Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Entity Registrant Name | UNITED COMMUNITY BANKS INC | |
Entity Central Index Key | 857,855 | |
Trading Symbol | ucbi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Voting Common Stock | ||
Entity Common Stock, Shares Outstanding | 70,305,168 | |
Non-Voting Common Stock | ||
Entity Common Stock, Shares Outstanding | 1,258,792 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest revenue: | ||
Loans, including fees | $ 63,976 | $ 49,664 |
Investment securities, including tax exempt of $166 and $158 | 15,788 | 12,058 |
Deposits in banks and short-term investments | 957 | 812 |
Total interest revenue | 80,721 | 62,534 |
Deposits: | ||
NOW | 485 | 394 |
Money market | 1,108 | 673 |
Savings | 29 | 20 |
Time | 642 | 1,109 |
Total deposit interest expense | 2,264 | 2,196 |
Short-term borrowings | 87 | 98 |
Federal Home Loan Bank advances | 733 | 392 |
Long-term debt | 2,685 | 2,606 |
Total interest expense | 5,769 | 5,292 |
Net interest revenue | 74,952 | 57,242 |
(Release of) provision for credit losses | (200) | 1,800 |
Net interest revenue after provision for credit losses | 75,152 | 55,442 |
Fee revenue: | ||
Service charges and fees | 10,126 | 7,615 |
Mortgage loan and other related fees | 3,289 | 2,755 |
Brokerage fees | 1,053 | 1,551 |
Gains from sales of government guaranteed loans | 1,237 | 1,141 |
Securities gains, net | 379 | 1,539 |
Loss from prepayment of debt | (1,038) | |
Other | 2,522 | 2,119 |
Total fee revenue | 18,606 | 15,682 |
Total revenue | 93,758 | 71,124 |
Operating expenses: | ||
Salaries and employee benefits | 33,062 | 26,446 |
Communications and equipment | 4,290 | 3,271 |
Occupancy | 4,723 | 3,278 |
Advertising and public relations | 864 | 750 |
Postage, printing and supplies | 1,280 | 938 |
Professional fees | 2,700 | 1,919 |
FDIC assessments and other regulatory charges | 1,524 | 1,209 |
Amortization of intangibles | 1,010 | 242 |
Merger-related and other charges | 2,653 | |
Other | 5,779 | 5,008 |
Total operating expenses | 57,885 | 43,061 |
Net income before income taxes | 35,873 | 28,063 |
Income tax expense | 13,578 | 10,393 |
Net income | 22,295 | 17,670 |
Preferred stock dividends | 21 | |
Net income available to common shareholders | $ 22,274 | $ 17,670 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.31 | $ 0.29 |
Diluted (in dollars per share) | $ 0.31 | $ 0.29 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 72,162 | 60,905 |
Diluted (in shares) | 72,166 | 60,909 |
Consolidated Statement of Inco3
Consolidated Statement of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Investment securities tax exemption | $ 166 | $ 158 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statement Of Comprehensive Income (Loss) [Abstract] | ||
Net income, Before-tax Amount | $ 35,873 | $ 28,063 |
Net income, Tax (Expense) Benefit | (13,578) | (10,393) |
Net income, Net of Tax Amount | 22,295 | 17,670 |
Unrealized gains on available-for-sale securities: | ||
Unrealized holding gains arising during period, Before-tax Amount | 11,697 | 13,989 |
Unrealized holding gains arising during period, Tax (Expense) Benefit | (4,455) | (5,305) |
Unrealized holding gains arising during period, Net of Tax Amount | 7,242 | 8,684 |
Reclassification adjustment for gains included in net income, Before-tax Amount | (379) | (1,539) |
Reclassification adjustment for gains included in net income, Tax (Expense) Benefit | 141 | 598 |
Reclassification adjustment for gains included in net income, Net of Tax Amount | (238) | (941) |
Net unrealized gains, Before-tax Amount | 11,318 | 12,450 |
Net unrealized gains, Tax (Expense) Benefit | (4,314) | (4,707) |
Net unrealized gains, Net of Tax Amount | 7,004 | 7,743 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 464 | 484 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (181) | (182) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 283 | 302 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 500 | 425 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (195) | (165) |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Net of Tax Amount | $ 305 | 260 |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Before-tax Amount | (471) | |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Tax (Expense) Benefit | 183 | |
Unrealized losses on derivative financial instruments accounted for as cash flow hedges, Net of Tax Amount | (288) | |
Net cash flow hedge activity, Before-tax Amount | $ 500 | (46) |
Net cash flow hedge activity, Tax (Expense) Benefit | (195) | 18 |
Net cash flow hedge activity, Net of Tax Amount | 305 | (28) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 167 | 159 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (65) | (62) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 102 | 97 |
Net defined benefit pension plan activity, Before-tax Amount | 167 | 159 |
Net defined benefit pension plan activity, Tax (Expense) Benefit | (65) | (62) |
Net defined benefit pension plan activity, Net of Tax Amount | 102 | 97 |
Total other comprehensive income, Before-tax Amount | 12,449 | 13,047 |
Total other comprehensive income, Tax (Expense) Benefit | (4,755) | (4,933) |
Total other comprehensive income, net of tax amount | 7,694 | 8,114 |
Comprehensive income, Before-tax Amount | 48,322 | 41,110 |
Comprehensive income, Tax (Expense) Benefit | (18,333) | (15,326) |
Comprehensive income, Net of Tax Amount | $ 29,989 | $ 25,784 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 93,821 | $ 86,912 |
Interest-bearing deposits in banks | 88,995 | 153,451 |
Cash and cash equivalents | 182,816 | 240,363 |
Securities available for sale | 2,405,467 | 2,291,511 |
Securities held to maturity (fair value $363,092 and $371,658) | 351,700 | 364,696 |
Mortgage loans held for sale | 26,578 | 24,231 |
Loans, net of unearned income | 6,106,189 | 5,995,441 |
Less allowance for loan losses | (66,310) | (68,448) |
Loans, net | 6,039,879 | 5,926,993 |
Premises and equipment, net | 180,690 | 178,165 |
Bank owned life insurance | 105,803 | 105,493 |
Accrued interest receivable | 25,893 | 25,786 |
Net deferred tax asset | 180,371 | 197,613 |
Derivative financial instruments | 23,488 | 20,082 |
Goodwill and other intangible assets | 146,409 | 147,420 |
Other assets | 112,237 | 94,075 |
Total assets | 9,781,331 | 9,616,428 |
Deposits: | ||
Demand | 2,370,842 | 2,204,755 |
NOW | 1,794,241 | 1,975,884 |
Money market | 1,630,565 | 1,599,637 |
Savings | 491,542 | 471,129 |
Time | 1,233,647 | 1,282,803 |
Brokered | 439,486 | 338,985 |
Total deposits | 7,960,323 | 7,873,193 |
Repurchase agreements | 16,640 | |
Federal Home Loan Bank advances | 510,125 | 430,125 |
Long-term debt | 163,955 | 163,836 |
Derivative financial instruments | 31,374 | 28,825 |
Accrued expenses and other liabilities | 81,829 | 85,524 |
Total liabilities | 8,747,606 | 8,598,143 |
Shareholders' equity: | ||
Common stock | 66,259 | 66,198 |
Common stock issuable; 496,515 and 458,953 shares | 6,700 | 6,779 |
Capital surplus | 1,286,884 | 1,286,361 |
Accumulated deficit | (313,646) | (330,879) |
Accumulated other comprehensive loss | (17,758) | (25,452) |
Total shareholders' equity | 1,033,725 | 1,018,285 |
Total liabilities and shareholders' equity | $ 9,781,331 | 9,616,428 |
Preferred stock Series H | ||
Shareholders' equity: | ||
Preferred stock | 9,992 | |
Non-Voting Common Stock | ||
Shareholders' equity: | ||
Common stock | $ 5,286 | 5,286 |
Total shareholders' equity | $ 5,286 | $ 5,286 |
Consolidated Balance Sheet (Un6
Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Held to maturity, fair value (in dollars) | $ 363,092 | $ 371,658 |
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 | 66,258,777 | 66,198,477 |
Common stock, shares outstanding | 66,258,777 | 66,198,477 |
Common stock issuable, shares | 496,515 | 458,953 |
Preferred stock Series H | ||
Preferred stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares issued | 0 | 9,992 |
Preferred stock, shares Outstanding | 0 | 9,992 |
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 | 5,285,516 |
Common stock, shares outstanding | 5,285,516 | 5,285,516 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock Series H | Non-Voting Common Stock | Common Stock | Common Stock Issuable | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2014 | $ 10,081 | $ 50,178 | $ 5,168 | $ 1,080,508 | $ (387,568) | $ (18,790) | $ 739,577 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 17,670 | 17,670 | ||||||
Other comprehensive income | 8,114 | 8,114 | ||||||
Common stock issued to dividend reinvestment plan and to employee benefit plans (3,689 and 5,154 shares for March 31, 2015 and March 31, 2016 respectively) | 4 | 57 | 61 | |||||
Amortization of stock option and restricted stock awards | 991 | 991 | ||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (31,718 shares issued, 51,326 shares deferred and 26,385 shares issued, 62,422 shares deferred for March 31, 2015 and March 31, 2016) | 32 | 759 | (1,129) | (338) | ||||
Deferred compensation plan, net, including dividend equivalents | 106 | 106 | ||||||
Shares issued from deferred compensation plan (14,063 and 28,761 shares for March 31, 2015 and March 31, 2016 respectively) | 14 | (138) | 124 | |||||
Common stock dividends ($.05 and $.07 per share for March 31, 2015 and March 31, 2016) | (3,035) | (3,035) | ||||||
Tax on restricted stock vesting | 559 | 559 | ||||||
Balance at Mar. 31, 2015 | 10,081 | 50,228 | 5,895 | 1,081,110 | (372,933) | (10,676) | 763,705 | |
Balance at Dec. 31, 2015 | $ 9,992 | 5,286 | 66,198 | 6,779 | 1,286,361 | (330,879) | (25,452) | 1,018,285 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 22,295 | 22,295 | ||||||
Other comprehensive income | 7,694 | 7,694 | ||||||
Redemption of Series H preferred stock (9,992 shares) | $ (9,992) | (9,992) | ||||||
Common stock issued to dividend reinvestment plan and to employee benefit plans (3,689 and 5,154 shares for March 31, 2015 and March 31, 2016 respectively) | 5 | 79 | 84 | |||||
Amortization of stock option and restricted stock awards | 918 | 918 | ||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (31,718 shares issued, 51,326 shares deferred and 26,385 shares issued, 62,422 shares deferred for March 31, 2015 and March 31, 2016) | 27 | 912 | (1,422) | (483) | ||||
Deferred compensation plan, net, including dividend equivalents | 116 | 116 | ||||||
Shares issued from deferred compensation plan (14,063 and 28,761 shares for March 31, 2015 and March 31, 2016 respectively) | 29 | (1,107) | 1,078 | |||||
Common stock dividends ($.05 and $.07 per share for March 31, 2015 and March 31, 2016) | (5,041) | (5,041) | ||||||
Tax on restricted stock vesting | (130) | (130) | ||||||
Preferred stock dividends: | ||||||||
Series H | (21) | (21) | ||||||
Balance at Mar. 31, 2016 | $ 5,286 | $ 66,259 | $ 6,700 | $ 1,286,884 | $ (313,646) | $ (17,758) | $ 1,033,725 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statement Of Changes In Shareholders' Equity [Abstract] | ||
Number of shares redeemed of Series H preferred stock | 9,992 | |
Common stock issued to dividend reinvestment plan and employee benefit plans | 5,154 | 3,689 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued | 26,385 | 31,718 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares deferred | 62,422 | 51,326 |
Shares issued from deferred compensation plan | 28,761 | 14,063 |
Common stock dividends (in dollars per share) | $ 0.07 | $ 0.05 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities: | ||
Net income | $ 22,295 | $ 17,670 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 7,087 | 5,158 |
(Release of) provision for credit losses | (200) | 1,800 |
Stock based compensation | 918 | 991 |
Deferred income tax expense | 13,553 | 8,672 |
Securities gains, net | (379) | (1,539) |
Gains from sales of government guaranteed loans | (1,237) | (1,141) |
Net gains and write downs on sales of other real estate owned | (214) | (81) |
Loss on prepayment of borrowings | 1,038 | |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | (34,039) | 7,106 |
Accrued expenses and other liabilities | (3,049) | (11,342) |
Mortgage loans held for sale | (2,347) | (1,986) |
Net cash provided by operating activities | 2,388 | 26,346 |
Investment securities held to maturity: | ||
Proceeds from maturities and calls of securities held to maturity | 14,207 | 16,144 |
Purchases of securities held to maturity | (1,000) | |
Investment securities available for sale: | ||
Proceeds from sales of securities available for sale | 61,305 | 69,467 |
Proceeds from maturities and calls of securities available for sale | 82,029 | 55,121 |
Purchases of securities available for sale | (246,666) | (137,305) |
Net increase in loans | (101,828) | (121,116) |
Funds paid to FDIC under loss sharing agreements | (1,198) | |
Proceeds from sales of premises and equipment | 29 | |
Purchases of premises and equipment | (5,104) | (1,768) |
Proceeds from sale of other real estate | 1,524 | 1,408 |
Net cash used in investing activities | (195,504) | (119,247) |
Financing activities: | ||
Net change in deposits | 87,204 | 111,419 |
Net change in short-term borrowings | (16,640) | (6,540) |
Repayments of trust preferred securities | (15,998) | |
Proceeds from FHLB advances | 1,715,000 | 410,000 |
Repayments of FHLB advances | (1,635,000) | (410,000) |
Retirement of preferred stock | (9,992) | |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 84 | 61 |
Cash dividends on common stock | (5,041) | (3,032) |
Cash dividends on preferred stock | (46) | |
Net cash provided by financing activities | 135,569 | 85,910 |
Net change in cash and cash equivalents | (57,547) | (6,991) |
Cash and cash equivalents at beginning of period | 240,363 | 192,655 |
Cash and cash equivalents at end of period | 182,816 | 185,664 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 7,407 | 6,334 |
Income taxes paid | 2,013 | 1,800 |
Significant non-cash investing and financing transactions: | ||
Unsettled government guaranteed loan purchases | 18,068 | |
Unsettled government guaranteed loan sales | 6,774 | 3,671 |
Transfers of loans to foreclosed properties | $ 1,590 | $ 459 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Accounting Policies | Note 1 – Accounting Policies The accounting and financial reporting policies of United Community Banks, Inc. (“United”) and its subsidiaries conform to accounting principles generally accepted in the United States of America (“GAAP”) and general banking industry practices. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2015. In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. Certain 2015 amounts have been reclassified to conform to the 2016 presentation. |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Standards Updates [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Note 2 –Accounting Standards Updates and Recently Adopted Standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments In March 2016, the FASB issued ASU No. 2016-07, Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting |
Balance Sheet Offsetting and Re
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | Note 3 – Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings United enters into reverse repurchase agreements in order to invest short-term funds. In addition, United enters into repurchase agreements and reverse repurchase agreements with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet in accordance with ASC 210-20, Offsetting. The following table presents a summary of amounts outstanding under reverse repurchase agreements and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements as of the dates indicated (in thousands) Gross Amounts of Gross Amounts Offset on Gross Amounts not Offset in the Balance Sheet March 31, 2016 Recognized Assets the Balance Sheet Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 350,000 $ (350,000 ) $ - $ - $ - $ - Derivatives 23,488 - 23,488 (1,384 ) (4,845 ) 17,259 Total $ 373,488 $ (350,000 ) $ 23,488 $ (1,384 ) $ (4,845 ) $ 17,259 Weighted average interest rate of reverse repurchase agreements 1.45 % Gross Amounts of Gross Amounts Offset on Net Gross Amounts not Offset in the Balance Sheet Recognized Liabilities the Balance Sheet Liability Balance Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 350,000 $ (350,000 ) $ - $ - $ - $ - Derivatives 31,374 - 31,374 (1,384 ) (28,998 ) 992 Total $ 381,374 $ (350,000 ) $ 31,374 $ (1,384 ) $ (28,998 ) $ 992 Weighted average interest rate of repurchase agreements .59 % Gross Amounts of Gross Amounts Offset on Gross Amounts not Offset in the Balance Sheet December 31, 2015 Recognized Assets the Balance Sheet Net Asset Balance Financial Instruments Collateral Received 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 Amounts of Gross Amounts Offset on Net Gross Amounts not Offset in the Balance Sheet Recognized Liabilities the Balance Sheet Liability Balance Financial Instruments Collateral Pledged 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 % At March 31, 2016, United recognized the right to reclaim cash collateral of $28.7 million and the obligation to return cash collateral of $4.37 million. At December 31, 2015, United recognized the right to reclaim cash collateral of $6.26 million and the obligation to return cash collateral of $3.73 million. The right to reclaim cash collateral and the obligation to return cash collateral were included in the consolidated balance sheet in other assets and other liabilities, respectively. The following table presents additional detail regarding repurchase agreements accounted for as secured borrowings and the securities underlying these agreements as of the dates indicated (in thousands) Remaining Contractual Maturity of the Agreements As of March 31, 2016 Overnight and Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total U.S. Treasuries $ - $ - $ 50,000 $ 50,000 $ 100,000 Mortgage-backed securities - 50,000 50,000 150,000 250,000 Total $ - $ 50,000 $ 100,000 $ 200,000 $ 350,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 350,000 Amounts related to agreements not included in offsetting disclosure $ - Remaining Contractual Maturity of the Agreements As of December 31, 2015 Overnight and 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. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investment Securities [Abstract] | |
