, United had 13 interest rate swaps with an aggregate notional amount of $156 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 December 31, 2015, United had one interest rate swap with a notional of $30 million that was designated as a pay-fixed / receive variable fair value hedge of changes in the fair value of a fixed rate corporate bond. At December 31, 2014, United had 16 interest rate swaps with an aggregate notional amount of $197 million that were designated as fair value hedges of interest rate risk and were pay-variable / receive-fixed swaps hedging the changes in the fair value of fixed rate brokered time deposits resulting from changes in interest rates. 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 year ended December 31, 2015, 2014, and 2013, United recognized a net gain of $210,000, a net loss of $1.28 million, and a net gain of $1.07 million, respectively, related to ineffectiveness in the fair value hedging relationships. United also recognized a net reduction of interest expense of $4.46 million, $4.61 million and $4.67 million for the years ended December 31, 2015, 2014 and 2013, respectively, related to fair value hedges of brokered time deposits, which includes net settlements on the derivatives. United recognized a reduction of interest revenue on securities of $498,000, $955,000 and $1.33 million during 2015, 2014, and 2013, respectively, related to fair value hedges of corporate bonds. The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of income (in thousands) Location of Gain (Loss) Recognized Amount of Gain (Loss) Recognized in Amount of Gain (Loss) Recognized in in Income Income on Derivative Income on Hedged Item on Derivative 2015 2014 2013 2015 2014 2013 Fair value hedges of brokered CD’s Interest expense $ 1,814 $ 13,400 $ (16,433 ) $ (1,507 ) $ (14,357 ) $ 16,981 Fair value hedges of corporate bonds Interest revenue 31 (2,487 ) 6,285 (128 ) 2,163 (5,765 ) $ 1,845 $ 10,913 $ (10,148 ) $ (1,635 ) $ (12,194 ) $ 11,216 In certain cases, the estate of deceased brokered certificate of deposit holders may put the certificate of deposit back to the issuing bank at par upon the death of the holder. When these death puts occur, a gain or loss is recognized for the difference between the carrying value and the par amount of the deposits put back. The change in the fair value of brokered time deposits that are being hedged in fair value hedging relationships reported in the table above include gains and losses from death puts and such gains and losses are included in the amount of reported ineffectiveness gains or losses. Credit-risk-related Contingent Features United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. As of December 31, 2015, collateral totaling $30.9 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. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | (19) Regulatory Matters Capital Requirements United and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on United. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, as revised by the Basel III Capital Rules effective as of January 1, 2015, United and the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures (as defined) established by regulation to ensure capital adequacy require United and the Bank to maintain minimum amounts and ratios of total capital, Tier 1 capital, and common equity Tier 1 capital (“CET1”) to risk-weighted assets, and of Tier 1 capital to average assets. Effective January 1, 2015, the Basel III Capital Rules revised the framework for prompt corrective action by (i) introducing a CET1 ratio requirement at each level (other than critically undercapitalized), with the required CET1 ratio being 6.5% for well-capitalized status; (ii) increasing the minimum Tier 1 capital ratio requirement for each category (other than critically undercapitalized), with the minimum Tier 1 capital ratio for well-capitalized status being 8% (as compared to the prior 6%); and (iii) eliminating the current provision that provides that a bank with a composite supervisory rating of 1 may have a 3% leverage ratio and still be adequately capitalized. As of December 31, 2015, United and the Bank were categorized as well-capitalized under the regulatory framework for prompt corrective action in effect at such time. To be categorized as well-capitalized at December 31, 2015, United and the Bank must have exceeded the well-capitalized guideline ratios in effect at such time, as set forth in the table below and have met certain other requirements. Management believes that United and the Bank exceeded all well-capitalized requirements at December 31, 2015, and there have been no conditions or events since year-end that would change the status of well-capitalized. Regulatory capital ratios at December 31, 2015 and 2014, along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under prompt corrective action provisions in effect at such times are presented below for United and the Bank (dollars in thousands) Regulatory United Guidelines Community United Well Banks, Inc. Community Minimum Capitalized (consolidated) Bank December 31, 2015 (Basel III) Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 11.45 % 13.01 % Tier 1 capital 6.0 8.0 11.45 13.01 Total capital 8.0 10.0 12.50 14.06 Tier 1 leverage ratio 4.0 5.0 8.34 9.47 Common equity tier 1 capital $ 773,677 $ 877,169 Tier 1 capital 773,677 877,169 Total capital 844,667 948,159 Risk-weighted assets 6,755,011 6,743,560 Average total assets 9,282,243 9,264,133 December 31, 2014 (Basel I) Risk-based ratios: Tier 1 capital 4.0 % 6.0 % 12.05 % 12.84 % Total capital 8.0 10.0 13.30 14.09 Tier 1 leverage ratio 3.0 5.0 8.69 9.25 Tier 1 capital $ 642,663 $ 683,332 Total capital 709,408 749,927 Risk-weighted assets 5,332,822 5,320,615 Average total assets 7,396,450 7,385,048 Cash, Dividend, Loan and Other Restrictions At December 31, 2015 and 2014, the Bank did not have a required reserve balance at the Federal Reserve Bank of Atlanta. Federal and state banking regulations place certain restrictions on dividends paid by the Bank to United. In addition, dividends paid to United require pre-approval of the Georgia Department of Banking and Finance and the FDIC while the Bank has an accumulated deficit (negative retained earnings). During 2015 and 2014, the Bank received regulatory approval to pay cash dividends to United of $77.5 million and $129 million, respectively. The Federal Reserve Act requires that extensions of credit by the Bank to certain affiliates, including United, be secured by specific collateral, that the extension of credit to any one affiliate be limited to 10% of capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of capital and surplus. United and the Bank are parties to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of their customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | (20) Commitments and Contingencies The following table summarizes, as of December 31, 2015 and 2014, the contract amount of off-balance sheet instruments (in thousands) 2015 2014 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,351,446 $ 878,160 Letters of credit 23,373 19,861 Minimum Lease Payments 23,507 10,877 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn on, the total commitment amounts do not necessarily represent future cash requirements. United evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, upon extension of credit is based on management’s credit evaluation. Collateral held varies, but may include unimproved and improved real estate, certificates of deposit, personal property or other acceptable collateral. Letters of credit are conditional commitments issued by United and could result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party or upon the non-performance of the customer. Those guarantees are primarily issued to local businesses and government agencies. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. In most cases, the Bank holds real estate, certificates of deposit, and other acceptable collateral as security supporting those commitments for which collateral is deemed necessary. The extent of collateral held for those commitments varies. United maintains an allowance for unfunded loan commitments which is included in the balance of other liabilities in the consolidated balance sheet. The allowance for unfunded loan commitments is determined as part of the quarterly analysis of the allowance for credit losses and is based on probable incurred losses in United’s unfunded loan commitments that are expected to result in funded loans. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Preferred Stock | (21) Preferred Stock United may issue preferred stock in one or more series, up to a maximum of 10,000,000 shares. Each series shall include the number of shares issued, preferences, special rights and limitations as determined by the Board of Directors. As discussed in Note 3, on May 1, 2015, the Company completed its acquisition of Moneytree. Upon completion of the acquisition, each share of preferred stock issued by MoneyTree as part of the SBLF program of the U.S. Department of the 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 have terms and conditions identical to those shares of preferred stock issued by MoneyTree to the Treasury. United will pay noncumulative dividends quarterly. The current dividend rate is 1.00% per annum through March 15, 2016. Following this date, the dividend rate will increase to 9% per annum thereafter. 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. On December 31, 2013, United redeemed 21,700 shares of its Series A Non-Cumulative Preferred. On December 27, 2013, United redeemed 75,000 shares of the Fixed Rate Cumulative Perpetual Preferred Stock, Series B and redeemed the remaining 105,000 shares on January 10, 2014. On March 3, 2014, United redeemed 16,613 shares of the Cumulative Perpetual Preferred Stock, Series D. United had no Series A, B or D preferred stock outstanding as of December 31, 2015. |
Equity Compensation and Related
Equity Compensation and Related Plans | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity Compensation and Related Plans | (22) Equity Compensation and Related Plans United has an equity compensation plan that allows for grants of incentive 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 of United or certain other conditions are met (as defined in the plan document). As of December 31, 2015, 248,000 additional awards could be granted under the plan. Through December 31, 2015, incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards, base salary stock grants and performance share awards had been granted under the plan. Restricted stock and options outstanding and activity for the years ended December 31 consisted of the following: Restricted Stock Options Weighted Weighted Weighted Average Average Average Aggregate Grant Date Exercise Remaining Intrinsic Shares Fair Value Shares Price Term (Yrs.) Value (000's) December 31, 2012 485,584 $ 10.72 482,528 $ 97.73 Granted 876,583 14.74 5,000 15.09 Vested (195,366 ) 13.16 - - Expired - - (67,559 ) 78.95 Cancelled (93,125 ) 8.78 (69,197 ) 109.43 December 31, 2013 1,073,676 13.73 350,772 97.87 Granted 97,016 17.33 10,000 16.71 Vested (336,691 ) 12.23 - - Expired - - (32,810 ) 115.83 Cancelled (4,800 ) 13.78 (14,407 ) 97.80 December 31, 2014 829,201 14.76 313,555 93.40 Granted 265,306 18.66 - - Vested (305,902 ) 14.00 - - Expired - - (45,866 ) 108.93 Cancelled (75,938 ) 15.63 (26,196 ) 98.36 December 31, 2015 712,667 16.44 241,493 89.92 2.36 $ 133 Vested / Exercisable at December 31, 2015 1,170 10.69 231,493 93.10 2.09 102 During 2013, 9,344 shares of common stock having a grant date fair value of $108,000 were granted to certain executive officers over the course of the year as part of their base compensation with no restrictions or vesting requirement. Those shares are included in the table above as granted and exercised within the same year. The grant date fair value was included in compensation expense during 2013. No such grants were made in 2014 or 2015. The following is a summary of stock options outstanding at December 31, 2015: Options Outstanding Options Exercisable Weighted Average Weighted Shares Range Average Price Remaining Life Shares Average Price 26,823 $ 10.00 - 30.00 $ 14.96 7.02 16,823 $ 14.16 40,796 30.01 - 50.00 31.69 3.39 40,796 31.69 62,260 50.01 - 70.00 66.29 2.29 62,260 66.29 2,075 70.01 - 90.00 77.53 2.25 2,075 77.53 936 110.01 - 130.00 118.43 1.75 936 118.43 107,356 130.01 - 150.00 143.71 0.86 107,356 143.71 1,247 150.01 - 155.25 155.25 0.93 1,247 155.25 241,493 10.00 - 155.25 89.92 2.36 231,493 93.10 The weighted average fair value of options granted in 2014 and 2013 was $9.49 and $5.10 respectively. No options were granted in 2015. The fair value of each option granted was estimated on the date of grant using the Black-Scholes model. The decrease in United’s stock price through 2010 has rendered most of its outstanding options severely out of the money and potentially worthless to the grantee. Therefore historical exercise patterns do not provide a reasonable basis for determining the expected life of new option grants. United therefore uses the formula provided by the SEC in ASC Topic 718-10-S99 to determine the expected life of the options. The weighted average assumptions used to determine the fair value of options are presented in the table below: 2014 2013 Expected volatility 66 % 30 % Expected dividend yield 1.0 % 0.0 % Expected life (in years) 6.25 6.25 Risk free rate 2.1 % 2.0 % No stock options were granted in 2015. Compensation expense relating to options of $35,000 and $15,000, respectively, was included in earnings for 2015 and 2014. For 2013, United recognized a credit to compensation expense of $51,000 due to forfeitures of unvested options which exceeded option expense for that year. A deferred income tax benefit related to stock option expense of $14,000 and $6,000 was included in the determination of income tax expense in 2015 and 2014, respectively. For 2013, United reversed previously recognized deferred taxes of $20,000 related to the forfeited options. The amount of compensation expense for all periods was determined based on the fair value of options at the time of grant, multiplied by the number of options granted that were expected to vest, which was then amortized over the vesting period. There were no options exercised during 2015, 2014 and 2013. Compensation expense for restricted stock is based on the fair value of restricted stock awards at the time of grant, which is equal to the value of United’s common stock on the date of grant. The value of restricted stock grants that are expected to vest is amortized into expense over the vesting period. Compensation expense recognized in the consolidated statement of income for restricted stock in 2015, 2014 and 2013 was $4.37 million, $4.29 million and $2.85 million, respectively. The total intrinsic value of restricted stock at December 31, 2015 was approximately $13.9 million. As of December 31, 2015, there was $8.94 million of unrecognized compensation cost related to nonvested stock options and restricted stock granted under the plan. The cost is expected to be recognized over a weighted-average period of 2.44 years. The aggregate grant date fair value of options and restricted stock that vested during 2015 was $4.26 million. United sponsors a Dividend Reinvestment and Stock Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from the Company. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. The DRIP had previously been suspended but was re-activated in 2014 when United restored its quarterly dividend. In 2015 and 2014, 2,916 and 191 shares, respectively, were issued under the DRIP. No shares were issued under the DRIP in 2013. Effective January 1, 2015, United’s 401(k) Plan discontinued offering shares of United’s common stock as an investment option. During 2014 and 2013, United’s 401(k) Plan purchased 17,373 shares and 48,996 shares, respectively, directly from United at the average of the high and low stock prices on the transaction dates. In addition, United has an Employee Stock Purchase Program (“ESPP”) that allows eligible employees to purchase shares of common stock at a discount (10% in 2015 and 5% in both 2014 and 2013), with no commission charges. During 2015, 2014 and 2013 United issued 14,213 shares, 10,506 shares and 13,982 shares, respectively, through the ESPP. United offers its common stock as an investment option in its deferred compensation plan. The common stock component is accounted for as an equity instrument and is reflected in the consolidated balance sheet as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United stock and settlement must be accomplished in shares at the time the deferral period is completed. United also allows restricted stock grantees to defer all or a portion of their restricted stock in the deferred compensation plan upon vesting. At December 31, 2015 and 2014, United had 458,953 and 357,983 shares, respectively, of its common stock that was issuable under the deferred compensation plan. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value [Abstract] | |
Assets and Liabilities Measured at Fair Value | (23) Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the Financial Accounting Standards Board’s Accounting Standards Codification Topic 820 (“ASC 820”) Fair Value Measurements and Disclosures Fair Value Hierarchy Level 1 Level 2 Level 3 In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. United’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Securities Available-for-Sale Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Department of the 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. United also uses best effort and mandatory delivery forward loan sale commitments to hedge risk in its mortgage lending business. To comply with the provisions of ASC 820, United incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2015, management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Derivatives classified as Level 3 included structured derivatives for which broker quotes, used as a key valuation input, were not observable consistent with a Level 2 disclosure. This resulted in the Bank transferring them to a Level 3 disclosure in 2014. The fair value of interest rate lock commitments, which are related to mortgage loan commitments and are categorized as Level 3, are based on quoted market prices adjusted for commitments that United does not expect to fund. Servicing Rights for Government Guaranteed Loans United recognizes servicing rights upon the sale of government guaranteed loans sold with servicing retained. 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 considers this asset as Level 3. Pension Plan Assets For disclosure regarding the fair value of pension plan assets, see Note 17. 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, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 168,706 $ - $ - $ 168,706 U.S. Agencies - 112,340 - 112,340 State and political subdivisions - 56,268 - 56,268 Mortgage-backed securities - 1,113,118 - 1,113,118 Corporate bonds - 305,276 750 306,026 Asset-backed securities - 533,242 - 533,242 Other - 1,811 - 1,811 Deferred compensation plan assets 3,450 - - 3,450 Servicing rights for government guaranteed loans - - 3,712 3,712 Derivative financial instruments - 10,664 9,418 20,082 Total assets $ 172,156 $ 2,132,719 $ 13,880 $ 2,318,755 Liabilities: Deferred compensation plan liability $ 3,450 $ - $ - $ 3,450 Derivative financial instruments - 13,031 15,794 28,825 Total liabilities $ 3,450 $ 13,031 $ 15,794 $ 32,275 December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 105,709 $ - $ - $ 105,709 U.S. 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 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) Derivative Derivative Servicing Securities December 31, 2012 $ - $ - $ - $ 350 Transfers between valuation levels, net - - - - December 31, 2013 - - - 350 Business combinations - - 2,133 - Additions - - 832 - Sales and settlements - - (152 ) - Other comprehensive income - - - 400 Amounts included in earnings - fair value adjustments - - (262 ) - Transfers between valuation levels, net 12,262 18,979 - - December 31, 2014 12,262 18,979 2,551 750 Business combinations 286 - 137 - Additions 311 - 1,699 - Sales and settlements (409 ) - (353 ) - Amounts included in earnings - fair value adjustments (3,032 ) (3,185 ) (322 ) - Transfers between valuation levels, net - - - - December 31, 2015 $ 9,418 $ 15,794 $ 3,712 $ 750 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at (in thousands) Fair Value Weighted Average December 31, Valuation December 31, Level 3 Assets 2015 2014 Technique Unobservable Inputs 2015 2014 Servicing rights for government guaranteed loans $ 3,712 $ 2,551 Discounted cash flow Discount rate 11.8% 12.0% Corporate bonds 750 750 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets - mortgage 188 - Internal model Pull through rate 85 % N/A Derivative assets - other 9,230 12,262 Dealer priced Dealer priced N/A N/A Derivative liabilities 15,794 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. (in thousands) December 31, 2015 Level 1 Level 2 Level 3 Total Loans $ - $ - $ 7,589 $ 7,589 December 31, 2014 Loans $ - $ - $ 7,317 $ 7,317 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) for which draws can be reasonably predicted 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 are as follows (in thousands) Carrying Fair Value Level December 31, 2015 Amount Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 364,696 $ - $ 371,658 $ - $ 371,658 Loans, net 5,926,993 - - 5,840,554 5,840,554 Mortgage loans held for sale 24,231 - 24,660 - 24,660 Residential mortgage servicing rights 3,370 - - 3,521 3,521 Liabilities: Deposits 7,881,089 - 7,881,109 - 7,881,109 Federal Home Loan Bank advances 430,125 - 430,119 - 430,119 Long-term debt 165,620 - - 166,668 166,668 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 6,326,512 - 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 |
Condensed Financial Statements
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) [Abstract] | |
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) | (24) Condensed Financial Statements of United Community Banks, Inc. (Parent Only) Statement of Income For the Years Ended December 31, 2015, 2014 and 2013 (in thousands) 2015 2014 2013 Dividends from bank and other subsidiaries $ 81,000 $ 132,000 $ 50,000 Shared service fees from subsidiaries 7,628 8,057 6,764 Other 123 424 1,217 Total income 88,751 140,481 57,981 Interest expense 10,385 11,550 10,977 Other expense 11,185 9,868 8,658 Total expenses 21,570 21,418 19,635 Income tax benefit 1,709 2,357 24,862 Income before equity in undistributed earnings of subsidiaries 68,890 121,420 63,208 Equity in undistributed earnings of subsidiaries 2,688 (53,800 ) 209,932 Net income $ 71,578 $ 67,620 $ 273,140 Balance Sheet As of December 31, 2015 and 2014 (in thousands) 2015 2014 Assets Cash $ 50,338 $ 31,967 Investment in subsidiaries 1,114,856 816,919 Other assets 32,730 32,295 Total assets $ 1,197,924 $ 881,181 Liabilities and Shareholders' Equity Long-term debt $ 165,620 $ 129,865 Other liabilities 14,019 11,739 Total liabilities 179,639 141,604 Shareholders' equity 1,018,285 739,577 Total liabilities and shareholders' equity $ 1,197,924 $ 881,181 Statement of Cash Flows For the Years Ended December 31, 2015, 2014 and 2013 (in thousands) 2015 2014 2013 Operating activities: Net income $ 71,578 $ 67,620 $ 273,140 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the subsidiaries (2,688 ) 53,800 (209,932 ) Depreciation, amortization and accretion 26 22 82 Loss on prepayment of debt 754 - - Stock-based compensation 4,403 4,304 3,045 Change in assets and liabilities: Other assets 515 2,529 (29,168 ) Other liabilities (396 ) (9,177 ) 5,682 Net cash provided by operating activities 74,192 119,098 42,849 Investing activities: Payment for acquisition (76,893 ) - - Purchases of premises and equipment (12 ) (44 ) - Sales and paydowns of securities available for sale 250 537 586 Net cash (used in) provided by investing activities (76,655 ) 493 586 Financing activities: Repayment of long-term debt (48,521 ) - (35,000 ) Proceeds from issuance of long-term debt 83,924 - 40,000 Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 303 469 796 Proceeds from issuance of common stock, net of offering costs - 12,206 - Proceeds from exercise of warrant - - 19,389 Repurchase of outstanding warrant - (12,000 ) - Retirement of preferred stock - (121,613 ) (75,217 ) Cash dividends on common stock (14,822 ) (1,810 ) - Cash dividends on Series A preferred stock - - (15 ) Cash dividends on Series B preferred stock - (802 ) (9,440 ) Cash dividends on Series D preferred stock - (412 ) (1,657 ) Cash dividends on Series H preferred stock (50 ) - - Net cash provided by (used in) financing activities 20,834 (123,962 ) (61,144 ) Net change in cash 18,371 (4,371 ) (17,709 ) Cash at beginning of year 31,967 36,338 54,047 Cash at end of year $ 50,338 $ 31,967 $ 36,338 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation At December 31, 2015, United was a bank holding company subject to the regulation of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) whose principal business was conducted by its wholly-owned commercial bank subsidiary, United Community Bank (the “Bank”). United is subject to regulation under the Bank Holding Company Act of 1956. The consolidated financial statements include the accounts of United, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Bank is a Georgia state chartered commercial bank that serves markets throughout north Georgia, coastal Georgia, the Atlanta-Sandy Springs-Roswell, Georgia and Gainesville, Georgia metropolitan statistical areas, western North Carolina, upstate South Carolina and east Tennessee and provides a full range of banking services. The Bank is insured and subject to the regulation of the Federal Deposit Insurance Corporation (“FDIC”) and is also subject to the regulation of the Georgia Department of Banking and Finance. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. |
Operating Segments | Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions, those regions and banks have similar economic characteristics and are therefore aggregated into one operating segment for purposes of segment reporting. Additionally United assessed other operating units to determine if they should be classified and reported as segments. They include Mortgage, Advisory Services and Specialized Lending. Each was assessed for separate reporting on both a qualitative and a quantitative basis in accordance with Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification Topic 280 Segment Reporting (“ASC 280”). Qualitatively, these business units are currently operating in the same geographic footprint as the community banks and face many of the same customers as the community banks. While the chief operating decision maker does have some separate financial information for these entities, they are currently viewed more as a product line extension of the community banks. However, management will continue to evaluate these business units for separate reporting as facts and circumstances change. On a quantitative basis, ASC 280 provides a threshold of 10% of Revenue, Net Income or Assets where a breach of any of these thresholds would trigger segment reporting. Under this requirement none of the entities reached the threshold. Based on this analysis, United concluded that it has one operating and reportable segment. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. A portion of the cash on hand and on deposit with the Federal Reserve Bank of Atlanta was required to meet regulatory reserve requirements. |