Securities | Note 4 – Securities The amortized cost basis, unrealized gains and losses and fair value of securities held-to-maturity as of the dates indicated are as follows (in thousands) As of March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and political subdivisions $ 61,499 $ 4,904 $ - $ 66,403 Mortgage-backed securities (1) 290,201 6,867 379 296,689 Total $ 351,700 $ 11,771 $ 379 $ 363,092 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 (1) The cost basis, unrealized gains and losses, and fair value of securities available-for-sale as of the dates indicated are presented below (in thousands) As of March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasuries $ 140,574 $ 2,477 $ - $ 143,051 U.S. Government agencies 85,891 1,053 21 86,923 State and political subdivisions 73,361 781 2 74,140 Mortgage-backed securities (1) 1,253,173 17,511 3,349 1,267,335 Corporate bonds 308,064 1,920 1,522 308,462 Asset-backed securities 531,488 504 9,374 522,618 Other 2,938 - - 2,938 Total $ 2,395,489 $ 24,246 $ 14,268 $ 2,405,467 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 (1) Securities with a carrying value of $1.36 billion and $1.63 billion were pledged to secure public deposits, derivatives and other secured borrowings at March 31, 2016 and December 31, 2015, respectively. The following table summarizes held-to-maturity securities in an unrealized loss position as of the dates indicated ( in thousands) Less than 12 Months 12 Months or More Total As of March 31, 2016 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Mortgage-backed securities $ 52,172 $ 175 $ 12,889 $ 204 $ 65,061 $ 379 Total unrealized loss position $ 52,172 $ 175 $ 12,889 $ 204 $ 65,061 $ 379 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 The following table summarizes available-for-sale securities in an unrealized loss position as of the dates indicated (in thousands) Less than 12 Months 12 Months or More Total As of March 31, 2016 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasuries $ - $ - $ - $ - $ - $ - U.S. Government agencies 7,600 21 - - 7,600 21 State and political subdivisions 1,664 2 - - 1,664 2 Mortgage-backed securities 89,267 648 159,558 2,701 248,825 3,349 Corporate bonds 105,223 1,172 650 350 105,873 1,522 Asset-backed securities 379,984 9,106 4,805 268 384,789 9,374 Total unrealized loss position $ 583,738 $ 10,949 $ 165,013 $ 3,319 $ 748,751 $ 14,268 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 At March 31, 2016, there were 138 available-for-sale securities and 12 held-to-maturity securities that were in an unrealized loss position. United does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2016 were primarily attributable to changes in interest rates and declining prices in the equity markets. Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, among other factors. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. No impairment charges were recognized during the three months ended March 31, 2016 or 2015. Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes available-for-sale securities sales activity for the three months ended March 31, 2016 and 2015 (in thousands) Three Months Ended March 31, 2016 2015 Proceeds from sales $ 61,305 $ 69,467 Gross gains on sales $ 673 $ 1,539 Gross losses on sales (294 ) - Net gains on sales of securities $ 379 $ 1,539 Income tax expense attributable to sales $ 141 $ 598 The amortized cost and fair value of held-to-maturity and available-for-sale securities at March 31, 2016, 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 $ 66,071 $ 66,859 $ - $ - 5 to 10 years 74,503 76,192 - - 140,574 143,051 - - US Government agencies: 1 to 5 years 12,943 12,938 - - 5 to 10 years 72,948 73,985 - - 85,891 86,923 - - State and political subdivisions: Within 1 year 1,443 1,446 3,503 3,528 1 to 5 years 10,603 10,838 15,638 16,614 5 to 10 years 52,851 53,189 21,579 23,862 More than 10 years 8,464 8,667 20,779 22,399 73,361 74,140 61,499 66,403 Corporate bonds: 1 to 5 years 223,383 223,309 - - 5 to 10 years 52,286 53,259 - - More than 10 years 32,395 31,894 - - 308,064 308,462 - - Asset-backed securities: 1 to 5 years 24,284 24,356 - - 5 to 10 years 264,883 259,436 - - More than 10 years 242,321 238,826 - - 531,488 522,618 - - Other: More than 10 years 2,938 2,938 - - 2,938 2,938 - - Total securities other than mortgage-backed securities: Within 1 year 1,443 1,446 3,503 3,528 1 to 5 years 337,284 338,300 15,638 16,614 5 to 10 years 517,471 516,061 21,579 23,862 More than 10 years 286,118 282,325 20,779 22,399 Mortgage-backed securities 1,253,173 1,267,335 290,201 296,689 $ 2,395,489 $ 2,405,467 $ 351,700 $ 363,092 Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Allowance for Credit Losses [Abstract] | |
Loans and Allowance for Credit Losses | Note 5 – Loans and Allowance for Credit Losses Major classifications of loans are summarized as of the dates indicated as follows (in thousands) March 31, December 31, Owner occupied commercial real estate $ 1,434,152 $ 1,493,966 Income producing commercial real estate 879,880 823,729 Commercial & industrial 854,794 785,417 Commercial construction 353,855 342,078 Total commercial 3,522,681 3,445,190 Residential mortgage 1,031,653 1,029,663 Home equity lines of credit 604,208 597,806 Residential construction 347,864 351,700 Consumer installment 125,303 115,111 Indirect auto 474,480 455,971 Total loans 6,106,189 5,995,441 Less allowance for loan losses (66,310 ) (68,448 ) Loans, net $ 6,039,879 $ 5,926,993 At March 31, 2016 and December 31, 2015, loans totaling $2.75 billion and $2.44 billion, respectively, were pledged as collateral to secure Federal Home Loan Bank advances and other contingent funding sources. At March 31, 2016, the carrying value and outstanding balance of purchased credit impaired (“PCI”) loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (in thousands) Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 4,279 $ - Accretion (1,315 ) - Reclassification from nonaccretable difference 646 - Changes in expected cash flows that do not affect nonaccretable difference 534 - Balance at end of period $ 4,144 $ - In addition to the accretable yield on loans accounted for under ASC 310-30, the fair value adjustments on purchased loans outside the scope of ASC 310-30 are also accreted to interest income over the life of the loans. At March 31, 2016 and December 31, 2015, the remaining accretable fair value marks on loans acquired through a business combination and not accounted for under ASC 310-30 were $6.48 million and $7.03 million, respectively. In addition, indirect auto loans purchased at a premium outside of a business combination have a remaining premium of $12.7 million and $12.0 million, respectively, as of March 31, 2016 and December 31, 2015. The allowance for loan losses represents management’s estimate of probable incurred losses in the loan portfolio as of the end of the period. The allowance for unfunded commitments is included in other liabilities in the consolidated balance sheet. Combined, the allowance for loan losses and allowance for unfunded commitments are referred to as the allowance for credit losses. The following table presents the balance and activity in the allowance for credit losses by portfolio segment for the periods indicated (in thousands) Three Months Ended March 31, 2016 Beginning Balance Charge- Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 16,732 $ (402 ) $ 97 $ 437 $ 16,864 Income producing commercial real estate 8,235 (222 ) 11 (2,004 ) 6,020 Commercial & industrial 4,442 (572 ) 289 (1,006 ) 3,153 Commercial construction 5,583 (287 ) - 3,642 8,938 Residential mortgage 17,232 (176 ) 127 (2,978 ) 14,205 Home equity lines of credit 6,042 (723 ) 91 585 5,995 Residential construction 7,961 (59 ) 163 969 9,034 Consumer installment 828 (479 ) 206 218 773 Indirect auto 1,393 (233 ) 31 137 1,328 Total allowance for loan losses 68,448 (3,153 ) 1,015 - 66,310 Allowance for unfunded commitments 2,542 - - (200 ) 2,342 Total allowance for credit losses $ 70,990 $ (3,153 ) $ 1,015 $ (200 ) $ 68,652 Three Months Ended March 31, 2015 Beginning Balance Charge- Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 16,041 $ (368 ) $ 11 $ (732 ) $ 14,952 Income producing commercial real estate 10,296 (248 ) 7 (400 ) 9,655 Commercial & industrial 3,255 (469 ) 128 528 3,442 Commercial construction 4,747 (22 ) - 610 5,335 Residential mortgage 20,311 (578 ) 162 243 20,138 Home equity lines of credit 4,574 (73 ) 14 (194 ) 4,321 Residential construction 10,603 (1,140 ) 79 668 10,210 Consumer installment 731 (326 ) 376 (68 ) 713 Indirect auto 1,061 (128 ) 13 295 1,241 Total allowance for loan losses 71,619 (3,352 ) 790 950 70,007 Allowance for unfunded commitments 1,930 - - 850 2,780 Total allowance for credit losses $ 73,549 $ (3,352 ) $ 790 $ 1,800 $ 72,787 The following table represents the recorded investment in loans by portfolio segment and the balance of the allowance for loan losses assigned to each segment based on the method of evaluating the loans for impairment as of the dates indicated (in thousands) Allowance for Loan Losses March 31, 2016 December 31, 2015 Individually evaluated Collectively evaluated for impairment PCI Ending Balance Individually evaluated Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 1,374 $ 15,490 $ - $ 16,864 $ 1,465 $ 15,267 $ - $ 16,732 Income producing commercial real estate 401 5,619 - 6,020 961 7,274 - 8,235 Commercial & industrial 54 3,099 - 3,153 280 4,162 - 4,442 Commercial construction 34 8,904 - 8,938 13 5,570 - 5,583 Residential mortgage 1,850 12,347 8 14,205 3,885 13,347 - 17,232 Home equity lines of credit 1 5,994 - 5,995 6 6,036 - 6,042 Residential construction 98 8,936 - 9,034 174 7,787 - 7,961 Consumer installment 7 766 - 773 13 815 - 828 Indirect auto - 1,328 - 1,328 - 1,393 - 1,393 Total allowance for loan losses 3,819 62,483 8 66,310 6,797 61,651 - 68,448 Allowance for unfunded commitments - 2,342 - 2,342 - 2,542 - 2,542 Total allowance for credit losses $ 3,819 $ 64,825 $ 8 $ 68,652 $ 6,797 $ 64,193 $ - $ 70,990 Loans Outstanding March 31, 2016 December 31, 2015 Individually evaluated Collectively evaluated for impairment PCI Ending Balance Individually evaluated Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 31,231 $ 1,393,537 $ 9,384 $ 1,434,152 $ 38,268 $ 1,442,024 $ 13,674 $ 1,493,966 Income producing commercial real estate 24,811 832,546 22,523 879,880 23,013 772,945 27,771 823,729 Commercial & industrial 2,366 850,994 1,434 854,794 3,339 781,423 655 785,417 Commercial construction 1,527 347,337 4,991 353,855 10,616 329,320 2,142 342,078 Residential mortgage 19,821 1,008,435 3,397 1,031,653 19,627 1,005,860 4,176 1,029,663 Home equity lines of credit 63 602,570 1,575 604,208 167 595,951 1,688 597,806 Residential construction 5,256 342,050 558 347,864 7,900 342,677 1,123 351,700 Consumer installment 331 124,961 11 125,303 329 114,741 41 115,111 Indirect auto 795 473,655 30 474,480 749 455,173 49 455,971 Total loans $ 86,201 $ 5,976,085 $ 43,903 $ 6,106,189 $ 104,008 $ 5,840,114 $ 51,319 $ 5,995,441 Excluding loans accounted for under ASC 310-30, management individually evaluates all loans that are on nonaccrual with a balance of $500,000 or greater and all troubled debt restructurings (“TDRs”) for impairment. 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 and unfunded loan commitments. The allowance is comprised of specific reserves on individually impaired loans, which are determined as described above, and general reserves which are determined based on historical loss experience as adjusted for current trends and economic conditions multiplied by a loss emergence period factor. Management uses eight quarters of historical loss experience to determine the loss factors to be used in the reserve calculation for loans evaluated in the aggregate. Eight quarters has been determined to be an appropriate time period as it is recent enough to be relevant to current conditions and covers a length of time sufficient to minimize distortions caused by nonrecurring and unusual activity that might otherwise influence a shorter time period. 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 appropriate to measure the probable losses incurred within the loan portfolio. 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. On junior lien home equity loans, management has limited ability to monitor the delinquency status of the first lien unless the first lien is also held by United. As a result, management applies the weighted average historical loss factor for this category and appropriately adjusts it to reflect the increased risk of loss from these credits. Management carefully reviews the resulting loss factors for each category of the loan portfolio and evaluates whether qualitative adjustments are necessary to take into consideration recent credit trends such as increases or decreases in past due, nonaccrual, criticized and classified loans, and other macro environmental factors such as changes in unemployment rates, lease vacancy rates and trends in property values and absorption rates. Management believes that its method of determining the balance of the allowance for credit losses provides a reasonable and reliable basis for measuring and reporting losses that are incurred in the loan portfolio as of the reporting date. When a loan officer determines that a loan is uncollectible, he or she is responsible for recommending that the loan be placed on nonaccrual status 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 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 (revolving) unsecured retail loans which are past due 90 cumulative days from their contractual due date are generally charged-off. The following table presents loans individually evaluated for impairment by class of loans as of the dates indicated (in thousands) March 31, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 8,794 $ 8,136 $ - $ 14,793 $ 14,460 $ - Income producing commercial real estate 14,673 14,597 - 13,044 12,827 - Commercial & industrial - - - 493 469 - Commercial construction - - - - - - Total commercial 23,467 22,733 - 28,330 27,756 - Residential mortgage 692 689 - 791 791 - Home equity lines of credit - - - - - - Residential construction 856 856 - 3,731 3,429 - Consumer installment - - - - - - Indirect auto 795 795 - 749 749 - Total with no related allowance recorded 25,810 25,073 - 33,601 32,725 - With an allowance recorded: Owner occupied commercial real estate 23,619 23,095 1,374 24,043 23,808 1,465 Income producing commercial real estate 10,330 10,214 401 10,281 10,186 961 Commercial & industrial 2,451 2,366 54 2,957 2,870 280 Commercial construction 1,702 1,527 34 10,787 10,616 13 Total commercial 38,102 37,202 1,863 48,068 47,480 2,719 Residential mortgage 19,686 19,132 1,850 19,346 18,836 3,885 Home equity lines of credit 63 63 1 167 167 6 Residential construction 4,787 4,400 98 4,854 4,471 174 Consumer installment 359 331 7 354 329 13 Indirect auto - - - - - - Total with an allowance recorded 62,997 61,128 3,819 72,789 71,283 6,797 Total $ 88,807 $ 86,201 $ 3,819 $ 106,390 $ 104,008 $ 6,797 Excluding PCI loans, there were no loans more than 90 days past due and still accruing interest at March 31, 2016 or December 31, 2015. Nonaccrual loans include both homogeneous loans that are collectively evaluated for impairment and individually evaluated impaired loans. United’s policy is to place loans on nonaccrual status when, in the opinion of management, the principal and interest on a loan is not likely to be repaid in full or when the loan becomes 90 days past due and is not well secured and in the process of collection. When a loan is classified on nonaccrual status, interest previously accrued but not collected is reversed against current interest revenue. Principal and interest payments received on a nonaccrual loan are applied to reduce 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 to be performing, even though they may be contractually past due, as any non-payment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period covered loan loss provision or future period yield adjustments. No PCI loans were classified as nonaccrual at March 31, 2016 or 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 income, through accretion of the difference between the carrying value of the loans and the expected cash flows, is being recognized on all PCI loans. The gross additional interest revenue that would have been earned if the loans classified as nonaccrual had performed in accordance with the original terms was approximately $254,000 and $260,000 for the three months ended March 31, 2016 and 2015, respectively. The gross additional interest revenue that would have been earned for the three months ended March 31, 2016 and 2015 had performing TDRs performed in accordance with the original terms is immaterial. The average balances of impaired loans and income recognized on impaired loans while they were considered impaired are presented below for the periods indicated (in thousands) 2016 2015 Three Months Ended March 31, Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 31,502 $ 430 $ 447 $ 36,989 $ 460 $ 459 Income producing commercial real estate 24,950 284 302 21,424 267 275 Commercial & industrial 2,446 31 27 4,023 38 37 Commercial construction 1,532 22 23 12,273 116 121 Total commercial 60,430 767 799 74,709 881 892 Residential mortgage 19,980 206 203 22,085 226 233 Home equity lines of credit 63 1 1 478 5 5 Residential construction 5,317 67 63 10,575 120 126 Consumer installment 341 6 7 153 3 3 Indirect auto 784 11 11 - - - Total $ 86,915 $ 1,058 $ 1,084 $ 108,000 $ 1,235 $ 1,259 The following table presents the recorded investment in nonaccrual loans by loan class as of the dates indicated (in thousands) March 31, December 31, 2016 2015 Owner occupied commercial real estate $ 6,775 $ 7,036 Income producing commercial real estate 2,959 2,595 Commercial & industrial 978 892 Commercial construction 266 328 Total commercial 10,978 10,851 Residential mortgage 8,037 8,555 Home equity lines of credit 1,198 851 Residential construction 1,122 1,398 Consumer installment 211 175 Indirect auto 873 823 Total $ 22,419 $ 22,653 The following table presents the aging of the recorded investment in past due loans by class of loans as of the dates indicated (in thousands) Loans Past Due Loans Not As of March 31, 2016 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total Owner occupied commercial real estate $ 2,849 $ 815 $ 2,692 $ 6,356 $ 1,418,412 $ 9,384 $ 1,434,152 Income producing commercial real estate 1,029 163 867 2,059 855,298 22,523 879,880 Commercial & industrial 623 234 456 1,313 852,047 1,434 854,794 Commercial construction 79 - - 79 348,785 4,991 353,855 Total commercial 4,580 1,212 4,015 9,807 3,474,542 38,332 3,522,681 Residential mortgage 5,931 1,392 2,537 9,860 1,018,396 3,397 1,031,653 Home equity lines of credit 2,209 560 592 3,361 599,272 1,575 604,208 Residential construction 819 219 259 1,297 346,009 558 347,864 Consumer installment 531 58 43 632 124,660 11 125,303 Indirect auto 644 464 531 1,639 472,811 30 474,480 Total loans $ 14,714 $ 3,905 $ 7,977 $ 26,596 $ 6,035,690 $ 43,903 $ 6,106,189 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 March 31, 2016 and December 31, 2015, $3.00 million and $6.37 million, respectively, of specific reserves were allocated to customers whose loan terms have been modified in TDRs. United committed to lend additional amounts totaling up to $148,000 and $224,000 as of March 31, 2016 and December 31, 2015, respectively, to customers with outstanding loans that are classified as TDRs. The modification of the terms of the TDRs included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a restructuring of the borrower’s debt into an “A/B note structure” where the A note would fall within the borrower’s ability to pay and the remainder would be included in the B note; a mandated bankruptcy restructuring; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. Modified PCI loans are not accounted for as TDRs because they are not separated from the pools, and as such are not classified as impaired loans. The following table presents information on TDRs, including the number of loan contracts restructured and the pre- and post-modification recorded investment as of the dates indicated (dollars in thousands) March 31, 2016 December 31, 2015 Number of Contracts Pre- Post- Number of Contracts Pre- Post- Owner occupied commercial real estate 56 $ 28,076 $ 27,291 54 $ 32,544 $ 32,058 Income producing commercial real estate 30 20,630 20,630 29 15,703 15,629 Commercial & industrial 24 2,289 2,209 26 2,955 2,870 Commercial construction 9 1,696 1,527 14 10,785 10,616 Total commercial 119 52,691 51,657 123 61,987 61,173 Residential mortgage 175 19,445 19,132 173 19,101 18,836 Home equity lines of credit 1 63 63 2 167 167 Residential construction 43 5,585 5,256 44 5,663 5,334 Consumer installment 22 352 331 22 348 329 Indirect auto 52 795 795 49 749 749 Total loans 412 $ 78,931 $ 77,234 413 $ 88,015 $ 86,588 Loans modified under the terms of a TDR during the three months ended March 31, 2016 and 2015 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR within the past 12 months that became 90 days or more delinquent since restructure (dollars in thousands) New TDRs TDRs Modified Within Three months ended March 31, 2016 Number of Contracts Pre- Post- Number of Contracts Recorded Investment Owner occupied commercial real estate 3 $ 649 $ 649 1 $ 247 Income producing commercial real estate - - - - - Commercial & industrial 1 197 197 - - Commercial construction - - - - - Total commercial 4 846 846 1 247 Residential mortgage 7 799 763 - - Home equity lines of credit - - - - - Residential construction 1 66 66 - - Consumer installment 1 20 20 - - Indirect auto - - - - - Total loans 13 $ 1,731 $ 1,695 1 $ 247 Three months ended March 31, 2015 Owner occupied commercial real estate 2 $ 4,497 $ 4,497 - $ - Income producing commercial real estate 2 255 255 - - Commercial & industrial 2 188 188 - - Commercial construction - - - - - Total commercial 6 4,940 4,940 - - Residential mortgage 15 1,598 1,598 - - Home equity lines of credit - - - - - Residential construction - - - - - Consumer installment 1 3 3 1 30 Indirect auto - - - - - Total loans 22 $ 6,541 $ 6,541 1 $ 30 TDRs that subsequently default and are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. Risk Ratings United categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continual basis. United uses the following definitions for its risk ratings: Watch. 