Investment Securities | Investment Securities United classifies its securities in one of three categories: trading, held-to-maturity or available-for-sale. United does not hold any trading securities that are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which United has the ability and intent to hold until maturity. All other securities are classified as available-for-sale. Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Available-for-sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income in the consolidated balance sheet. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Management evaluates investment securities for other than temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other than temporary is charged to earnings for a decline in value deemed to be credit related. The decline in value attributed to non credit related factors is recognized in other comprehensive income and a new cost basis for the security is established. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale and held-to-maturity are included in net income and derived using the specific identification method for determining the cost of the securities sold. Federal Home Loan Bank (“FHLB”) stock is included in other assets at its original cost basis, as cost approximates fair value as there is no ready market for such investments. |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale Mortgage loans held for sale are carried at the lower of aggregate cost or fair value. The amount by which cost exceeds fair value is accounted for as a valuation allowance. Changes in the valuation allowance are included in the determination of net income for the period in which the change occurs. No valuation allowances were required at December 31, 2015 or 2014 since those loans have fair values that exceeded the recorded cost basis. |
Loans | Loans With the exception of purchased loans that are recorded at fair value on the date of acquisition, loans are stated at principal amount outstanding, net of any unearned revenue and net of any deferred loan fees and costs. Interest on loans is primarily calculated by using the simple interest method on daily balances of the principal amount outstanding. Purchased Loans With Evidence of Credit Deterioration: Loans and Debt Securities Acquired with Deteriorated Credit Quality PCI loans are aggregated into pools of loans based on common risk characteristics such as the type of loan, payment status, or collateral type. United estimates the amount and timing of expected cash flows for each purchased loan pool and the expected cash flows in excess of the amount paid are recorded as interest income over the remaining life of the pool (accretable yield). The excess of the pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest revenue. Nonaccrual Loans: he accrual of interest is discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest revenue on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. Nonaccrual loans include smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Impaired Loans: PCI loans are considered to be impaired when it is probable that United will be unable to collect all the cash flows expected at acquisition, plus additional cash flows expected to be collected arising from changes in estimates after acquisition. Loans that are accounted for in pools are evaluated collectively for impairment on a pool by pool basis based on expected pool cash flows. Discounts continue to be accreted as long as there are expected future cash flows in excess of the current carrying amount of the specifically-reviewed loan or pool. Concentration of Credit Risk: |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses includes the allowance for loan losses and the allowance for unfunded commitments included in other liabilities. Increases to the allowance for loan losses and allowance for unfunded commitments are established through a provision for credit losses charged to income. Loans are charged against the allowance for loan losses when available information confirms that the collectability of the principal is unlikely. The allowance for loan losses represents an amount, which, in management’s judgment, is adequate to absorb probable losses on existing loans as of the date of the balance sheet. The allowance for unfunded commitments represents expected losses on unfunded commitments and is reported in the consolidated balance sheet in other liabilities. The allowance for loan losses is composed of general reserves, specific reserves, and PCI reserves. General reserves are determined by applying loss percentages to the individual loan categories that are based on actual historical loss experience. United uses an eight-quarter weighted average annualized historical loss rate for each major loan category multiplied by the estimated loss emergence period for each loan type. Additionally, the general economic and business conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio, the findings of internal and external credit reviews and results from external bank regulatory examinations are considered in this evaluation. The need for specific reserves is evaluated on nonaccrual loan relationships greater than $500,000, accruing relationships rated substandard that are greater than $2 million and all troubled debt restructurings (“TDRs”). The specific reserves are determined on a loan-by-loan basis based on management’s evaluation of United’s exposure for each credit, given the current payment status of the loan and the value of any underlying collateral. Loans for which specific reserves are provided are excluded from the calculation of general reserves. For PCI loans, a valuation allowance is established when it is probable that the Company will be unable to collect all the cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimate after acquisition. The allocation of the allowance for loan losses is based on historical data, subjective judgment and estimates and, therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. Allowance for Credit Losses, continued Owner occupied commercial real estate – Income producing commercial real estate – Commercial & industrial Commercial construction Residential mortgage Home equity lines of credit – Residential construction Consumer installment Indirect auto - Management outsources a significant portion of its loan review to ensure objectivity in the loan review process and to challenge and corroborate the loan grading system. The loan review function provides additional analysis used in determining the adequacy of the allowance for loan losses. To supplement the outsourced loan review, management also has an internal loan review department that is independent of the lending function. Management believes the allowance for loan losses is appropriate at December 31, 2015. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review United’s allowance for loan losses. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight-line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years, for land improvements, 10 years, and for furniture and equipment, 3 to 10 years. United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. |
Foreclosed Properties | Foreclosed Properties Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the allowance for loan losses. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Financed sales of foreclosed property are accounted for in accordance with Accounting Standards Codification Topic 360, Subtopic 20, Real Estate Sales |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit intangible assets resulting from United’s acquisitions. Core deposit intangible assets are amortized on a sum-of-the-years-digits basis over their estimated useful lives. United evaluates its other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
Servicing Rights | Servicing Rights United records a separate servicing asset for Small Business Administration (“SBA”) loans, United States Department of Agriculture (“USDA”) loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans at fair value. There is no aggregation of the loans into pools for the valuation of the servicing asset, but rather the servicing asset value is measured at a loan level. Residential mortgage servicing rights are subsequently measured using the amortization method which requires the servicing rights to be amortized to expense over the estimated life of the servicing right. These servicing rights are carried at the lower of amortized cost or estimated fair value. Impairment valuations are based on projections using a discounted cash flow method that includes assumptions regarding prepayments, interest rates, servicing costs and other factors. Impairment is measured on a disaggregated basis for each stratum of the servicing rights, which is segregated based on predominant risk characteristics including interest rate and loan type. Subsequent increases in value are recognized to the extent of previously recorded impairment for each stratum. The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. |
Bank Owned Life Insurance | Bank Owned Life Insurance United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams through acquisitions of other banks. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income taxes during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of United’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. United recognizes interest and / or penalties related to income tax matters in income tax expense. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. United’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that net interest revenue is not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. In carrying out this part of its interest rate risk management strategy, United uses interest rate derivative contracts. The primary type of derivative contract used by United to manage interest rate risk is interest rate swaps. Interest rate swaps generally involve the exchange of fixed- and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, the Company is subject to the risk of variability in market prices. United also enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. Most of this activity is on a matched basis, with a loan sale commitment hedging a specific loan. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. United classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), or (3) derivatives not designated as accounting hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. United has master netting agreements with the derivatives dealers with which it does business, but reflects gross assets and liabilities on the consolidated balance sheet. United uses the long-haul method to assess hedge effectiveness. United documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in offsetting corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, changes in the value of derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. For fair value hedges and cash flow hedges, ineffectiveness is recognized in the same income statement line as interest accruals on the hedged item to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, United discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge) or over the time when the hedged item was forecasted to impact earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). By using derivative instruments, United is exposed to credit and market risk. If the counterparty fails to perform, credit risk is represented by the fair value gain in a derivative. When the fair value of a derivative contract is positive, this situation generally indicates that the counterparty is obligated to pay United, and, therefore, creates a repayment risk for United. When the fair value of a derivative contract is negative, United is obligated to pay the counterparty and, therefore, has no repayment risk. United minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by United. United also requires the counterparties to pledge securities as collateral to cover the net exposure. United’s derivative activities are monitored by its Asset/Liability Management Committee (“ALCO”) as part of that committee’s oversight of United’s asset/liability and treasury functions. ALCO is responsible for implementing various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the overall interest-rate risk management process. United recognizes the |
Acquisition Activities | Acquisition Activities United accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values 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. The determination of the fair value of loans acquired takes into account credit quality deterioration and probability of loss; therefore, the related allowance for loan losses is not carried forward. All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets may be exchanged in observable exchange transactions. As a result, the depositor relationship intangible asset is considered identifiable, because the separability criterion has been met. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is net income available to common shareholders divided by the weighted average number of shares of common stock outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Additionally, shares issuable to participants in United’s deferred compensation plan are considered to be participating securities for purposes of calculating basic earnings per share. Diluted earnings per common share includes the dilutive effect of additional potential shares of common stock issuable under stock options, warrants and securities convertible into common stock. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. |
Dividend Restrictions | Dividend Restrictions Banking regulations require maintaining certain capital levels and may limit dividends paid by the Bank to United or by United to shareholders. Specifically, dividends paid by the Bank to United require pre-approval of the Georgia Department of Banking and Finance and the FDIC while the Bank has an accumulated deficit (negative retained earnings). |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 23. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Stock-Based Compensation | Stock-Based Compensation United uses the fair value method of recognizing expense for stock-based compensation based on the fair value of option and restricted stock awards at the date of grant. |
Reclassifications | Reclassifications Certain 2014 and 2013 amounts have been reclassified to conform to the 2015 presentation. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Schedule of actual results and pro forma information | Revenue Net Income Actual MoneyTree from May 1, 2015 - December 31, 2015 $ 8,373 $ 3,806 Actual Palmetto from September 1, 2015 - December 31, 2015 17,887 7,010 2015 supplemental consolidated pro forma from January 1, 2015 - December 31, 2015 367,349 85,182 2014 supplemental consolidated pro forma from January 1, 2014 - December 31, 2014 342,211 72,438 |
Palmetto Bank | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | As Recorded Fair Value As Recorded by by Palmetto Adjustments (1) United Assets Cash and cash equivalents $ 64,906 $ - $ 64,906 Securities 208,407 (340 ) 208,067 Loans held for sale 2,356 91 2,447 Loans, net 802,111 (5,552 ) 796,559 Premises and equipment, net 21,888 (4,291 ) 17,597 Bank owned life insurance 12,133 (148 ) 11,985 Accrued interest receivable 3,227 (346 ) 2,881 Net deferred tax asset 14,798 1,150 15,948 Core deposit intangible - 12,900 12,900 Other assets 18,439 (4,234 ) 14,205 Total assets acquired $ 1,148,265 $ (770 ) $ 1,147,495 Liabilities Deposits $ 989,296 $ - $ 989,296 Short-term borrowings 13,537 - 13,537 Other liabilities 11,994 2,808 14,802 Total liabilities assumed 1,014,827 2,808 1,017,635 Excess of assets acquired over liabilities assumed $ 133,438 Aggregate fair value adjustments $ (3,578 ) Consideration transferred Cash 74,003 Common stock issued (8,700,012 shares) 170,259 Total fair value of consideration transferred 244,262 Goodwill $ 114,402 (1) |
Additional information related to acquired loan portfolio at acquisition date | September 1, 2015 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 63,623 Non-accretable difference 13,397 Cash flows expected to be collected 50,226 Accretable yield 4,306 Fair value $ 45,920 Excluded from ASC 310-30: Fair value $ 750,639 Gross contractual amounts receivable 859,628 Estimate of contractual cash flows not expected to be collected 7,733 |
Money Tree Corporation | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | As Recorded Fair Value As Recorded by by MoneyTree Adjustments (1) 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 1,362 10,859 Bank owned life insurance 11,194 - 11,194 Core deposit intangible - 4,220 4,220 Other assets 5,462 (399 ) 5,063 Total assets acquired $ 456,727 $ 2,667 $ 459,394 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 1,828 2,692 Total liabilities assumed 406,697 2,815 409,512 SBLF preferred stock assumed 9,992 - 9,992 Excess of assets acquired over liabilities and preferred stock assumed $ 40,038 Aggregate fair value adjustments $ (148 ) Consideration transferred Cash 10,699 Common stock issued (2,358,503 shares) 43,892 Total fair value of consideration transferred 54,591 Goodwill $ 14,701 (1) |
Additional information related to acquired loan portfolio at acquisition date | 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 |
Balance Sheet Offsetting and 35
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Offsetting [Abstract] | |
Schedule of summary of amounts outstanding under reverse repurchase agreements | Gross Gross Gross Amounts not Offset December 31, 2015 Recognized Balance Net Asset Financial Collateral Net Amount Repurchase agreements / reverse repurchase agreements $ 400,000 $ (400,000 ) $ - $ - $ - $ - Derivatives 20,082 - 20,082 (519 ) (3,729 ) 15,834 Total $ 420,082 $ (400,000 ) $ 20,082 $ (519 ) $ (3,729 ) $ 15,834 Weighted average interest rate of reverse repurchase agreements 1.34 % Gross Gross Gross Amounts not Offset Recognized Balance Net Liabilities Financial Collateral Net Amount Repurchase agreements / reverse repurchase agreements $ 400,000 $ (400,000 ) $ - $ - $ - $ - Derivatives 28,825 - 28,825 (519 ) (30,917 ) - Total $ 428,825 $ (400,000 ) $ 28,825 $ (519 ) $ (30,917 ) $ - Weighted average interest rate of repurchase agreements .50 % Gross Gross Gross Amounts not Offset December 31, 2014 Recognized Balance Net Asset Financial Collateral Net Amount 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 Gross Amounts not Offset Recognized Balance Net Liabilities Financial Collateral Net Amount 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 % |
Schedule of repurchase agreements remaining contractual maturity of the agreements | Remaining Contractual Maturity of the Agreements Overnight and As of December 31, 2015 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total U.S. Treasuries $ - $ - $ 100,000 $ - $ 100,000 U.S. Government agencies 32 - - - 32 Mortgage-backed securities 16,608 25,000 175,000 100,000 316,608 Total $ 16,640 $ 25,000 $ 275,000 $ 100,000 $ 416,640 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 400,000 Amounts related to agreements not included in offsetting disclosure $ 16,640 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment Securities [Abstract] | |
Schedule of cost basis, unrealized gains and losses, and fair value of securities held-to-maturity | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of December 31, 2015 State and political subdivisions $ 62,073 $ 3,211 $ - $ 65,284 Mortgage-backed securities (1) 302,623 5,424 1,673 306,374 Total $ 364,696 $ 8,635 $ 1,673 $ 371,658 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 (1) |
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of December 31, 2015 U.S. Treasuries $ 169,034 $ 156 $ 484 $ 168,706 U.S. Government agencies 112,394 385 439 112,340 State and political subdivisions 56,265 461 458 56,268 Mortgage-backed securities (1) 1,108,206 12,077 7,165 1,113,118 Corporate bonds 308,102 933 3,009 306,026 Asset-backed securities 538,679 569 6,006 533,242 Other 1,811 - - 1,811 Total $ 2,294,491 $ 14,581 $ 17,561 $ 2,291,511 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 (1) |
Schedule of summary of held to maturity securities in an unrealized loss position | Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of December 31, 2015 Mortgage-backed securities $ 140,362 $ 1,331 $ 13,127 $ 342 $ 153,489 $ 1,673 Total unrealized loss position $ 140,362 $ 1,331 $ 13,127 $ 342 $ 153,489 $ 1,673 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 |
Schedule of summary of available for sale securities in an unrealized loss position | Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of December 31, 2015 U.S. Treasuries $ 126,066 $ 484 $ - $ - $ 126,066 $ 484 U.S. Government agencies 74,189 439 - - 74,189 439 State and political subdivisions 27,014 458 - - 27,014 458 Mortgage-backed securities 274,005 2,580 173,254 4,585 447,259 7,165 Corporate bonds 221,337 2,759 750 250 222,087 3,009 Asset-backed securities 358,940 5,746 4,816 260 363,756 6,006 Total unrealized loss position $ 1,081,551 $ 12,466 $ 178,820 $ 5,095 $ 1,260,371 $ 17,561 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 |
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 $ 94,550 $ 94,194 $ - $ - 5 to 10 years 74,484 74,512 - - 169,034 168,706 - - US Government agencies: 1 to 5 years 20,030 19,897 - - 5 to 10 years 92,364 92,443 - - 112,394 112,340 - - State and political subdivisions: Within 1 year 4,041 4,059 3,506 3,572 1 to 5 years 10,638 10,852 15,500 16,426 5 to 10 years 32,695 32,305 21,235 23,124 More than 10 years 8,891 9,052 21,832 22,162 56,265 56,268 62,073 65,284 Corporate bonds: 1 to 5 years 197,903 197,798 - - 5 to 10 years 77,776 77,329 - - More than 10 years 32,423 30,899 - - 308,102 306,026 - - Asset-backed securities: 1 to 5 years 2,849 2,831 - - 5 to 10 years 243,705 241,230 - - More than 10 years 292,125 289,181 - - 538,679 533,242 - - Other: More than 10 years 1,811 1,811 - - 1,811 1,811 - - Total securities other than mortgage-backed securities: Within 1 year 4,041 4,059 3,506 3,572 1 to 5 years 325,970 325,572 15,500 16,426 5 to 10 years 521,024 517,819 21,235 23,124 More than 10 years 335,250 330,943 21,832 22,162 Mortgage-backed securities 1,108,206 1,113,118 302,623 306,374 $ 2,294,491 $ 2,291,511 $ 364,696 $ 371,658 |
Schedule of summary of securities sales activities | 2015 2014 2013 Proceeds from sales $ 353,860 $ 419,201 $ 39,731 Gross gains on sales $ 2,409 $ 6,003 $ 264 Gross losses on sales (154 ) (1,132 ) (78 ) Net gains on sales of securities $ 2,255 $ 4,871 $ 186 Income tax expense attributable to sales $ 862 $ 1,902 $ 72 |
Loans and Allowance for Credi37
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of major classifications of loans | December 31, 2015 2014 Owner occupied commercial real estate $ 1,493,966 $ 1,163,480 Income producing commercial real estate 823,729 598,537 Commercial & industrial 785,417 710,256 Commercial construction 342,078 196,030 Total commercial 3,445,190 2,668,303 Residential mortgage 1,029,663 865,789 Home equity lines of credit 597,806 465,872 Residential construction 351,700 298,627 Consumer installment 115,111 104,899 Indirect auto 455,971 268,629 Total loans 5,995,441 4,672,119 Less allowance for loan losses (68,448 ) (71,619 ) Loans, net $ 5,926,993 $ 4,600,500 |
Schedule of value of the accretable yield for acquired loans | Year Ended December 31, 2015 Balance at beginning of period $ - Additions due to acquisitions 5,335 Accretion (1,056 ) Balance at end of period $ 4,279 |
Schedule of balance and activity in allowance for credit losses by portfolio segment | Year Ended December 31, 2015 Beginning Charge- Recoveries Allocation Provision Ending Owner occupied commercial real estate $ 16,041 $ (2,096 ) $ 358 $ - $ 2,429 $ 16,732 Income producing commercial real estate 10,296 (522 ) 697 - (2,236 ) 8,235 Commercial & industrial 3,255 (1,358 ) 2,174 - 371 4,442 Commercial construction 4,747 (507 ) 77 - 1,266 5,583 Residential mortgage 20,311 (3,178 ) 1,662 - (1,563 ) 17,232 Home equity lines of credit 4,574 (1,094 ) 226 - 2,336 6,042 Residential construction 10,603 (2,291 ) 832 - (1,183 ) 7,961 Consumer installment 731 (1,597 ) 1,044 - 650 828 Indirect auto 1,061 (772 ) 86 - 1,018 1,393 Total allowance for loan losses 71,619 (13,415 ) 7,156 - 3,088 68,448 Allowance for unfunded commitments 1,930 - - - 612 2,542 Total allowance for credit losses $ 73,549 $ (13,415 ) $ 7,156 $ - $ 3,700 $ 70,990 Year Ended December 31, 2014 Beginning Charge- Recoveries Allocation Provision Ending Owner occupied commercial real estate $ 17,164 $ (3,136 ) $ 3,056 $ 1,278 $ (2,321 ) $ 16,041 Income producing commercial real estate 7,174 (1,611 ) 725 688 3,320 10,296 Commercial & industrial 6,527 (2,145 ) 1,698 318 (3,143 ) 3,255 Commercial construction 3,669 (235 ) 6 388 919 4,747 Residential mortgage 15,446 (7,502 ) 1,110 1,452 9,805 20,311 Home equity lines of credit 5,528 (2,314 ) 287 391 682 4,574 Residential construction 12,532 (3,176 ) 627 1,728 (1,108 ) 10,603 Consumer installment 1,353 (2,008 ) 1,226 - 160 731 Indirect auto 1,126 (540 ) 54 - 421 1,061 Unallocated 6,243 - - (6,243 ) - - Total allowance for loan losses 76,762 (22,667 ) 8,789 - 8,735 71,619 Allowance for unfunded commitments 2,165 - - - (235 ) 1,930 Total allowance for credit losses $ 78,927 $ (22,667 ) $ 8,789 $ - $ 8,500 $ 73,549 Year Ended December 31, 2013 Beginning Charge- Recoveries Allocation Provision Ending Owner occupied commercial real estate $ 17,265 $ (24,965 ) $ 1,305 $ - $ 23,559 $ 17,164 Income producing commercial real estate 10,582 (11,505 ) 640 - 7,457 7,174 Commercial & industrial 5,537 (18,914 ) 1,888 - 18,016 6,527 Commercial construction 8,389 (6,483 ) 69 - 1,694 3,669 Residential mortgage 19,117 (8,840 ) 611 - 4,558 15,446 Home equity lines of credit 7,525 (3,437 ) 104 - 1,336 5,528 Residential construction 26,662 (23,049 ) 173 - 8,746 12,532 Consumer installment 2,527 (2,184 ) 1,114 - (104 ) 1,353 Indirect auto 220 (277 ) 40 - 1,143 1,126 Unallocated 9,313 - - - (3,070 ) 6,243 Total allowance for loan losses 107,137 (99,654 ) 5,944 - 63,335 76,762 Allowance for unfunded commitments - - - - 2,165 2,165 Total allowance for credit losses $ 107,137 $ (99,654 ) $ 5,944 $ - $ 65,500 $ 78,927 Allowance for Loan Losses December 31, 2015 December 31, 2014 Individually Collectively PCI Ending Individually Collectively Ending Owner occupied commercial real estate $ 1,465 $ 15,267 $ - $ 16,732 $ 2,737 $ 13,304 $ 16,041 Income producing commercial real estate 961 7,274 - 8,235 1,917 8,379 10,296 Commercial & industrial 280 4,162 - 4,442 15 3,240 3,255 Commercial construction 13 5,570 - 5,583 729 4,018 4,747 Residential mortgage 3,885 13,347 - 17,232 3,227 17,084 20,311 Home equity lines of credit 6 6,036 - 6,042 47 4,527 4,574 Residential construction 174 7,787 - 7,961 1,192 9,411 10,603 Consumer installment 13 815 - 828 18 713 731 Indirect auto - 1,393 - 1,393 - 1,061 1,061 Total allowance for loan losses 6,797 61,651 - 68,448 9,882 61,737 71,619 Allowance for unfunded commitments - 2,542 - 2,542 - 1,930 1,930 Total allowance for credit losses $ 6,797 $ 64,193 $ - $ 70,990 $ 9,882 $ 63,667 $ 73,549 Loans Outstanding December 31, 2015 December 31, 2014 Individually Collectively PCI Ending Individually Collectively Ending Owner occupied commercial real estate $ 38,268 $ 1,442,024 $ 13,674 $ 1,493,966 $ 34,654 $ 1,128,826 $ 1,163,480 Income producing commercial real estate 23,013 772,945 27,771 823,729 24,484 574,053 598,537 Commercial & industrial 3,339 781,423 655 785,417 3,977 706,279 710,256 Commercial construction 10,616 329,320 2,142 342,078 12,321 183,709 196,030 Residential mortgage 19,627 1,005,860 4,176 1,029,663 18,775 847,014 865,789 Home equity lines of credit 167 595,951 1,688 597,806 478 465,394 465,872 Residential construction 7,900 342,677 1,123 351,700 11,604 287,023 298,627 Consumer installment 329 114,741 41 115,111 179 104,720 104,899 Indirect auto 749 455,173 49 455,971 - 268,629 268,629 Total loans $ 104,008 $ 5,840,114 $ 51,319 $ 5,995,441 $ 106,472 $ 4,565,647 $ 4,672,119 |