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. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands) As of March 31, 2016 Pass Watch Substandard Doubtful / Total Owner occupied commercial real estate $ 1,362,185 $ 27,700 $ 34,883 $ - $ 1,424,768 Income producing commercial real estate 830,360 6,997 20,000 - 857,357 Commercial & industrial 834,535 10,004 8,821 - 853,360 Commercial construction 343,618 4,049 1,197 - 348,864 Total commercial 3,370,698 48,750 64,901 - 3,484,349 Residential mortgage 985,272 5,415 37,569 - 1,028,256 Home equity lines of credit 596,641 25 5,967 - 602,633 Residential construction 335,814 3,736 7,756 - 347,306 Consumer installment 124,429 - 863 - 125,292 Indirect auto 472,094 - 2,356 - 474,450 Total loans, excluding PCI loans $ 5,884,948 $ 57,926 $ 119,412 $ - $ 6,062,286 Owner occupied commercial real estate $ 1,440 $ 3,136 $ 4,808 $ - $ 9,384 Income producing commercial real estate 3,848 5,732 12,943 - 22,523 Commercial & industrial 60 61 1,313 - 1,434 Commercial construction 1,671 2,924 396 - 4,991 Total commercial 7,019 11,853 19,460 - 38,332 Residential mortgage - 382 3,015 - 3,397 Home equity lines of credit 217 - 1,358 - 1,575 Residential construction 321 33 204 - 558 Consumer installment 1 - 10 - 11 Indirect auto - - 30 - 30 Total PCI loans $ 7,558 $ 12,268 $ 24,077 $ - $ 43,903 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 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Note 6 – Reclassifications Out of Accumulated Other Comprehensive Income The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) Details about Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income For the three months ended March 31, Affected Line Item in the Statement Comprehensive Income Components 2016 2015 Where Net Income is Presented Realized gains on available-for-sale securities: $ 379 $ 1,539 Securities gains, net (141 ) (598 ) Tax expense $ 238 $ 941 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (464 ) $ (484 ) Investment securities interest revenue 181 182 Tax benefit $ (283 ) $ (302 ) Net of tax Gains included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ (7 ) $ (48 ) Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (191 ) (119 ) Money market deposit interest expense Amortization of losses on de-designated positions (302 ) (258 ) Federal Home Loan Bank advances interest expense (500 ) (425 ) Total before tax 195 165 Tax benefit $ (305 ) $ (260 ) 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 $ (125 ) $ (91 ) Salaries and employee benefits expense Actuarial losses (42 ) (68 ) Salaries and employee benefits expense (167 ) (159 ) Total before tax 65 62 Tax benefit $ (102 ) $ (97 ) Net of tax Total reclassifications for the period $ (452 ) $ 282 Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 7 – Earnings Per Share United is required to report on the face of the consolidated statement of income, earnings per common share with and without the dilutive effects of potential common stock issuances from instruments such as options, convertible securities and warrants. Basic earnings per common share is based on the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per common share. During the three months ended March 31, 2016, United accrued dividends of $21,000 on its Series H preferred stock. The preferred stock dividends were subtracted from net income in order to arrive at net income available to common shareholders. During the three months ended March 31, 2015, United did not accrue any dividends on its preferred stock. The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) Three Months Ended March 31, 2016 2015 Net income available to common shareholders $ 22,274 $ 17,670 Weighted average shares outstanding: Basic 72,162 60,905 Effect of dilutive securities Stock options 4 4 Diluted 72,166 60,909 Net income per common share: Basic $ .31 $ .29 Diluted $ .31 $ .29 At March 31, 2016, 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; 235,771 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $89.61; and 597,240 shares of common stock issuable upon completion of vesting of restricted stock unit awards. At March 31, 2015, United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 301,344 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $93.01; and 773,304 shares of common stock issuable upon completion of vesting of restricted stock unit awards. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivatives and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | Note 8 – Derivatives and Hedging Activities Risk Management Objective of Using Derivatives United is exposed to certain risks arising from both its business operations and economic conditions. United principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. United manages interest rate risk primarily by managing the amount, sources, and duration of its investment securities portfolio and wholesale funding and through the use of derivative financial instruments. Specifically, United enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Derivative financial instruments are used to manage differences in the amount, timing, and duration of known or expected cash receipts and its known or expected cash payments principally related to loans, investment securities, wholesale borrowings and deposits. In conjunction with the FASB’s fair value measurement guidance, United made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a gross basis. The table below presents the fair value of United’s derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheet (in thousands) Derivatives designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet Location March 31, 2016 December 31, 2015 Fair value hedge of brokered CD’s Derivative assets $ 86 $ - Fair value hedge of corporate bonds Derivative assets - 31 $ 86 $ 31 Fair value hedge of brokered CD’s Derivative liabilities $ 61 $ 2,169 Fair value hedge of corporate bonds Derivative liabilities 1,584 - $ 1,645 $ 2,169 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet Location March 31, 2016 December 31, 2015 Customer swap positions Derivative assets $ 12,895 $ 6,185 Dealer offsets to customer swap positions Derivative assets - 31 Mortgage banking - loan commitment Derivative assets 188 188 Mortgage banking - forward sales commitment Derivative assets 2 1 Bifurcated embedded derivatives Derivative assets 3,727 9,230 Offsetting positions for de-designated cash flow hedges Derivative assets 6,590 4,416 $ 23,402 $ 20,051 Customer swap positions Derivative liabilities $ - $ 31 Dealer offsets to customer swap positions Derivative liabilities 12,966 6,339 Mortgage banking - forward sales commitment Derivative liabilities 22 22 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 10,151 15,794 De-designated cash flow hedges Derivative liabilities 6,590 4,470 $ 29,729 $ 26,656 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 At March 31, 2016 and December 31, 2015 United did not have any active cash flow hedges. Changes in United’s balance sheet composition and interest rate risk position made cash flow hedges no longer necessary as protection against rising interest rates and as a result, United de-designated its former cash flow hedges. The loss remaining in other comprehensive income on the de-designated swaps is being amortized into earnings over the original term of the swaps as the forecasted transactions that the swaps were originally designated to hedge are still expected to occur. United expects that $1.80 million will be reclassified as an increase to interest expense over the next twelve months related to these cash flow hedges. The table below presents the effect of United’s cash flow hedges on the consolidated statement of income for the periods indicated (in thousands) Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) 2016 2015 Location 2016 2015 Location 2016 2015 Three Months Ended March 31, Interest rate swaps $ - $ (471 ) Interest expense $ (500 ) $ (425 ) Interest expense $ - $ (7 ) Fair Value Hedges of Interest Rate Risk United is exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in interest rates. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. Interest rate swaps designated as fair value hedges of brokered deposits involve the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges of fixed-rate investments involve the receipt of variable-rate payments from a counterparty in exchange for United making fixed-rate payments over the life of the instrument without the exchange of the underlying notional amount. At March 31, 2016, United had nine interest rate swaps with an aggregate notional amount of $103 million that were designated as fair value hedges of interest rate risk and were pay-variable / receive-fixed swaps hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. Also at March 31, 2016, 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, 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. These contracts were pay-variable / receive-fixed swaps hedging changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. 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. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same income statement line item as the offsetting loss or gain on the related derivatives. During the three months ended March 31, 2016 and 2015, United recognized net gains of $638,000 and net losses of $37,000, respectively, related to ineffectiveness in the fair value hedging relationships. United also recognized net reductions of interest expense of $790,000 and $1.14 million, respectively, for the three months ended March 31, 2016 and 2015 related to United’s fair value hedges of brokered time deposits, which includes net settlements on the derivatives. United recognized reductions of interest revenue on securities during the three months ended March 31, 2016 and 2015 of $129,000 and $74,000, respectively, related to United’s fair value hedges of corporate bonds. The table below presents the effect of United’s derivatives in fair value hedging relationships on the consolidated statement of operations for the periods indicated (in thousands) Location of Gain Amount of Gain (Loss) Amount of Gain (Loss) (Loss) Recognized Recognized in Income Recognized in Income in Income on on Derivative on Hedged Item Derivative 2016 2015 2016 2015 Three Months Ended March 31, Fair value hedges of brokered CD’s Interest expense $ 2,551 $ 2,370 $ (1,800 ) $ (2,405 ) Fair value hedges of corporate bonds Interest revenue (1,614 ) (345 ) 1,501 343 $ 937 $ 2,025 $ (299 ) $ (2,062 ) In certain cases, the estate of deceased brokered certificate of deposit holders may put the certificate of deposit back to the issuing bank at par upon the death of the holder. When these estate puts occur, a gain or loss is recognized for the difference between the fair value and the par amount of the deposits put back. The change in the fair value of brokered time deposits that are being hedged in fair value hedging relationships reported in the table above includes gains and losses from estate puts and such gains and losses are included in the amount of reported ineffectiveness gains or losses. Credit-Risk-Related Contingent Features United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. As of March 31, 2016, collateral totaling $29.0 million was pledged toward derivatives in a liability position. United’s agreements with each of its derivative counterparties contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivatives counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that contain a provision where if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Stock-Based Compensation | Note 9 – Stock-Based Compensation United has an equity compensation plan that allows for grants of incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards (also referred to as “nonvested stock” awards), stock awards, performance share awards or stock appreciation rights. Options granted under the plan can have an exercise price no less than the fair market value of the underlying stock at the date of grant. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain options, restricted stock and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan). As of March 31, 2016, 255,000 additional awards could be granted under the plan. Through March 31, 2016, incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards, base salary stock grants and performance share awards have been granted under the plan. The following table shows stock option activity for the first three months of 2016. Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinisic Value ($000) Outstanding at December 31, 2015 241,493 $ 89.92 Expired (5,722 ) 102.45 Outstanding at March 31, 2016 235,771 89.61 2.2 $ 108 Exercisable at March 31, 2016 225,771 92.86 1.9 86 The fair value of each option is estimated on the date of grant using the Black-Scholes model. No stock options were granted during the three months ended March 31, 2016 and 2015. Most of United’s outstanding stock options were granted prior to the economic downturn during which time United’s stock price decreased sharply. The lower stock price has rendered most of United’s outstanding options severely out of the money and potentially worthless to the grantee. Therefore, historical exercise patterns do not provide a reasonable basis for determining the expected life of new option grants. United therefore uses the formula provided in ASC 718-10-S99 to determine the expected life of options. United recognized $7,000 and $10,000, respectively, in compensation expense related to stock options during the three months ended March 31, 2016 and 2015. The amount of compensation expense was determined based on the fair value of the options at the time of grant, multiplied by the number of options granted that were expected to vest, which was then amortized over the vesting period. No options were exercised during the first three months of 2016 or 2015. The table below presents restricted stock units activity for the first three months of 2016. Restricted Stock Unit Awards Shares Weighted- Average Grant- Date Fair Value Outstanding at December 31, 2015 712,667 $ 16.44 Granted 19,428 20.20 Vested (114,213 ) 16.15 Cancelled (20,642 ) 16.37 Outstanding at March 31, 2016 597,240 16.63 Compensation expense for restricted stock units is based on the fair value of restricted stock unit awards at the time of grant, which is equal to the value of United’s common stock on the date of grant. The value of restricted stock unit awards that are expected to vest is amortized into expense over the vesting period. For the three months ended March 31, 2016 and 2015, compensation expense of $898,000 and $956,000, respectively, was recognized related to restricted stock unit awards. In addition, for the three months ended March 31, 2016 and 2015, $12,000 and $25,000, respectively, was recognized in other operating expense for restricted stock unit awards granted to members of United’s board of directors. The total intrinsic value of outstanding restricted stock unit awards was $11.0 million at March 31, 2016. As of March 31, 2016, there was $8.08 million of unrecognized compensation cost related to non-vested stock options and restricted stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.29 years. The aggregate grant date fair value of options and restricted stock unit awards that vested during the three months ended March 31, 2016, was $1.84 million. |
Common and Preferred Stock Issu
Common and Preferred Stock Issued / Common Stock Issuable | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Common and Preferred Stock Issued / Common Stock Issuable | Note 10 – Common and Preferred Stock Issued / Common Stock Issuable United sponsors a Dividend Reinvestment and Share Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from United. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. In the three months ended March 31, 2016 and 2015, 736 shares and 487 shares, respectively, were issued through the DRIP. In addition, United has an Employee Stock Purchase Program (“ESPP”) that allows eligible employees to purchase shares of common stock at a 10% discount, with no commission charges. During the first three months of 2016 and 2015, United issued 4,418 shares and 3,202 shares, respectively, through the ESPP. United offers its common stock as an investment option in its deferred compensation plan. United also allows for the deferral of restricted stock unit awards. The common stock component of the deferred compensation plan is accounted for as an equity instrument and is reflected in the consolidated financial statements as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United’s common stock and settlement must be accomplished in shares at the time the deferral period is completed. At March 31, 2016 and December 31, 2015, 496,515 and 458,953 shares of common stock, respectively, were issuable under the deferred compensation plan. In the first quarter of 2016, United redeemed all of its outstanding Series H preferred stock. The preferred stock was redeemed at par and did not result in any gain or loss. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 – Income Taxes The income tax provision for the three months ended March 31, 2016 and 2015 was $13.6 million and $10.4 million, respectively, which represents an effective tax rate of 37.9% and 37.0%, respectively. At March 31, 2016 and December 31, 2015, United maintained a valuation allowance on its net deferred tax asset of $4.42 million and $4.28 million, respectively. Management assesses the valuation allowance recorded against its net deferred tax asset at each reporting period. The determination of whether a valuation allowance for its net deferred tax asset is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. United evaluated the need for a valuation allowance at March 31, 2016. Based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of its net deferred tax asset will be realized based upon future taxable income. The remaining valuation allowance of $4.42 million is related to specific state income tax credits that have short carryforward periods and are expected to expire unused. The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at March 31, 2016 that it was more likely than not that United’s net deferred tax asset of $180 million will be realized is based upon management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts that consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased for some or all of its net deferred tax asset. Such an increase to the net deferred tax asset valuation allowance could have a material adverse effect on United’s financial condition and results of operations. United is subject to income taxation in the United States and various state jurisdictions. United’s federal and state income tax returns are filed on a consolidated basis. Currently, no years for which United filed a federal income tax return are under examination by the IRS, and there are no state tax examinations currently in progress. United is no longer subject to income tax examinations from state and local income tax authorities for years before 2012. Although United is unable to determine the ultimate outcome of future examinations, United believes that the liability recorded for uncertain tax positions is appropriate. At March 31, 2016 and December 31, 2015, unrecognized income tax benefits totaled $4.09 million and $3.98 million, respectively. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value [Abstract] | |