Schedule of summary of loans outstanding | 2015 2014 Balance at beginning of period $ 3,204 $ 2,898 New loans and advances 40 400 Repayments (512 ) (94 ) Balance at end of period $ 2,732 $ 3,204 |
Schedule of average balances of impaired loans and income recognized on impaired loans | 2015 2014 2013 Average Interest Cash Basis Average Interest Cash Basis Average Interest Cash Basis Owner occupied commercial real estate $ 37,842 $ 1,895 $ 1,975 $ 32,748 $ 1,647 $ 1,712 $ 31,935 $ 1,923 $ 2,044 Income producing commercial real estate 21,889 1,079 1,077 25,920 1,270 1,311 27,789 1,630 1,763 Commercial & industrial 4,360 166 263 4,290 175 231 4,609 401 865 Commercial construction 11,920 443 443 12,156 455 458 13,946 633 720 Total commercial 76,011 3,583 3,758 75,114 3,547 3,712 78,279 4,587 5,392 Residential mortgage 21,396 868 838 20,132 873 869 20,906 1,091 1,066 Home equity lines of credit 420 17 16 518 21 22 507 23 22 Residential construction 8,965 467 482 13,058 576 575 14,558 993 1,023 Consumer installment 223 16 16 305 19 22 383 21 21 Indirect auto 221 11 11 - - - - - - Total $ 107,236 $ 4,962 $ 5,121 $ 109,127 $ 5,036 $ 5,200 $ 114,633 $ 6,715 $ 7,524 |
Schedule of loans individually evaluated for impairment by class of loans | December 31, 2015 December 31, 2014 Unpaid Recorded Allowance Unpaid Recorded Allowance With no related allowance recorded: Owner occupied commercial real estate $ 14,793 $ 14,460 $ - $ 12,025 $ 11,325 $ - Income producing commercial real estate 13,044 12,827 - 8,311 8,311 - Commercial & industrial 493 469 - 1,679 1,042 - Commercial construction - - - - - - Total commercial 28,330 27,756 - 22,015 20,678 - Residential mortgage 791 791 - 2,569 1,472 - Home equity lines of credit - - - - - - Residential construction 3,731 3,429 - 4,338 3,338 - Consumer installment - - - - - - Indirect auto 749 749 - - - - Total with no related allowance recorded 33,601 32,725 - 28,922 25,488 - With an allowance recorded: Owner occupied commercial real estate 24,043 23,808 1,465 24,728 23,329 2,737 Income producing commercial real estate 10,281 10,186 961 16,352 16,173 1,917 Commercial & industrial 2,957 2,870 280 2,936 2,935 15 Commercial construction 10,787 10,616 13 12,401 12,321 729 Total commercial 48,068 47,480 2,719 56,417 54,758 5,398 Residential mortgage 19,346 18,836 3,885 17,732 17,303 3,227 Home equity lines of credit 167 167 6 478 478 47 Residential construction 4,854 4,471 174 8,962 8,266 1,192 Consumer installment 354 329 13 179 179 18 Indirect auto - - - - - - Total with an allowance recorded 72,789 71,283 6,797 83,768 80,984 9,882 Total $ 106,390 $ 104,008 $ 6,797 $ 112,690 $ 106,472 $ 9,882 |
Schedule of recorded investment in nonaccrual loans | December 31, 2015 2014 Owner occupied commercial real estate $ 7,036 $ 4,133 Income producing commercial real estate 2,595 717 Commercial & industrial 892 1,571 Commercial construction 328 83 Total commercial 10,851 6,504 Residential mortgage 8,555 8,196 Home equity lines of credit 851 695 Residential construction 1,398 2,006 Consumer installment 175 134 Indirect auto 823 346 Total $ 22,653 $ 17,881 |
Schedule of aging of the recorded investment in past due loans | Loans Past Due Loans Not 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total As of December 31, 2015 Owner occupied commercial real estate $ 3,733 $ 1,686 $ 1,400 $ 6,819 $ 1,473,473 $ 13,674 $ 1,493,966 Income producing commercial real estate 204 1,030 621 1,855 794,103 27,771 823,729 Commercial & industrial 858 88 489 1,435 783,327 655 785,417 Commercial construction 159 - 76 235 339,701 2,142 342,078 Total commercial 4,954 2,804 2,586 10,344 3,390,604 44,242 3,445,190 Residential mortgage 5,111 1,338 3,544 9,993 1,015,494 4,176 1,029,663 Home equity lines of credit 1,118 188 287 1,593 594,525 1,688 597,806 Residential construction 2,180 239 344 2,763 347,814 1,123 351,700 Consumer installment 610 115 83 808 114,262 41 115,111 Indirect auto 611 311 561 1,483 454,439 49 455,971 Total loans $ 14,584 $ 4,995 $ 7,405 $ 26,984 $ 5,917,138 $ 51,319 $ 5,995,441 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 |
Schedule of loans modified under the terms of TDR | New TDRs TDRs Modified Within the Year That Have Subsequently Defaulted During the Year Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Recorded Investment Year ended December 31, 2015 Owner occupied commercial real estate 12 $ 13,496 $ 13,369 1 $ 178 Income producing commercial real estate 4 1,821 1,821 - - Commercial & industrial 9 1,325 1,246 - - Commercial construction 1 233 233 - - Total commercial 26 16,875 16,669 1 178 Residential mortgage 37 3,257 3,257 1 2 Home equity lines of credit 2 187 177 - - Residential construction 5 569 545 - - Consumer installment 10 222 222 2 32 Indirect auto - - - - - Total loans 80 $ 21,110 $ 20,871 4 $ 212 Year ended December 31, 2014 Owner occupied commercial real estate 12 $ 4,793 $ 4,793 1 $ 104 Income producing commercial real estate 3 1,459 1,459 - - Commercial & industrial 9 1,185 1,185 2 54 Commercial construction 6 829 829 - - Total commercial 30 8,266 8,266 3 158 Residential mortgage 39 3,622 3,445 9 892 Home equity lines of credit 1 36 36 - - Residential construction 4 1,262 1,262 - - Consumer installment 5 226 226 - - Indirect auto - - - - - Total loans 79 $ 13,412 $ 13,235 12 $ 1,050 Year ended December 31, 2013 Owner occupied commercial real estate 12 $ 6,326 $ 5,227 3 $ 670 Income producing commercial real estate 8 6,157 6,157 - - Commercial & industrial 14 1,464 1,208 1 35 Commercial construction 1 416 416 2 1,454 Total commercial 35 14,363 13,008 6 2,159 Residential mortgage 49 7,098 6,573 3 641 Home equity lines of credit - - - - - Residential construction 15 2,160 2,015 3 531 Consumer installment 11 80 80 5 29 Indirect auto - - - - - Total loans 110 $ 23,701 $ 21,676 17 $ 3,360 |
Schedule of additional information on troubled debt restructurings | December 31, 2015 December 31, 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 Owner occupied commercial real estate 54 $ 32,544 $ 32,058 54 $ 27,695 $ 26,296 Income producing commercial real estate 29 15,703 15,629 31 18,094 17,915 Commercial & industrial 26 2,955 2,870 32 2,848 2,847 Commercial construction 14 10,785 10,616 14 11,360 11,280 Total commercial 123 61,987 61,173 131 59,997 58,338 Residential mortgage 173 19,101 18,836 154 18,630 17,836 Home equity lines of credit 2 167 167 2 478 478 Residential construction 44 5,663 5,334 48 8,962 8,265 Consumer installment 22 348 329 17 179 179 Indirect auto 49 749 749 - - - Total loans 413 $ 88,015 $ 86,588 352 $ 88,246 $ 85,096 |
Schedule of risk category of loans by class of loans | Pass Watch Substandard Doubtful / Loss Total As of December 31, 2015 Owner occupied commercial real estate $ 1,414,353 $ 24,175 $ 41,764 $ - $ 1,480,292 Income producing commercial real estate 771,792 4,151 20,015 - 795,958 Commercial & industrial 770,287 8,171 6,304 - 784,762 Commercial construction 335,571 3,069 1,296 - 339,936 Total commercial 3,292,003 39,566 69,379 - 3,400,948 Residential mortgage 985,109 5,070 35,308 - 1,025,487 Home equity lines of credit 589,749 24 6,345 - 596,118 Residential construction 335,341 3,813 11,423 - 350,577 Consumer installment 114,178 - 892 - 115,070 Indirect auto 453,935 - 1,987 - 455,922 Total loans, excluding PCI loans $ 5,770,315 $ 48,473 $ 125,334 $ - $ 5,944,122 Owner occupied commercial real estate $ 1,811 $ 6,705 $ 4,809 $ 349 $ 13,674 Income producing commercial real estate 9,378 5,766 12,627 - 27,771 Commercial & industrial 17 83 505 50 655 Commercial construction 1,698 6 438 - 2,142 Total commercial 12,904 12,560 18,379 399 44,242 Residential mortgage - 410 3,766 - 4,176 Home equity lines of credit 214 - 1,474 - 1,688 Residential construction 345 39 227 512 1,123 Consumer installment 1 - 40 - 41 Indirect auto - - 49 - 49 Total PCI loans $ 13,464 $ 13,009 $ 23,935 $ 911 $ 51,319 As of December 31, 2014 Owner occupied commercial real estate $ 1,094,057 $ 18,889 $ 50,534 $ - $ 1,163,480 Income producing commercial real estate 560,559 16,701 21,277 - 598,537 Commercial & industrial 696,805 4,017 9,434 - 710,256 Commercial construction 190,070 2,311 3,649 - 196,030 Total commercial 2,541,491 41,918 84,894 - 2,668,303 Residential mortgage 814,168 11,594 40,027 - 865,789 Home equity lines of credit 459,881 - 5,991 - 465,872 Residential construction 280,166 5,535 12,926 - 298,627 Consumer installment 103,383 - 1,516 - 104,899 Indirect auto 267,709 - 920 - 268,629 Total loans $ 4,466,798 $ 59,047 $ 146,274 $ - $ 4,672,119 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |
Schedule of premises and equipments | December 31, 2015 2014 Land and land improvements $ 79,686 $ 79,525 Buildings and improvements 127,493 113,105 Furniture and equipment 68,309 59,827 Construction in progress 3,787 1,861 279,275 254,318 Less accumulated depreciation (101,110 ) (94,928 ) Premises and equipment, net $ 178,165 $ 159,390 |
Schedule of rent commitments under operating leases | 2016 $ 3,484 2017 3,213 2018 2,740 2019 2,624 2020 2,482 Thereafter 8,964 Total $ 23,507 |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule goodwill and other intangible assets | December 31, 2015 2014 Core deposit intangible $ 49,772 $ 32,652 Less: accumulated amortization (32,964 ) (30,520 ) Total intangibles subject to amortization, net 16,808 2,132 Goodwill 130,612 1,509 Total goodwill and other intangible assets, net $ 147,420 $ 3,641 |
Schedule of changes in the carrying amounts of goodwill | Goodwill, net of Accumulated Accumulated Impairment Impairment Goodwill Losses Losses December 31, 2013 $ 305,590 $ (305,590 ) $ - Acquisition of Business Carolina, Inc. 1,509 - 1,509 December 31, 2014 307,099 (305,590 ) 1,509 Acquisition of Palmetto 114,402 - 114,402 Acquisition of MoneyTree 14,701 - 14,701 December 31, 2015 $ 436,202 $ (305,590 ) $ 130,612 |
Schedule of amortization expense for future periods | Year 2016 $ 3,875 2017 2,900 2018 2,310 2019 1,924 2020 1,563 Thereafter 4,236 Total $ 16,808 |
SBA Servicing Rights (Tables)
SBA Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Schedule of changes in the balances of servicing assets and servicing liabilities subsequently measured using the fair value measurement method | 2015 2014 Servicing rights for government guaranteed loans, beginning of period $ 2,551 $ - Additions: Acquired servicing rights 137 2,133 Originated servicing rights capitalized upon sale of loans 1,699 832 Subtractions: Disposals (353 ) (152 ) Changes in fair value: Due to change in valuation inputs or assumptions used in the valuation model (322 ) (262 ) Servicing rights for government guaranteed loans, end of period $ 3,712 $ 2,551 |
Schedule of key characteristics, inputs, and economic assumptions used to estimate the fair value of SBA Servicing Asset | December 31, 2015 2014 Fair value of retained servicing assets $ 3,712 $ 2,551 Prepayment rate assumption 6.95 % 6.70 % 10% adverse change $ (84 ) $ (62 ) 20% adverse change $ (163 ) $ (122 ) Discount rate 11.8 % 12.0 % 100 bps adverse change $ (109 ) $ (85 ) 200bps adverse change $ (212 ) $ (164 ) Weighted-average life (years) 6.7 6.5 Weighted-average gross margin 2.02 % 2.00 % |
Schedule of changes in residential mortgage servicing rights | 2015 Residential mortgage servicing rights, net of valuation allowance, beginning of period $ - Additions: Acquired servicing rights 3,454 Originated servicing rights capitalized upon sale of loans 199 Subtractions: Amortization (273 ) Impairment (10 ) Residential mortgage servicing rights, net of valuation allowance, end of period $ 3,370 |
Schedule of valuation allowance for impairment of the residential mortgage servicing rights portfolio | 2015 Valuation allowance, beginning of period $ - Additions charged to operations, net 10 Valuation allowance, end of period $ 10 |
Schedule Of Estimated Future Amortization Expense Of Servicing Rights [Table Text Block] | 2016 $ 819 2017 667 2018 539 2019 434 2020 346 thereafter 565 $ 3,370 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Schedule of summary of contractual maturities of time deposits | 2016 $ 1,027,814 2017 137,114 2018 58,559 2019 23,894 2020 35,222 thereafter 241,939 $ 1,524,542 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of long-term debt | Stated Earliest December 31, Issue Maturity Call 2015 2014 Date Date Date Interest Rate 2012 senior debentures $ 35,000 $ 35,000 2012 2017 2017 9.000% 2013 senior debentures 40,000 40,000 2013 2018 2015 6.000 2022 senior debentures 50,000 - 2015 2022 2020 5.000% through August 13, 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 - 2015 2027 2025 5.500% through August 13, 2025 3-month LIBOR plus 3.71% thereafter Total senior debentures 160,000 75,000 United Community Capital Trust - 21,650 1998 2028 2008 8.125 United Community Statutory Trust I - 5,155 2000 2030 2010 10.600 United Community Capital Trust II - 10,309 2000 2030 2010 11.295 Southern Bancorp Capital Trust I 4,382 4,382 2004 2034 2009 Prime + 1.00 United Community Statutory Trust II - 12,131 2008 2038 2013 9.000 United Community Statutory Trust III 1,238 1,238 2008 2038 2013 Prime + 3.00 Total trust preferred securities 5,620 54,865 Total long-term debt $ 165,620 $ 129,865 |
Reclassifications Out of Accu43
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Schedule of details regarding amounts reclassified out of accumulated other comprehensive income | Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other For the Years Ended December 31, Affected Line Item in the Statement Comprehensive Income Components 2015 2014 2013 Where Net Income is Presented Realized gains on available-for-sale securities: $ 2,255 $ 4,871 $ 186 Securities gains, net (862 ) (1,902 ) (72 ) Tax expense $ 1,393 $ 2,969 $ 114 Net of tax Amortization of (losses) gains included in net income on available-for-sale securities transferred to held to maturity: $ (1,702 ) $ (1,656 ) $ 731 Investment securities interest revenue 638 622 (282 ) Tax (expense) benefit $ (1,064 ) $ (1,034 ) $ 449 Net of tax Amounts included in net income on derivative financial instruments accounted for as cash flow hedges: Effective portion of interest rate contracts $ - $ - $ 852 Loan interest revenue Ineffective portion of interest rate contracts - - 52 Loan interest revenue Effective portion of interest rate contracts - (764 ) - Time deposit interest expense Effective portion of interest rate contracts - (223 ) - Money market deposit interest expense Amortization of losses on de-designated positions (129 ) (79 ) - Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (695 ) (198 ) - Money market deposit interest expense Amortization of losses on de-designated positions (1,112 ) (234 ) - Federal Home Loan Bank advances interest expense Amortization of losses on de-designated positions - (512 ) - Time deposit interest expense (1,936 ) (2,010 ) 904 Total before tax 753 782 (352 ) Tax (expense) benefit $ (1,183 ) $ (1,228 ) $ 552 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 $ (465 ) $ (365 ) $ (365 ) Salaries and employee benefits expense Actuarial losses (271 ) - (167 ) Salaries and employee benefits expense (736 ) (365 ) (532 ) Total before tax 286 142 207 Tax benefit $ (450 ) $ (223 ) $ (325 ) Net of tax Total reclassifications for the period $ (1,304 ) $ 484 $ 790 Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of accrued dividends on preferred stock, including accretion of discounts | For the years ended December 31, 2015 2014 2013 Series A - 6% fixed $ - $ - $ 12 Series B - 5% fixed until December 6, 2013, 9% thereafter - 159 10,401 Series D - LIBOR plus 9.6875%, resets quarterly - 280 1,665 Series H - 1% until March 15, 2016, 9% thereafter 67 - - Total preferred stock dividends $ 67 $ 439 $ 12,078 |
Schedule of computation of basic and diluted loss per share | Year Ended December 31, 2015 2014 2013 Net income available to common stockholders $ 71,511 $ 67,181 $ 261,062 Income per common share: Basic 1.09 1.11 4.44 Diluted 1.09 1.11 4.44 Weighted average common shares: Basic 65,488 60,588 58,787 Effect of dilutive securities: Stock options 4 2 1 Warrants - - 57 Diluted 65,492 60,590 58,845 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule of income tax expense (benefit) | Year Ended December 31, 2015 2014 2013 Current $ 5,140 $ 1,224 $ 3,467 Deferred 37,685 37,524 23,785 Increase (decrease) in valuation allowance 611 702 (265,440 ) Total income tax expense (benefit) $ 43,436 $ 39,450 $ (238,188 ) |
Schedule of differences between the provision for income taxes and statutory federal income tax rate | Year Ended December 31, 2015 2014 2013 Pretax income at statutory rates $ 40,255 $ 37,475 $ 12,234 Add (deduct): State taxes, net of federal benefit 3,537 3,365 895 Bank owned life insurance earnings (348 ) (209 ) (704 ) Adjustment to reserve for uncertain tax positions (136 ) (200 ) (426 ) Tax-exempt interest revenue (662 ) (757 ) (714 ) Equity compensation - - 676 Transaction costs 509 - - Tax credits (190 ) (250 ) (438 ) Change in state statutory tax rate 340 - 1,003 Change in valuation allowance affecting other comprehensive income - - 12,174 Increase (decrease) in valuation allowance 611 702 (265,440 ) Other (480 ) (676 ) 2,552 Total income tax expense (benefit) $ 43,436 $ 39,450 $ (238,188) |
Schedule of summarizes the sources and expected tax consequences of future taxable deductions (revenue) | December 31, 2015 2014 Deferred tax assets: Allowance for loan losses $ 25,840 $ 27,563 Net operating loss carryforwards 155,757 184,015 Deferred compensation 8,727 7,188 Loan purchase accounting adjustments 7,940 - Reserve for losses on foreclosed properties 2,025 254 Nonqualified share based compensation 3,628 3,993 Accrued expenses 3,990 2,107 Investment in partnerships 1,814 1,856 Unamortized pension actuarial losses and prior service cost 2,151 1,862 Acquired intangible assets - 593 Unrealized losses on securities available-for-sale 2,943 - Unrealized losses on cash flow hedges 1,351 1,977 Derivatives 936 457 Other 2,174 714 Total deferred tax assets 219,276 232,579 Deferred tax liabilities: Unrealized gains on securities available-for-sale - 1,340 Acquired intangible assets 5,034 - Premises and equipment 398 2,452 Loan origination costs 5,030 4,342 Prepaid expenses 729 626 Servicing asset 2,208 - Uncertain tax positions 3,981 4,195 Total deferred tax liabilities 17,380 12,955 Less valuation allowance 4,283 4,121 Net deferred tax asset $ 197,613 $ 215,503 |
Schedule of reconciliation of the beginning and ending unrecognized tax benefit | 2015 2014 2013 Balance at beginning of year $ 4,195 $ 4,503 $ 5,069 Additions based on tax positions related to the current year 371 374 352 Decreases resulting from a lapse in the applicable statute of limitations (585 ) (682 ) (918 ) Balance at end of year $ 3,981 $ 4,195 $ 4,503 |
Pension and Employee Benefit 46
Pension and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pension and Employee Benefit Plans [Abstract] | |
Schedule of weighted-average assumptions used to determine pension benefit obligations | 2015 2014 Modified Modified Retirement Funded Retirement Plan Plan Plan Discount rate for disclosures 4.25 % 4.53 % 4.00 % Discount rate for net periodic benefit cost 4.00 % 4.50 % 4.50 % Expected long-term rate of return N/A 6.30 % N/A Rate of compensation increase N/A N/A N/A Measurement date 12/31/2015 12/31/2015 12/31/2014 |
Schedule of changes in obligations and plan assets | 2015 2014 Modified Modified Retirement Funded Retirement Plan Plan Plan Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 15,869 $ - $ 13,320 Business combinations - 19,620 - Service cost 376 - 341 Interest cost 628 292 579 Plan amendments 1,353 - - Actuarial (gains) losses (297 ) 136 1,933 Benefits paid (334 ) (802 ) (304 ) Accumulated benefit obligation - end of year 17,595 19,246 15,869 Change in plan assets, at fair value: Beginning plan assets - - - Business combinations - 18,028 - Actual return - 89 - Employer contribution 334 - 304 Benefits paid (334 ) (802 ) (304 ) Plan assets - end of year - 17,315 - Funded status - end of year (plan assets less benefit obligations) $ (17,595 ) $ (1,931 ) $ (15,869 ) |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income | 2015 2014 2013 Modified Modified Modified Retirement Funded Retirement Retirement Plan Plan Plan Plan Service cost $ 376 $ - $ 341 $ 465 Interest cost 628 292 579 533 Expected return on plan assets - (375 ) - - Amortization of prior service cost 465 - 365 365 Amortization of net losses 271 - - 167 Net periodic benefit cost $ 1,740 $ (83 ) $ 1,285 $ 1,530 |
Schedule of Estimated future benefit payments | Modified Retirement Funded Plan Plan 2016 $ 394 $ 1,046 2017 849 1,070 2018 1,066 1,109 2019 1,060 1,136 2020 1,143 1,145 2021-2025 5,610 5,957 $ 10,122 $ 11,463 |
Schedule of Funded Plan assets | Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,346 $ - $ - $ 2,346 Mutual funds 857 - - 857 Corporate stocks 1,178 - - 1,178 Exchange traded funds 12,902 - - 12,902 Other 32 - - 32 Total plan assets $ 17,315 $ - $ - $ 17,315 |
Derivatives and Hedging Activ47
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives and Hedging Activities [Abstract] | |
Schedule of derivative financial instruments on consolidated balance sheet | Derivatives designated as hedging instruments under ASC 815 Fair Value Balance Sheet December 31, Interest Rate Products Location 2015 2014 Fair value hedge of corporate bonds Derivative assets $ 31 $ - $ 31 $ - Cash flow hedge of money market deposits Derivative liabilities $ - $ 350 Fair value hedge of brokered CD's Derivative liabilities 2,169 5,817 $ 2,169 $ 6,167 Derivatives not designated as hedging instruments under ASC 815 Fair Value Balance Sheet December 31, Interest Rate Products Location 2015 2014 Customer swap positions Derivative assets $ 6,185 $ 3,433 Dealer offsets to customer swap positions Derivative assets 31 128 Mortgage banking - loan commitment Derivative assets 188 - Mortgage banking - forward sales commitment Derivative assets 1 - Bifurcated embedded derivatives Derivative assets 9,230 12,262 Offsetting positions for de-designated cash flow hedges Derivative assets 4,416 4,776 $ 20,051 $ 20,599 Customer swap positions Derivative liabilities $ 31 $ 129 Dealer offsets to customer swap positions Derivative liabilities 6,339 3,456 Mortgage banking - forward sales commitment Derivative liabilities 22 - Dealer offsets to bifurcated embedded derivatives Derivative liabilities 15,794 17,467 De-designated cash flow hedges Derivative liabilities 4,470 4,778 $ 26,656 $ 25,830 |
Schedule of effect of United's derivative financial instruments on the consolidated statement of income | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated Other Gain (Loss) Recognized in Income on Derivative 2015 2014 2013 Location 2015 2014 2013 Location 2015 2014 2013 Interest revenue $ - $ (79 ) $ 904 Interest expense (1,936 ) (1,931 ) - Interest rate swaps $ (471 ) $ (8,437 ) $ 10,084 $ (1,936 ) $ (2,010 ) $ 904 Interest expense $ (7 ) $ (107 ) $ 70 |
Schedule of effect of cash flow hedging derivative financial instruments on other comprehensive income | Location of Gain (Loss) Recognized Amount of Gain (Loss) Recognized in Amount of Gain (Loss) Recognized in in Income Income on Derivative Income on Hedged Item on Derivative 2015 2014 2013 2015 2014 2013 Fair value hedges of brokered CD's Interest expense $ 1,814 $ 13,400 $ (16,433 ) $ (1,507 ) $ (14,357 ) $ 16,981 Fair value hedges of corporate bonds Interest revenue 31 (2,487 ) 6,285 (128 ) 2,163 (5,765 ) $ 1,845 $ 10,913 $ (10,148 ) $ (1,635 ) $ (12,194 ) $ 11,216 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of minimum amounts required for capital adequacy purposes | Regulatory United Guidelines Community United Well Banks, Inc. Community Minimum Capitalized (consolidated) Bank December 31, 2015 (Basel III) Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 11.45 % 13.01 % Tier 1 capital 6.0 8.0 11.45 13.01 Total capital 8.0 10.0 12.50 14.06 Tier 1 leverage ratio 4.0 5.0 8.34 9.47 Common equity tier 1 capital $ 773,677 $ 877,169 Tier 1 capital 773,677 877,169 Total capital 844,667 948,159 Risk-weighted assets 6,755,011 6,743,560 Average total assets 9,282,243 9,264,133 December 31, 2014 (Basel I) Risk-based ratios: Tier 1 capital 4.0 % 6.0 % 12.05 % 12.84 % Total capital 8.0 10.0 13.30 14.09 Tier 1 leverage ratio 3.0 5.0 8.69 9.25 Tier 1 capital $ 642,663 $ 683,332 Total capital 709,408 749,927 Risk-weighted assets 5,332,822 5,320,615 Average total assets 7,396,450 7,385,048 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Schedule of the contract amount of off-balance sheet instruments | 2015 2014 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,351,446 $ 878,160 Letters of credit 23,373 19,861 Minimum Lease Payments 23,507 10,877 |
Equity Compensation and Relat50
Equity Compensation and Related Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of restricted stock and options outstanding and activity | Restricted Stock Options Weighted Weighted Weighted Average Average Average Aggregate Grant Date Exercise Remaining Intrinsic Shares Fair Value Shares Price Term (Yrs.) Value (000's) December 31, 2012 485,584 $ 10.72 482,528 $ 97.73 Granted 876,583 14.74 5,000 15.09 Vested (195,366 ) 13.16 - - Expired - - (67,559 ) 78.95 Cancelled (93,125 ) 8.78 (69,197 ) 109.43 December 31, 2013 1,073,676 13.73 350,772 97.87 Granted 97,016 17.33 10,000 16.71 Vested (336,691 ) 12.23 - - Expired - - (32,810 ) 115.83 Cancelled (4,800 ) 13.78 (14,407 ) 97.80 December 31, 2014 829,201 14.76 313,555 93.40 Granted 265,306 18.66 - - Vested (305,902 ) 14.00 - - Expired - - (45,866 ) 108.93 Cancelled (75,938 ) 15.63 (26,196 ) 98.36 December 31, 2015 712,667 16.44 241,493 89.92 2.36 $ 133 Vested / Exercisable at December 31, 2015 1,170 10.69 231,493 93.10 2.09 102 |
Schedule of summary of stock options outstanding | Options Outstanding Options Exercisable Weighted Average Weighted Shares Range Average Price Remaining Life Shares Average Price 26,823 $ 10.00 - 30.00 $ 14.96 7.02 16,823 $ 14.16 40,796 30.01 - 50.00 31.69 3.39 40,796 31.69 62,260 50.01 - 70.00 66.29 2.29 62,260 66.29 2,075 70.01 - 90.00 77.53 2.25 2,075 77.53 936 110.01 - 130.00 118.43 1.75 936 118.43 107,356 130.01 - 150.00 143.71 0.86 107,356 143.71 1,247 150.01 - 155.25 155.25 0.93 1,247 155.25 241,493 10.00 - 155.25 89.92 2.36 231,493 93.10 |
Schedule of weighted average assumptions used to determine the fair value of options | 2014 2013 Expected volatility 66 % 30 % Expected dividend yield 1.0 % 0.0 % Expected life (in years) 6.25 6.25 Risk free rate 2.1 % 2.0 % |
Assets and Liabilities Measur51
Assets and Liabilities Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 168,706 $ - $ - $ 168,706 U.S. Agencies - 112,340 - 112,340 State and political subdivisions - 56,268 - 56,268 Mortgage-backed securities - 1,113,118 - 1,113,118 Corporate bonds - 305,276 750 306,026 Asset-backed securities - 533,242 - 533,242 Other - 1,811 - 1,811 Deferred compensation plan assets 3,450 - - 3,450 Servicing rights for government guaranteed loans - - 3,712 3,712 Derivative financial instruments - 10,664 9,418 20,082 Total assets $ 172,156 $ 2,132,719 $ 13,880 $ 2,318,755 Liabilities: Deferred compensation plan liability $ 3,450 $ - $ - $ 3,450 Derivative financial instruments - 13,031 15,794 28,825 Total liabilities $ 3,450 $ 13,031 $ 15,794 $ 32,275 December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 105,709 $ - $ - $ 105,709 U.S. 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 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | Derivative Derivative Servicing Securities December 31, 2012 $ - $ - $ - $ 350 Transfers between valuation levels, net - - - - December 31, 2013 - - - 350 Business combinations - - 2,133 - Additions - - 832 - Sales and settlements - - (152 ) - Other comprehensive income - - - 400 Amounts included in earnings - fair value adjustments - - (262 ) - Transfers between valuation levels, net 12,262 18,979 - - December 31, 2014 12,262 18,979 2,551 750 Business combinations 286 - 137 - Additions 311 - 1,699 - Sales and settlements (409 ) - (353 ) - Amounts included in earnings - fair value adjustments (3,032 ) (3,185 ) (322 ) - Transfers between valuation levels, net - - - - December 31, 2015 $ 9,418 $ 15,794 $ 3,712 $ 750 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | Fair Value Weighted Average December 31, Valuation December 31, Level 3 Assets 2015 2014 Technique Unobservable Inputs 2015 2014 Servicing rights for government guaranteed loans $ 3,712 $ 2,551 Discounted cash flow Discount rate 11.8% 12.0% Corporate bonds 750 750 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets - mortgage 188 - Internal model Pull through rate 85 % N/A Derivative assets - other 9,230 12,262 Dealer priced Dealer priced N/A N/A Derivative liabilities 15,794 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 | December 31, 2015 Level 1 Level 2 Level 3 Total Loans $ - $ - $ 7,589 $ 7,589 December 31, 2014 Loans $ - $ - $ 7,317 $ 7,317 |
Schedule of summary of carrying amount and fair values for other financial instruments not measured at fair value on a recurring basis | Carrying Fair Value Level December 31, 2015 Amount Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 364,696 $ - $ 371,658 $ - $ 371,658 Loans, net 5,926,993 - - 5,840,554 5,840,554 Mortgage loans held for sale 24,231 - 24,660 - 24,660 Residential mortgage servicing rights 3,370 - - 3,521 3,521 Liabilities: Deposits 7,881,089 - 7,881,109 - 7,881,109 Federal Home Loan Bank advances 430,125 - 430,119 - 430,119 Long-term debt 165,620 - - 166,668 166,668 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 6,326,512 - 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 |
Condensed Financial Statement52
Condensed Financial Statements of United Community Banks Inc. (Parent Only) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) [Abstract] | |
Schedule of statement of operations | 2015 2014 2013 Dividends from bank and other subsidiaries $ 81,000 $ 132,000 $ 50,000 Shared service fees from subsidiaries 7,628 8,057 6,764 Other 123 424 1,217 Total income 88,751 140,481 57,981 Interest expense 10,385 11,550 10,977 Other expense 11,185 9,868 8,658 Total expenses 21,570 21,418 19,635 Income tax benefit 1,709 2,357 24,862 Income before equity in undistributed earnings of subsidiaries 68,890 121,420 63,208 Equity in undistributed earnings of subsidiaries 2,688 (53,800 ) 209,932 Net income $ 71,578 $ 67,620 $ 273,140 |
Schedule of balance sheet | 2015 2014 Assets Cash $ 50,338 $ 31,967 Investment in subsidiaries 1,114,856 816,919 Other assets 32,730 32,295 Total assets $ 1,197,924 $ 881,181 Liabilities and Shareholders' Equity Long-term debt $ 165,620 $ 129,865 Other liabilities 14,019 11,739 Total liabilities 179,639 141,604 Shareholders' equity 1,018,285 739,577 Total liabilities and shareholders' equity $ 1,197,924 $ 881,181 |
Schedule of statement of cash flows | 2015 2014 2013 Operating activities: Net income $ 71,578 $ 67,620 $ 273,140 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the subsidiaries (2,688 ) 53,800 (209,932 ) Depreciation, amortization and accretion 26 22 82 Loss on prepayment of debt 754 - - Stock-based compensation 4,403 4,304 3,045 Change in assets and liabilities: Other assets 515 2,529 (29,168 ) Other liabilities (396 ) (9,177 ) 5,682 Net cash provided by operating activities 74,192 119,098 42,849 Investing activities: Payment for acquisition (76,893 ) - - Purchases of premises and equipment (12 ) (44 ) - Sales and paydowns of securities available for sale 250 537 586 Net cash (used in) provided by investing activities (76,655 ) 493 586 Financing activities: Repayment of long-term debt (48,521 ) - (35,000 ) Proceeds from issuance of long-term debt 83,924 - 40,000 Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 303 469 796 Proceeds from issuance of common stock, net of offering costs - 12,206 - Proceeds from exercise of warrant - - 19,389 Repurchase of outstanding warrant - (12,000 ) - Retirement of preferred stock - (121,613 ) (75,217 ) Cash dividends on common stock (14,822 ) (1,810 ) - Cash dividends on Series A preferred stock - - (15 ) Cash dividends on Series B preferred stock - (802 ) (9,440 ) Cash dividends on Series D preferred stock - (412 ) (1,657 ) Cash dividends on Series H preferred stock (50 ) - - Net cash provided by (used in) financing activities 20,834 (123,962 ) (61,144 ) Net change in cash 18,371 (4,371 ) (17,709 ) Cash at beginning of year 31,967 36,338 54,047 Cash at end of year $ 50,338 $ 31,967 $ 36,338 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Detail Textuals) | 12 Months Ended |
Dec. 31, 2015USD ($)Segment | |
Accounting Policies [Line Items] | |
Threshold limit of revenue | 10.00% |
Number of operating segment | Segment | 1 |
Minimum nonaccrual loan relationships | $ 500,000 |
Minimum accruing relationships rated substandard | $ 2,000,000 |
Depreciation method used | Straight-line method |
Credit Concentration Risk | |
Accounting Policies [Line Items] | |
Concentration risk, description | More than 77% |
Buildings and improvements | |
Accounting Policies [Line Items] | |
Estimated useful lives | 10 to 40 years |
Land improvements | |
Accounting Policies [Line Items] | |
Estimated useful lives | 10 years |
Furniture and equipment | |
Accounting Policies [Line Items] | |
Estimated useful lives | 3 to 10 years |
Mergers and Acquisitions (Detai
Mergers and Acquisitions (Details) - USD ($) $ in Thousands | Sep. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liabilities | ||||
Excess of assets acquired over liabilities assumed | $ 309,000 | |||
Consideration transferred | ||||
Cash | (35,497) | $ 31,261 | ||
Goodwill | $ 130,612 | $ 1,509 | ||
Palmetto Bancshares, Inc. | Palmetto Bank | ||||
Assets | ||||
Total assets acquired | $ 1,150,000 | |||
Liabilities | ||||
Total liabilities assumed | 1,020,000 | |||
Consideration transferred | ||||
Common stock issued (8,700,012 shares) | 8,700 | |||
Total fair value of consideration transferred | 244,000 | |||
Goodwill | 114,000 | |||
Palmetto Bancshares, Inc. | Palmetto Bank | As Recorded by Palmetto | ||||
Assets | ||||
Cash and cash equivalents | 64,906 | |||
Securities | 208,407 | |||
Loans held for sale | 2,356 | |||
Loans, net | 802,111 | |||
Premises and equipment, net | 21,888 | |||
Bank owned life insurance | 12,133 | |||
Accrued interest receivable | 3,227 | |||
Net deferred tax asset | $ 14,798 | |||
Core deposit intangible | ||||
Other assets | $ 18,439 | |||
Total assets acquired | 1,148,265 | |||
Liabilities | ||||
Deposits | 989,296 | |||
Short-term borrowings | 13,537 | |||
Other liabilities | 11,994 | |||
Total liabilities assumed | 1,014,827 | |||
Excess of assets acquired over liabilities assumed | $ 133,438 | |||
Palmetto Bancshares, Inc. | Palmetto Bank | Fair Value Adjustments | ||||
Assets | ||||
Cash and cash equivalents | [1] | |||
Securities | [1] | $ (340) | ||
Loans held for sale | [1] | 91 | ||
Loans, net | [1] | (5,552) | ||
Premises and equipment, net | [1] | (4,291) | ||
Bank owned life insurance | [1] | (148) | ||
Accrued interest receivable | [1] | (346) | ||
Net deferred tax asset | [1] | 1,150 | ||
Core deposit intangible | [1] | 12,900 | ||
Other assets | [1] | (4,234) | ||
Total assets acquired | [1] | $ (770) | ||
Liabilities | ||||
Deposits | [1] | |||
Short-term borrowings | [1] | |||
Other liabilities | [1] | $ 2,808 | ||
Total liabilities assumed | [1] | 2,808 | ||
Aggregate fair value adjustments | [1] | (3,578) | ||
Palmetto Bancshares, Inc. | Palmetto Bank | As Recorded by United | ||||
Assets | ||||
Cash and cash equivalents | 64,906 | |||
Securities | 208,067 | |||
Loans held for sale | 2,447 | |||
Loans, net | 796,559 | |||
Premises and equipment, net | 17,597 | |||
Bank owned life insurance | 11,985 | |||
Accrued interest receivable | 2,881 | |||
Net deferred tax asset | 15,948 | |||
Core deposit intangible | 12,900 | |||
Other assets | 14,205 | |||
Total assets acquired | 1,147,495 | |||
Liabilities | ||||
Deposits | 989,296 | |||
Short-term borrowings | 13,537 | |||
Other liabilities | 14,802 | |||
Total liabilities assumed | 1,017,635 | |||
Consideration transferred | ||||
Cash | 74,003 | |||
Common stock issued (8,700,012 shares) | 170,259 | |||
Total fair value of consideration transferred | 244,262 | |||
Goodwill | $ 114,402 | |||
[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. |
Mergers and Acquisitions (Paren
Mergers and Acquisitions (Parentheticals) (Details) | Sep. 01, 2015shares |
Palmetto Bancshares, Inc. | |
Business Acquisition [Line Items] | |
Common stock issued | 8,700,012 |
Mergers and Acquisitions (Det56
Mergers and Acquisitions (Details 1) - Palmetto Bancshares, Inc. - Palmetto Bank $ in Thousands | Sep. 01, 2015USD ($) |
Accounted for pursuant to ASC 310-30 | |
Business Acquisition [Line Items] | |
Contractually required principal and interest | $ 63,623 |
Non-accretable difference | 13,397 |
Cash flows expected to be collected | 50,226 |
Accretable yield | 4,306 |
Fair value | 45,920 |
Excluded from ASC 310-30 | |
Business Acquisition [Line Items] | |
Fair value | 750,639 |
Gross contractual amounts receivable | 859,628 |
Estimate of contractual cash flows not expected to be collected | $ 7,733 |
Mergers and Acquisitions (Det57
Mergers and Acquisitions (Details 2) - USD ($) $ in Thousands | May. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liabilities | ||||
Excess of assets acquired over liabilities and preferred stock assumed | $ 309,000 | |||
Consideration transferred | ||||
Cash | (35,497) | $ 31,261 | ||
Goodwill | $ 130,612 | $ 1,509 | ||
Money Tree Corporation | FNB | ||||
Assets | ||||
Total assets acquired | $ 459,394 | |||
Liabilities | ||||
Total liabilities assumed | 409,512 | |||
Consideration transferred | ||||
Total fair value of consideration transferred | 54,591 | |||
Goodwill | 14,701 | |||
Money Tree Corporation | FNB | As Recorded by MoneyTree | ||||
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 | |||
Money Tree Corporation | FNB | Fair Value Adjustments | ||||
Assets | ||||
Cash and cash equivalents | [1] | |||
Securities | [1] | $ (52) | ||
Loans held for sale | [1] | |||
Loans, net | [1] | $ (2,464) | ||
Premises and equipment, net | [1] | $ 1,362 | ||
Bank owned life insurance | [1] | |||
Core deposit intangible | [1] | $ 4,220 | ||
Other assets | [1] | (399) | ||
Total assets acquired | [1] | 2,667 | ||
Liabilities | ||||
Deposits | [1] | $ 917 | ||
Short-term borrowings | [1] | |||
Federal Home Loan Bank advances | [1] | $ 70 | ||
Other liabilities | [1] | 1,828 | ||
Total liabilities assumed | [1] | 2,815 | ||
Aggregate fair value adjustments | [1] | (148) | ||
Money Tree Corporation | 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 | 10,859 | |||
Bank owned life insurance | 11,194 | |||
Core deposit intangible | 4,220 | |||
Other assets | 5,063 | |||
Total assets acquired | 459,394 | |||
Liabilities | ||||
Deposits | 369,750 | |||
Short-term borrowings | 15,000 | |||
Federal Home Loan Bank advances | 22,070 | |||
Other liabilities | 2,692 | |||
Total liabilities assumed | 409,512 | |||
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 | $ 14,701 | |||
[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. |
Mergers and Acquisitions (Par58
Mergers and Acquisitions (Parentheticals) (Details 2) | May. 01, 2015shares |
Money Tree Corporation | |
Business Acquisition [Line Items] | |
Common stock issued | 2,358,503 |
Mergers and Acquisitions (Det59
Mergers and Acquisitions (Details 3) - Money Tree Corporation - 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 |
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 |
Mergers and Acquisitions (Det60
Mergers and Acquisitions (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||
Actual Revenue | $ 326,252 | $ 269,935 | $ 209,256 |
Actual Net Income | 71,578 | 67,620 | $ 273,140 |
Supplemental consolidated pro forma Revenue | 367,349 | 342,211 | |
Supplemental consolidated pro forma Net Income | 85,182 | $ 72,438 | |
Money Tree Corporation, from May 1, 2015 - December 31, 2015 | FNB | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 8,373 | ||
Actual Net Income | 3,806 | ||
Palmetto Bancshares, Inc, from September 1, 2015 - December 31, 2015 | Palmetto Bank | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 17,887 | ||
Actual Net Income | $ 7,010 |
Mergers and Acquisitions (Det61
Mergers and Acquisitions (Detail Textuals) | Sep. 01, 2015USD ($)Branchshares | May. 01, 2015USD ($)Branch$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 130,612,000 | $ 130,612,000 | $ 1,509,000 | ||
Merger related costs from acquisitions excluded from pro forma information | $ 12,000,000 | ||||
Money Tree Corporation | |||||
Business Acquisition [Line Items] | |||||
Common stock issued | shares | 2,358,503 | ||||
Money Tree Corporation | FNB | |||||
Business Acquisition [Line Items] | |||||
Number of branches | Branch | 10 | ||||
Assets acquired | $ 459,394,000 | ||||
Liabilities assumed | 409,512,000 | ||||
Preferred stock assumed | 9,990,000 | ||||
Total consideration transferred | $ 54,591,000 | ||||
Common stock issued | shares | 2,360,000 | ||||
Goodwill | $ 14,701,000 | ||||
Number preferred stock shares outstanding | shares | 9,992 | ||||
Liquidation preference amount | $ / shares | $ 1,000 | ||||
Decrease in provisional values assigned to premises and equipment | $ 2,400,000 | ||||
Money Tree Corporation | FNB | Core deposit intangible | |||||
Business Acquisition [Line Items] | |||||
Intangible assets acquired | $ 4,220,000 | ||||
Expected useful life of asset | 6 years 8 months 1 day | ||||
Money Tree Corporation | FNB | Deposit premium | |||||
Business Acquisition [Line Items] | |||||
Intangible assets acquired | $ 917,000 | ||||
Weighted average maturity of underlying deposits | 5 years | ||||
Palmetto Bancshares, Inc. | |||||
Business Acquisition [Line Items] | |||||
Common stock issued | shares | 8,700,012 | ||||
Palmetto Bancshares, Inc. | Palmetto Bank | |||||
Business Acquisition [Line Items] | |||||
Number of branches | Branch | 25 | ||||
Assets acquired | $ 1,150,000,000 | ||||
Liabilities assumed | 1,020,000,000 | ||||
Total consideration transferred | 244,000,000 | ||||
Goodwill | 114,000,000 | ||||
Increase in provisional values assigned to acquired loans | 535,000 | ||||
Decrease in provisional values assigned to premises and equipment | 5,540,000 | ||||
Decrease in provisional values assigned to other real estate owned | 1,570,000 | ||||
Decrease in provisional values assigned to other assets | 3,750,000 | ||||
Increase to the deferred tax asset | $ 3,480,000 | ||||
Palmetto Bancshares, Inc. | Palmetto Bank | Core deposit intangible | |||||
Business Acquisition [Line Items] | |||||
Intangible assets acquired | $ 12,900,000 | ||||
Expected useful life of asset | 12 years |
Mergers and Acquisitions (Det62
Mergers and Acquisitions (Detail Textuals 1) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 26, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Payment for acquisition | $ (35,497,000) | $ 31,261,000 | |
Goodwill | $ 130,612,000 | $ 1,509,000 | |
Business Carolina, Inc. | |||
Business Acquisition [Line Items] | |||
Payment for acquisition | $ 31,300,000 | ||
Loan fair value | 24,800,000 | ||
Accrued interest | 83,000 | ||
Servicing rights fair value | 2,130,000 | ||
Premises and equipment | 2,600,000 | ||
Goodwill | 1,510,000 | ||
Gross contractual amount of loans receivable | $ 28,000,000 |
Cash Flows (Detail Textuals)
Cash Flows (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow [Line Items] | |||
Transferred to foreclosed property | $ 4,930 | $ 9,090 | $ 22,500 |
Unsettled securities purchases | 5,425 | 29,600 | |
Unsettled securities sold | $ 4,600 | ||
Unsettled sales of government guaranteed loans | 18,500 | ||
Unsettled purchases of government guaranteed loans | 18,300 | ||
Assets with fair value | 1,740,000 | $ 31,300 | |
Liabilities with fair value | 1,430,000 | ||
Net assets acquired | 309,000 | ||
Common Stock | |||
Cash Flow [Line Items] | |||
Stock issued pursuant to business combinations | 214,000 | ||
Preferred Stock | |||
Cash Flow [Line Items] | |||
Stock issued pursuant to business combinations | $ 9,990 |
Balance Sheet Offsetting and 64
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting [Abstract] | ||
Repurchase and reverse repurchase agreements, gross amounts of recognized assets | $ 400,000 | $ 395,000 |
Repurchase and reverse repurchase agreements, gross amounts offset on balance sheet assets | $ (400,000) | (375,000) |
Repurchase and reverse repurchase agreements, net assets balance | $ 20,000 | |
Repurchase and reverse repurchase agreements, gross amounts not off set in balance sheet assets of financial instruments | ||
Repurchase and reverse repurchase agreements, gross amounts not off set in balance sheet assets of collateral received | $ (20,302) | |
Repurchase and reverse repurchase agreements, net assets | ||
Derivative, gross amounts of recognized assets | $ 20,082 | $ 20,599 |
Derivative, gross amounts offset on balance sheet | ||
Derivatives, Net Asset Balance | $ 20,082 | $ 20,599 |
Derivative, gross amounts not off set in balance sheet assets of financial instruments | (519) | (869) |
Derivative, gross amounts not off set in balance sheet assets of collateral received | (3,729) | (3,716) |
Derivative asset, net amount | 15,834 | 16,014 |
Offsetting assets, gross amounts of recognized assets | 420,082 | 415,599 |
Offsetting assets, gross amounts offset on balance sheet | (400,000) | (375,000) |
Offsetting assets, net asset balance | 20,082 | 40,599 |
Offsetting assets, gross amounts not offset in balance sheet of financial instruments | (519) | (869) |
Offsetting assets, gross amounts not offset in the balance sheet of collateral received | (3,729) | (24,018) |
Offsetting assets, net amount | $ 15,834 | $ 16,014 |
Weighted average interest rate of reverse repurchase agreements assets | 1.34% | 1.16% |
Repurchase and reverse repurchase agreements, gross amounts of recognized liabilities | $ 400,000 | $ 375,000 |
Repurchase and reverse repurchase agreements, gross amounts offset on balance sheet liabilities | $ (400,000) | $ (375,000) |
Repurchase and reverse repurchase agreements, net liabilities balance | ||
Repurchase and reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of financial instruments | ||
Repurchase and reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of collateral pledged | ||
Repurchase and reverse repurchase agreements, net liabilities | ||
Derivative liability, gross amounts of recognized liabilities | $ 28,825 | $ 31,997 |
Derivative liability, gross amounts offset on balance sheet liabilities | ||
Derivative liability, net liabilities balance | $ 28,825 | $ 31,997 |
Derivative liability, gross amounts not off set in balance sheet liabilities of financial instruments | (519) | (869) |
Derivative liability, gross amounts not off set in balance sheet liabilities of collateral pledged | $ (30,917) | $ (32,792) |
Derivative liabilities, net amount | ||
Offsetting liabilities, gross amounts of recognized liabilities | $ 428,825 | $ 406,997 |
Offsetting liabilities, gross amounts offset on balance sheet | (400,000) | (375,000) |
Offsetting liabilities, net liabilities balance | 28,825 | 31,997 |
Offsetting liabilities gross, amounts not offset in balance sheet of financial instruments | (519) | (869) |
Offsetting liabilities, gross amounts not offset in the balance sheet of collateral pledged | $ (30,917) | $ (32,792) |
Offsetting liabilities, net amount | ||
Weighted average interest rate of reverse repurchase agreements liabilities | 0.50% | 0.29% |
Balance Sheet Offsetting and 65
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 416,640 | |
Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure | 400,000 | $ 375,000 |
Amounts related to agreements not included in offsetting disclosure | 16,640 | |
U.S. Treasuries | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 100,000 | |
U.S. Government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 32 | |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 316,608 | |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 16,640 | |
Overnight and Continuous | U.S. Treasuries | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
Overnight and Continuous | U.S. Government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 32 | |
Overnight and Continuous | Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 16,608 | |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 25,000 | |
Up to 30 Days | U.S. Treasuries | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
Up to 30 Days | U.S. Government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
Up to 30 Days | Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 25,000 | |
30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 275,000 | |
30 to 90 Days | U.S. Treasuries | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 100,000 | |
30 to 90 Days | U.S. Government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
30 to 90 Days | Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 175,000 | |
91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 100,000 | |
91 to 110 days | U.S. Treasuries | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
91 to 110 days | U.S. Government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
91 to 110 days | Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 100,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity | |||
Held-to-Maturity, Amortized Cost | $ 364,696 | $ 415,267 | |
Gross Unrealized Gains | 8,635 | 11,220 | |
Gross Unrealized Losses | 1,673 | 1,254 | |
Held-To-Maturity, Fair value | 371,658 | 425,233 | |
State and political subdivisions | |||
Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity | |||
Held-to-Maturity, Amortized Cost | 62,073 | 48,157 | |
Gross Unrealized Gains | $ 3,211 | $ 3,504 | |
Gross Unrealized Losses | |||
Held-To-Maturity, Fair value | $ 65,284 | $ 51,661 | |
Mortgage-backed securities | |||
Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity | |||
Held-to-Maturity, Amortized Cost | [1] | 302,623 | 367,110 |
Gross Unrealized Gains | [1] | 5,424 | 7,716 |
Gross Unrealized Losses | [1] | 1,673 | 1,254 |
Held-To-Maturity, Fair value | [1] | $ 306,374 | $ 373,572 |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Investment securities available-for-sale: | |||
Available-for-Sale, Amortized Cost | $ 2,294,491 | $ 1,772,535 | |
Gross Unrealized Gains | 14,581 | 20,955 | |
Gross Unrealized Losses | 17,561 | 10,756 | |
Available-for-Sale, Fair Value | 2,291,511 | 1,782,734 | |
U.S. Treasuries | |||
Investment securities available-for-sale: | |||
Available-for-Sale, Amortized Cost | 169,034 | 105,540 | |
Gross Unrealized Gains | 156 | 235 | |
Gross Unrealized Losses | 484 | 66 | |
Available-for-Sale, Fair Value | 168,706 | 105,709 | |
U.S. Government agencies | |||
Investment securities available-for-sale: | |||
Available-for-Sale, Amortized Cost | 112,394 | $ 36,474 | |
Gross Unrealized Gains | 385 | ||
Gross Unrealized Losses | 439 | $ 175 | |
Available-for-Sale, Fair Value | 112,340 | 36,299 | |
State and political subdivisions | |||
Investment securities available-for-sale: | |||
Available-for-Sale, Amortized Cost | 56,265 | 19,748 | |
Gross Unrealized Gains | 461 | 504 | |
Gross Unrealized Losses | 458 | 19 | |
Available-for-Sale, Fair Value | 56,268 | 20,233 | |
Mortgage-backed securities | |||
Investment securities available-for-sale: | |||
Available-for-Sale, Amortized Cost | [1] | 1,108,206 | 988,012 |
Gross Unrealized Gains | [1] | 12,077 | 16,273 |
Gross Unrealized Losses | [1] | 7,165 | 7,465 |
Available-for-Sale, Fair Value | [1] | 1,113,118 | 996,820 |
Corporate bonds | |||
Investment securities available-for-sale: | |||
Available-for-Sale, Amortized Cost | 308,102 | 165,018 | |
Gross Unrealized Gains | 933 | 1,686 | |
Gross Unrealized Losses | 3,009 | 1,076 | |
Available-for-Sale, Fair Value | 306,026 | 165,628 | |
Asset-backed securities | |||
Investment securities available-for-sale: | |||
Available-for-Sale, Amortized Cost | 538,679 | 455,626 | |
Gross Unrealized Gains | 569 | 2,257 | |
Gross Unrealized Losses | 6,006 | 1,955 | |
Available-for-Sale, Fair Value | 533,242 | 455,928 | |
Other | |||
Investment securities available-for-sale: | |||
Available-for-Sale, Amortized Cost | $ 1,811 | $ 2,117 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Available-for-Sale, Fair Value | $ 1,811 | $ 2,117 | |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Investment Securities (Detail68