Assets and Liabilities Measured at Fair Value | Note 12 – Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Level 2 Level 3 In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. United’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Securities Available-for-Sale Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, United States Department of Treasury (“Treasury”) securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds, corporate debt securities and asset-backed securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market, or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include asset-backed securities in less liquid markets. Securities classified as Level 3 are valued based on estimates obtained from broker-dealers and are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Mortgage Loans Held for Sale 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, Fair Value Measures and Disclosures 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 March 31, 2016, management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Derivatives classified as Level 3 included structured derivatives for which broker quotes, used as a key valuation input, were not observable consistent with a Level 2 disclosure. The fair value of interest rate lock commitments, which is related to mortgage loan commitments and is categorized as Level 3, is 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. Management has elected to carry this asset at fair value. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. Pension Plan Assets For information on the fair value of pension plan assets, see Note 17 in the Annual Report on Form 10-K for the year ended December 31, 2015. Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) March 31, 2016 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 143,051 $ - $ - $ 143,051 U.S. Agencies - 86,923 - 86,923 State and political subdivisions - 74,140 - 74,140 Mortgage-backed securities - 1,267,335 - 1,267,335 Corporate bonds - 307,812 650 308,462 Asset-backed securities - 522,618 - 522,618 Other - 2,938 - 2,938 Deferred compensation plan assets 3,780 - - 3,780 Servicing rights for government guaranteed loans - - 3,898 3,898 Derivative financial instruments - 19,573 3,915 23,488 Total assets $ 146,831 $ 2,281,339 $ 8,463 $ 2,436,633 Liabilities: Deferred compensation plan liability $ 3,780 $ - $ - $ 3,780 Derivative financial instruments - 21,223 10,151 31,374 Total liabilities $ 3,780 $ 21,223 $ 10,151 $ 35,154 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 The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) Derivative Asset Derivative Liability Servicing rights for government guaranteed loans Securities Available-for Sale Three Months Ended March 31, 2016 Balance at beginning of period $ 9,418 $ 15,794 $ 3,712 $ 750 Additions - - 299 - Sales and settlements - - (98 ) - Other comprehensive income - - - (100 ) Amounts included in earnings - fair value adjustments (5,503 ) (5,643 ) (15 ) - Balance at end of period $ 3,915 $ 10,151 $ 3,898 $ 650 Three Months Ended March 31, 2015 Balance at beginning of period $ 12,262 $ 18,979 $ 2,551 $ 750 Additions - - 190 - Sales and settlements - - - - Other comprehensive income - - - - Amounts included in earnings - fair value adjustments (4,145 ) (4,450 ) (24 ) - Balance at end of period $ 8,117 $ 14,529 $ 2,717 $ 750 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) Fair Value Weighted Average Level 3 Assets March 31, 2016 December 31, 2015 Valuation Technique Unobservable Inputs March 31, 2016 December 31, 2015 Servicing rights for $ 3,898 $ 3,712 Discounted Discount rate 11.8 % 11.8 % government cash flow Prepayment rate 7.23 % 6.95 % guaranteed loans Corporate bonds 650 750 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 188 188 Internal model Pull through rate 85 % 85 % Derivative assets - other 3,727 9,230 Dealer priced Dealer priced N/A N/A Derivative liabilities 10,151 15,794 Dealer priced Dealer priced N/A N/A Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These assets are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of March 31, 2016 and December 31, 2015, for which a nonrecurring fair value adjustment was recorded during the year to date periods presented (in thousands) March 31, 2016 Level 1 Level 2 Level 3 Total Loans $ - $ - $ 7,700 $ 7,700 December 31, 2015 Loans $ - $ - $ 7,589 $ 7,589 Loans that are reported above as being measured at fair value on a nonrecurring basis are generally impaired loans that have either been partially charged off or have specific reserves assigned to them. Nonaccrual impaired loans that are collateral dependent are generally written down to 80% of appraised value which considers the estimated costs to sell. Specific reserves are established for impaired loans based on appraised value of collateral or discounted cash flows, although only those specific reserves based on the fair value of collateral are considered nonrecurring fair value adjustments. Assets and Liabilities Not Measured at Fair Value For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. 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 inherently subjective in nature. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term 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 as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) Carrying Fair Value Level March 31, 2016 Amount Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 351,700 $ - $ 363,092 $ - $ 363,092 Loans, net 6,039,879 - - 5,953,405 5,953,405 Mortgage loans held for sale 26,578 - 26,883 - 26,883 Residential mortgage servicing rights 3,111 - - 3,180 3,180 Liabilities: Deposits 7,960,323 - 7,967,317 - 7,967,317 Federal Home Loan Bank advances 510,125 - 510,148 - 510,148 Long-term debt 163,955 - - 165,971 165,971 December 31, 2015 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 7,873,193 - 7,881,109 - 7,881,109 Federal Home Loan Bank advances 430,125 - 430,119 - 430,119 Long-term debt 163,836 - - 166,668 166,668 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 – Commitments and Contingencies United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) March 31, December 31, Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,290,962 $ 1,351,446 Letters of credit 20,769 23,373 United’s wholly-owned bank subsidiary, United Community Bank (“the Bank”) holds minor investments in certain limited partnerships for Community Reinvestment Act purposes. As of March 31, 2016, the Bank had invested $2.48 million in these limited partnerships and had committed to fund an additional $2.02 million related to future capital calls. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 14 – Subsequent Events On April 4, 2016, United announced that it had reached a definitive merger agreement to acquire Tidelands Bancshares, Inc. (“Tidelands”) and its wholly-owned bank subsidiary Tidelands Bank. Tidelands is headquartered in Mt. Pleasant, South Carolina and, as of December 31, 2015, had total assets of $466 million, loans of $325 million and deposits of $421 million. Tidelands Bank, which currently operates seven branches in coastal South Carolina, will merge into and operate under the brand of United Community Bank, United’s wholly-owned bank subsidiary. Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, Tidelands shareholders will receive cash equal to $0.52 per share or an aggregate of approximately $2.22 million. Additionally, United has entered into an agreement with the Treasury whereby it will redeem all of Tidelands’ fixed-rate cumulative preferred stock that was issued to the Treasury under the Treasury’s Capital Purchase Program, plus unpaid dividends, for $8.98 million in aggregate, which represents a 56% discount. The merger agreement also provides that, at the effective time of the merger, United will assume all of Tidelands’ obligations relating to its outstanding trust preferred securities. The assumption is conditioned on United’s payment of all amounts required to bring current the payment of interest (including deferred interest) on the trust preferred securities. The merger, which is subject to regulatory approval, the approval of the shareholders of Tidelands, and other customary conditions, is expected to close in the third quarter of 2016. On May 2, 2016, United announced the sale of 7.30 million shares of United's largest shareholder, Corsair Capital LLC ("Corsair"), to J.P. Morgan Securities LLC as the sole underwriter in the registered public offering of those shares. Corsair received all of the net proceeds from the offering and no longer holds any shares of United's common stock. In conjunction with the sale and subsequent to March 31, 2016, 4.03 million of these shares were transferred from non-voting shares to voting shares. |
Balance Sheet Offsetting and 24
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Offsetting [Abstract] | |
Schedule of summary of amounts outstanding under reverse repurchase agreements. | Gross Amounts of Gross Amounts Offset on Gross Amounts not Offset in the Balance Sheet March 31, 2016 Recognized Assets the Balance Sheet Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 350,000 $ (350,000 ) $ - $ - $ - $ - Derivatives 23,488 - 23,488 (1,384 ) (4,845 ) 17,259 Total $ 373,488 $ (350,000 ) $ 23,488 $ (1,384 ) $ (4,845 ) $ 17,259 Weighted average interest rate of reverse repurchase agreements 1.45 % Gross Amounts of Gross Amounts Offset on Net Gross Amounts not Offset in the Balance Sheet Recognized Liabilities the Balance Sheet Liability Balance Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 350,000 $ (350,000 ) $ - $ - $ - $ - Derivatives 31,374 - 31,374 (1,384 ) (28,998 ) 992 Total $ 381,374 $ (350,000 ) $ 31,374 $ (1,384 ) $ (28,998 ) $ 992 Weighted average interest rate of repurchase agreements .59 % Gross Amounts of Gross Amounts Offset on Gross Amounts not Offset in the Balance Sheet December 31, 2015 Recognized Assets the Balance Sheet Net Asset Balance Financial Instruments Collateral Received 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 Amounts of Gross Amounts Offset on Net Gross Amounts not Offset in the Balance Sheet Recognized Liabilities the Balance Sheet Liability Balance Financial Instruments Collateral Pledged 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 % |
Schedule of repurchase agreements remaining contractual maturity of the agreements | Remaining Contractual Maturity of the Agreements As of March 31, 2016 Overnight and Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total U.S. Treasuries $ - $ - $ 50,000 $ 50,000 $ 100,000 Mortgage-backed securities - 50,000 50,000 150,000 250,000 Total $ - $ 50,000 $ 100,000 $ 200,000 $ 350,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 350,000 Amounts related to agreements not included in offsetting disclosure $ - Remaining Contractual Maturity of the Agreements As of December 31, 2015 Overnight and 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 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investment Securities [Abstract] | |
Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity | As of March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value State and political subdivisions $ 61,499 $ 4,904 $ - $ 66,403 Mortgage-backed securities (1) 290,201 6,867 379 296,689 Total $ 351,700 $ 11,771 $ 379 $ 363,092 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 (1) |
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | As of March 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasuries $ 140,574 $ 2,477 $ - $ 143,051 U.S. Government agencies 85,891 1,053 21 86,923 State and political subdivisions 73,361 781 2 74,140 Mortgage-backed securities (1) 1,253,173 17,511 3,349 1,267,335 Corporate bonds 308,064 1,920 1,522 308,462 Asset-backed securities 531,488 504 9,374 522,618 Other 2,938 - - 2,938 Total $ 2,395,489 $ 24,246 $ 14,268 $ 2,405,467 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 (1) |
Schedule of held to maturity securities in an unrealized loss position | Less than 12 Months 12 Months or More Total As of March 31, 2016 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss Mortgage-backed securities $ 52,172 $ 175 $ 12,889 $ 204 $ 65,061 $ 379 Total unrealized loss position $ 52,172 $ 175 $ 12,889 $ 204 $ 65,061 $ 379 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 |
Schedule of available for sale securities in an unrealized loss position | Less than 12 Months 12 Months or More Total As of March 31, 2016 Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Treasuries $ - $ - $ - $ - $ - $ - U.S. Government agencies 7,600 21 - - 7,600 21 State and political subdivisions 1,664 2 - - 1,664 2 Mortgage-backed securities 89,267 648 159,558 2,701 248,825 3,349 Corporate bonds 105,223 1,172 650 350 105,873 1,522 Asset-backed securities 379,984 9,106 4,805 268 384,789 9,374 Total unrealized loss position $ 583,738 $ 10,949 $ 165,013 $ 3,319 $ 748,751 $ 14,268 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 |
Schedule of summary of securities sales activities | Three Months Ended March 31, 2016 2015 Proceeds from sales $ 61,305 $ 69,467 Gross gains on sales $ 673 $ 1,539 Gross losses on sales (294 ) - Net gains on sales of securities $ 379 $ 1,539 Income tax expense attributable to sales $ 141 $ 598 |
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 $ 66,071 $ 66,859 $ - $ - 5 to 10 years 74,503 76,192 - - 140,574 143,051 - - US Government agencies: 1 to 5 years 12,943 12,938 - - 5 to 10 years 72,948 73,985 - - 85,891 86,923 - - State and political subdivisions: Within 1 year 1,443 1,446 3,503 3,528 1 to 5 years 10,603 10,838 15,638 16,614 5 to 10 years 52,851 53,189 21,579 23,862 More than 10 years 8,464 8,667 20,779 22,399 73,361 74,140 61,499 66,403 Corporate bonds: 1 to 5 years 223,383 223,309 - - 5 to 10 years 52,286 53,259 - - More than 10 years 32,395 31,894 - - 308,064 308,462 - - Asset-backed securities: 1 to 5 years 24,284 24,356 - - 5 to 10 years 264,883 259,436 - - More than 10 years 242,321 238,826 - - 531,488 522,618 - - Other: More than 10 years 2,938 2,938 - - 2,938 2,938 - - Total securities other than mortgage-backed securities: Within 1 year 1,443 1,446 3,503 3,528 1 to 5 years 337,284 338,300 15,638 16,614 5 to 10 years 517,471 516,061 21,579 23,862 More than 10 years 286,118 282,325 20,779 22,399 Mortgage-backed securities 1,253,173 1,267,335 290,201 296,689 $ 2,395,489 $ 2,405,467 $ 351,700 $ 363,092 |
Loans and Allowance for Credi26
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Loans and Allowance for Credit Losses [Abstract] | |
Schedule of major classifications of loans | March 31, December 31, Owner occupied commercial real estate $ 1,434,152 $ 1,493,966 Income producing commercial real estate 879,880 823,729 Commercial & industrial 854,794 785,417 Commercial construction 353,855 342,078 Total commercial 3,522,681 3,445,190 Residential mortgage 1,031,653 1,029,663 Home equity lines of credit 604,208 597,806 Residential construction 347,864 351,700 Consumer installment 125,303 115,111 Indirect auto 474,480 455,971 Total loans 6,106,189 5,995,441 Less allowance for loan losses (66,310 ) (68,448 ) Loans, net $ 6,039,879 $ 5,926,993 |
Schedule of changes in the value of the accretable yield for acquired loans accounted | Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 4,279 $ - Accretion (1,315 ) - Reclassification from nonaccretable difference 646 - Changes in expected cash flows that do not affect nonaccretable difference 534 - Balance at end of period $ 4,144 $ - |
Schedule of balance and activity in the allowance for credit losses by portfolio segment | Three Months Ended March 31, 2016 Beginning Balance Charge- Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 16,732 $ (402 ) $ 97 $ 437 $ 16,864 Income producing commercial real estate 8,235 (222 ) 11 (2,004 ) 6,020 Commercial & industrial 4,442 (572 ) 289 (1,006 ) 3,153 Commercial construction 5,583 (287 ) - 3,642 8,938 Residential mortgage 17,232 (176 ) 127 (2,978 ) 14,205 Home equity lines of credit 6,042 (723 ) 91 585 5,995 Residential construction 7,961 (59 ) 163 969 9,034 Consumer installment 828 (479 ) 206 218 773 Indirect auto 1,393 (233 ) 31 137 1,328 Total allowance for loan losses 68,448 (3,153 ) 1,015 - 66,310 Allowance for unfunded commitments 2,542 - - (200 ) 2,342 Total allowance for credit losses $ 70,990 $ (3,153 ) $ 1,015 $ (200 ) $ 68,652 Three Months Ended March 31, 2015 Beginning Balance Charge- Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 16,041 $ (368 ) $ 11 $ (732 ) $ 14,952 Income producing commercial real estate 10,296 (248 ) 7 (400 ) 9,655 Commercial & industrial 3,255 (469 ) 128 528 3,442 Commercial construction 4,747 (22 ) - 610 5,335 Residential mortgage 20,311 (578 ) 162 243 20,138 Home equity lines of credit 4,574 (73 ) 14 (194 ) 4,321 Residential construction 10,603 (1,140 ) 79 668 10,210 Consumer installment 731 (326 ) 376 (68 ) 713 Indirect auto 1,061 (128 ) 13 295 1,241 Total allowance for loan losses 71,619 (3,352 ) 790 950 70,007 Allowance for unfunded commitments 1,930 - - 850 2,780 Total allowance for credit losses $ 73,549 $ (3,352 ) $ 790 $ 1,800 $ 72,787 Allowance for Loan Losses March 31, 2016 December 31, 2015 Individually evaluated Collectively evaluated for impairment PCI Ending Balance Individually evaluated Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 1,374 $ 15,490 $ - $ 16,864 $ 1,465 $ 15,267 $ - $ 16,732 Income producing commercial real estate 401 5,619 - 6,020 961 7,274 - 8,235 Commercial & industrial 54 3,099 - 3,153 280 4,162 - 4,442 Commercial construction 34 8,904 - 8,938 13 5,570 - 5,583 Residential mortgage 1,850 12,347 8 14,205 3,885 13,347 - 17,232 Home equity lines of credit 1 5,994 - 5,995 6 6,036 - 6,042 Residential construction 98 8,936 - 9,034 174 7,787 - 7,961 Consumer installment 7 766 - 773 13 815 - 828 Indirect auto - 1,328 - 1,328 - 1,393 - 1,393 Total allowance for loan losses 3,819 62,483 8 66,310 6,797 61,651 - 68,448 Allowance for unfunded commitments - 2,342 - 2,342 - 2,542 - 2,542 Total allowance for credit losses $ 3,819 $ 64,825 $ 8 $ 68,652 $ 6,797 $ 64,193 $ - $ 70,990 Loans Outstanding March 31, 2016 December 31, 2015 Individually evaluated Collectively evaluated for impairment PCI Ending Balance Individually evaluated Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 31,231 $ 1,393,537 $ 9,384 $ 1,434,152 $ 38,268 $ 1,442,024 $ 13,674 $ 1,493,966 Income producing commercial real estate 24,811 832,546 22,523 879,880 23,013 772,945 27,771 823,729 Commercial & industrial 2,366 850,994 1,434 854,794 3,339 781,423 655 785,417 Commercial construction 1,527 347,337 4,991 353,855 10,616 329,320 2,142 342,078 Residential mortgage 19,821 1,008,435 3,397 1,031,653 19,627 1,005,860 4,176 1,029,663 Home equity lines of credit 63 602,570 1,575 604,208 167 595,951 1,688 597,806 Residential construction 5,256 342,050 558 347,864 7,900 342,677 1,123 351,700 Consumer installment 331 124,961 11 125,303 329 114,741 41 115,111 Indirect auto 795 473,655 30 474,480 749 455,173 49 455,971 Total loans $ 86,201 $ 5,976,085 $ 43,903 $ 6,106,189 $ 104,008 $ 5,840,114 $ 51,319 $ 5,995,441 |
Schedule of recorded investments in individually evaluated impaired loans | March 31, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 8,794 $ 8,136 $ - $ 14,793 $ 14,460 $ - Income producing commercial real estate 14,673 14,597 - 13,044 12,827 - Commercial & industrial - - - 493 469 - Commercial construction - - - - - - Total commercial 23,467 22,733 - 28,330 27,756 - Residential mortgage 692 689 - 791 791 - Home equity lines of credit - - - - - - Residential construction 856 856 - 3,731 3,429 - Consumer installment - - - - - - Indirect auto 795 795 - 749 749 - Total with no related allowance recorded 25,810 25,073 - 33,601 32,725 - With an allowance recorded: Owner occupied commercial real estate 23,619 23,095 1,374 24,043 23,808 1,465 Income producing commercial real estate 10,330 10,214 401 10,281 10,186 961 Commercial & industrial 2,451 2,366 54 2,957 2,870 280 Commercial construction 1,702 1,527 34 10,787 10,616 13 Total commercial 38,102 37,202 1,863 48,068 47,480 2,719 Residential mortgage 19,686 19,132 1,850 19,346 18,836 3,885 Home equity lines of credit 63 63 1 167 167 6 Residential construction 4,787 4,400 98 4,854 4,471 174 Consumer installment 359 331 7 354 329 13 Indirect auto - - - - - - Total with an allowance recorded 62,997 61,128 3,819 72,789 71,283 6,797 Total $ 88,807 $ 86,201 $ 3,819 $ 106,390 $ 104,008 $ 6,797 |
Schedule of average balances of impaired loans and income recognized on impaired loans | 2016 2015 Three Months Ended March 31, Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 31,502 $ 430 $ 447 $ 36,989 $ 460 $ 459 Income producing commercial real estate 24,950 284 302 21,424 267 275 Commercial & industrial 2,446 31 27 4,023 38 37 Commercial construction 1,532 22 23 12,273 116 121 Total commercial 60,430 767 799 74,709 881 892 Residential mortgage 19,980 206 203 22,085 226 233 Home equity lines of credit 63 1 1 478 5 5 Residential construction 5,317 67 63 10,575 120 126 Consumer installment 341 6 7 153 3 3 Indirect auto 784 11 11 - - - Total $ 86,915 $ 1,058 $ 1,084 $ 108,000 $ 1,235 $ 1,259 |
Schedule of recorded investment in nonaccrual loans by loan class | March 31, December 31, 2016 2015 Owner occupied commercial real estate $ 6,775 $ 7,036 Income producing commercial real estate 2,959 2,595 Commercial & industrial 978 892 Commercial construction 266 328 Total commercial 10,978 10,851 Residential mortgage 8,037 8,555 Home equity lines of credit 1,198 851 Residential construction 1,122 1,398 Consumer installment 211 175 Indirect auto 873 823 Total $ 22,419 $ 22,653 |
Schedule of aging of the recorded investment in past due loans | Loans Past Due Loans Not As of March 31, 2016 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total Owner occupied commercial real estate $ 2,849 $ 815 $ 2,692 $ 6,356 $ 1,418,412 $ 9,384 $ 1,434,152 Income producing commercial real estate 1,029 163 867 2,059 855,298 22,523 879,880 Commercial & industrial 623 234 456 1,313 852,047 1,434 854,794 Commercial construction 79 - - 79 348,785 4,991 353,855 Total commercial 4,580 1,212 4,015 9,807 3,474,542 38,332 3,522,681 Residential mortgage 5,931 1,392 2,537 9,860 1,018,396 3,397 1,031,653 Home equity lines of credit 2,209 560 592 3,361 599,272 1,575 604,208 Residential construction 819 219 259 1,297 346,009 558 347,864 Consumer installment 531 58 43 632 124,660 11 125,303 Indirect auto 644 464 531 1,639 472,811 30 474,480 Total loans $ 14,714 $ 3,905 $ 7,977 $ 26,596 $ 6,035,690 $ 43,903 $ 6,106,189 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 |
Schedule of TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment | March 31, 2016 December 31, 2015 Number of Contracts Pre- Post- Number of Contracts Pre- Post- Owner occupied commercial real estate 56 $ 28,076 $ 27,291 54 $ 32,544 $ 32,058 Income producing commercial real estate 30 20,630 20,630 29 15,703 15,629 Commercial & industrial 24 2,289 2,209 26 2,955 2,870 Commercial construction 9 1,696 1,527 14 10,785 10,616 Total commercial 119 52,691 51,657 123 61,987 61,173 Residential mortgage 175 19,445 19,132 173 19,101 18,836 Home equity lines of credit 1 63 63 2 167 167 Residential construction 43 5,585 5,256 44 5,663 5,334 Consumer installment 22 352 331 22 348 329 Indirect auto 52 795 795 49 749 749 Total loans 412 $ 78,931 $ 77,234 413 $ 88,015 $ 86,588 |
Schedule of loans modified under the terms of TDR | New TDRs TDRs Modified Within Three months ended March 31, 2016 Number of Contracts Pre- Post- Number of Contracts Recorded Investment Owner occupied commercial real estate 3 $ 649 $ 649 1 $ 247 Income producing commercial real estate - - - - - Commercial & industrial 1 197 197 - - Commercial construction - - - - - Total commercial 4 846 846 1 247 Residential mortgage 7 799 763 - - Home equity lines of credit - - - - - Residential construction 1 66 66 - - Consumer installment 1 20 20 - - Indirect auto - - - - - Total loans 13 $ 1,731 $ 1,695 1 $ 247 Three months ended March 31, 2015 Owner occupied commercial real estate 2 $ 4,497 $ 4,497 - $ - Income producing commercial real estate 2 255 255 - - Commercial & industrial 2 188 188 - - Commercial construction - - - - - Total commercial 6 4,940 4,940 - - Residential mortgage 15 1,598 1,598 - - Home equity lines of credit - - - - - Residential construction - - - - - Consumer installment 1 3 3 1 30 Indirect auto - - - - - Total loans 22 $ 6,541 $ 6,541 1 $ 30 |
Schedule of risk category of loans by class of loans | As of March 31, 2016 Pass Watch Substandard Doubtful / Total Owner occupied commercial real estate $ 1,362,185 $ 27,700 $ 34,883 $ - $ 1,424,768 Income producing commercial real estate 830,360 6,997 20,000 - 857,357 Commercial & industrial 834,535 10,004 8,821 - 853,360 Commercial construction 343,618 4,049 1,197 - 348,864 Total commercial 3,370,698 48,750 64,901 - 3,484,349 Residential mortgage 985,272 5,415 37,569 - 1,028,256 Home equity lines of credit 596,641 25 5,967 - 602,633 Residential construction 335,814 3,736 7,756 - 347,306 Consumer installment 124,429 - 863 - 125,292 Indirect auto 472,094 - 2,356 - 474,450 Total loans, excluding PCI loans $ 5,884,948 $ 57,926 $ 119,412 $ - $ 6,062,286 Owner occupied commercial real estate $ 1,440 $ 3,136 $ 4,808 $ - $ 9,384 Income producing commercial real estate 3,848 5,732 12,943 - 22,523 Commercial & industrial 60 61 1,313 - 1,434 Commercial construction 1,671 2,924 396 - 4,991 Total commercial 7,019 11,853 19,460 - 38,332 Residential mortgage - 382 3,015 - 3,397 Home equity lines of credit 217 - 1,358 - 1,575 Residential construction 321 33 204 - 558 Consumer installment 1 - 10 - 11 Indirect auto - - 30 - 30 Total PCI loans $ 7,558 $ 12,268 $ 24,077 $ - $ 43,903 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 |
Reclassifications Out of Accu27
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Schedule of reclassifications out of accumulated other comprehensive income | Details about Accumulated Other Amounts Reclassified from Accumulated Other Comprehensive Income For the three months ended March 31, Affected Line Item in the Statement Comprehensive Income Components 2016 2015 Where Net Income is Presented Realized gains on available-for-sale securities: $ 379 $ 1,539 Securities gains, net (141 ) (598 ) Tax expense $ 238 $ 941 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (464 ) $ (484 ) Investment securities interest revenue 181 182 Tax benefit $ (283 ) $ (302 ) Net of tax Gains included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ (7 ) $ (48 ) Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (191 ) (119 ) Money market deposit interest expense Amortization of losses on de-designated positions (302 ) (258 ) Federal Home Loan Bank advances interest expense (500 ) (425 ) Total before tax 195 165 Tax benefit $ (305 ) $ (260 ) 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 $ (125 ) $ (91 ) Salaries and employee benefits expense Actuarial losses (42 ) (68 ) Salaries and employee benefits expense (167 ) (159 ) Total before tax 65 62 Tax benefit $ (102 ) $ (97 ) Net of tax Total reclassifications for the period $ (452 ) $ 282 Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted loss per share | Three Months Ended March 31, 2016 2015 Net income available to common shareholders $ 22,274 $ 17,670 Weighted average shares outstanding: Basic 72,162 60,905 Effect of dilutive securities Stock options 4 4 Diluted 72,166 60,909 Net income per common share: Basic $ .31 $ .29 Diluted $ .31 $ .29 |
Derivatives and Hedging Activ29
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivatives and Hedging Activities [Abstract] | |
Schedule of derivative financial instruments on consolidated balance sheet | Derivatives designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet Location March 31, 2016 December 31, 2015 Fair value hedge of brokered CD’s Derivative assets $ 86 $ - Fair value hedge of corporate bonds Derivative assets - 31 $ 86 $ 31 Fair value hedge of brokered CD’s Derivative liabilities $ 61 $ 2,169 Fair value hedge of corporate bonds Derivative liabilities 1,584 - $ 1,645 $ 2,169 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet Location March 31, 2016 December 31, 2015 Customer swap positions Derivative assets $ 12,895 $ 6,185 Dealer offsets to customer swap positions Derivative assets - 31 Mortgage banking - loan commitment Derivative assets 188 188 Mortgage banking - forward sales commitment Derivative assets 2 1 Bifurcated embedded derivatives Derivative assets 3,727 9,230 Offsetting positions for de-designated cash flow hedges Derivative assets 6,590 4,416 $ 23,402 $ 20,051 Customer swap positions Derivative liabilities $ - $ 31 Dealer offsets to customer swap positions Derivative liabilities 12,966 6,339 Mortgage banking - forward sales commitment Derivative liabilities 22 22 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 10,151 15,794 De-designated cash flow hedges Derivative liabilities 6,590 4,470 $ 29,729 $ 26,656 |
Schedule of effect of cash flow hedging derivative financial instruments on other comprehensive income | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) 2016 2015 Location 2016 2015 Location 2016 2015 Three Months Ended March 31, Interest rate swaps $ - $ (471 ) Interest expense $ (500 ) $ (425 ) Interest expense $ - $ (7 ) |
Schedule of effect of fair value hedging derivative financial instruments on the consolidated statement of operations | Location of Gain Amount of Gain (Loss) Amount of Gain (Loss) (Loss) Recognized Recognized in Income Recognized in Income in Income on on Derivative on Hedged Item Derivative 2016 2015 2016 2015 Three Months Ended March 31, Fair value hedges of brokered CD’s Interest expense $ 2,551 $ 2,370 $ (1,800 ) $ (2,405 ) Fair value hedges of corporate bonds Interest revenue (1,614 ) (345 ) 1,501 343 $ 937 $ 2,025 $ (299 ) $ (2,062 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of stock option activity | Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinisic Value ($000) Outstanding at December 31, 2015 241,493 $ 89.92 Expired (5,722 ) 102.45 Outstanding at March 31, 2016 235,771 89.61 2.2 $ 108 Exercisable at March 31, 2016 225,771 92.86 1.9 86 |
Schedule of restricted stock units activity | Restricted Stock Unit Awards Shares Weighted- Average Grant- Date Fair Value Outstanding at December 31, 2015 712,667 $ 16.44 Granted 19,428 20.20 Vested (114,213 ) 16.15 Cancelled (20,642 ) 16.37 Outstanding at March 31, 2016 597,240 16.63 |
Assets and Liabilities Measur31
Assets and Liabilities Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | March 31, 2016 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 143,051 $ - $ - $ 143,051 U.S. Agencies - 86,923 - 86,923 State and political subdivisions - 74,140 - 74,140 Mortgage-backed securities - 1,267,335 - 1,267,335 Corporate bonds - 307,812 650 308,462 Asset-backed securities - 522,618 - 522,618 Other - 2,938 - 2,938 Deferred compensation plan assets 3,780 - - 3,780 Servicing rights for government guaranteed loans - - 3,898 3,898 Derivative financial instruments - 19,573 3,915 23,488 Total assets $ 146,831 $ 2,281,339 $ 8,463 $ 2,436,633 Liabilities: Deferred compensation plan liability $ 3,780 $ - $ - $ 3,780 Derivative financial instruments - 21,223 10,151 31,374 Total liabilities $ 3,780 $ 21,223 $ 10,151 $ 35,154 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 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | Derivative Asset Derivative Liability Servicing rights for government guaranteed loans Securities Available-for Sale Three Months Ended March 31, 2016 Balance at beginning of period $ 9,418 $ 15,794 $ 3,712 $ 750 Additions - - 299 - Sales and settlements - - (98 ) - Other comprehensive income - - - (100 ) Amounts included in earnings - fair value adjustments (5,503 ) (5,643 ) (15 ) - Balance at end of period $ 3,915 $ 10,151 $ 3,898 $ 650 Three Months Ended March 31, 2015 Balance at beginning of period $ 12,262 $ 18,979 $ 2,551 $ 750 Additions - - 190 - Sales and settlements - - - - Other comprehensive income - - - - Amounts included in earnings - fair value adjustments (4,145 ) (4,450 ) (24 ) - Balance at end of period $ 8,117 $ 14,529 $ 2,717 $ 750 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | Fair Value Weighted Average Level 3 Assets March 31, 2016 December 31, 2015 Valuation Technique Unobservable Inputs March 31, 2016 December 31, 2015 Servicing rights for $ 3,898 $ 3,712 Discounted Discount rate 11.8 % 11.8 % government cash flow Prepayment rate 7.23 % 6.95 % guaranteed loans Corporate bonds 650 750 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 188 188 Internal model Pull through rate 85 % 85 % Derivative assets - other 3,727 9,230 Dealer priced Dealer priced N/A N/A Derivative liabilities 10,151 15,794 Dealer priced Dealer priced N/A N/A |
Schedule of presentation of united's assets and liabilities measured at fair value on nonrecurring basis | March 31, 2016 Level 1 Level 2 Level 3 Total Loans $ - $ - $ 7,700 $ 7,700 December 31, 2015 Loans $ - $ - $ 7,589 $ 7,589 |
Schedule of carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis | Carrying Fair Value Level March 31, 2016 Amount Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 351,700 $ - $ 363,092 $ - $ 363,092 Loans, net 6,039,879 - - 5,953,405 5,953,405 Mortgage loans held for sale 26,578 - 26,883 - 26,883 Residential mortgage servicing rights 3,111 - - 3,180 3,180 Liabilities: Deposits 7,960,323 - 7,967,317 - 7,967,317 Federal Home Loan Bank advances 510,125 - 510,148 - 510,148 Long-term debt 163,955 - - 165,971 165,971 December 31, 2015 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 7,873,193 - 7,881,109 - 7,881,109 Federal Home Loan Bank advances 430,125 - 430,119 - 430,119 Long-term debt 163,836 - - 166,668 166,668 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance sheet instruments | March 31, December 31, Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,290,962 $ 1,351,446 Letters of credit 20,769 23,373 |
Accounting Standards Updates 33
Accounting Standards Updates and Recently Adopted Standards (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Accounting Standards Updates [Abstract] | |
Debt issuance costs reclassification between other assets | $ 9,680 |
Debt issuance costs reclassification between brokered deposits | 7,900 |
Debt issuance costs reclassification between long term debt | 1,780 |
Present value of future minimum lease payments | $ 23,500 |
Balance Sheet Offsetting - Summ
Balance Sheet Offsetting - Summary of amounts outstanding under master netting agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized assets | $ 350,000 | $ 400,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet assets | $ (350,000) | $ (400,000) |
Repurchase agreements / reverse repurchase agreements, net assets balance | ||
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet assets of financial instruments | ||
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet assets of collateral received | ||
Repurchase agreements / reverse repurchase agreements, net amount | ||
Derivatives, gross amounts of recognized assets | $ 23,488 | $ 20,082 |
Derivatives, gross amounts offset on the balance sheet | ||
Derivatives, net asset balance | $ 23,488 | $ 20,082 |
Derivatives, gross amounts not off set in balance sheet assets of financial instruments | (1,384) | (519) |
Derivative, gross amounts not off set in balance sheet assets of collateral received | (4,845) | (3,729) |
Derivatives, net amount | 17,259 | 15,834 |
Offsetting assets, gross amounts of recognized assets | 373,488 | 420,082 |
Offsetting assets, gross amounts offset on balance sheet | (350,000) | (400,000) |
Offsetting assets, net asset balance | 23,488 | 20,082 |
Offsetting assets, gross amounts not offset in balance sheet of financial instruments | (1,384) | (519) |
Offsetting assets, gross amounts not offset in the balance sheet of collateral received | (4,845) | (3,729) |
Offsetting assets, net amount | $ 17,259 | $ 15,834 |
Weighted average interest rate of reverse repurchase agreements, assets | 1.45% | 1.34% |
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized liabilities | $ 350,000 | $ 400,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet liabilities | $ (350,000) | $ (400,000) |
Repurchase agreements / reverse repurchase agreements, net liabilities balance | ||
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of financial instruments | ||
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of collateral pledged | ||
Repurchase agreements / reverse repurchase agreements, net amount | ||
Derivatives, gross amounts of recognized liabilities | $ 31,374 | $ 28,825 |
Derivatives, gross amounts offset on balance sheet liabilities | ||
Derivatives, net liabilities balance | $ 31,374 | $ 28,825 |
Derivatives, gross amounts not off set in balance sheet liabilities of financial instruments | (1,384) | (519) |
Derivatives, gross amounts not off set in balance sheet liabilities of collateral pledged | (28,998) | $ (30,917) |
Derivatives, net amount | 992 | |
Offsetting liabilities, gross amounts of recognized liabilities | 381,374 | $ 428,825 |
Offsetting liabilities, gross amounts offset on balance sheet | (350,000) | (400,000) |
Offsetting liabilities, net liabilities balance | 31,374 | 28,825 |
Offsetting liabilities, gross amounts not offset in balance sheet of financial instruments | (1,384) | (519) |
Offsetting liabilities, gross amounts not offset in the balance sheet of collateral pledged | (28,998) | $ (30,917) |
Offsetting liabilities, net amount | $ 992 | |
Weighted average interest rate of reverse repurchase agreements, liabilities | 0.59% | 0.50% |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 350,000 | $ 416,640 |
Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure | $ 350,000 | 400,000 |
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 | $ 100,000 |
U.S. Treasuries | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
U.S. Treasuries | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
U.S. Treasuries | 30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 50,000 | $ 100,000 |
U.S. Treasuries | 91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 50,000 | |
U.S. Government agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 32 | |
U.S. Government agencies | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 32 | |
U.S. Government agencies | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
U.S. Government agencies | 30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
U.S. Government agencies | 91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 250,000 | $ 316,608 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 16,608 | |
Mortgage-backed securities | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 50,000 | 25,000 |
Mortgage-backed securities | 30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 50,000 | 175,000 |
Mortgage-backed securities | 91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 150,000 | $ 100,000 |
Balance Sheet Offsetting (Det36
Balance Sheet Offsetting (Details Textuals) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Right to reclaim cash collateral | $ 28,700 | $ 6,260 |
Obligation to return cash collateral | $ 4,370 | $ 3,730 |
Securities - Amortized cost, gr
Securities - Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Held-to-maturity securities: | |||
Amortized Cost | $ 351,700 | $ 364,696 | |
Gross Unrealized Gains | 11,771 | 8,635 | |
Gross Unrealized Losses | 379 | 1,673 | |
Held-to-Maturity, Fair value | 363,092 | 371,658 | |
State and political subdivisions | |||
Held-to-maturity securities: | |||
Amortized Cost | 61,499 | 62,073 | |
Gross Unrealized Gains | $ 4,904 | $ 3,211 | |
Gross Unrealized Losses | |||
Held-to-Maturity, Fair value | $ 66,403 | $ 65,284 | |
Mortgage-backed securities | |||
Held-to-maturity securities: | |||
Amortized Cost | [1] | 290,201 | 302,623 |