Investment Securities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 140,362 | $ 126,514 |
Unrealized Loss, Less than 12 Months | 1,331 | 917 |
Fair Value, 12 Months or More | 13,127 | 17,053 |
Unrealized Loss, 12 Months or More | 342 | 337 |
Fair Value, Total | 153,489 | 143,567 |
Unrealized Loss, Total | 1,673 | 1,254 |
Mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 140,362 | 126,514 |
Unrealized Loss, Less than 12 Months | 1,331 | 917 |
Fair Value, 12 Months or More | 13,127 | 17,053 |
Unrealized Loss, 12 Months or More | 342 | 337 |
Fair Value, Total | 153,489 | 143,567 |
Unrealized Loss, Total | $ 1,673 | $ 1,254 |
Investment Securities (Detail69
Investment Securities (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 1,081,551 | $ 420,951 |
Unrealized Loss, Less than 12 Months | 12,466 | 2,669 |
Fair Value, 12 Months or More | 178,820 | 313,204 |
Unrealized Loss, 12 Months or More | 5,095 | 8,087 |
Fair Value, Total | 1,260,371 | 734,155 |
Unrealized Loss, Total | 17,561 | 10,756 |
U.S. Treasuries | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 126,066 | 34,180 |
Unrealized Loss, Less than 12 Months | $ 484 | $ 66 |
Fair Value, 12 Months or More | ||
Unrealized Loss, 12 Months or More | ||
Fair Value, Total | $ 126,066 | $ 34,180 |
Unrealized Loss, Total | 484 | 66 |
U.S. Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 74,189 | 36,299 |
Unrealized Loss, Less than 12 Months | $ 439 | $ 175 |
Fair Value, 12 Months or More | ||
Unrealized Loss, 12 Months or More | ||
Fair Value, Total | $ 74,189 | $ 36,299 |
Unrealized Loss, Total | 439 | 175 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 27,014 | 2,481 |
Unrealized Loss, Less than 12 Months | $ 458 | $ 19 |
Fair Value, 12 Months or More | ||
Unrealized Loss, 12 Months or More | ||
Fair Value, Total | $ 27,014 | $ 2,481 |
Unrealized Loss, Total | 458 | 19 |
Mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 274,005 | 88,741 |
Unrealized Loss, Less than 12 Months | 2,580 | 446 |
Fair Value, 12 Months or More | 173,254 | 251,977 |
Unrealized Loss, 12 Months or More | 4,585 | 7,019 |
Fair Value, Total | 447,259 | 340,718 |
Unrealized Loss, Total | 7,165 | 7,465 |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 221,337 | 37,891 |
Unrealized Loss, Less than 12 Months | 2,759 | 371 |
Fair Value, 12 Months or More | 750 | 20,275 |
Unrealized Loss, 12 Months or More | 250 | 705 |
Fair Value, Total | 222,087 | 58,166 |
Unrealized Loss, Total | 3,009 | 1,076 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 358,940 | 221,359 |
Unrealized Loss, Less than 12 Months | 5,746 | 1,592 |
Fair Value, 12 Months or More | 4,816 | 40,952 |
Unrealized Loss, 12 Months or More | 260 | 363 |
Fair Value, Total | 363,756 | 262,311 |
Unrealized Loss, Total | $ 6,006 | $ 1,955 |
Investment Securities (Detail70
Investment Securities (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-Sale, Amortized Cost | $ 2,294,491 | $ 1,772,535 | |
Available-for-Sale, Fair Value | 2,291,511 | 1,782,734 | |
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Held-to-Maturity, Amortized Cost | 364,696 | 415,267 | |
Held-To-Maturity, Fair value | 371,658 | 425,233 | |
U.S. Treasuries | |||
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 94,550 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 94,194 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 74,484 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 74,512 | ||
Available-for-Sale, Amortized Cost | 169,034 | 105,540 | |
Available-for-Sale, Fair Value | $ 168,706 | 105,709 | |
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | |||
Held-to-Maturity, Fair Value, 1 to 5 years | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | |||
Held-to-Maturity, Fair Value, 5 to 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-To-Maturity, Fair value | |||
U.S. Government agencies | |||
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | $ 20,030 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 19,897 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 92,364 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 92,443 | ||
Available-for-Sale, Amortized Cost | 112,394 | 36,474 | |
Available-for-Sale, Fair Value | $ 112,340 | 36,299 | |
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | |||
Held-to-Maturity, Fair Value, 1 to 5 years | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | |||
Held-to-Maturity, Fair Value, 5 to 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-To-Maturity, Fair value | |||
State and political subdivisions | |||
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-Sale, Amortized Cost, Within 1 year | $ 4,041 | ||
Available-for-Sale, Fair Value, Within 1 year | 4,059 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 10,638 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 10,852 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 32,695 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 32,305 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 8,891 | ||
Available-for-Sale, Fair Value, More than 10 years | 9,052 | ||
Available-for-Sale, Amortized Cost | 56,265 | 19,748 | |
Available-for-Sale, Fair Value | 56,268 | 20,233 | |
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 3,506 | ||
Held-to-Maturity, Fair Value, Within 1 year | 3,572 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 15,500 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 16,426 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 21,235 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 23,124 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 21,832 | ||
Held-to-Maturity, Fair Value, More than 10 years | 22,162 | ||
Held-to-Maturity, Amortized Cost | 62,073 | 48,157 | |
Held-To-Maturity, Fair value | 65,284 | 51,661 | |
Corporate bonds | |||
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 197,903 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 197,798 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 77,776 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 77,329 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 32,423 | ||
Available-for-Sale, Fair Value, More than 10 years | 30,899 | ||
Available-for-Sale, Amortized Cost | 308,102 | 165,018 | |
Available-for-Sale, Fair Value | $ 306,026 | 165,628 | |
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | |||
Held-to-Maturity, Fair Value, 1 to 5 years | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | |||
Held-to-Maturity, Fair Value, 5 to 10 years | |||
Held-to-Maturity, Amortized Cost, More than 10 years | |||
Held-to-Maturity, Fair Value, More than 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-To-Maturity, Fair value | |||
Asset-backed securities | |||
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | $ 2,849 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 2,831 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 243,705 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 241,230 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 292,125 | ||
Available-for-Sale, Fair Value, More than 10 years | 289,181 | ||
Available-for-Sale, Amortized Cost | 538,679 | 455,626 | |
Available-for-Sale, Fair Value | $ 533,242 | 455,928 | |
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | |||
Held-to-Maturity, Fair Value, 1 to 5 years | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | |||
Held-to-Maturity, Fair Value, 5 to 10 years | |||
Held-to-Maturity, Amortized Cost, More than 10 years | |||
Held-to-Maturity, Fair Value, More than 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-To-Maturity, Fair value | |||
Other | |||
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-Sale, Amortized Cost, More than 10 years | $ 1,811 | ||
Available-for-Sale, Fair Value, More than 10 years | 1,811 | ||
Available-for-Sale, Amortized Cost | 1,811 | 2,117 | |
Available-for-Sale, Fair Value | $ 1,811 | 2,117 | |
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Held-to-Maturity, Amortized Cost, More than 10 years | |||
Held-to-Maturity, Fair Value, More than 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-To-Maturity, Fair value | |||
Total securities other than mortgage-backed securities | |||
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-Sale, Amortized Cost, Within 1 year | $ 4,041 | ||
Available-for-Sale, Fair Value, Within 1 year | 4,059 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 325,970 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 325,572 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 521,024 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 517,819 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 335,250 | ||
Available-for-Sale, Fair Value, More than 10 years | 330,943 | ||
Available-for-Sale, Amortized Cost | 2,294,491 | ||
Available-for-Sale, Fair Value | 2,291,511 | ||
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 3,506 | ||
Held-to-Maturity, Fair Value, Within 1 year | 3,572 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 15,500 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 16,426 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 21,235 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 23,124 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 21,832 | ||
Held-to-Maturity, Fair Value, More than 10 years | 22,162 | ||
Held-to-Maturity, Amortized Cost | 364,696 | ||
Held-To-Maturity, Fair value | 371,658 | ||
Mortgage-backed securities | |||
Available-for-sale Securities, Debt Maturities [Abstract] | |||
Available-for-Sale, Amortized Cost | [1] | 1,108,206 | 988,012 |
Available-for-Sale, Fair Value | [1] | 1,113,118 | 996,820 |
Held-to-maturity Securities, Debt Maturities [Abstract] | |||
Held-to-Maturity, Amortized Cost | [1] | 302,623 | 367,110 |
Held-To-Maturity, Fair value | [1] | $ 306,374 | $ 373,572 |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Investment Securities (Detail71
Investment Securities (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Securities [Abstract] | |||
Proceeds from sales | $ 353,860 | $ 419,201 | $ 39,731 |
Gross gains on sales | 2,409 | 6,003 | 264 |
Gross losses on sales | (154) | (1,132) | (78) |
Net gains on sales of securities | 2,255 | 4,871 | 186 |
Income tax expense attributable to sales | $ 862 | $ 1,902 | $ 72 |
Investment Securities (Detail T
Investment Securities (Detail Textuals) $ in Thousands | Dec. 31, 2015USD ($)SecuritiesSecurity | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Securities available for sale, fair value | $ 301,000 | ||
Unrealized loss on transferred securities | $ 8,310 | ||
Carrying value of secure public deposits, FHLB advances and other secured borrowings | $ 1,630 | $ 1,510 | |
Number of available for sale securities in unrealized loss position | Security | 200 | ||
Number of held-to-maturity securities in unrealized loss position | Securities | 26 | ||
U.S. Government agencies | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Percentage of shareholders equity | 10.00% | 10.00% |
Loans and Allowance for Credi73
Loans and Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Classifications of loans | ||
Total loans | $ 5,995,441 | $ 4,672,119 |
Less allowance for loan losses | (68,448) | (71,619) |
Loans | 5,926,993 | 4,600,500 |
Loans Receivable | ||
Classifications of loans | ||
Total loans | 5,995,441 | 4,672,119 |
Less allowance for loan losses | (68,448) | (71,619) |
Loans | 5,926,993 | 4,600,500 |
Loans Receivable | Owner occupied commercial real estate | ||
Classifications of loans | ||
Total loans | 1,493,966 | 1,163,480 |
Loans Receivable | Income producing commercial real estate | ||
Classifications of loans | ||
Total loans | 823,729 | 598,537 |
Loans Receivable | Commercial & industrial | ||
Classifications of loans | ||
Total loans | 785,417 | 710,256 |
Loans Receivable | Commercial construction | ||
Classifications of loans | ||
Total loans | 342,078 | 196,030 |
Loans Receivable | Commercial | ||
Classifications of loans | ||
Total loans | 3,445,190 | 2,668,303 |
Loans Receivable | Residential mortgage | ||
Classifications of loans | ||
Total loans | 1,029,663 | 865,789 |
Loans Receivable | Home equity lines of credit | ||
Classifications of loans | ||
Total loans | 597,806 | 465,872 |
Loans Receivable | Residential construction | ||
Classifications of loans | ||
Total loans | 351,700 | 298,627 |
Loans Receivable | Consumer installment | ||
Classifications of loans | ||
Total loans | 115,111 | 104,899 |
Loans Receivable | Indirect auto | ||
Classifications of loans | ||
Total loans | $ 455,971 | $ 268,629 |
Loans and Allowance for Credi74
Loans and Allowance for Credit Losses (Details 1) - Loans Receivable $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
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 | $ 5,335 |
Accretion | (1,056) |
Balance at end of period | $ 4,279 |
Loans and Allowance for Credi75
Loans and Allowance for Credit Losses (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | $ 73,549 | $ 78,927 | $ 107,137 |
Charge-Offs | (13,415) | (22,667) | (99,654) |
Recoveries | $ 7,156 | $ 8,789 | $ 5,944 |
Allocation of Unallocated | |||
Provision | $ 3,700 | $ 8,500 | $ 65,500 |
Ending Balance | 70,990 | 73,549 | 78,927 |
Loans Receivable | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 71,619 | 76,762 | 107,137 |
Charge-Offs | (13,415) | (22,667) | (99,654) |
Recoveries | $ 7,156 | $ 8,789 | $ 5,944 |
Allocation of Unallocated | |||
Provision | $ 3,088 | $ 8,735 | $ 63,335 |
Ending Balance | 68,448 | 71,619 | 76,762 |
Loans Receivable | Owner occupied commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 16,041 | 17,164 | 17,265 |
Charge-Offs | (2,096) | (3,136) | (24,965) |
Recoveries | $ 358 | 3,056 | $ 1,305 |
Allocation of Unallocated | 1,278 | ||
Provision | $ 2,429 | (2,321) | $ 23,559 |
Ending Balance | 16,732 | 16,041 | 17,164 |
Loans Receivable | Income producing commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 10,296 | 7,174 | 10,582 |
Charge-Offs | (522) | (1,611) | (11,505) |
Recoveries | $ 697 | 725 | $ 640 |
Allocation of Unallocated | 688 | ||
Provision | $ (2,236) | 3,320 | $ 7,457 |
Ending Balance | 8,235 | 10,296 | 7,174 |
Loans Receivable | Commercial & industrial | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 3,255 | 6,527 | 5,537 |
Charge-Offs | (1,358) | (2,145) | (18,914) |
Recoveries | $ 2,174 | 1,698 | $ 1,888 |
Allocation of Unallocated | 318 | ||
Provision | $ 371 | (3,143) | $ 18,016 |
Ending Balance | 4,442 | 3,255 | 6,527 |
Loans Receivable | Commercial construction | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 4,747 | 3,669 | 8,389 |
Charge-Offs | (507) | (235) | (6,483) |
Recoveries | $ 77 | 6 | $ 69 |
Allocation of Unallocated | 388 | ||
Provision | $ 1,266 | 919 | $ 1,694 |
Ending Balance | 5,583 | 4,747 | 3,669 |
Loans Receivable | Residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 20,311 | 15,446 | 19,117 |
Charge-Offs | (3,178) | (7,502) | (8,840) |
Recoveries | $ 1,662 | 1,110 | $ 611 |
Allocation of Unallocated | 1,452 | ||
Provision | $ (1,563) | 9,805 | $ 4,558 |
Ending Balance | 17,232 | 20,311 | 15,446 |
Loans Receivable | Home equity lines of credit | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 4,574 | 5,528 | 7,525 |
Charge-Offs | (1,094) | (2,314) | (3,437) |
Recoveries | $ 226 | 287 | $ 104 |
Allocation of Unallocated | 391 | ||
Provision | $ 2,336 | 682 | $ 1,336 |
Ending Balance | 6,042 | 4,574 | 5,528 |
Loans Receivable | Residential construction | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 10,603 | 12,532 | 26,662 |
Charge-Offs | (2,291) | (3,176) | (23,049) |
Recoveries | $ 832 | 627 | $ 173 |
Allocation of Unallocated | 1,728 | ||
Provision | $ (1,183) | (1,108) | $ 8,746 |
Ending Balance | 7,961 | 10,603 | 12,532 |
Loans Receivable | Consumer Installment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 731 | 1,353 | 2,527 |
Charge-Offs | (1,597) | (2,008) | (2,184) |
Recoveries | $ 1,044 | $ 1,226 | $ 1,114 |
Allocation of Unallocated | |||
Provision | $ 650 | $ 160 | $ (104) |
Ending Balance | 828 | 731 | 1,353 |
Loans Receivable | Indirect auto | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 1,061 | 1,126 | 220 |
Charge-Offs | (772) | (540) | (277) |
Recoveries | $ 86 | $ 54 | $ 40 |
Allocation of Unallocated | |||
Provision | $ 1,018 | $ 421 | $ 1,143 |
Ending Balance | $ 1,393 | 1,061 | 1,126 |
Loans Receivable | Unallocated | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | $ 6,243 | $ 9,313 | |
Charge-Offs | |||
Recoveries | |||
Allocation of Unallocated | $ (6,243) | ||
Provision | $ (3,070) | ||
Ending Balance | $ 6,243 | ||
Loans Receivable | Allowance for unfunded commitments | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | $ 1,930 | $ 2,165 | |
Charge-Offs | |||
Recoveries | |||
Allocation of Unallocated | |||
Provision | 612 | $ (235) | $ 2,165 |
Ending Balance | $ 2,542 | $ 1,930 | $ 2,165 |
Loans and Allowance for Credi76
Loans and Allowance for Credit Losses (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | $ 6,797 | $ 9,882 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 64,193 | 63,667 | ||
Allowance for Loan Losses, Ending balance | 70,990 | 73,549 | $ 78,927 | $ 107,137 |
Loans Outstanding, Ending Balance | 5,995,441 | 4,672,119 | ||
Loans Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 6,797 | 9,882 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 61,651 | 61,737 | ||
Allowance for Loan Losses, Ending balance | 68,448 | 71,619 | 76,762 | $ 107,137 |
Loans Outstanding, Individually evaluated for impairment | 104,008 | 106,472 | ||
Loans Outstanding, Collectively evaluated for impairment | 5,840,114 | 4,565,647 | ||
PCI | 51,319 | |||
Loans Outstanding, Ending Balance | $ 5,995,441 | $ 4,672,119 | ||
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 | $ 2,542 | $ 1,930 | ||
Allowance for Loan Losses, Ending balance | 2,542 | 1,930 | 2,165 | |
Loans Receivable | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,465 | 2,737 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 15,267 | 13,304 | ||
Allowance for Loan Losses, Ending balance | 16,732 | 16,041 | 17,164 | $ 17,265 |
Loans Outstanding, Individually evaluated for impairment | 38,268 | 34,654 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,442,024 | 1,128,826 | ||
PCI | 13,674 | |||
Loans Outstanding, Ending Balance | 1,493,966 | 1,163,480 | ||
Loans Receivable | Income producing commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 961 | 1,917 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 7,274 | 8,379 | ||
Allowance for Loan Losses, Ending balance | 8,235 | 10,296 | 7,174 | 10,582 |
Loans Outstanding, Individually evaluated for impairment | 23,013 | 24,484 | ||
Loans Outstanding, Collectively evaluated for impairment | 772,945 | 574,053 | ||
PCI | 27,771 | |||
Loans Outstanding, Ending Balance | 823,729 | 598,537 | ||
Loans Receivable | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 280 | 15 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 4,162 | 3,240 | ||
Allowance for Loan Losses, Ending balance | 4,442 | 3,255 | 6,527 | 5,537 |
Loans Outstanding, Individually evaluated for impairment | 3,339 | 3,977 | ||
Loans Outstanding, Collectively evaluated for impairment | 781,423 | 706,279 | ||
PCI | 655 | |||
Loans Outstanding, Ending Balance | 785,417 | 710,256 | ||
Loans Receivable | Commercial construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 13 | 729 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 5,570 | 4,018 | ||
Allowance for Loan Losses, Ending balance | 5,583 | 4,747 | 3,669 | 8,389 |
Loans Outstanding, Individually evaluated for impairment | 10,616 | 12,321 | ||
Loans Outstanding, Collectively evaluated for impairment | 329,320 | 183,709 | ||
PCI | 2,142 | |||
Loans Outstanding, Ending Balance | 342,078 | 196,030 | ||
Loans Receivable | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 3,885 | 3,227 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 13,347 | 17,084 | ||
Allowance for Loan Losses, Ending balance | 17,232 | 20,311 | 15,446 | 19,117 |
Loans Outstanding, Individually evaluated for impairment | 19,627 | 18,775 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,005,860 | 847,014 | ||
PCI | 4,176 | |||
Loans Outstanding, Ending Balance | 1,029,663 | 865,789 | ||
Loans Receivable | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 6 | 47 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 6,036 | 4,527 | ||
Allowance for Loan Losses, Ending balance | 6,042 | 4,574 | 5,528 | 7,525 |
Loans Outstanding, Individually evaluated for impairment | 167 | 478 | ||
Loans Outstanding, Collectively evaluated for impairment | 595,951 | 465,394 | ||
PCI | 1,688 | |||
Loans Outstanding, Ending Balance | 597,806 | 465,872 | ||
Loans Receivable | Residential construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 174 | 1,192 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 7,787 | 9,411 | ||
Allowance for Loan Losses, Ending balance | 7,961 | 10,603 | 12,532 | 26,662 |
Loans Outstanding, Individually evaluated for impairment | 7,900 | 11,604 | ||
Loans Outstanding, Collectively evaluated for impairment | 342,677 | 287,023 | ||
PCI | 1,123 | |||
Loans Outstanding, Ending Balance | 351,700 | 298,627 | ||
Loans Receivable | Consumer Installment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 13 | 18 | ||
Allowance for Loan Losses,Collectively evaluated for impairment | 815 | 713 | ||
Allowance for Loan Losses, Ending balance | 828 | 731 | 1,353 | 2,527 |
Loans Outstanding, Individually evaluated for impairment | 329 | 179 | ||
Loans Outstanding, Collectively evaluated for impairment | 114,741 | 104,720 | ||
PCI | 41 | |||
Loans Outstanding, Ending Balance | $ 115,111 | $ 104,899 | ||
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 | $ 1,393 | $ 1,061 | ||
Allowance for Loan Losses, Ending balance | 1,393 | $ 1,061 | 1,126 | 220 |
Loans Outstanding, Individually evaluated for impairment | 749 | |||
Loans Outstanding, Collectively evaluated for impairment | 455,173 | $ 268,629 | ||
PCI | 49 | |||
Loans Outstanding, Ending Balance | $ 455,971 | $ 268,629 | ||
Loans Receivable | Unallocated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Ending balance | $ 6,243 | $ 9,313 |
Loans and Allowance for Credi77
Loans and Allowance for Credit Losses (Details 4) - Loans Receivable - Executive Officers and Directors - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of loans outstanding to executive officers and directors of the holding company | ||
Balance at beginning of period | $ 3,204 | $ 2,898 |
New loans and advances | 40 | 400 |
Repayments | (512) | (94) |
Balance at end of period | $ 2,732 | $ 3,204 |
Loans and Allowance for Credi78
Loans and Allowance for Credit Losses (Details 5) - Loans Receivable - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | $ 107,236 | $ 109,127 | $ 114,633 |
Interest Revenue Recognized During Impairment | 4,962 | 5,036 | 6,715 |
Cash Basis Interest Revenue Received | 5,121 | 5,200 | 7,524 |
Owner occupied commercial real estate | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 37,842 | 32,748 | 31,935 |
Interest Revenue Recognized During Impairment | 1,895 | 1,647 | 1,923 |
Cash Basis Interest Revenue Received | 1,975 | 1,712 | 2,044 |
Income producing commercial real estate | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 21,889 | 25,920 | 27,789 |
Interest Revenue Recognized During Impairment | 1,079 | 1,270 | 1,630 |
Cash Basis Interest Revenue Received | 1,077 | 1,311 | 1,763 |
Commercial & industrial | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 4,360 | 4,290 | 4,609 |
Interest Revenue Recognized During Impairment | 166 | 175 | 401 |
Cash Basis Interest Revenue Received | 263 | 231 | 865 |
Commercial construction | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 11,920 | 12,156 | 13,946 |
Interest Revenue Recognized During Impairment | 443 | 455 | 633 |
Cash Basis Interest Revenue Received | 443 | 458 | 720 |
Commercial | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 76,011 | 75,114 | 78,279 |
Interest Revenue Recognized During Impairment | 3,583 | 3,547 | 4,587 |
Cash Basis Interest Revenue Received | 3,758 | 3,712 | 5,392 |
Residential mortgage | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 21,396 | 20,132 | 20,906 |
Interest Revenue Recognized During Impairment | 868 | 873 | 1,091 |
Cash Basis Interest Revenue Received | 838 | 869 | 1,066 |
Home equity lines of credit | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 420 | 518 | 507 |
Interest Revenue Recognized During Impairment | 17 | 21 | 23 |
Cash Basis Interest Revenue Received | 16 | 22 | 22 |
Residential construction | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 8,965 | 13,058 | 14,558 |
Interest Revenue Recognized During Impairment | 467 | 576 | 993 |
Cash Basis Interest Revenue Received | 482 | 575 | 1,023 |
Consumer installment | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 223 | 305 | 383 |
Interest Revenue Recognized During Impairment | 16 | 19 | 21 |
Cash Basis Interest Revenue Received | 16 | $ 22 | $ 21 |
Indirect auto | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 221 | ||
Interest Revenue Recognized During Impairment | 11 | ||
Cash Basis Interest Revenue Received | $ 11 |
Loans and Allowance for Credi79
Loans and Allowance for Credit Losses (Details 6) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans individually evaluated for impairment by class of loans | ||
Amount of allowance for loan losses allocated | $ 6,797 | $ 9,882 |
Loans Receivable | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 33,601 | 28,922 |
Recorded Investment, With no related allowance recorded | 32,725 | 25,488 |
Unpaid Principal Balance, With an allowance recorded | 72,789 | 83,768 |
Recorded Investment, With an allowance recorded | 71,283 | 80,984 |
Allowance for loan losses, With an allowance recorded | 6,797 | 9,882 |
Unpaid Principal Balance | 106,390 | 112,690 |
Recorded Investment | 104,008 | 106,472 |
Amount of allowance for loan losses allocated | 6,797 | 9,882 |
Loans Receivable | Owner occupied commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 14,793 | 12,025 |
Recorded Investment, With no related allowance recorded | 14,460 | 11,325 |
Unpaid Principal Balance, With an allowance recorded | 24,043 | 24,728 |
Recorded Investment, With an allowance recorded | 23,808 | 23,329 |
Allowance for loan losses, With an allowance recorded | 1,465 | 2,737 |
Amount of allowance for loan losses allocated | 1,465 | 2,737 |
Loans Receivable | Income producing commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 13,044 | 8,311 |
Recorded Investment, With no related allowance recorded | 12,827 | 8,311 |
Unpaid Principal Balance, With an allowance recorded | 10,281 | 16,352 |
Recorded Investment, With an allowance recorded | 10,186 | 16,173 |
Allowance for loan losses, With an allowance recorded | 961 | 1,917 |
Amount of allowance for loan losses allocated | 961 | 1,917 |
Loans Receivable | Commercial & industrial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 493 | 1,679 |
Recorded Investment, With no related allowance recorded | 469 | 1,042 |
Unpaid Principal Balance, With an allowance recorded | 2,957 | 2,936 |