Gross Unrealized Gains | [1] | 6,867 | 5,424 |
Gross Unrealized Losses | [1] | 379 | 1,673 |
Held-to-Maturity, Fair value | $ 296,689 | $ 306,374 | |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities - Cost basis, unreal
Securities - Cost basis, unrealized gains and losses, and fair value of securities available for sale (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Investment securities available for sale: | |||
Amortized Cost | $ 2,395,489 | $ 2,294,491 | |
Gross Unrealized Gains | 24,246 | 14,581 | |
Gross Unrealized Losses | 14,268 | 17,561 | |
Available-for-Sale, Fair Value | 2,405,467 | 2,291,511 | |
U.S. Treasuries | |||
Investment securities available for sale: | |||
Amortized Cost | 140,574 | 169,034 | |
Gross Unrealized Gains | $ 2,477 | 156 | |
Gross Unrealized Losses | 484 | ||
Available-for-Sale, Fair Value | $ 143,051 | 168,706 | |
U.S. Government agencies | |||
Investment securities available for sale: | |||
Amortized Cost | 85,891 | 112,394 | |
Gross Unrealized Gains | 1,053 | 385 | |
Gross Unrealized Losses | 21 | 439 | |
Available-for-Sale, Fair Value | 86,923 | 112,340 | |
State and political subdivisions | |||
Investment securities available for sale: | |||
Amortized Cost | 73,361 | 56,265 | |
Gross Unrealized Gains | 781 | 461 | |
Gross Unrealized Losses | 2 | 458 | |
Available-for-Sale, Fair Value | 74,140 | 56,268 | |
Mortgage-backed securities | |||
Investment securities available for sale: | |||
Amortized Cost | [1] | 1,253,173 | 1,108,206 |
Gross Unrealized Gains | [1] | 17,511 | 12,077 |
Gross Unrealized Losses | [1] | 3,349 | 7,165 |
Available-for-Sale, Fair Value | [1] | 1,267,335 | 1,113,118 |
Corporate bonds | |||
Investment securities available for sale: | |||
Amortized Cost | 308,064 | 308,102 | |
Gross Unrealized Gains | 1,920 | 933 | |
Gross Unrealized Losses | 1,522 | 3,009 | |
Available-for-Sale, Fair Value | 308,462 | 306,026 | |
Asset-backed securities | |||
Investment securities available for sale: | |||
Amortized Cost | 531,488 | 538,679 | |
Gross Unrealized Gains | 504 | 569 | |
Gross Unrealized Losses | 9,374 | 6,006 | |
Available-for-Sale, Fair Value | 522,618 | 533,242 | |
Other | |||
Investment securities available for sale: | |||
Amortized Cost | $ 2,938 | $ 1,811 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Available-for-Sale, Fair Value | $ 2,938 | $ 1,811 | |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities - Summary of held to
Securities - Summary of held to maturity securities in unrealized loss position (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 52,172 | $ 140,362 |
Unrealized Loss, Less than 12 Months | 175 | 1,331 |
Fair Value, 12 Months or More | 12,889 | 13,127 |
Unrealized Loss, 12 Months or More | 204 | 342 |
Fair Value, Total | 65,061 | 153,489 |
Unrealized Loss, Total | 379 | 1,673 |
Mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 52,172 | 140,362 |
Unrealized Loss, Less than 12 Months | 175 | 1,331 |
Fair Value, 12 Months or More | 12,889 | 13,127 |
Unrealized Loss, 12 Months or More | 204 | 342 |
Fair Value, Total | 65,061 | 153,489 |
Unrealized Loss, Total | $ 379 | $ 1,673 |
Securities - Summary of availab
Securities - Summary of available for sale securities in unrealized loss position (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 583,738 | $ 1,081,551 |
Unrealized Loss, Less than 12 Months | 10,949 | 12,466 |
Fair Value, 12 Months or More | 165,013 | 178,820 |
Unrealized Loss, 12 Months or More | 3,319 | 5,095 |
Fair Value, Total | 748,751 | 1,260,371 |
Unrealized Loss, Total | $ 14,268 | 17,561 |
U.S. Treasuries | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 126,066 | |
Unrealized Loss, Less than 12 Months | $ 484 | |
Fair Value, 12 Months or More | ||
Unrealized Loss, 12 Months or More | ||
Fair Value, Total | $ 126,066 | |
Unrealized Loss, Total | 484 | |
U.S. Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 7,600 | 74,189 |
Unrealized Loss, Less than 12 Months | $ 21 | $ 439 |
Fair Value, 12 Months or More | ||
Unrealized Loss, 12 Months or More | ||
Fair Value, Total | $ 7,600 | $ 74,189 |
Unrealized Loss, Total | 21 | 439 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 1,664 | 27,014 |
Unrealized Loss, Less than 12 Months | $ 2 | $ 458 |
Fair Value, 12 Months or More | ||
Unrealized Loss, 12 Months or More | ||
Fair Value, Total | $ 1,664 | $ 27,014 |
Unrealized Loss, Total | 2 | 458 |
Mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 89,267 | 274,005 |
Unrealized Loss, Less than 12 Months | 648 | 2,580 |
Fair Value, 12 Months or More | 159,558 | 173,254 |
Unrealized Loss, 12 Months or More | 2,701 | 4,585 |
Fair Value, Total | 248,825 | 447,259 |
Unrealized Loss, Total | 3,349 | 7,165 |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 105,223 | 221,337 |
Unrealized Loss, Less than 12 Months | 1,172 | 2,759 |
Fair Value, 12 Months or More | 650 | 750 |
Unrealized Loss, 12 Months or More | 350 | 250 |
Fair Value, Total | 105,873 | 222,087 |
Unrealized Loss, Total | 1,522 | 3,009 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 379,984 | 358,940 |
Unrealized Loss, Less than 12 Months | 9,106 | 5,746 |
Fair Value, 12 Months or More | 4,805 | 4,816 |
Unrealized Loss, 12 Months or More | 268 | 260 |
Fair Value, Total | 384,789 | 363,756 |
Unrealized Loss, Total | $ 9,374 | $ 6,006 |
Securities - Summary of securit
Securities - Summary of securities sales activity (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investment Securities [Abstract] | ||
Proceeds from sales | $ 61,305 | $ 69,467 |
Gross gains on sales | 673 | 1,539 |
Gross losses on sales | (294) | |
Net gains on sales of securities | 379 | 1,539 |
Income tax expense attributable to sales | $ 141 | $ 598 |
Securities - Amortized cost and
Securities - Amortized cost and fair value of held to maturity and available for sale securities (Details 5) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Available for Sale - Amortized Cost and Fair Value | |||
Amortized Cost | $ 2,395,489 | $ 2,294,491 | |
Available-for-Sale, Fair Value | 2,405,467 | 2,291,511 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost | 351,700 | 364,696 | |
Held-to-Maturity, Fair value | 363,092 | 371,658 | |
U.S. Treasuries | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 66,071 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 66,859 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 74,503 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 76,192 | ||
Amortized Cost | 140,574 | 169,034 | |
Available-for-Sale, Fair Value | 143,051 | 168,706 | |
U.S. Government agencies | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 12,943 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 12,938 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 72,948 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 73,985 | ||
Amortized Cost | 85,891 | 112,394 | |
Available-for-Sale, Fair Value | 86,923 | 112,340 | |
State and political subdivisions | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, Within 1 year | 1,443 | ||
Available-for-Sale, Fair Value, Within 1 year | 1,446 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 10,603 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 10,838 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 52,851 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 53,189 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 8,464 | ||
Available-for-Sale, Fair Value, More than 10 years | 8,667 | ||
Amortized Cost | 73,361 | 56,265 | |
Available-for-Sale, Fair Value | 74,140 | 56,268 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 3,503 | ||
Held-to-Maturity, Fair Value, Within 1 year | 3,528 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 15,638 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 16,614 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 21,579 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 23,862 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 20,779 | ||
Held-to-Maturity, Fair Value, More than 10 years | 22,399 | ||
Held-to-Maturity, Amortized Cost | 61,499 | ||
Held-to-Maturity, Fair value | 66,403 | ||
Corporate bonds | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 223,383 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 223,309 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 52,286 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 53,259 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 32,395 | ||
Available-for-Sale, Fair Value, More than 10 years | 31,894 | ||
Amortized Cost | 308,064 | 308,102 | |
Available-for-Sale, Fair Value | 308,462 | 306,026 | |
Asset-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 24,284 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 24,356 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 264,883 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 259,436 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 242,321 | ||
Available-for-Sale, Fair Value, More than 10 years | 238,826 | ||
Amortized Cost | 531,488 | 538,679 | |
Available-for-Sale, Fair Value | 522,618 | 533,242 | |
Other | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, More than 10 years | 2,938 | ||
Available-for-Sale, Fair Value, More than 10 years | 2,938 | ||
Amortized Cost | 2,938 | 1,811 | |
Available-for-Sale, Fair Value | 2,938 | 1,811 | |
Total securities other than mortgage-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, Within 1 year | 1,443 | ||
Available-for-Sale, Fair Value, Within 1 year | 1,446 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 337,284 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 338,300 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 517,471 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 516,061 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 286,118 | ||
Available-for-Sale, Fair Value, More than 10 years | 282,325 | ||
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 3,503 | ||
Held-to-Maturity, Fair Value, Within 1 year | 3,528 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 15,638 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 16,614 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 21,579 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 23,862 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 20,779 | ||
Held-to-Maturity, Fair Value, More than 10 years | 22,399 | ||
Mortgage-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Amortized Cost | [1] | 1,253,173 | 1,108,206 |
Available-for-Sale, Fair Value | [1] | 1,267,335 | $ 1,113,118 |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost | 290,201 | ||
Held-to-Maturity, Fair value | $ 296,689 | ||
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities (Detail Textuals)
Securities (Detail Textuals) $ in Millions | Mar. 31, 2016USD ($)SecurityContract | Dec. 31, 2015USD ($) |
Investment Securities [Abstract] | ||
Carrying value of secure public deposits, FHLB advances and other secured borrowings | $ | $ 1,360 | $ 1,630 |
Number of available for sale securities in unrealized loss position | Contract | 138 | |
Number of held to maturity securities in unrealized loss position | Security | 12 |
Loans and Allowance for Credi44
Loans and Allowance for Credit Losses - Major classifications of loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Classifications of loans | ||
Total loans | $ 6,106,189 | $ 5,995,441 |
Less allowance for loan losses | (66,310) | (68,448) |
Loans, net | 6,039,879 | 5,926,993 |
Loans Receivable | ||
Classifications of loans | ||
Total loans | 6,106,189 | 5,995,441 |
Less allowance for loan losses | (66,310) | (68,448) |
Loans, net | 6,039,879 | 5,926,993 |
Loans Receivable | Owner occupied commercial real estate | ||
Classifications of loans | ||
Total loans | 1,434,152 | 1,493,966 |
Loans Receivable | Income producing commercial real estate | ||
Classifications of loans | ||
Total loans | 879,880 | 823,729 |
Loans Receivable | Commercial & industrial | ||
Classifications of loans | ||
Total loans | 854,794 | 785,417 |
Loans Receivable | Commercial construction | ||
Classifications of loans | ||
Total loans | 353,855 | 342,078 |
Loans Receivable | Commercial | ||
Classifications of loans | ||
Total loans | 3,522,681 | 3,445,190 |
Loans Receivable | Residential mortgage | ||
Classifications of loans | ||
Total loans | 1,031,653 | 1,029,663 |
Loans Receivable | Home equity lines of credit | ||
Classifications of loans | ||
Total loans | 604,208 | 597,806 |
Loans Receivable | Residential construction | ||
Classifications of loans | ||
Total loans | 347,864 | 351,700 |
Loans Receivable | Consumer installment | ||
Classifications of loans | ||
Total loans | 125,303 | 115,111 |
Loans Receivable | Indirect auto | ||
Classifications of loans | ||
Total loans | $ 474,480 | $ 455,971 |
Loans and Allowance for Credi45
Loans and Allowance for Credit Losses - Changes in the value of the accretable yield for acquired loans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 4,279 | |
Accretion | (1,315) | |
Reclassification from nonaccretable difference | 646 | |
Changes in expected cash flows that do not affect nonaccretable difference | 534 | |
Balance at end of period | $ 4,144 |
Loans and Allowance for Credi46
Loans and Allowance for Credit Losses - Balance and activity in allowance for loan losses by portfolio segment and recorded investment in loans by portfolio segment (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | $ 70,990 | $ 73,549 |
Charge-Offs | (3,153) | (3,352) |
Recoveries | 1,015 | 790 |
(Release) Provision | (200) | 1,800 |
Ending Balance | 68,652 | 72,787 |
Loans Receivable | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 68,448 | 71,619 |
Charge-Offs | (3,153) | (3,352) |
Recoveries | $ 1,015 | 790 |
(Release) Provision | 950 | |
Ending Balance | $ 66,310 | 70,007 |
Loans Receivable | Owner occupied commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 16,732 | 16,041 |
Charge-Offs | (402) | (368) |
Recoveries | 97 | 11 |
(Release) Provision | 437 | (732) |
Ending Balance | 16,864 | 14,952 |
Loans Receivable | Income producing commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 8,235 | 10,296 |
Charge-Offs | (222) | (248) |
Recoveries | 11 | 7 |
(Release) Provision | (2,004) | (400) |
Ending Balance | 6,020 | 9,655 |
Loans Receivable | Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 4,442 | 3,255 |
Charge-Offs | (572) | (469) |
Recoveries | 289 | 128 |
(Release) Provision | (1,006) | 528 |
Ending Balance | 3,153 | 3,442 |
Loans Receivable | Commercial construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 5,583 | 4,747 |
Charge-Offs | $ (287) | $ (22) |
Recoveries | ||
(Release) Provision | $ 3,642 | $ 610 |
Ending Balance | 8,938 | 5,335 |
Loans Receivable | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 17,232 | 20,311 |
Charge-Offs | (176) | (578) |
Recoveries | 127 | 162 |
(Release) Provision | (2,978) | 243 |
Ending Balance | 14,205 | 20,138 |
Loans Receivable | Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 6,042 | 4,574 |
Charge-Offs | (723) | (73) |
Recoveries | 91 | 14 |
(Release) Provision | 585 | (194) |
Ending Balance | 5,995 | 4,321 |
Loans Receivable | Residential construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 7,961 | 10,603 |
Charge-Offs | (59) | (1,140) |
Recoveries | 163 | 79 |
(Release) Provision | 969 | 668 |
Ending Balance | 9,034 | 10,210 |
Loans Receivable | Consumer installment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 828 | 731 |
Charge-Offs | (479) | (326) |
Recoveries | 206 | 376 |
(Release) Provision | 218 | (68) |
Ending Balance | 773 | 713 |
Loans Receivable | Indirect auto | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 1,393 | 1,061 |
Charge-Offs | (233) | (128) |
Recoveries | 31 | 13 |
(Release) Provision | 137 | 295 |
Ending Balance | 1,328 | 1,241 |
Loans Receivable | Allowance for unfunded commitments | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | $ 2,542 | $ 1,930 |
Charge-Offs | ||
Recoveries | ||
(Release) Provision | $ (200) | $ 850 |
Ending Balance | $ 2,342 | $ 2,780 |
Loans and Allowance for Credi47
Loans and Allowance for Credit Losses - Recorded investment in loans by portfolio segment and the balance of the allowance for loan losses (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | $ 3,819 | $ 6,797 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 64,825 | $ 64,193 | ||
Allowance for Loan Losses, PCI | 8 | |||
Allowance for Loan Losses, Ending balance | 68,652 | $ 70,990 | $ 72,787 | $ 73,549 |
Loans Outstanding, Ending Balance | 6,106,189 | 5,995,441 | ||
Loans Receivable | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 3,819 | 6,797 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 62,483 | $ 61,651 | ||
Allowance for Loan Losses, PCI | 8 | |||
Allowance for Loan Losses, Ending balance | 66,310 | $ 68,448 | 70,007 | 71,619 |
Loans Outstanding, Individually evaluated for impairment | 86,201 | 104,008 | ||
Loans Outstanding, Collectively evaluated for impairment | 5,976,085 | 5,840,114 | ||
Loans Outstanding, PCI | 43,903 | 51,319 | ||
Loans Outstanding, Ending Balance | 6,106,189 | 5,995,441 | ||
Loans Receivable | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,374 | 1,465 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | $ 15,490 | $ 15,267 | ||
Allowance for Loan Losses, PCI | ||||
Allowance for Loan Losses, Ending balance | $ 16,864 | $ 16,732 | 14,952 | 16,041 |
Loans Outstanding, Individually evaluated for impairment | 31,231 | 38,268 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,393,537 | 1,442,024 | ||
Loans Outstanding, PCI | 9,384 | 13,674 | ||
Loans Outstanding, Ending Balance | 1,434,152 | 1,493,966 | ||
Loans Receivable | Income producing commercial real estate | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 401 | 961 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | $ 5,619 | $ 7,274 | ||
Allowance for Loan Losses, PCI | ||||
Allowance for Loan Losses, Ending balance | $ 6,020 | $ 8,235 | 9,655 | 10,296 |
Loans Outstanding, Individually evaluated for impairment | 24,811 | 23,013 | ||
Loans Outstanding, Collectively evaluated for impairment | 832,546 | 772,945 | ||
Loans Outstanding, PCI | 22,523 | 27,771 | ||
Loans Outstanding, Ending Balance | 879,880 | 823,729 | ||
Loans Receivable | Commercial & industrial | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 54 | 280 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | $ 3,099 | $ 4,162 | ||
Allowance for Loan Losses, PCI | ||||
Allowance for Loan Losses, Ending balance | $ 3,153 | $ 4,442 | 3,442 | 3,255 |
Loans Outstanding, Individually evaluated for impairment | 2,366 | 3,339 | ||
Loans Outstanding, Collectively evaluated for impairment | 850,994 | 781,423 | ||
Loans Outstanding, PCI | 1,434 | 655 | ||
Loans Outstanding, Ending Balance | 854,794 | 785,417 | ||
Loans Receivable | Commercial construction | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 34 | 13 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | $ 8,904 | $ 5,570 | ||
Allowance for Loan Losses, PCI | ||||
Allowance for Loan Losses, Ending balance | $ 8,938 | $ 5,583 | 5,335 | 4,747 |
Loans Outstanding, Individually evaluated for impairment | 1,527 | 10,616 | ||
Loans Outstanding, Collectively evaluated for impairment | 347,337 | 329,320 | ||
Loans Outstanding, PCI | 4,991 | 2,142 | ||
Loans Outstanding, Ending Balance | 353,855 | 342,078 | ||
Loans Receivable | Residential mortgage | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,850 | 3,885 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 12,347 | $ 13,347 | ||
Allowance for Loan Losses, PCI | 8 | |||
Allowance for Loan Losses, Ending balance | 14,205 | $ 17,232 | 20,138 | 20,311 |
Loans Outstanding, Individually evaluated for impairment | 19,821 | 19,627 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,008,435 | 1,005,860 | ||
Loans Outstanding, PCI | 3,397 | 4,176 | ||
Loans Outstanding, Ending Balance | 1,031,653 | 1,029,663 | ||
Loans Receivable | Home equity lines of credit | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 1 | 6 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | $ 5,994 | $ 6,036 | ||