Recorded Investment, With an allowance recorded | 2,870 | 2,935 |
Allowance for loan losses, With an allowance recorded | 280 | 15 |
Amount of allowance for loan losses allocated | $ 280 | $ 15 |
Loans Receivable | Commercial construction | ||
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 | $ 10,787 | $ 12,401 |
Recorded Investment, With an allowance recorded | 10,616 | 12,321 |
Allowance for loan losses, With an allowance recorded | 13 | 729 |
Amount of allowance for loan losses allocated | 13 | 729 |
Loans Receivable | Commercial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 28,330 | 22,015 |
Recorded Investment, With no related allowance recorded | 27,756 | 20,678 |
Unpaid Principal Balance, With an allowance recorded | 48,068 | 56,417 |
Recorded Investment, With an allowance recorded | 47,480 | 54,758 |
Allowance for loan losses, With an allowance recorded | 2,719 | 5,398 |
Loans Receivable | Residential mortgage | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 791 | 2,569 |
Recorded Investment, With no related allowance recorded | 791 | 1,472 |
Unpaid Principal Balance, With an allowance recorded | 19,346 | 17,732 |
Recorded Investment, With an allowance recorded | 18,836 | 17,303 |
Allowance for loan losses, With an allowance recorded | 3,885 | 3,227 |
Amount of allowance for loan losses allocated | $ 3,885 | $ 3,227 |
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 | $ 167 | $ 478 |
Recorded Investment, With an allowance recorded | 167 | 478 |
Allowance for loan losses, With an allowance recorded | 6 | 47 |
Amount of allowance for loan losses allocated | 6 | 47 |
Loans Receivable | Residential construction | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 3,731 | 4,338 |
Recorded Investment, With no related allowance recorded | 3,429 | 3,338 |
Unpaid Principal Balance, With an allowance recorded | 4,854 | 8,962 |
Recorded Investment, With an allowance recorded | 4,471 | 8,266 |
Allowance for loan losses, With an allowance recorded | 174 | 1,192 |
Amount of allowance for loan losses allocated | $ 174 | $ 1,192 |
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 | $ 354 | $ 179 |
Recorded Investment, With an allowance recorded | 329 | 179 |
Allowance for loan losses, With an allowance recorded | 13 | 18 |
Amount of allowance for loan losses allocated | 13 | $ 18 |
Loans Receivable | Indirect auto | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 749 | |
Recorded Investment, With no related allowance recorded | $ 749 | |
Unpaid Principal Balance, With an allowance recorded | ||
Recorded Investment, With an allowance recorded | ||
Allowance for loan losses, With an allowance recorded | ||
Amount of allowance for loan losses allocated |
Loans and Allowance for Credi80
Loans and Allowance for Credit Losses (Details 7) - Loans Receivable - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 22,653 | $ 17,881 |
Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 7,036 | 4,133 |
Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,595 | 717 |
Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 892 | 1,571 |
Commercial construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 328 | 83 |
Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 10,851 | 6,504 |
Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 8,555 | 8,196 |
Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 851 | 695 |
Residential construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,398 | 2,006 |
Consumer installment | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 175 | 134 |
Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 823 | $ 346 |
Loans and Allowance for Credi81
Loans and Allowance for Credit Losses (Details 8) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Recorded investment in nonaccrual loans by loan class | ||
Loans Outstanding, Ending Balance | $ 5,995,441 | $ 4,672,119 |
Loans Receivable | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 26,984 | 26,813 |
Loans Not Past Due | 5,917,138 | 4,645,306 |
PCI Loans | 51,319 | |
Loans Outstanding, Ending Balance | 5,995,441 | 4,672,119 |
Loans Receivable | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 14,584 | 12,242 |
Loans Receivable | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 4,995 | 6,925 |
Loans Receivable | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 7,405 | 7,646 |
Loans Receivable | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 6,819 | 4,514 |
Loans Not Past Due | 1,473,473 | 1,158,966 |
PCI Loans | 13,674 | |
Loans Outstanding, Ending Balance | 1,493,966 | 1,163,480 |
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 | 3,733 | 1,444 |
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 | 1,686 | 1,929 |
Loans Receivable | Owner occupied commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,400 | 1,141 |
Loans Receivable | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,855 | 3,494 |
Loans Not Past Due | 794,103 | 595,043 |
PCI Loans | 27,771 | |
Loans Outstanding, Ending Balance | 823,729 | 598,537 |
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 | 204 | 2,322 |
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 | 1,030 | 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 | 621 | |
Loans Receivable | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,435 | 1,767 |
Loans Not Past Due | 783,327 | 708,489 |
PCI Loans | 655 | |
Loans Outstanding, Ending Balance | 785,417 | 710,256 |
Loans Receivable | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 858 | 302 |
Loans Receivable | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 88 | 40 |
Loans Receivable | Commercial & industrial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 489 | 1,425 |
Loans Receivable | Commercial construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 235 | 66 |
Loans Not Past Due | 339,701 | 195,964 |
PCI Loans | 2,142 | |
Loans Outstanding, Ending Balance | 342,078 | 196,030 |
Loans Receivable | Commercial construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | $ 159 | |
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 | $ 76 | 66 |
Loans Receivable | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 10,344 | 9,841 |
Loans Not Past Due | 3,390,604 | 2,658,462 |
PCI Loans | 44,242 | |
Loans Outstanding, Ending Balance | 3,445,190 | 2,668,303 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 4,954 | 4,068 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,804 | 3,141 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,586 | 2,632 |
Loans Receivable | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 9,993 | 11,443 |
Loans Not Past Due | 1,015,494 | 854,346 |
PCI Loans | 4,176 | |
Loans Outstanding, Ending Balance | 1,029,663 | 865,789 |
Loans Receivable | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 5,111 | 5,234 |
Loans Receivable | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,338 | 2,931 |
Loans Receivable | Residential mortgage | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,544 | 3,278 |
Loans Receivable | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,593 | 1,431 |
Loans Not Past Due | 594,525 | 464,441 |
PCI Loans | 1,688 | |
Loans Outstanding, Ending Balance | 597,806 | 465,872 |
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 | 1,118 | 961 |
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 | 188 | 303 |
Loans Receivable | Home equity lines of credit | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 287 | 167 |
Loans Receivable | Residential construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,763 | 2,835 |
Loans Not Past Due | 347,814 | 295,792 |
PCI Loans | 1,123 | |
Loans Outstanding, Ending Balance | 351,700 | 298,627 |
Loans Receivable | Residential construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,180 | 1,172 |
Loans Receivable | Residential construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 239 | 268 |
Loans Receivable | Residential construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 344 | 1,395 |
Loans Receivable | Consumer installment | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 808 | 776 |
Loans Not Past Due | 114,262 | 104,123 |
PCI Loans | 41 | |
Loans Outstanding, Ending Balance | 115,111 | 104,899 |
Loans Receivable | Consumer installment | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 610 | 607 |
Loans Receivable | Consumer installment | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 115 | 136 |
Loans Receivable | Consumer installment | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 83 | 33 |
Loans Receivable | Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,483 | 487 |
Loans Not Past Due | 454,439 | 268,142 |
PCI Loans | 49 | |
Loans Outstanding, Ending Balance | 455,971 | 268,629 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 611 | 200 |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 311 | 146 |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | $ 561 | $ 141 |
Loans and Allowance for Credi82
Loans and Allowance for Credit Losses (Details 9) - Loans Receivable $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 80 | 79 | 110 |
Pre-Modification Outstanding Recorded Investment | $ 21,110 | $ 13,412 | $ 23,701 |
Post-Modification Outstanding Number of Contracts | $ 20,871 | $ 13,235 | $ 21,676 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | 4 | 12 | 17 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 212 | $ 1,050 | $ 3,360 |
Owner occupied commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 12 | 12 | 12 |
Pre-Modification Outstanding Recorded Investment | $ 13,496 | $ 4,793 | $ 6,326 |
Post-Modification Outstanding Number of Contracts | $ 13,369 | $ 4,793 | $ 5,227 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 1 | 3 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 178 | $ 104 | $ 670 |
Income producing commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 4 | 3 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 1,821 | $ 1,459 | $ 6,157 |
Post-Modification Outstanding Number of Contracts | $ 1,821 | $ 1,459 | $ 6,157 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | |||
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | |||
Commercial & industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 9 | 9 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 1,325 | $ 1,185 | $ 1,464 |
Post-Modification Outstanding Number of Contracts | $ 1,246 | $ 1,185 | $ 1,208 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 1 | |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 54 | $ 35 | |
Commercial construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 6 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 233 | $ 829 | $ 416 |
Post-Modification Outstanding Number of Contracts | $ 233 | $ 829 | $ 416 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | 2 | ||
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 1,454 | ||
Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 26 | 30 | 35 |
Pre-Modification Outstanding Recorded Investment | $ 16,875 | $ 8,266 | $ 14,363 |
Post-Modification Outstanding Number of Contracts | $ 16,669 | $ 8,266 | $ 13,008 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 3 | 6 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 178 | $ 158 | $ 2,159 |
Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 37 | 39 | 49 |
Pre-Modification Outstanding Recorded Investment | $ 3,257 | $ 3,622 | $ 7,098 |
Post-Modification Outstanding Number of Contracts | $ 3,257 | $ 3,445 | $ 6,573 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 9 | 3 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 2 | $ 892 | $ 641 |
Home equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 2 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 187 | $ 36 | |
Post-Modification Outstanding Number of Contracts | $ 177 | $ 36 | |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | |||
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | |||
Residential construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 5 | 4 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 569 | $ 1,262 | $ 2,160 |
Post-Modification Outstanding Number of Contracts | $ 545 | $ 1,262 | $ 2,015 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | 3 | ||
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 531 | ||
Consumer installment | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 10 | 5 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 222 | $ 226 | $ 80 |
Post-Modification Outstanding Number of Contracts | $ 222 | $ 226 | $ 80 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 5 | |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 32 | $ 29 | |
Indirect auto | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | |||
Pre-Modification Outstanding Recorded Investment | |||
Post-Modification Outstanding Number of Contracts | |||
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | Contract | |||
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment |
Loans and Allowance for Credi83
Loans and Allowance for Credit Losses (Details 10) - Loans Receivable $ in Thousands | Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract |
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 413 | 352 |
Pre-Modification Outstanding Recorded Investment | $ 88,015 | $ 88,246 |
Post-Modification Outstanding Recorded Investment | $ 86,588 | $ 85,096 |
Owner occupied commercial real estate | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 54 | 54 |
Pre-Modification Outstanding Recorded Investment | $ 32,544 | $ 27,695 |
Post-Modification Outstanding Recorded Investment | $ 32,058 | $ 26,296 |
Income producing commercial real estate | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 29 | 31 |
Pre-Modification Outstanding Recorded Investment | $ 15,703 | $ 18,094 |
Post-Modification Outstanding Recorded Investment | $ 15,629 | $ 17,915 |
Commercial & industrial | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 26 | 32 |
Pre-Modification Outstanding Recorded Investment | $ 2,955 | $ 2,848 |
Post-Modification Outstanding Recorded Investment | $ 2,870 | $ 2,847 |
Commercial construction | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 14 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 10,785 | $ 11,360 |
Post-Modification Outstanding Recorded Investment | $ 10,616 | $ 11,280 |
Commercial | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 123 | 131 |
Pre-Modification Outstanding Recorded Investment | $ 61,987 | $ 59,997 |
Post-Modification Outstanding Recorded Investment | $ 61,173 | $ 58,338 |
Residential mortgage | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 173 | 154 |
Pre-Modification Outstanding Recorded Investment | $ 19,101 | $ 18,630 |
Post-Modification Outstanding Recorded Investment | $ 18,836 | $ 17,836 |
Home equity lines of credit | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 167 | $ 478 |
Post-Modification Outstanding Recorded Investment | $ 167 | $ 478 |
Residential construction | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 44 | 48 |
Pre-Modification Outstanding Recorded Investment | $ 5,663 | $ 8,962 |
Post-Modification Outstanding Recorded Investment | $ 5,334 | $ 8,265 |
Consumer installment | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 22 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 348 | $ 179 |
Post-Modification Outstanding Recorded Investment | $ 329 | $ 179 |
Indirect auto | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 49 | |
Pre-Modification Outstanding Recorded Investment | $ 749 | |
Post-Modification Outstanding Recorded Investment | $ 749 |
Loans and Allowance for Credi84
Loans and Allowance for Credit Losses (Details 11) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Risk category of loans by class of loans | ||
Total loans | $ 5,995,441 | $ 4,672,119 |
Loans Receivable | ||
Risk category of loans by class of loans | ||
Total loans | 5,995,441 | 4,672,119 |
Total loans, excluding PCI loans | 5,944,122 | |
PCI Loans | 51,319 | |
Loans Receivable | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 4,466,798 | |
Total loans, excluding PCI loans | 5,770,315 | |
PCI Loans | 13,464 | |
Loans Receivable | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 59,047 | |
Total loans, excluding PCI loans | 48,473 | |
PCI Loans | 13,009 | |
Loans Receivable | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 146,274 | |
Total loans, excluding PCI loans | 125,334 | |
PCI Loans | $ 23,935 | |
Loans Receivable | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | $ 911 | |
Loans Receivable | Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans | 1,493,966 | $ 1,163,480 |
Total loans, excluding PCI loans | 1,480,292 | |
PCI Loans | 13,674 | |
Loans Receivable | Owner occupied commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 1,094,057 | |
Total loans, excluding PCI loans | 1,414,353 | |
PCI Loans | 1,811 | |
Loans Receivable | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 18,889 | |
Total loans, excluding PCI loans | 24,175 | |
PCI Loans | 6,705 | |
Loans Receivable | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 50,534 | |
Total loans, excluding PCI loans | 41,764 | |
PCI Loans | $ 4,809 | |
Loans Receivable | Owner occupied commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | $ 349 | |
Loans Receivable | Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans | 823,729 | $ 598,537 |
Total loans, excluding PCI loans | 795,958 | |
PCI Loans | 27,771 | |
Loans Receivable | Income producing commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 560,559 | |
Total loans, excluding PCI loans | 771,792 | |
PCI Loans | 9,378 | |
Loans Receivable | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 16,701 | |
Total loans, excluding PCI loans | 4,151 | |
PCI Loans | 5,766 | |
Loans Receivable | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 21,277 | |
Total loans, excluding PCI loans | 20,015 | |
PCI Loans | $ 12,627 | |
Loans Receivable | Income producing commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | ||
Loans Receivable | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans | $ 785,417 | $ 710,256 |
Total loans, excluding PCI loans | 784,762 | |
PCI Loans | 655 | |
Loans Receivable | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 696,805 | |
Total loans, excluding PCI loans | 770,287 | |
PCI Loans | 17 | |
Loans Receivable | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 4,017 | |
Total loans, excluding PCI loans | 8,171 | |
PCI Loans | 83 | |
Loans Receivable | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 9,434 | |
Total loans, excluding PCI loans | 6,304 | |
PCI Loans | $ 505 | |
Loans Receivable | Commercial & industrial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | $ 50 | |
Loans Receivable | Commercial construction | ||
Risk category of loans by class of loans | ||
Total loans | 342,078 | $ 196,030 |
Total loans, excluding PCI loans | 339,936 | |
PCI Loans | 2,142 | |
Loans Receivable | Commercial construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 190,070 | |
Total loans, excluding PCI loans | 335,571 | |
PCI Loans | 1,698 | |
Loans Receivable | Commercial construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 2,311 | |
Total loans, excluding PCI loans | 3,069 | |
PCI Loans | 6 | |
Loans Receivable | Commercial construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 3,649 | |
Total loans, excluding PCI loans | 1,296 | |
PCI Loans | $ 438 | |
Loans Receivable | Commercial construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | ||
Loans Receivable | Commercial | ||
Risk category of loans by class of loans | ||
Total loans | $ 3,445,190 | $ 2,668,303 |
Total loans, excluding PCI loans | 3,400,948 | |
PCI Loans | 44,242 | |
Loans Receivable | Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 2,541,491 | |
Total loans, excluding PCI loans | 3,292,003 | |
PCI Loans | 12,904 | |
Loans Receivable | Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 41,918 | |
Total loans, excluding PCI loans | 39,566 | |
PCI Loans | 12,560 | |
Loans Receivable | Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 84,894 | |
Total loans, excluding PCI loans | 69,379 | |
PCI Loans | $ 18,379 | |
Loans Receivable | Commercial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | $ 399 | |
Loans Receivable | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans | 1,029,663 | $ 865,789 |
Total loans, excluding PCI loans | 1,025,487 | |
PCI Loans | 4,176 | |
Loans Receivable | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 814,168 | |
Total loans, excluding PCI loans | $ 985,109 | |
PCI Loans | ||
Loans Receivable | Residential mortgage | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 11,594 | |
Total loans, excluding PCI loans | $ 5,070 | |
PCI Loans | 410 | |
Loans Receivable | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 40,027 | |
Total loans, excluding PCI loans | 35,308 | |
PCI Loans | $ 3,766 | |
Loans Receivable | Residential mortgage | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | ||
Loans Receivable | Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans | $ 597,806 | $ 465,872 |
Total loans, excluding PCI loans | 596,118 | |
PCI Loans | 1,688 | |
Loans Receivable | Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans | $ 459,881 | |
Total loans, excluding PCI loans | 589,749 | |
PCI Loans | 214 | |
Loans Receivable | Home equity lines of credit | Watch | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | $ 24 | |
PCI Loans | ||
Loans Receivable | Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 5,991 | |
Total loans, excluding PCI loans | $ 6,345 | |
PCI Loans | $ 1,474 | |
Loans Receivable | Home equity lines of credit | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | ||
Loans Receivable | Residential construction | ||
Risk category of loans by class of loans | ||
Total loans | $ 351,700 | $ 298,627 |
Total loans, excluding PCI loans | 350,577 | |
PCI Loans | 1,123 | |
Loans Receivable | Residential construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 280,166 | |
Total loans, excluding PCI loans | 335,341 | |
PCI Loans | 345 | |
Loans Receivable | Residential construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 5,535 | |
Total loans, excluding PCI loans | 3,813 | |
PCI Loans | 39 | |
Loans Receivable | Residential construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 12,926 | |
Total loans, excluding PCI loans | 11,423 | |
PCI Loans | $ 227 | |
Loans Receivable | Residential construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | $ 512 | |
Loans Receivable | Consumer installment | ||
Risk category of loans by class of loans | ||
Total loans | 115,111 | $ 104,899 |
Total loans, excluding PCI loans | 115,070 | |
PCI Loans | 41 | |
Loans Receivable | Consumer installment | Pass | ||
Risk category of loans by class of loans | ||
Total loans | $ 103,383 | |
Total loans, excluding PCI loans | 114,178 | |
PCI Loans | $ 1 | |
Loans Receivable | Consumer installment | Watch | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | ||
Loans Receivable | Consumer installment | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 1,516 | |
Total loans, excluding PCI loans | $ 892 | |
PCI Loans | $ 40 | |
Loans Receivable | Consumer installment | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | ||
Loans Receivable | Indirect auto | ||
Risk category of loans by class of loans | ||
Total loans | $ 455,971 | $ 268,629 |
Total loans, excluding PCI loans | 455,922 | |
PCI Loans | 49 | |
Loans Receivable | Indirect auto | Pass | ||
Risk category of loans by class of loans | ||
Total loans | $ 267,709 | |
Total loans, excluding PCI loans | $ 453,935 | |
PCI Loans | ||
Loans Receivable | Indirect auto | Watch | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans | ||
Loans Receivable | Indirect auto | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | $ 920 | |
Total loans, excluding PCI loans | $ 1,987 | |
PCI Loans | $ 49 | |
Loans Receivable | Indirect auto | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | ||
Total loans, excluding PCI loans | ||
PCI Loans |
Loans and Allowance for Credi85
Loans and Allowance for Credit Losses (Detail Textuals) - Loans Receivable - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying value of purchased credit impaired loans | $ 51,300,000 | $ 71,000,000 |
Remaining accretable fair value mark on loans | 7,030,000 | |
Criteria amount for evaluation of impairment | 500,000 | |
Accruing substandard relationship | 2,000,000 | |
Nonaccrual Loans | 22,653,000 | 17,881,000 |
Specific reserves | 6,370,000 | 9,720,000 |
Loans outstanding classified as troubled debt restructurings | $ 224,000 | 51,000 |
Percentage of appraised value of underlying collateral in nonaccrual status | 80.00% | |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Overdrawn deposit accounts | $ 827,000 | 1,050,000 |
Nonaccrual Loans | 892,000 | 1,571,000 |
Indirect auto | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Remaining premium | 12,000,000 | |
Nonaccrual Loans | 823,000 | 346,000 |
FHLB | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Pledged as collateral to secure FHLB advances | $ 2,440,000,000 | $ 2,350,000,000 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Premises and equipments | ||
Premises and equipments, gross | $ 279,275 | $ 254,318 |
Less accumulated depreciation | (101,110) | (94,928) |
Premises and equipment, net | 178,165 | 159,390 |
Land and land improvements | ||
Premises and equipments | ||
Premises and equipments, gross | 79,686 | 79,525 |
Buildings and improvements | ||
Premises and equipments | ||
Premises and equipments, gross | 127,493 | 113,105 |
Furniture and equipment | ||
Premises and equipments | ||
Premises and equipments, gross | 68,309 | 59,827 |
Construction in progress | ||
Premises and equipments | ||
Premises and equipments, gross | $ 3,787 | $ 1,861 |
Premises and Equipment (Detai87
Premises and Equipment (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Rent commitments under operating leases | |
2,016 | $ 3,484 |
2,017 | 3,213 |
2,018 | 2,740 |
2,019 | 2,624 |
2,020 | 2,482 |
Thereafter | 8,964 |
Total | $ 23,507 |
Premises and Equipment (Detail
Premises and Equipment (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Premises and Equipment (Textual) [Abstract] | |||
Depreciation expense | $ 9,360 | $ 8,660 | $ 9,400 |
Recognized impairment on properties acquired for future expansion | 5,970 | ||
Rent expense | $ 2,720 | $ 2,140 | $ 2,340 |
Goodwill and Other Intangible89
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Total | $ 16,808 | |
Goodwill | 130,612 | $ 1,509 |
Total goodwill and other intangible assets, net | 147,420 | 3,641 |
Core deposit intangible | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross | 49,772 | 32,652 |
Less: accumulated amortization | (32,964) | (30,520) |
Total | $ 16,808 | $ 2,132 |
Goodwill and Other Intangible90
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill balance, beginning of year | $ 307,099 | $ 305,590 |
Acquisition of Business Carolina, Inc. | 1,509 | |
Acquisition of Palmetto | 114,402 | |
Acquisition of MoneyTree | 14,701 | |
Goodwill balance, end of year | 436,202 | 307,099 |