Allowance for Loan Losses, PCI | ||||
Allowance for Loan Losses, Ending balance | $ 5,995 | $ 6,042 | 4,321 | 4,574 |
Loans Outstanding, Individually evaluated for impairment | 63 | 167 | ||
Loans Outstanding, Collectively evaluated for impairment | 602,570 | 595,951 | ||
Loans Outstanding, PCI | 1,575 | 1,688 | ||
Loans Outstanding, Ending Balance | 604,208 | 597,806 | ||
Loans Receivable | Residential construction | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 98 | 174 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | $ 8,936 | $ 7,787 | ||
Allowance for Loan Losses, PCI | ||||
Allowance for Loan Losses, Ending balance | $ 9,034 | $ 7,961 | 10,210 | 10,603 |
Loans Outstanding, Individually evaluated for impairment | 5,256 | 7,900 | ||
Loans Outstanding, Collectively evaluated for impairment | 342,050 | 342,677 | ||
Loans Outstanding, PCI | 558 | 1,123 | ||
Loans Outstanding, Ending Balance | 347,864 | 351,700 | ||
Loans Receivable | Consumer installment | ||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 7 | 13 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | $ 766 | $ 815 | ||
Allowance for Loan Losses, PCI | ||||
Allowance for Loan Losses, Ending balance | $ 773 | $ 828 | 713 | 731 |
Loans Outstanding, Individually evaluated for impairment | 331 | 329 | ||
Loans Outstanding, Collectively evaluated for impairment | 124,961 | 114,741 | ||
Loans Outstanding, PCI | 11 | 41 | ||
Loans Outstanding, Ending Balance | $ 125,303 | $ 115,111 | ||
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 | $ 1,328 | $ 1,393 | ||
Allowance for Loan Losses, PCI | ||||
Allowance for Loan Losses, Ending balance | $ 1,328 | $ 1,393 | 1,241 | 1,061 |
Loans Outstanding, Individually evaluated for impairment | 795 | 749 | ||
Loans Outstanding, Collectively evaluated for impairment | 473,655 | 455,173 | ||
Loans Outstanding, PCI | 30 | 49 | ||
Loans Outstanding, Ending Balance | $ 474,480 | $ 455,971 | ||
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 | $ 2,342 | $ 2,542 | ||
Allowance for Loan Losses, PCI | ||||
Allowance for Loan Losses, Ending balance | $ 2,342 | $ 2,542 | $ 2,780 | $ 1,930 |
Loans and Allowance for Credi48
Loans and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details 4) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans individually evaluated for impairment by class of loans | ||
Allowance for loan losses, Individually evaluated for impairment | $ 3,819 | $ 6,797 |
Loans Receivable | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 25,810 | 33,601 |
Recorded Investment, With no related allowance recorded | 25,073 | 32,725 |
Unpaid Principal Balance, With an allowance recorded | 62,997 | 72,789 |
Recorded Investment, With allowance recorded | 61,128 | 71,283 |
Allowance for loan losses allocated with allowance | 3,819 | 6,797 |
Unpaid Principal Balance | 88,807 | 106,390 |
Recorded Investment | 86,201 | 104,008 |
Allowance for loan losses, Individually evaluated for impairment | 3,819 | 6,797 |
Loans Receivable | Owner occupied commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 8,794 | 14,793 |
Recorded Investment, With no related allowance recorded | 8,136 | 14,460 |
Unpaid Principal Balance, With an allowance recorded | 23,619 | 24,043 |
Recorded Investment, With allowance recorded | 23,095 | 23,808 |
Allowance for loan losses allocated with allowance | 1,374 | 1,465 |
Allowance for loan losses, Individually evaluated for impairment | 1,374 | 1,465 |
Loans Receivable | Income producing commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 14,673 | 13,044 |
Recorded Investment, With no related allowance recorded | 14,597 | 12,827 |
Unpaid Principal Balance, With an allowance recorded | 10,330 | 10,281 |
Recorded Investment, With allowance recorded | 10,214 | 10,186 |
Allowance for loan losses allocated with allowance | 401 | 961 |
Allowance for loan losses, Individually evaluated for impairment | $ 401 | 961 |
Loans Receivable | Commercial & industrial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 493 | |
Recorded Investment, With no related allowance recorded | 469 | |
Unpaid Principal Balance, With an allowance recorded | $ 2,451 | 2,957 |
Recorded Investment, With allowance recorded | 2,366 | 2,870 |
Allowance for loan losses allocated with allowance | 54 | 280 |
Allowance for loan losses, Individually evaluated for impairment | $ 54 | $ 280 |
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 | $ 1,702 | $ 10,787 |
Recorded Investment, With allowance recorded | 1,527 | 10,616 |
Allowance for loan losses allocated with allowance | 34 | 13 |
Allowance for loan losses, Individually evaluated for impairment | 34 | 13 |
Loans Receivable | Commercial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 23,467 | 28,330 |
Recorded Investment, With no related allowance recorded | 22,733 | 27,756 |
Unpaid Principal Balance, With an allowance recorded | 38,102 | 48,068 |
Recorded Investment, With allowance recorded | 37,202 | 47,480 |
Allowance for loan losses allocated with allowance | 1,863 | 2,719 |
Loans Receivable | Residential mortgage | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 692 | 791 |
Recorded Investment, With no related allowance recorded | 689 | 791 |
Unpaid Principal Balance, With an allowance recorded | 19,686 | 19,346 |
Recorded Investment, With allowance recorded | 19,132 | 18,836 |
Allowance for loan losses allocated with allowance | 1,850 | 3,885 |
Allowance for loan losses, Individually evaluated for impairment | $ 1,850 | $ 3,885 |
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 | $ 63 | $ 167 |
Recorded Investment, With allowance recorded | 63 | 167 |
Allowance for loan losses allocated with allowance | 1 | 6 |
Allowance for loan losses, Individually evaluated for impairment | 1 | 6 |
Loans Receivable | Residential construction | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 856 | 3,731 |
Recorded Investment, With no related allowance recorded | 856 | 3,429 |
Unpaid Principal Balance, With an allowance recorded | 4,787 | 4,854 |
Recorded Investment, With allowance recorded | 4,400 | 4,471 |
Allowance for loan losses allocated with allowance | 98 | 174 |
Allowance for loan losses, Individually evaluated for impairment | $ 98 | $ 174 |
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 | $ 359 | $ 354 |
Recorded Investment, With allowance recorded | 331 | 329 |
Allowance for loan losses allocated with allowance | 7 | 13 |
Allowance for loan losses, Individually evaluated for impairment | 7 | 13 |
Loans Receivable | Indirect auto | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 795 | 749 |
Recorded Investment, With no related allowance recorded | $ 795 | $ 749 |
Unpaid Principal Balance, With an allowance recorded | ||
Recorded Investment, With allowance recorded | ||
Allowance for loan losses allocated with allowance | ||
Allowance for loan losses, Individually evaluated for impairment |
Loans and Allowance for Credi49
Loans and Allowance for Credit Losses - Average balances of impaired loans and income recognized on impaired loans (Details 5) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | $ 86,915 | $ 108,000 |
Interest Revenue Recognized During Impairment | 1,058 | 1,235 |
Cash Basis Interest Revenue Received | 1,084 | 1,259 |
Owner occupied commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 31,502 | 36,989 |
Interest Revenue Recognized During Impairment | 430 | 460 |
Cash Basis Interest Revenue Received | 447 | 459 |
Income producing commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 24,950 | 21,424 |
Interest Revenue Recognized During Impairment | 284 | 267 |
Cash Basis Interest Revenue Received | 302 | 275 |
Commercial & industrial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 2,446 | 4,023 |
Interest Revenue Recognized During Impairment | 31 | 38 |
Cash Basis Interest Revenue Received | 27 | 37 |
Commercial construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 1,532 | 12,273 |
Interest Revenue Recognized During Impairment | 22 | 116 |
Cash Basis Interest Revenue Received | 23 | 121 |
Commercial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 60,430 | 74,709 |
Interest Revenue Recognized During Impairment | 767 | 881 |
Cash Basis Interest Revenue Received | 799 | 892 |
Residential mortgage | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 19,980 | 22,085 |
Interest Revenue Recognized During Impairment | 206 | 226 |
Cash Basis Interest Revenue Received | 203 | 233 |
Home equity lines of credit | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 63 | 478 |
Interest Revenue Recognized During Impairment | 1 | 5 |
Cash Basis Interest Revenue Received | 1 | 5 |
Residential construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 5,317 | 10,575 |
Interest Revenue Recognized During Impairment | 67 | 120 |
Cash Basis Interest Revenue Received | 63 | 126 |
Consumer installment | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 341 | 153 |
Interest Revenue Recognized During Impairment | 6 | 3 |
Cash Basis Interest Revenue Received | 7 | $ 3 |
Indirect auto | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 784 | |
Interest Revenue Recognized During Impairment | 11 | |
Cash Basis Interest Revenue Received | $ 11 |
Loans and Allowance for Credi50
Loans and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details 6) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 22,419 | $ 22,653 |
Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 6,775 | 7,036 |
Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,959 | 2,595 |
Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 978 | 892 |
Commercial construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 266 | 328 |
Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 10,978 | 10,851 |
Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 8,037 | 8,555 |
Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,198 | 851 |
Residential construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,122 | 1,398 |
Consumer installment | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 211 | 175 |
Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 873 | $ 823 |
Loans and Allowance for Credi51
Loans and Allowance for Credit Losses - Aging of recorded investment in past due loans (Details 7) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Recorded investment in nonaccrual loans by loan class | ||
Loans Outstanding, Ending Balance | $ 6,106,189 | $ 5,995,441 |
Loans Receivable | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 26,596 | 26,984 |
Loans Not Past Due | 6,035,690 | 5,917,138 |
Loans Outstanding, PCI | 43,903 | 51,319 |
Loans Outstanding, Ending Balance | 6,106,189 | 5,995,441 |
Loans Receivable | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 14,714 | 14,584 |
Loans Receivable | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,905 | 4,995 |
Loans Receivable | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 7,977 | 7,405 |
Loans Receivable | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 6,356 | 6,819 |
Loans Not Past Due | 1,418,412 | 1,473,473 |
Loans Outstanding, PCI | 9,384 | 13,674 |
Loans Outstanding, Ending Balance | 1,434,152 | 1,493,966 |
Loans Receivable | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,849 | 3,733 |
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 | 815 | 1,686 |
Loans Receivable | Owner occupied commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,692 | 1,400 |
Loans Receivable | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,059 | 1,855 |
Loans Not Past Due | 855,298 | 794,103 |
Loans Outstanding, PCI | 22,523 | 27,771 |
Loans Outstanding, Ending Balance | 879,880 | 823,729 |
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 | 1,029 | 204 |
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 | 163 | 1,030 |
Loans Receivable | Income producing commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 867 | 621 |
Loans Receivable | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,313 | 1,435 |
Loans Not Past Due | 852,047 | 783,327 |
Loans Outstanding, PCI | 1,434 | 655 |
Loans Outstanding, Ending Balance | 854,794 | 785,417 |
Loans Receivable | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 623 | 858 |
Loans Receivable | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 234 | 88 |
Loans Receivable | Commercial & industrial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 456 | 489 |
Loans Receivable | Commercial construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 79 | 235 |
Loans Not Past Due | 348,785 | 339,701 |
Loans Outstanding, PCI | 4,991 | 2,142 |
Loans Outstanding, Ending Balance | 353,855 | 342,078 |
Loans Receivable | Commercial construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | $ 79 | $ 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 | |
Loans Receivable | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | $ 9,807 | 10,344 |
Loans Not Past Due | 3,474,542 | 3,390,604 |
Loans Outstanding, PCI | 38,332 | 44,242 |
Loans Outstanding, Ending Balance | 3,522,681 | 3,445,190 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 4,580 | 4,954 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,212 | 2,804 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 4,015 | 2,586 |
Loans Receivable | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 9,860 | 9,993 |
Loans Not Past Due | 1,018,396 | 1,015,494 |
Loans Outstanding, PCI | 3,397 | 4,176 |
Loans Outstanding, Ending Balance | 1,031,653 | 1,029,663 |
Loans Receivable | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 5,931 | 5,111 |
Loans Receivable | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,392 | 1,338 |
Loans Receivable | Residential mortgage | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,537 | 3,544 |
Loans Receivable | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,361 | 1,593 |
Loans Not Past Due | 599,272 | 594,525 |
Loans Outstanding, PCI | 1,575 | 1,688 |
Loans Outstanding, Ending Balance | 604,208 | 597,806 |
Loans Receivable | Home equity lines of credit | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,209 | 1,118 |
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 | 560 | 188 |
Loans Receivable | Home equity lines of credit | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 592 | 287 |
Loans Receivable | Residential construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,297 | 2,763 |
Loans Not Past Due | 346,009 | 347,814 |
Loans Outstanding, PCI | 558 | 1,123 |
Loans Outstanding, Ending Balance | 347,864 | 351,700 |
Loans Receivable | Residential construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 819 | 2,180 |
Loans Receivable | Residential construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 219 | 239 |
Loans Receivable | Residential construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 259 | 344 |
Loans Receivable | Consumer installment | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 632 | 808 |
Loans Not Past Due | 124,660 | 114,262 |
Loans Outstanding, PCI | 11 | 41 |
Loans Outstanding, Ending Balance | 125,303 | 115,111 |
Loans Receivable | Consumer installment | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 531 | 610 |
Loans Receivable | Consumer installment | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 58 | 115 |
Loans Receivable | Consumer installment | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 43 | 83 |
Loans Receivable | Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,639 | 1,483 |
Loans Not Past Due | 472,811 | 454,439 |
Loans Outstanding, PCI | 30 | 49 |
Loans Outstanding, Ending Balance | 474,480 | 455,971 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 644 | 611 |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 464 | 311 |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | $ 531 | $ 561 |
Loans and Allowance for Credi52
Loans and Allowance for Credit Losses - TDRs and pre and post-modification recorded investment (Details 8) - Loans Receivable $ in Thousands | Mar. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract |
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 412 | 413 |
Pre-Modification Outstanding Recorded Investment | $ 78,931 | $ 88,015 |
Post-Modification Outstanding Recorded Investment | $ 77,234 | $ 86,588 |
Owner occupied commercial real estate | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 56 | 54 |
Pre-Modification Outstanding Recorded Investment | $ 28,076 | $ 32,544 |
Post-Modification Outstanding Recorded Investment | $ 27,291 | $ 32,058 |
Income producing commercial real estate | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 30 | 29 |
Pre-Modification Outstanding Recorded Investment | $ 20,630 | $ 15,703 |
Post-Modification Outstanding Recorded Investment | $ 20,630 | $ 15,629 |
Commercial & industrial | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 24 | 26 |
Pre-Modification Outstanding Recorded Investment | $ 2,289 | $ 2,955 |
Post-Modification Outstanding Recorded Investment | $ 2,209 | $ 2,870 |
Commercial construction | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 9 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 1,696 | $ 10,785 |
Post-Modification Outstanding Recorded Investment | $ 1,527 | $ 10,616 |
Commercial | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 119 | 123 |
Pre-Modification Outstanding Recorded Investment | $ 52,691 | $ 61,987 |
Post-Modification Outstanding Recorded Investment | $ 51,657 | $ 61,173 |
Residential mortgage | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 175 | 173 |
Pre-Modification Outstanding Recorded Investment | $ 19,445 | $ 19,101 |
Post-Modification Outstanding Recorded Investment | $ 19,132 | $ 18,836 |
Home equity lines of credit | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 63 | $ 167 |
Post-Modification Outstanding Recorded Investment | $ 63 | $ 167 |
Residential construction | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 43 | 44 |
Pre-Modification Outstanding Recorded Investment | $ 5,585 | $ 5,663 |
Post-Modification Outstanding Recorded Investment | $ 5,256 | $ 5,334 |
Consumer installment | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 22 | 22 |
Pre-Modification Outstanding Recorded Investment | $ 352 | $ 348 |
Post-Modification Outstanding Recorded Investment | $ 331 | $ 329 |
Indirect auto | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 52 | 49 |
Pre-Modification Outstanding Recorded Investment | $ 795 | $ 749 |
Post-Modification Outstanding Recorded Investment | $ 795 | $ 749 |
Loans and Allowance for Credi53
Loans and Allowance for Credit Losses - Loans modified under terms of TDR (Details 9) - Loans Receivable $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 13 | 22 |
Pre-Modification Outstanding Recorded Investment | $ 1,731 | $ 6,541 |
Post Modification Outstanding Recorded Investment | $ 1,695 | $ 6,541 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 1 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 247 | $ 30 |
Owner occupied commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 649 | $ 4,497 |
Post Modification Outstanding Recorded Investment | $ 649 | $ 4,497 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 247 | |
Income producing commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 255 | |
Post Modification Outstanding Recorded Investment | $ 255 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Commercial & industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 197 | $ 188 |
Post Modification Outstanding Recorded Investment | $ 197 | $ 188 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Commercial construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | ||
Pre-Modification Outstanding Recorded Investment | ||
Post Modification Outstanding Recorded Investment | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 4 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 846 | $ 4,940 |
Post Modification Outstanding Recorded Investment | $ 846 | $ 4,940 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 247 | |
Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 7 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 799 | $ 1,598 |