Accumulated impairment losses balance, beginning of year | (305,590) | (305,590) |
Accumulated impairment losses balance, end of year | (305,590) | (305,590) |
Goodwill, net of Accumulated Impairment Losses, beginning of year | 1,509 | |
Goodwill, net of Accumulated Impairment Losses, end of year | $ 130,612 | $ 1,509 |
Goodwill and Other Intangible91
Goodwill and Other Intangible Assets (Details 2) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 3,875 |
2,017 | 2,900 |
2,018 | 2,310 |
2,019 | 1,924 |
2,020 | 1,563 |
Thereafter | 4,236 |
Total | $ 16,808 |
Goodwill and Other Intangible92
Goodwill and Other Intangible Assets (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 2,444 | $ 1,348 | $ 2,031 |
Servicing Rights (Details)
Servicing Rights (Details) - Government guaranteed loans - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Servicing rights for government guaranteed loans, beginning of period | $ 2,551 | |
Additions: | ||
Acquired servicing rights | 137 | $ 2,133 |
Originated servicing rights capitalized upon sale of loans | 1,699 | 832 |
Subtractions: | ||
Disposals | (353) | (152) |
Changes in fair value: | ||
Due to change in valuation inputs or assumptions used in the valuation model | (322) | (262) |
Servicing rights for government guaranteed loans, end of period | $ 3,712 | $ 2,551 |
Servicing Rights (Details 1)
Servicing Rights (Details 1) - Government guaranteed loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Assets at Fair Value [Line Items] | |||
Fair value of retained Servicing Assets | $ 3,712 | $ 2,551 | |
Prepayment rate assumption | 6.95% | 6.70% | |
10% adverse change | $ (84) | $ (62) | |
20% adverse change | $ (163) | $ (122) | |
Discount rate | 11.80% | 12.00% | |
Weighted-average life (years) | 6 years 8 months 12 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 | $ (212) | $ (164) |
Servicing Rights (Details 2)
Servicing Rights (Details 2) - Residential mortgage servicing rights $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |
Residential mortgage servicing rights, net of valuation allowance, beginning of period | |
Additions: | |
Acquired servicing rights | $ 3,454 |
Originated servicing rights capitalized upon sale of loans | 199 |
Subtractions: | |
Amortization | (273) |
Impairment | (10) |
Residential mortgage servicing rights, net of valuation allowance, end of period | $ 3,370 |
Servicing Rights (Details 3)
Servicing Rights (Details 3) - Residential mortgage servicing rights $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | |
Valuation allowance, beginning of period | |
Additions charged to operations, net | $ 10 |
Valuation allowance, end of period | $ 10 |
Servicing Rights (Details 4)
Servicing Rights (Details 4) - Residential Mortgage [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Servicing Asset [Line Items] | ||
2,016 | $ 819 | |
2,017 | 667 | |
2,018 | 539 | |
2,019 | 434 | |
2,020 | 346 | |
thereafter | 565 | |
Servicing asset, Total | $ 3,370 |
Servicing Rights (Detail Textua
Servicing Rights (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Government guaranteed loans | |||
Schedule Of Servicing Asset [Line Items] | |||
Servicing of asset for others, Amount not included in balance sheet | $ 151,000 | $ 88,000 | |
Contractually specified servicing fees earned by United on servicing rights | 1,070 | 513 | |
Estimated fair value of residential mortgage servicing rights | 3,712 | $ 2,551 | |
Residential mortgage servicing rights | |||
Schedule Of Servicing Asset [Line Items] | |||
Servicing of asset for others, Amount not included in balance sheet | 377,000 | ||
Contractually specified servicing fees earned by United on servicing rights | 299 | ||
Estimated fair value of residential mortgage servicing rights | $ 3,520 |
Deposits (Details)
Deposits (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Maturing In: | |
2,016 | $ 1,027,814 |
2,017 | 137,114 |
2,018 | 58,559 |
2,019 | 23,894 |
2,020 | 35,222 |
thereafter | 241,939 |
Total | $ 1,524,542 |
Deposits (Detail Textuals)
Deposits (Detail Textuals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deposits [Abstract] | ||
Time deposits (excluding brokered time deposits) | $ 139 | $ 135 |
Certificates of deposit | 242 | 273 |
Daily average balance of brokered deposits | $ 269 | $ 294 |
Description of fair value hedging instrument | Most of the brokered certificates of deposit have been swapped in fair value hedging relationships to 90 day LIBOR minus a spread that currently exceeds LIBOR, thereby resulting in a negative yield. |
Federal Home Loan Bank Advan101
Federal Home Loan Bank Advances (Detail Textuals) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLB advances | $ 430 | $ 270 |
Weighted average interest rate advances | 0.49% | 0.22% |
Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Interest payment rates | 0.60% |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Long-term debt | ||
Long-term Debt | $ 165,620 | $ 129,865 |
2012 senior debentures | ||
Long-term debt | ||
Long-term Debt | $ 35,000 | 35,000 |
Issue Date | 2,012 | |
Stated maturity date | 2,017 | |
Earliest call date | 2,017 | |
Interest rate | 9.00% | |
2013 senior debentures | ||
Long-term debt | ||
Long-term Debt | $ 40,000 | 40,000 |
Issue Date | 2,013 | |
Stated maturity date | 2,018 | |
Earliest call date | 2,015 | |
Interest rate | 6.00% | |
2022 senior debentures | ||
Long-term debt | ||
Long-term Debt | $ 50,000 | |
Issue Date | 2,015 | |
Stated maturity date | 2,022 | |
Earliest call date | 2,020 | |
Interest Rate | 5.000% through August 13, 2020, 3-month LIBOR plus 3.814% thereafter | |
2027 senior debentures | ||
Long-term debt | ||
Long-term Debt | $ 35,000 | |
Issue Date | 2,015 | |
Stated maturity date | 2,027 | |
Earliest call date | 2,025 | |
Interest Rate | 5.500% through August 13, 2025 3-month LIBOR plus 3.71% thereafter | |
Total senior debentures | ||
Long-term debt | ||
Long-term Debt | $ 160,000 | 75,000 |
United Community Capital Trust | ||
Long-term debt | ||
Long-term Debt | 21,650 | |
Issue Date | 1,998 | |
Stated maturity date | 2,028 | |
Earliest call date | 2,008 | |
Interest rate | 8.125% | |
United Community Statutory Trust I | ||
Long-term debt | ||
Long-term Debt | 5,155 | |
Issue Date | 2,000 | |
Stated maturity date | 2,030 | |
Earliest call date | 2,010 | |
Interest rate | 10.60% | |
United Community Capital Trust II | ||
Long-term debt | ||
Long-term Debt | 10,309 | |
Issue Date | 2,000 | |
Stated maturity date | 2,030 | |
Earliest call date | 2,010 | |
Interest rate | 11.295% | |
Southern Bancorp Capital Trust I | ||
Long-term debt | ||
Long-term Debt | $ 4,382 | 4,382 |
Issue Date | 2,004 | |
Stated maturity date | 2,034 | |
Earliest call date | 2,009 | |
Prime + Interest rate | 1.00% | |
United Community Statutory Trust II | ||
Long-term debt | ||
Long-term Debt | 12,131 | |
Issue Date | 2,008 | |
Stated maturity date | 2,038 | |
Earliest call date | 2,013 | |
Interest rate | 9.00% | |
United Community Statutory Trust III | ||
Long-term debt | ||
Long-term Debt | $ 1,238 | 1,238 |
Issue Date | 2,008 | |
Stated maturity date | 2,038 | |
Earliest call date | 2,013 | |
Prime + Interest rate | 3.00% | |
Total trust preferred securities | ||
Long-term debt | ||
Long-term Debt | $ 5,620 | $ 54,865 |
Long-term Debt (Detail Textuals
Long-term Debt (Detail Textuals) | 12 Months Ended |
Dec. 31, 2015 | |
2012 senior debentures | |
Debt Instrument [Line Items] | |
Senior debentures maturity date | Oct. 15, 2017 |
2013 senior debentures | |
Debt Instrument [Line Items] | |
Percentage of principal amount redeemed | 100.00% |
Senior debentures maturity date | Aug. 13, 2018 |
2022 senior debentures | |
Debt Instrument [Line Items] | |
Percentage of principal amount redeemed | 100.00% |
Senior debentures maturity date | Feb. 14, 2022 |
2027 senior debentures | |
Debt Instrument [Line Items] | |
Percentage of principal amount redeemed | 100.00% |
Senior debentures maturity date | Feb. 14, 2027 |
Reclassifications Out of Acc104
Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities gains, net | $ 2,255 | $ 4,871 | $ 186 |
Loan interest revenue | 223,256 | 196,279 | 200,893 |
Loan interest revenue | 9,834 | 7,114 | 10,025 |
Time deposit interest expense | 3,756 | 7,133 | 10,464 |
Money market deposit interest expense | 3,466 | 3,060 | 2,210 |
Tax (expense) or benefit | 43,436 | 39,450 | (238,188) |
Net of tax | 71,511 | 67,181 | 261,062 |
Reclassifications Out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net of tax | (1,304) | 484 | 790 |
Reclassifications Out of Accumulated Other Comprehensive Income | Realized gains on available-for-sale securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities gains, net | 2,255 | 4,871 | 186 |
Tax (expense) or benefit | (862) | (1,902) | (72) |
Net of tax | 1,393 | 2,969 | 114 |
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 | (1,702) | (1,656) | 731 |
Tax (expense) or benefit | 638 | 622 | (282) |
Net of tax | $ (1,064) | $ (1,034) | 449 |
Reclassifications Out of Accumulated Other Comprehensive Income | Amounts included in net income on derivative financial instruments accounted for as cash flow hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Loan interest revenue | 852 | ||
Loan interest revenue | $ 52 | ||
Time deposit interest expense | $ (764) | ||
Money market deposit interest expense | (223) | ||
Deposits in banks and short-term investments interest revenue | $ (129) | (79) | |
Money market deposit interest expense | (695) | (198) | |
Federal Home Loan Bank advances interest expense | $ (1,112) | (234) | |
Time deposit interest expense | (512) | ||
Total before tax | $ (1,936) | (2,010) | $ 904 |
Tax (expense) or benefit | 753 | 782 | (352) |
Net of tax | (1,183) | (1,228) | 552 |
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 | (465) | $ (365) | (365) |
Actuarial losses | (271) | (167) | |
Total before tax | (736) | $ (365) | (532) |
Tax (expense) or benefit | 286 | 142 | 207 |
Net of tax | $ (450) | $ (223) | $ (325) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Total preferred stock dividends | $ 67 | $ 439 | $ 12,078 |
Series A - 6% fixed | |||
Class of Stock [Line Items] | |||
Total preferred stock dividends | 12 | ||
Series B - 5% fixed until December 6, 2013, 9% thereafter | |||
Class of Stock [Line Items] | |||
Total preferred stock dividends | $ 159 | 10,401 | |
Series D - LIBOR plus 9.6875%, resets quarterly | |||
Class of Stock [Line Items] | |||
Total preferred stock dividends | $ 280 | $ 1,665 | |
Series H - 1% until March 15, 2016, 9% thereafter | |||
Class of Stock [Line Items] | |||
Total preferred stock dividends | $ 67 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Computation of basic and diluted loss per share | |||
Net income available to common shareholders | $ 71,511 | $ 67,181 | $ 261,062 |
Income per common share: | |||
Basic (in dollars per share) | $ 1.09 | $ 1.11 | $ 4.44 |
Diluted (in dollars per share) | $ 1.09 | $ 1.11 | $ 4.44 |
Weighted average common shares: | |||
Basic (in shares) | 65,488 | 60,588 | 58,787 |
Effect of dilutive securities: | |||
Stock options (in shares) | 4 | 2 | 1 |
Warrants (in shares) | 57 | ||
Diluted (in shares) | 65,492 | 60,590 | 58,845 |
Earnings Per Share (Detail Text
Earnings Per Share (Detail Textuals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Number of common stock called by warrants (in shares) | 219,909 | 219,909 | 219,909 |
Exercise of price warrants | $ 61.40 | $ 61.40 | $ 61.40 |
Fletcher International Ltd | |||
Class of Stock [Line Items] | |||
Number of common stock called by warrants (in shares) | 1,411,765 | ||
Exercise of price warrants | $ 21.25 | ||
Employees | |||
Class of Stock [Line Items] | |||
Shares issuable upon exercise of grants | 241,493 | 313,555 | 371,449 |
Weighted average exercise price of stock options granted to employees | $ 89.92 | $ 93.40 | $ 98.54 |
Restricted Stock | |||
Class of Stock [Line Items] | |||
Vesting of restricted stock awards | 712,667 | 829,201 | 1,073,259 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax expense (benefit) | |||
Current | $ 5,140 | $ 1,224 | $ 3,467 |
Deferred | 37,685 | 37,524 | 23,785 |
Increase (decrease) in valuation allowance | 611 | 702 | (265,440) |
Total income tax expense (benefit) | $ 43,436 | $ 39,450 | $ (238,188) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Differences between the provision for income taxes and statutory federal income tax rate | |||
Pretax income at statutory rates | $ 40,255 | $ 37,475 | $ 12,234 |
Add (deduct): | |||
State taxes, net of federal benefit | 3,537 | 3,365 | 895 |
Bank owned life insurance earnings | (348) | (209) | (704) |
Adjustment to reserve for uncertain tax positions | (136) | (200) | (426) |
Tax-exempt interest revenue | (662) | (757) | (714) |
Equity compensation | 676 | ||
Transaction costs | 509 | ||
Tax credits | (190) | (250) | (438) |
Change in state statutory tax rate | 340 | 1,003 | |
Change in valuation allowance affecting other comprehensive income | 12,174 | ||
Increase (decrease) in valuation allowance | 611 | 702 | (265,440) |
Other | (480) | (676) | 2,552 |
Total income tax expense (benefit) | $ 43,436 | $ 39,450 | $ (238,188) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for loan losses | $ 25,840 | $ 27,563 |
Net operating loss carryforwards | 155,757 | 184,015 |
Deferred compensation | 8,727 | 7,188 |
Loan purchase accounting adjustments | 7,940 | |
Reserve for losses on foreclosed properties | 2,025 | 254 |
Nonqualified share based compensation | 3,628 | 3,993 |
Accrued expenses | 3,990 | 2,107 |
Investment in partnerships | 1,814 | 1,856 |
Unamortized pension actuarial losses and prior service cost | 2,151 | 1,862 |
Acquired intangible assets | 593 | |
Unrealized losses on securities available-for-sale | 2,943 | |
Unrealized losses on cash flow hedges | 1,351 | 1,977 |
Derivatives | 936 | 457 |
Other | 2,174 | 714 |
Total deferred tax assets | 219,276 | 232,579 |
Deferred tax liabilities: | ||
Unrealized gains on securities available-for-sale | 1,340 | |
Acquired intangible assets | 5,034 | |
Premises and equipment | 398 | 2,452 |
Loan origination costs | 5,030 | 4,342 |
Prepaid expenses | 729 | 626 |
Servicing asset | 2,208 | |
Uncertain tax positions | 3,981 | 4,195 |
Total deferred tax liabilities | 17,380 | 12,955 |
Less valuation allowance | 4,283 | 4,121 |
Net deferred tax asset | $ 197,613 | $ 215,503 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of the beginning and ending unrecognized tax benefit | |||
Balance at beginning of year | $ 4,195 | $ 4,503 | $ 5,069 |
Additions based on tax positions related to the current year | 371 | 374 | 352 |
Decreases resulting from a lapse in the applicable statute of limitations | (585) | (682) | (918) |
Balance at end of year | $ 3,981 | $ 4,195 | $ 4,503 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |
Tax Credit Carryforward [Line Items] | ||||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | |
Increase in deferred tax asset due to merger and acquisition | $ 16,500,000 | |||
Reversal of the valuation allowance | $ 272,000,000 | |||
Net deferred tax asset realized based upon future taxable income | 216,000,000 | |||
Federal alternative minimum tax credits | 7,420,000 | |||
Federal alternative minimum tax credits subject to annual limitation | 2,040,000 | |||
Tax benefit related to Uncertain tax positions that increases income from continuing operations | 3,300,000 | |||
Valuation allowance | 4,283,000 | $ 4,121,000 | ||
Net deferred tax asset | 197,613,000 | $ 215,503,000 | ||
Interest and penalties | $ 59,000 | |||
Begin to expire in 2016 | ||||
Tax Credit Carryforward [Line Items] | ||||
State tax credits | 6,810,000 | |||
Begin to expire in 2018 | ||||
Tax Credit Carryforward [Line Items] | ||||
State net operating loss carryforwards | 4,580,000 | |||
Begin to expire in 2025 | ||||
Tax Credit Carryforward [Line Items] | ||||
State net operating loss carryforwards | 16,900,000 | |||
Begin to expire in 2028 | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal general business tax credits | 3,010,000 | |||
Begin to expire in 2029 | ||||
Tax Credit Carryforward [Line Items] | ||||
State net operating loss carryforwards | 464,000,000 | |||
Federal net operating loss carryforwards | 27,500,000 | |||
Begin to expire in 2030 | ||||
Tax Credit Carryforward [Line Items] | ||||
State net operating loss carryforwards | 52,200,000 | |||
Federal net operating loss carryforwards | $ 315,000,000 |
Pension and Employee Benefit113
Pension and Employee Benefit Plans (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Modified Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for disclosures | 4.25% | 4.00% | |
Discount rate for net periodic benefit cost | 4.00% | 4.50% | |
Expected long-term rate of return | |||
Rate of compensation increase | |||
Measurement date | 12/31/2015 | 12/31/2014 | |
Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for disclosures | 4.53% | ||
Discount rate for net periodic benefit cost | 4.50% | ||
Expected long-term rate of return | 6.30% | ||
Rate of compensation increase | |||
Measurement date | 12/31/2015 |
Pension and Employee Benefit114
Pension and Employee Benefit Plans (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Modified Retirement Plan | |||
Accumulated benefit obligation: | |||
Accumulated benefit obligation - beginning of year | $ 15,869 | $ 13,320 | |
Business combinations | |||
Service cost | $ 376 | $ 341 | $ 465 |
Interest cost | 628 | $ 579 | 533 |
Plan amendments | 1,353 | ||
Actuarial (gains) losses | (297) | $ 1,933 | |
Benefits paid | (334) | (304) | |
Accumulated benefit obligation - end of year | $ 17,595 | $ 15,869 | $ 13,320 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning plan assets | |||
Business combinations | |||
Actual return | |||
Employer contribution | $ 334 | $ 304 | |
Benefits paid | $ (334) | $ (304) | |
Plan assets - end of year | |||
Funded status - end of year (plan assets less benefit obligations) | $ (17,595) | $ (15,869) | |
Funded Plan | |||
Accumulated benefit obligation: | |||
Accumulated benefit obligation - beginning of year | |||
Business combinations | $ 19,620 | ||
Service cost | |||
Interest cost | $ 292 | ||
Plan amendments | |||
Actuarial (gains) losses | $ 136 | ||
Benefits paid | (802) | ||
Accumulated benefit obligation - end of year | $ 19,246 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning plan assets | |||
Business combinations | $ 18,028 | ||
Actual return | $ 89 | ||
Employer contribution | |||
Benefits paid | $ (802) | ||
Plan assets - end of year | 17,315 | ||
Funded status - end of year (plan assets less benefit obligations) | $ (1,931) |
Pension and Employee Benefit115
Pension and Employee Benefit Plans (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost | $ 501,000 | ||
Amortization of net losses | (167,000) | ||
Modified Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 376 | $ 341 | $ 465 |
Interest cost | $ 628 | $ 579 | 533 |
Expected return on plan assets | |||
Amortization of prior service cost | $ 465 | $ 365 | 365 |
Amortization of net losses | 271 | 167 | |
Net periodic benefit cost | $ 1,740 | $ 1,285 | $ 1,530 |
Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | |||
Interest cost | $ 292 | ||
Expected return on plan assets | $ (375) | ||
Amortization of prior service cost | |||
Amortization of net losses | |||
Net periodic benefit cost | $ (83) |
Pension and Employee Benefit116
Pension and Employee Benefit Plans (Details 3) $ in Thousands | Dec. 31, 2015USD ($) |
Modified Retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 394 |
2,017 | 849 |
2,018 | 1,066 |
2,019 | 1,060 |
2,020 | 1,143 |
2021-2025 | 5,610 |
Total | 10,122 |
Funded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 1,046 |
2,017 | 1,070 |
2,018 | 1,109 |
2,019 | 1,136 |
2,020 | 1,145 |
2021-2025 | 5,957 |
Total | $ 11,463 |
Pension and Employee Benefit117
Pension and Employee Benefit Plans (Details 4) $ in Thousands | Dec. 31, 2015USD ($) |
Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 17,315 |
Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Level 3 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Total | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 17,315 |
Cash and cash equivalents | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 2,346 |
Cash and cash equivalents | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Cash and cash equivalents | Level 3 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Cash and cash equivalents | Total | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 2,346 |
Mutual funds | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 857 |
Mutual funds | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Mutual funds | Level 3 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Mutual funds | Total | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 857 |
Corporate stocks | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 1,178 |
Corporate stocks | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Corporate stocks | Level 3 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Corporate stocks | Total | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 1,178 |
Exchange traded funds | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 12,902 |
Exchange traded funds | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Exchange traded funds | Level 3 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Exchange traded funds | Total | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 12,902 |
Other | Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 32 |
Other | Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Other | Level 3 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | |
Other | Total | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 32 |
Pension and Employee Benefit118
Pension and Employee Benefit Plans (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employee matching contributions | 5.00% | ||
Duration of service period to receive matching contribution | 1 year | ||
Vesting period of benefits | 3 years | ||
Employee eligible compensation contributions | 5.00% | ||
Maximum matching contributions | 50.00% | ||
Compensation expense | $ 1,450 | $ 1,200 | $ 1,240 |
Number of common stock shares purchased | 17,373 | 48,996 | |
Recognized deferred compensation from continuing operation | 21,000 | $ 24,000 | $ 24,000 |
Discretionary contribution shares by director | 25,000 | ||
Estimated net loss | 167,000 | ||
Prior service costs | 501,000 | ||
Modified Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | 334 | $ 304 | |
Estimated net loss | (271) | $ (167) | |
Prior service costs | 465 | $ 365 | $ 365 |
Expected contribution to plan in year 2016 | $ 394,000 | ||
Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contribution | |||
Estimated net loss | |||
Prior service costs | |||
Expected contribution to plan in year 2016 | $ 1,600 |
Derivatives and Hedging Acti119
Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative instrument hedges assets fair value | $ 31 | |
Derivative instrument hedges liabilities fair value | 2,169 | $ 6,167 |
Derivative assets | Fair value hedging | Corporate Bonds | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument hedges assets fair value | 31 | |
Derivative liabilities | Cash flow hedging | Money market deposits | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument hedges liabilities fair value | 350 | |
Derivative liabilities | Fair value hedging | Brokered CD's | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument hedges liabilities fair value | $ 2,169 | $ 5,817 |
Derivatives and Hedging Acti120
Derivatives and Hedging Activities (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 20,051 | $ 20,599 |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 26,656 | 25,830 |
Derivative assets | Customer swap positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 6,185 | 3,433 |
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 | 31 | $ 128 |
Derivative assets | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 188 | |
Derivative assets | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 1 | |
Derivative assets | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 9,230 | $ 12,262 |
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 | 4,416 | 4,776 |
Derivative liabilities | Customer swap positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 31 | 129 |
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 | 6,339 | $ 3,456 |
Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 22 | |
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 | 15,794 | $ 17,467 |
Derivative liabilities | De-designated cash flow hedge | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $ 4,470 | $ 4,778 |
Derivatives and Hedging Acti121
Derivatives and Hedging Activities (Details 2) - Cash flow hedging - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | $ (1,936) | $ (2,010) | $ 904 |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $ (471) | (8,437) | 10,084 |
Interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | (79) | $ 904 | |
Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | $ (1,936) | (1,931) | |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | $ (7) | $ (107) | $ 70 |
Derivatives and Hedging Acti122
Derivatives and Hedging Activities (Details 3) - Fair value hedging - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | |||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 1,845 | $ 10,913 | $ (10,148) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | (1,635) | (12,194) | 11,216 |
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 | 1,814 | 13,400 | (16,433) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | (1,507) | (14,357) | 16,981 |
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 | 31 | (2,487) | 6,285 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $ (128) | $ 2,163 | $ (5,765) |
Derivatives and Hedging Acti123
Derivatives and Hedging Activities (Detail Textuals) | 12 Months Ended | |||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($)Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Collateral pledged toward derivatives in a liability position | $ 30,900,000 | |||
Cash flow hedging | Interest rate risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of derivative contracts outstanding | Contract | 1 | |||
Notional amount of terminated Cash flow hedge | $ 175,000,000 | |||
Increase to deposit interest expense over the next twelve months | 1,890,000 | |||
Reclassification of gains from terminated positions | $ 52,000 | |||
Fair value hedging of interest rate risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Recognized net gain (loss) related to ineffectiveness of the fair value hedging relationships | $ 210,000 | $ 1,280,000 | 1,070,000 | |
Fair value hedging of interest rate risk | Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of derivative contracts outstanding | Contract | 13 | 16 | ||
Notional amount | $ 156,000,000 | $ 197,000,000 | ||
Fair value hedging of interest rate risk | Corporate Bonds | Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of derivative contracts outstanding | Contract | 1 | |||
Notional amount | $ 30,000,000 | |||
Fair value hedging of interest rate risk | Interest rate risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of derivative contracts outstanding | Contract | 1 | |||
Notional amount | $ 175,000,000 | |||
Interest expense | Fair value hedging of interest rate risk | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net reduction of interest expense | 4,460,000 | 4,610,000 | 4,670,000 | |
Interest revenue | Fair value hedging of interest rate risk | Corporate Bonds | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net reduction of interest expense | $ 498,000 | $ 955,000 | $ 1,330,000 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Risk-based ratios: | ||
Common equity tier 1 capital, Minimum | 4.50% | |
Common equity tier 1 capital, Well Capitalized | 6.50% | |
Common equity tier 1 capital | 11.45% | |
Tier 1 capital, Minimum | 6.00% | 4.00% |
Tier 1 capital, Well Capitalized | 8.00% | 6.00% |
Tier 1 capital | 11.45% | 12.05% |
Total capital, Minimum | 8.00% | 8.00% |
Total capital, Well Capitalized | 10.00% | 10.00% |
Total capital | 12.50% | 13.30% |
Tier 1 Leverage ratio, Minimum | 4.00% | 3.00% |
Tier 1 Leverage Ratio, Well Capitalized | 5.00% | 5.00% |
Tier 1 Leverage ratio | 8.34% | 8.69% |
Common equity tier 1 capital | $ 773,677 | |
Tier 1 capital | 773,677 | $ 642,663 |
Total capital | 844,667 | 709,408 |
Risk-weighted assets | 6,755,011 | 5,332,822 |
Average total assets | $ 9,282,243 | $ 7,396,450 |
United Community Bank | ||
Risk-based ratios: | ||
Common equity tier 1 capital | 13.01% | |
Tier 1 capital | 13.01% | 12.84% |
Total capital | 14.06% | 14.09% |
Tier 1 Leverage ratio | 9.47% | 9.25% |
Common equity tier 1 capital | $ 877,169 | |
Tier 1 capital | 877,169 | $ 683,332 |
Total capital | 948,159 | 749,927 |
Risk-weighted assets | 6,743,560 | 5,320,615 |
Average total assets | $ 9,264,133 | $ 7,385,048 |
Regulatory Matters (Detail Text
Regulatory Matters (Detail Textuals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Regulatory Capital Requirements [Abstract] | ||
Common equity tier 1 capital, Well Capitalized | 6.50% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
leverage ratio for supervisory rating of 1 | 3.00% | |
Approved cash dividend | $ 77.5 | $ 129 |
Maximum percentage of credit to affiliate under federal reserve act | 10.00% | |
Maximum percentage of credit to all affiliates under federal reserve act | 20.00% |
Commitments and Contingencie126
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | $ 1,351,446 | $ 878,160 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | 23,373 | 19,861 |
Minimum Lease Payments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | $ 23,507 | $ 10,877 |
Preferred Stock (Detail Textual
Preferred Stock (Detail Textuals) - $ / shares | May. 01, 2015 | Mar. 03, 2014 | Jan. 10, 2014 | Dec. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||
Series A Non-Cumulative Preferred | |||||||
Number of preferred shares redeemed | 21,700 | ||||||
Fixed Rate Cumulative Perpetual Preferred Stock, Series B | |||||||
Number of preferred shares redeemed | 105,000 | 75,000 | |||||
Cumulative Perpetual Preferred Stock, Series D | |||||||
Number of preferred shares redeemed | 16,613 | ||||||
Non-Cumulative Perpetual Preferred Stock, Series H | |||||||
Number preferred stock shares outstanding | 9,992 | 0 | |||||
Liquidation preference amount | $ 1,000 | ||||||
Liquidation preference redemption price in percentage equal to liquidation preference | 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% | ||||||
Money Tree Corporation | Non-Cumulative Perpetual Preferred Stock, Series H | |||||||
Liquidation preference amount | $ 1,000 | ||||||
Current dividend rate | 1.00% | ||||||
Dividend rate increase to rate per annum | 9.00% |
Equity Compensation and Rela128
Equity Compensation and Related Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock | |||
Restricted Stock, Shares | |||
Shares Outstanding, Beginning Balance | 829,201 | 1,073,676 | 485,584 |
Shares, Granted | 265,306 | 97,016 | 876,583 |
Shares, Vested | (305,902) | (336,691) | (195,366) |
Shares, Cancelled | (75,938) | (4,800) | (93,125) |
Shares Outstanding, Ending Balance | 712,667 | 829,201 | 1,073,676 |
Shares Exercisable | 1,170 | ||
Restricted Stock, Weighted Average Grant Date Fair Value | |||
Weighted-Average Grant-Date Fair Value, Beginning balance | $ 14.76 | $ 13.73 | $ 10.72 |
Weighted-Average Grant-Date Fair Value, Granted | 18.66 | 17.33 | 14.74 |
Weighted-Average Grant-Date Fair Value, Vested | 14 | 12.23 | 13.16 |
Weighted-Average Grant-Date Fair Value, Cancelled | 15.63 | 13.78 | 8.78 |
Weighted-Average Grant-Date Fair Value, Ending balance | 16.44 | $ 14.76 | $ 13.73 |
Weighted average grant date fair value, exercisable | $ 10.69 | ||
Stock Options | |||
Stock Option, Weighted Average Grant Date Fair Value | |||
Options, Outstanding Shares, Beginning Balance | 313,555 | 350,772 | 482,528 |
Options, granted | 10,000 | 5,000 | |
Options, Expired | (45,866) | (32,810) | (67,559) |
Options, Cancelled | (26,196) | (14,407) | (69,197) |
Options, Outstanding Shares, Ending Balance | 241,493 | 313,555 | 350,772 |
Aggregate Intrinsic Value, Exercisable | $ 133 | ||
Options, Exercisable, Shares | 231,493 | ||
Options, Exercisable, Aggregate Intrinsic Value | $ 102 | ||
Stock Option, Weighted Average Grant Date Fair Value | |||
Weighted Average Exercise Price, Beginning balance | $ 93.40 | $ 97.87 | $ 97.73 |
Weighted Average Exercise Price, Granted | 16.71 | 15.09 | |
Weighted Average Exercise Price, Expired | $ 108.93 | 115.83 | 78.95 |
Weighted Average Exercise Price, Cancelled | 98.36 | 97.80 | 109.43 |
Weighted-Average Exercise Price, Ending balance | $ 89.92 | $ 93.40 | $ 97.87 |
Weighted Average Remaining Term | 2 years 4 months 10 days | ||
Options, Exercisable, Weighted-Average Exercise Price | $ 93.10 | ||
Options, Exercisable, Weighted-Average Remaining Contractual Term (Years) | 2 years 1 month 2 days |
Equity Compensation and Rela129
Equity Compensation and Related Plans (Details 1) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Exercise Price Range $10.00 to 30.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 26,823 |
Options Outstanding, Range Minimum | $ 10 |
Options Outstanding, Range Maximum | 30 |
Options Outstanding, Weighted Average Price | $ 14.96 |
Options Outstanding, Average Remaining Life | 7 years 7 days |
Options, Exercisable, Shares | shares | 16,823 |
Weighted Average Exercise Price, Options Exercisable | $ 14.16 |
Exercise Price Range $30.01 to 50.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 40,796 |
Options Outstanding, Range Minimum | $ 30.01 |
Options Outstanding, Range Maximum | 50 |
Options Outstanding, Weighted Average Price | $ 31.69 |
Options Outstanding, Average Remaining Life | 3 years 4 months 20 days |
Options, Exercisable, Shares | shares | 40,796 |
Weighted Average Exercise Price, Options Exercisable | $ 31.69 |
Exercise Price Range $50.01 to 70.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 62,260 |
Options Outstanding, Range Minimum | $ 50.01 |
Options Outstanding, Range Maximum | 70 |
Options Outstanding, Weighted Average Price | $ 66.29 |
Options Outstanding, Average Remaining Life | 2 years 3 months 16 days |
Options, Exercisable, Shares | shares | 62,260 |
Weighted Average Exercise Price, Options Exercisable | $ 66.29 |
Exercise Price Range $70.01 to 90.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 2,075 |
Options Outstanding, Range Minimum | $ 70.01 |
Options Outstanding, Range Maximum | 90 |
Options Outstanding, Weighted Average Price | $ 77.53 |
Options Outstanding, Average Remaining Life | 2 years 2 months 29 days |
Options, Exercisable, Shares | shares | 2,075 |
Weighted Average Exercise Price, Options Exercisable | $ 77.53 |
Exercise Price Range $110.01 to 130.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 936 |
Options Outstanding, Range Minimum | $ 110.01 |
Options Outstanding, Range Maximum | 130 |
Options Outstanding, Weighted Average Price | $ 118.43 |
Options Outstanding, Average Remaining Life | 1 year 9 months |
Options, Exercisable, Shares | shares | 936 |
Weighted Average Exercise Price, Options Exercisable | $ 118.43 |
Exercise Price Range $130.01 to 150.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 107,356 |
Options Outstanding, Range Minimum | $ 130.01 |
Options Outstanding, Range Maximum | 150 |
Options Outstanding, Weighted Average Price | $ 143.71 |
Options Outstanding, Average Remaining Life | 10 months 9 days |
Options, Exercisable, Shares | shares | 107,356 |
Weighted Average Exercise Price, Options Exercisable | $ 143.71 |
Exercise Price Range $150.01 - 155.25 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 1,247 |
Options Outstanding, Range Minimum | $ 150.01 |
Options Outstanding, Range Maximum | 155.25 |
Options Outstanding, Weighted Average Price | $ 155.25 |
Options Outstanding, Average Remaining Life | 11 months 4 days |
Options, Exercisable, Shares | shares | 1,247 |
Weighted Average Exercise Price, Options Exercisable | $ 155.25 |
Exercise Price Range $10.00 To 155.25 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 241,493 |
Options Outstanding, Range Minimum | $ 10 |
Options Outstanding, Range Maximum | 155.25 |
Options Outstanding, Weighted Average Price | $ 89.92 |
Options Outstanding, Average Remaining Life | 2 years 4 months 8 days |
Options, Exercisable, Shares | shares | 231,493 |
Weighted Average Exercise Price, Options Exercisable | $ 93.10 |
Equity Compensation and Rela130
Equity Compensation and Related Plans (Details 2) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | ||
Expected volatility | 66.00% | 30.00% |
Expected dividend yield | 1.00% | 0.00% |
Expected life (in years) | 6 years 3 months | 6 years 3 months |
Risk-free rate | 2.10% | 2.00% |
Equity Compensation and Rela131
Equity Compensation and Related Plans (Details textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period under Plan | 4 years | ||
Maximum exercisable period | 10 years | ||
Additional awards granted under Plan | 248,000 | ||
Compensation expense | $ 1,450,000 | $ 1,200,000 | $ 1,240,000 |
Deferred income tax expense (benefit) | 38,296,000 | $ 38,226,000 | $ (241,655,000) |
Weighted average grant date fair value, granted | $ 9.49 | $ 5.10 | |
Unrecognized compensation cost related to nonvested stock options | $ 8,940,000 | ||
Weighted average period over which compensation cost is expected to be recognized | 2 years 5 months 9 days | ||
Aggregate grant date fair value of options and restricted stock that vested during the period | $ 4,260,000 | ||
Shares issued in connection with DRIP | 2,916 | 191 | |
Shares purchased by United's 401(k) retirement plan | 17,373 | 48,996 | |
Discount offered to employees under United has an Employee Stock Purchase Program (ESPP) to purchase shares of common stock | 10.00% | 5.00% | 5.00% |
Stock issued during period shares employee stock pension plan | 14,213 | 10,506 | 13,982 |
Common stock issuable shares under deferred compensation plan | 458,953 | 357,983 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, granted | 10,000 | 5,000 | |
Compensation expense | $ 35,000 | $ 15,000 | $ (51,000) |
Deferred income tax expense (benefit) | 14,000 | 6,000 | (20,000) |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 4,370,000 | $ 4,290,000 | $ 2,850,000 |
Total intrinsic value of restricted stock | $ 13,900,000 | ||
Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, granted | 9,344 | ||
Share based compensation arrangement by share based payment award awards granted during period aggregate fair value | $ 108,000 |
Assets and Liabilities Measu132
Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Level 1 | ||
Assets: | ||
Assets, fair value | $ 172,156 | $ 109,573 |
Liabilities: | ||
Liabilities, fair value | 3,450 | 3,864 |
Level 1 | Deferred compensation plan liability | ||
Liabilities: | ||
Liabilities, fair value | $ 3,450 | $ 3,864 |
Level 1 | Derivative financial instruments | ||
Liabilities: | ||
Liabilities, fair value | ||
Level 1 | U.S. Treasury securities | ||
Assets: | ||
Assets, fair value | $ 168,706 | $ 105,709 |
Level 1 | U.S. Agencies | ||
Assets: | ||
Assets, fair value | ||
Level 1 | State and political subdivisions | ||
Assets: | ||
Assets, fair value | ||
Level 1 | Mortgage-backed securities | ||
Assets: | ||
Assets, fair value | ||
Level 1 | Corporate bonds | ||
Assets: | ||
Assets, fair value | ||
Level 1 | Asset-backed securities | ||
Assets: | ||
Assets, fair value | ||
Level 1 | Other | ||
Assets: | ||
Assets, fair value | ||
Level 1 | Deferred compensation plan assets | ||
Assets: | ||
Assets, fair value | $ 3,450 | $ 3,864 |
Level 1 | Servicing rights for government guaranteed loans | ||
Assets: | ||
Assets, fair value | ||
Level 1 | Derivative financial instruments | ||
Assets: | ||
Assets, fair value | ||
Level 2 | ||
Assets: | ||
Assets, fair value | $ 2,132,719 | $ 1,684,612 |
Liabilities: | ||
Liabilities, fair value | $ 13,031 | $ 13,018 |
Level 2 | Deferred compensation plan liability | ||
Liabilities: | ||
Liabilities, fair value | ||
Level 2 | Derivative financial instruments | ||
Liabilities: | ||
Liabilities, fair value | $ 13,031 | $ 13,018 |
Level 2 | U.S. Treasury securities | ||
Assets: | ||
Assets, fair value | ||
Level 2 | U.S. Agencies | ||
Assets: | ||
Assets, fair value | $ 112,340 | $ 36,299 |
Level 2 | State and political subdivisions | ||
Assets: | ||
Assets, fair value | 56,268 | 20,233 |
Level 2 | Mortgage-backed securities | ||
Assets: | ||
Assets, fair value | 1,113,118 | 996,820 |
Level 2 | Corporate bonds | ||
Assets: | ||
Assets, fair value | 305,276 | 164,878 |
Level 2 | Asset-backed securities | ||
Assets: | ||
Assets, fair value | 533,242 | 455,928 |
Level 2 | Other | ||
Assets: | ||
Assets, fair value | $ 1,811 | $ 2,117 |
Level 2 | Deferred compensation plan assets | ||
Assets: | ||
Assets, fair value | ||
Level 2 | Servicing rights for government guaranteed loans | ||
Assets: | ||
Assets, fair value | ||
Level 2 | Derivative financial instruments | ||
Assets: | ||
Assets, fair value | $ 10,664 | $ 8,337 |
Level 3 | ||
Assets: | ||
Assets, fair value | 13,880 | 15,563 |
Liabilities: | ||
Liabilities, fair value | $ 15,794 | $ 18,979 |
Level 3 | Deferred compensation plan liability | ||
Liabilities: | ||
Liabilities, fair value | ||
Level 3 | Derivative financial instruments | ||
Liabilities: | ||
Liabilities, fair value | $ 15,794 | $ 18,979 |
Level 3 | U.S. Treasury securities | ||
Assets: | ||
Assets, fair value | ||
Level 3 | U.S. Agencies | ||
Assets: | ||
Assets, fair value | ||
Level 3 | State and political subdivisions | ||
Assets: | ||
Assets, fair value | ||
Level 3 | Mortgage-backed securities | ||
Assets: | ||
Assets, fair value | ||
Level 3 | Corporate bonds | ||
Assets: | ||
Assets, fair value | $ 750 | $ 750 |
Level 3 | Asset-backed securities | ||
Assets: | ||
Assets, fair value | ||
Level 3 | Other | ||
Assets: | ||
Assets, fair value | ||
Level 3 | Deferred compensation plan assets | ||
Assets: | ||
Assets, fair value | ||
Level 3 | Servicing rights for government guaranteed loans | ||
Assets: | ||
Assets, fair value | $ 3,712 | $ 2,551 |
Level 3 | Derivative financial instruments | ||
Assets: | ||
Assets, fair value | 9,418 | 12,262 |
Total | ||
Assets: | ||
Assets, fair value | 2,318,755 | 1,809,748 |
Liabilities: | ||
Liabilities, fair value | 32,275 | 35,861 |
Total | Deferred compensation plan liability | ||
Liabilities: | ||
Liabilities, fair value | 3,450 | 3,864 |
Total | Derivative financial instruments | ||
Liabilities: | ||
Liabilities, fair value | 28,825 | 31,997 |
Total | U.S. Treasury securities | ||
Assets: | ||
Assets, fair value | 168,706 | 105,709 |
Total | U.S. Agencies | ||
Assets: | ||
Assets, fair value | 112,340 | 36,299 |
Total | State and political subdivisions | ||
Assets: | ||
Assets, fair value | 56,268 | 20,233 |
Total | Mortgage-backed securities | ||
Assets: | ||
Assets, fair value | 1,113,118 | 996,820 |
Total | Corporate bonds | ||
Assets: | ||
Assets, fair value | 306,026 | 165,628 |
Total | Asset-backed securities | ||
Assets: | ||
Assets, fair value | 533,242 | 455,928 |
Total | Other | ||
Assets: | ||
Assets, fair value | 1,811 | 2,117 |
Total | Deferred compensation plan assets | ||
Assets: | ||
Assets, fair value | 3,450 | 3,864 |
Total | Servicing rights for government guaranteed loans | ||
Assets: | ||
Assets, fair value | 3,712 | 2,551 |
Total | Derivative financial instruments | ||
Assets: | ||
Assets, fair value | $ 20,082 | $ 20,599 |
Assets and Liabilities Measu133
Assets and Liabilities Measured at Fair Value (Details 1) - Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Asset | |||
Assets measured at fair value on recurring basis using significant unobservable inputs | |||
Balance at beginning of period | $ 12,262 | ||
Business combinations | 286 | ||
Additions | 311 | ||
Sales and settlements | $ (409) | ||
Other comprehensive income | |||
Amounts included in earnings - fair value adjustments | $ (3,032) | ||
Transfers between valuation levels, net | $ 12,262 | ||
Balance at end of period | $ 9,418 | $ 12,262 | |
Derivative Liability | |||
Assets measured at fair value on recurring basis using significant unobservable inputs | |||
Balance at beginning of period | $ 18,979 | ||
Business combinations | |||
Additions | |||
Sales and settlements | |||
Other comprehensive income | |||
Amounts included in earnings - fair value adjustments | $ (3,185) | ||
Transfers between valuation levels, net | $ 18,979 | ||
Balance at end of period | $ 15,794 | $ 18,979 | |
Servicing rights for government guaranteed loans | |||
Assets measured at fair value on recurring basis using significant unobservable inputs | |||
Balance at beginning of period | 2,551 | ||
Business combinations | 137 | $ 2,133 | |
Additions | 1,699 | 832 | |
Sales and settlements | $ (353) | $ (152) | |
Other comprehensive income | |||
Amounts included in earnings - fair value adjustments | $ (322) | $ (262) | |
Transfers between valuation levels, net | |||
Balance at end of period | $ 3,712 | $ 2,551 | |
Securities Available-for-Sale | |||
Assets measured at fair value on recurring basis using significant unobservable inputs | |||
Balance at beginning of period | $ 750 | $ 350 | $ 350 |
Business combinations | |||
Additions | |||
Sales and settlements | |||
Other comprehensive income | $ 400 | ||
Amounts included in earnings - fair value adjustments | |||
Transfers between valuation levels, net | |||
Balance at end of period | $ 750 | $ 750 | $ 350 |
Assets and Liabilities Measu134
Assets and Liabilities Measured at Fair Value (Details 2) - Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 13,880 | $ 15,563 |
Liabilities, fair value | 15,794 | $ 18,979 |
Derivative assets - mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 188 | |
ValuationTechnique | Internal model | |
Unobservable Inputs | Pull through rate | |
Derivative assets - mortgage | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 85.00% | |
Derivative assets - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 9,230 | $ 12,262 |
ValuationTechnique | Dealer priced | |
Unobservable Inputs | Dealer priced | |
Derivative liabilities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ 15,794 | 18,979 |
ValuationTechnique | Dealer priced | |
Unobservable Inputs | Dealer priced | |
Servicing rights for government guaranteed loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 3,712 | $ 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 | 11.80% | 12.00% |
Prepayment Rate | 6.95% | 6.70% |
Corporate bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets, fair value | $ 750 | $ 750 |
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 Measu135
Assets and Liabilities Measured at Fair Value (Details 3) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 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 | $ 7,589 | $ 7,317 |
Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 7,589 | $ 7,317 |
Assets and Liabilities Measu136
Assets and Liabilities Measured at Fair Value (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Securities held to maturity | $ 371,658 | $ 425,233 |
Loans, net | $ 5,926,993 | $ 4,600,500 |
Level 1 | ||
Assets: | ||
Securities held to maturity | ||
Loans, net | ||
Mortgage loans held for sale | ||
Residential mortgage servicing rights | ||
Liabilities: | ||
Deposits | ||
Federal Home Loan Bank advances | ||
Long-term debt | ||
Level 2 | ||
Assets: | ||
Securities held to maturity | $ 371,658 | $ 425,233 |
Loans, net | ||
Mortgage loans held for sale | $ 24,660 | $ 14,139 |
Residential mortgage servicing rights | ||
Liabilities: | ||
Deposits | $ 7,881,109 | 6,328,264 |
Federal Home Loan Bank advances | $ 430,119 | $ 270,125 |
Long-term debt | ||
Level 3 | ||
Assets: | ||
Securities held to maturity | ||
Loans, net | $ 5,840,554 | $ 4,549,027 |
Mortgage loans held for sale | ||
Residential mortgage servicing rights | $ 3,521 | |
Liabilities: | ||
Deposits | ||
Federal Home Loan Bank advances | ||
Long-term debt | $ 166,668 | $ 132,814 |
Total | ||
Assets: | ||
Securities held to maturity | 371,658 | 425,233 |
Loans, net | 5,840,554 | 4,549,027 |
Mortgage loans held for sale | 24,660 | 14,139 |
Residential mortgage servicing rights | 3,521 | |
Liabilities: | ||
Deposits | 7,881,109 | 6,328,264 |
Federal Home Loan Bank advances | 430,119 | 270,125 |
Long-term debt | 166,668 | 132,814 |
Carrying Amount | ||
Assets: | ||
Securities held to maturity | 364,696 | 415,267 |
Loans, net | 5,926,993 | 4,600,500 |
Mortgage loans held for sale | 24,231 | 13,737 |
Residential mortgage servicing rights | 3,370 | |
Liabilities: | ||
Deposits | 7,881,089 | 6,326,512 |
Federal Home Loan Bank advances | 430,125 | 270,125 |
Long-term debt | $ 165,620 | $ 129,865 |
Assets and Liabilities Measu137
Assets and Liabilities Measured at Fair Value (Detail Textuals) | 12 Months Ended |
Dec. 31, 2014 | |
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 |
Condensed Financial Statemen138
Condensed Financial Statements of United Community Banks Inc. (Parent Only) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Operations | |||
Shared service fees from subsidiaries | $ 36,825 | $ 33,073 | $ 31,997 |
Other | 9,834 | 7,114 | 10,025 |
Total income | 326,252 | 269,935 | 209,256 |
Interest expense | 21,109 | 25,551 | 27,682 |
Other expense | 20,213 | 14,204 | 15,171 |
Income tax benefit | 43,436 | 39,450 | (238,188) |
Net income | 71,578 | 67,620 | 273,140 |
Parent | |||
Statement of Operations | |||
Dividends from bank and other subsidiaries | 81,000 | 132,000 | 50,000 |
Shared service fees from subsidiaries | 7,628 | 8,057 | 6,764 |
Other | 123 | 424 | 1,217 |
Total income | 88,751 | 140,481 | 57,981 |
Interest expense | 10,385 | 11,550 | 10,977 |
Other expense | 11,185 | 9,868 | 8,658 |
Total expenses | 21,570 | 21,418 | 19,635 |
Income tax benefit | 1,709 | 2,357 | 24,862 |
Income before equity in undistributed earnings of subsidiaries | 68,890 | 121,420 | 63,208 |
Equity in undistributed earnings of subsidiaries | 2,688 | (53,800) | 209,932 |
Net income | $ 71,578 | $ 67,620 | $ 273,140 |
Condensed Financial Statemen139
Condensed Financial Statements of United Community Banks Inc. (Parent Only) (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash | $ 240,363 | $ 192,655 | ||
Other assets | 103,755 | 61,563 | ||
Total assets | 9,626,108 | 7,566,986 | ||
Liabilities and Shareholders' Equity | ||||
Long-term debt | 165,620 | 129,865 | ||
Total liabilities | 8,607,823 | 6,827,409 | ||
Shareholders' equity | 1,018,285 | 739,577 | $ 795,715 | $ 581,405 |
Total liabilities and shareholders' equity | 9,626,108 | 7,566,986 | ||
Parent | ||||
Assets | ||||
Cash | 50,338 | 31,967 | ||
Investment in subsidiaries | 1,114,856 | 816,919 | ||
Other assets | 32,730 | 32,295 | ||
Total assets | 1,197,924 | 881,181 | ||
Liabilities and Shareholders' Equity | ||||
Long-term debt | 165,620 | 129,865 | ||
Other liabilities | 14,019 | 11,739 | ||
Total liabilities | 179,639 | 141,604 | ||
Shareholders' equity | 1,018,285 | 739,577 | ||
Total liabilities and shareholders' equity | $ 1,197,924 | $ 881,181 |
Condensed Financial Statemen140
Condensed Financial Statements of United Community Banks Inc. (Parent Only) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income | $ 71,578 | $ 67,620 | $ 273,140 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 22,652 | 19,952 | 26,388 |
Loss on prepayment of debt | (1,294) | (4,446) | |
Investing activities: | |||
Payment for acquisition | (35,497) | 31,261 | |
Sales and paydowns of securities available for sale | 353,860 | 419,201 | 39,731 |
Financing activities: | |||
Repayment of long-term debt | 48,521 | 35,000 | |
Proceeds from issuance of long-term debt | 83,924 | 40,000 | |
Proceeds from issuance of common stock, net of offering costs | 12,206 | ||
Proceeds from exercise of warrant | 19,389 | ||
Repurchase of outstanding warrant | (12,000) | ||
Retirement of preferred stock | (121,613) | (75,217) | |
Cash dividends on common stock | (14,822) | (1,810) | |
Net change in cash | 47,708 | (36,243) | (22,251) |
Cash and cash equivalents at beginning of year | 192,655 | 228,898 | 251,149 |
Cash and cash equivalents at end of year | 240,363 | 192,655 | 228,898 |
Parent | |||
Operating activities: | |||
Net income | 71,578 | 67,620 | 273,140 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of the subsidiaries | (2,688) | 53,800 | (209,932) |
Depreciation, amortization and accretion | 26 | 22 | 82 |
Loss on prepayment of debt | 754 | ||
Stock-based compensation | 4,403 | 4,304 | 3,045 |
Change in assets and liabilities: | |||
Other assets | 515 | 2,529 | (29,168) |
Other liabilities | (396) | (9,177) | 5,682 |
Net cash provided by operating activities | 74,192 | 119,098 | 42,849 |
Investing activities: | |||
Payment for acquisition | (76,893) | ||
Purchases of premises and equipment | (12) | (44) | |
Sales and paydowns of securities available for sale | 250 | 537 | 586 |
Net cash provided by (used in) investing activities | (76,655) | 493 | 586 |
Financing activities: | |||
Repayment of long-term debt | (48,521) | (35,000) | |
Proceeds from issuance of long-term debt | 83,924 | 40,000 | |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 303 | 469 | 796 |
Proceeds from issuance of common stock, net of offering costs | 12,206 | ||
Proceeds from exercise of warrant | 19,389 | ||
Repurchase of outstanding warrant | (12,000) | ||
Retirement of preferred stock | (121,613) | (75,217) | |
Cash dividends on common stock | (14,822) | (1,810) | |
Cash dividends on Series A preferred stock | (15) | ||
Cash dividends on Series B preferred stock | (802) | (9,440) | |
Cash dividends on Series D preferred stock | (412) | (1,657) | |
Cash dividends on Series H preferred stock | (50) | ||
Net cash provided by (used in) financing activities | 20,834 | (123,962) | (61,144) |
Net change in cash | 18,371 | (4,371) | (17,709) |
Cash and cash equivalents at beginning of year | 31,967 | 36,338 | 54,047 |
Cash and cash equivalents at end of year | $ 50,338 | $ 31,967 | $ 36,338 |