Post Modification Outstanding Recorded Investment | $ 763 | $ 1,598 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | ||
Pre-Modification Outstanding Recorded Investment | ||
Post Modification Outstanding Recorded Investment | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Residential construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 66 | |
Post Modification Outstanding Recorded Investment | $ 66 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||
Consumer installment | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 20 | $ 3 |
Post Modification Outstanding Recorded Investment | $ 20 | $ 3 |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | |
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 30 | |
Indirect auto | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | ||
Pre-Modification Outstanding Recorded Investment | ||
Post Modification Outstanding Recorded Investment | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||
Troubled Debt Restructurings Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment |
Loans and Allowance for Credi54
Loans and Allowance for Credit Losses - Risk category of loans by class of loans (Details 10) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 6,062,286 | $ 5,944,122 |
Loans Outstanding, PCI | 43,903 | 51,319 |
Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 5,884,948 | 5,770,315 |
Loans Outstanding, PCI | 7,558 | 13,464 |
Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 57,926 | 48,473 |
Loans Outstanding, PCI | 12,268 | 13,009 |
Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 119,412 | 125,334 |
Loans Outstanding, PCI | $ 24,077 | $ 23,935 |
Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | $ 911 | |
Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 1,424,768 | 1,480,292 |
Loans Outstanding, PCI | 9,384 | 13,674 |
Owner occupied commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,362,185 | 1,414,353 |
Loans Outstanding, PCI | 1,440 | 1,811 |
Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 27,700 | 24,175 |
Loans Outstanding, PCI | 3,136 | 6,705 |
Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 34,883 | 41,764 |
Loans Outstanding, PCI | $ 4,808 | $ 4,809 |
Owner occupied commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | $ 349 | |
Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 857,357 | 795,958 |
Loans Outstanding, PCI | 22,523 | 27,771 |
Income producing commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 830,360 | 771,792 |
Loans Outstanding, PCI | 3,848 | 9,378 |
Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,997 | 4,151 |
Loans Outstanding, PCI | 5,732 | 5,766 |
Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 20,000 | 20,015 |
Loans Outstanding, PCI | $ 12,943 | $ 12,627 |
Income producing commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | ||
Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 853,360 | $ 784,762 |
Loans Outstanding, PCI | 1,434 | 655 |
Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 834,535 | 770,287 |
Loans Outstanding, PCI | 60 | 17 |
Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 10,004 | 8,171 |
Loans Outstanding, PCI | 61 | 83 |
Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,821 | 6,304 |
Loans Outstanding, PCI | $ 1,313 | $ 505 |
Commercial & industrial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | $ 50 | |
Commercial construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 348,864 | 339,936 |
Loans Outstanding, PCI | 4,991 | 2,142 |
Commercial construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 343,618 | 335,571 |
Loans Outstanding, PCI | 1,671 | 1,698 |
Commercial construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 4,049 | 3,069 |
Loans Outstanding, PCI | 2,924 | 6 |
Commercial construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,197 | 1,296 |
Loans Outstanding, PCI | $ 396 | $ 438 |
Commercial construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | ||
Commercial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 3,484,349 | $ 3,400,948 |
Loans Outstanding, PCI | 38,332 | 44,242 |
Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 3,370,698 | 3,292,003 |
Loans Outstanding, PCI | 7,019 | 12,904 |
Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 48,750 | 39,566 |
Loans Outstanding, PCI | 11,853 | 12,560 |
Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 64,901 | 69,379 |
Loans Outstanding, PCI | $ 19,460 | $ 18,379 |
Commercial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | $ 399 | |
Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 1,028,256 | 1,025,487 |
Loans Outstanding, PCI | 3,397 | 4,176 |
Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 985,272 | $ 985,109 |
Loans Outstanding, PCI | ||
Residential mortgage | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 5,415 | $ 5,070 |
Loans Outstanding, PCI | 382 | 410 |
Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 37,569 | 35,308 |
Loans Outstanding, PCI | $ 3,015 | $ 3,766 |
Residential mortgage | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | ||
Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 602,633 | $ 596,118 |
Loans Outstanding, PCI | 1,575 | 1,688 |
Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 596,641 | 589,749 |
Loans Outstanding, PCI | 217 | 214 |
Home equity lines of credit | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 25 | $ 24 |
Loans Outstanding, PCI | ||
Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 5,967 | $ 6,345 |
Loans Outstanding, PCI | $ 1,358 | $ 1,474 |
Home equity lines of credit | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | ||
Residential construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 347,306 | $ 350,577 |
Loans Outstanding, PCI | 558 | 1,123 |
Residential construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 335,814 | 335,341 |
Loans Outstanding, PCI | 321 | 345 |
Residential construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 3,736 | 3,813 |
Loans Outstanding, PCI | 33 | 39 |
Residential construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 7,756 | 11,423 |
Loans Outstanding, PCI | $ 204 | $ 227 |
Residential construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | $ 512 | |
Consumer installment | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 125,292 | 115,070 |
Loans Outstanding, PCI | 11 | 41 |
Consumer installment | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 124,429 | 114,178 |
Loans Outstanding, PCI | $ 1 | $ 1 |
Consumer installment | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | ||
Consumer installment | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 863 | $ 892 |
Loans Outstanding, PCI | $ 10 | $ 40 |
Consumer installment | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | ||
Indirect auto | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 474,450 | $ 455,922 |
Loans Outstanding, PCI | 30 | 49 |
Indirect auto | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 472,094 | $ 453,935 |
Loans Outstanding, PCI | ||
Indirect auto | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI | ||
Indirect auto | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 2,356 | $ 1,987 |
Loans Outstanding, PCI | $ 30 | $ 49 |
Indirect auto | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | ||
Loans Outstanding, PCI |
Loans and Allowance for Credi55
Loans and Allowance for Credit Losses (Detail Textuals) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid principal balance of purchased credit impaired ("PCI") loans | $ 60,700,000 | $ 71,000,000 | |
Remaining accretable fair value mark on loans | 6,480,000 | 7,030,000 | |
Criteria amount for evaluation of impairment | 500,000 | ||
Accruing substandard relationship | $ 2,000,000 | ||
Percentage of appraised value of underlying collateral in nonaccrual status | 80.00% | ||
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original terms | $ 254,000 | $ 260,000 | |
Specific reserves | 3,000,000 | 6,370,000 | |
Loans outstanding classified as troubled debt restructurings | 148,000 | 224,000 | |
FHLB | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged as collateral to secure FHLB advances | 2,750,000,000 | 2,440,000,000 | |
Indirect auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Remaining accretable fair value mark on loans | 12,700,000 | 12,700,000 | |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of purchased credit impaired loans | 43,903,000 | 51,319,000 | |
Loans Receivable | Indirect auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of purchased credit impaired loans | $ 30,000 | $ 49,000 |
Reclassifications Out of Accu56
Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities gains, net | $ 379 | $ 1,539 |
Time deposit interest expense | (642) | (1,109) |
Money market deposit interest expense | 1,108 | 673 |
Tax benefit (expense) | 13,578 | 10,393 |
Net of tax | 22,274 | 17,670 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (452) | 282 |
Reclassifications Out of Accumulated Other Comprehensive Income | Realized gains on sales of available-for-sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities gains, net | 379 | 1,539 |
Tax benefit (expense) | (141) | (598) |
Net of tax | 238 | 941 |
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 | (464) | (484) |
Tax benefit (expense) | 181 | 182 |
Net of tax | (283) | (302) |
Reclassifications Out of Accumulated Other Comprehensive Income | Gains included in net income on derivative financial instruments accounted for as cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Deposits in banks and short-term investments interest revenue | (7) | (48) |
Money market deposit interest expense | (191) | (119) |
Federal Home Loan Bank advances interest expense | (302) | (258) |
Total before tax | (500) | (425) |
Tax benefit (expense) | 195 | 165 |
Net of tax | (305) | (260) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (167) | (159) |
Tax benefit (expense) | 65 | 62 |
Net of tax | 102 | (97) |
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 | (125) | (91) |
Actuarial losses | $ (42) | $ (68) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Computation of basic and diluted loss per share | ||
Net income available to common shareholders | $ 22,274 | $ 17,670 |
Weighted average shares outstanding: | ||
Basic | 72,162 | 60,905 |
Effect of dilutive securities | ||
Stock options | 4 | 4 |
Diluted | 72,166 | 60,909 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.31 | $ 0.29 |
Diluted (in dollars per share) | $ 0.31 | $ 0.29 |
Earnings Per Share - Preferred
Earnings Per Share - Preferred stock dividends (Detail Textuals 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Accrued dividends on preferred stock, including accretion of discounts | |
Total preferred stock dividends | $ 21 |
Earnings Per Share (Detail Text
Earnings Per Share (Detail Textuals 2) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Class of Stock [Line Items] | ||
Accrued dividends on Series H preferred stock | $ 21 | |
Number of common stock called by warrants | 219,909 | 219,909 |
Exercise of price warrants | $ 61.40 | $ 61.40 |
Employees | ||
Class of Stock [Line Items] | ||
Common shares issuable upon exercise of stock options granted | 235,771 | 301,344 |
Weighted average exercise price of options exercised to issue common shares | $ 89.61 | $ 93.01 |
Restricted Stock | ||
Class of Stock [Line Items] | ||
Vesting of restricted stock awards | 597,240 | 773,304 |
Derivatives and Hedging Activ60
Derivatives and Hedging Activities - Derivatives accounted for as hedges under ASC 815 (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | $ 86 | $ 31 |
Derivatives accounted for as hedges, liability derivatives, fair value | 1,645 | $ 2,169 |
Derivative assets | Fair value hedging | Brokered CD's | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | 86 | |
Derivative assets | Fair value hedging | Corporate Bonds | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | $ 31 | |
Derivative liabilities | Fair value hedging | Brokered CD's | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | 61 | $ 2,169 |
Derivative liabilities | Fair value hedging | Corporate Bonds | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | $ 1,584 |
Derivatives and Hedging Activ61
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments under ASC 815 (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 23,402 | $ 20,051 |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 29,729 | 26,656 |
Derivative assets | Customer swap positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 12,895 | 6,185 |
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 | |
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 | 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 | 2 | 1 |
Derivative assets | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 3,727 | 9,230 |
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 | $ 6,590 | 4,416 |
Derivative liabilities | Customer swap positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 31 | |
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 | $ 12,966 | 6,339 |
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 | 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 | 10,151 | 15,794 |
Derivative liabilities | De-designated cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $ 6,590 | $ 4,470 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities - Derivatives in Cash Flow Hedging Relationships (Details 2) - Cash flow hedging - Interest rate swaps - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $ (471) | |
Interest expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | $ (500) | (425) |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | $ (7) |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities - Derivatives in Fair Value Hedging Relationships (Details 3) - Fair value hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 937 | $ 2,025 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | (299) | (2,062) |
Interest expense | Brokered CD's | ||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 2,551 | 2,370 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | (1,800) | (2,405) |
Interest revenue | Corporate Bonds | ||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | (1,614) | (345) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $ 1,501 | $ 343 |
Derivatives and Hedging Activ64
Derivatives and Hedging Activities (Detail Textuals) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)Contract | |
Credit risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Collateral pledged toward derivatives | $ 29,000 | ||
Cash flow hedging | Interest Rate Risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Increase to deposit interest expense over next twelve months | 1,800 | ||
Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized net gain (loss) related to ineffectiveness of hedging relationships | $ 638,000 | $ (37,000) | |
Fair value hedging of interest rate risk | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of derivative contracts outstanding | Contract | 9 | 13 | |
Total notional amount designated as cash flow hedges | $ 103,000 | $ 156,000 | |
Fair value hedging of interest rate risk | Pay fixed receive variable fair value hedge | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of derivative contracts outstanding | Contract | 1 | 1 | |
Total notional amount designated as cash flow hedges | $ 30,000 | $ 30,000 | |
Interest expense | Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net reduction of interest expense/revenue | 790,000 | 1,140 | |
Interest revenue | Fair value hedging of interest rate risk | Corporate Bonds | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net reduction of interest expense/revenue | $ 129,000 | $ 74,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Shares | |
Outstanding at December 31, 2015 | shares | 241,493 |
Expired | shares | (5,722) |
Outstanding at March 31, 2016 | shares | 235,771 |
Exercisable at March 31, 2016 | shares | 225,771 |
Weighted-Average Exercise Price | |
Outstanding at December 31, 2015 | $ / shares | $ 89.92 |
Expired | $ / shares | 102.45 |
Outstanding at March 31, 2016 | $ / shares | 89.61 |
Exercisable at March 31, 2016 | $ / shares | $ 92.86 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 2 years 2 months 12 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 1 year 10 months 24 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 108 |
Aggregate Intrinsic Value, Exercisable | $ | $ 86 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock activity (Details 1) - Restricted Stock and Restricted Stock Unit | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Shares | |
Outstanding at December 31, 2015 | shares | 712,667 |
Granted | shares | 19,428 |
Vested | shares | (114,213) |
Cancelled | shares | (20,642) |
Outstanding at March 31, 2016 | shares | 597,240 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at December 31, 2015 | $ / shares | $ 16.44 |
Granted | $ / shares | 20.20 |
Vested | $ / shares | 16.15 |
Cancelled | $ / shares | 16.37 |
Outstanding at March 31, 2016 | $ / shares | $ 16.63 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Maximum exercisable period | 10 years | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 7,000 | $ 10,000 |
Restricted Stock and Restricted Stock Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional award granted under plan | 255,000 | |
Compensation expense | $ 898,000 | 956,000 |
Total intrinsic value | 11,000 | |
Unrecognized compensation cost of non-vested stock options and restricted stock unit awards | $ 8,080,000 | |
Recognition period for unrecognized compensation cost related | 2 years 3 months 15 days | |
Aggregate grant date fair value | $ 1,840 | |
Other operating expense for restricted stock units granted | $ 12,000 | $ 25,000 |
Common and Preferred Stock Is68
Common and Preferred Stock Issued / Common Stock Issuable (Detail Textuals) - shares | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Common Stock Issued and Issuable and Preferred Stock Issued [Abstract] | |||
Shares issued in connection with DRIP | 736 | 487 | |
Discount offered to employees under United has an Employee Stock Purchase Program (ESPP) to purchase shares of common stock | 10.00% | ||
Number of stock issued through ESPP | 4,418 | 3,202 | |
Common stock issuable shares under deferred compensation plan | 496,515 | 458,953 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense | $ 13,578 | $ 10,393 | |
Income tax effective tax rate | 37.90% | 37.00% | |
Valuation allowance on deferred tax assets | $ 4,420 | $ 4,280 | |
Valuation allowance related to specific state income tax credits | 4,420 | ||
Net deferred tax asset realized based upon future taxable income | 180,000 | ||
Unrecognized income tax benefits | $ 4,090 | $ 3,980 |
Assets and Liabilities Measur70
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Level 1 | ||
Assets: | ||
Total assets | $ 146,831 | $ 172,156 |
Liabilities: | ||
Total liabilities | 3,780 | 3,450 |
Level 1 | U.S. Treasury securities | ||
Assets: | ||
Total assets | $ 143,051 | $ 168,706 |
Level 1 | U.S. Government agencies | ||
Assets: | ||
Total assets | ||
Level 1 | State and political subdivisions | ||
Assets: | ||
Total assets | ||
Level 1 | Mortgage-backed securities | ||
Assets: | ||
Total assets | ||
Level 1 | Corporate bonds | ||
Assets: | ||
Total assets | ||
Level 1 | Asset-backed securities | ||
Assets: | ||
Total assets | ||
Level 1 | Other | ||
Assets: | ||
Total assets | ||
Level 1 | Deferred compensation plan assets | ||
Assets: | ||
Total assets | $ 3,780 | $ 3,450 |
Level 1 | Servicing rights for government guaranteed loans | ||
Assets: | ||
Total assets | ||
Level 1 | Derivative financial instruments | ||
Assets: | ||
Total assets | ||
Level 1 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | $ 3,780 | $ 3,450 |
Level 1 | Derivative financial instruments | ||
Liabilities: | ||
Total liabilities | ||
Level 2 | ||
Assets: | ||
Total assets | $ 2,281,339 | $ 2,132,719 |
Liabilities: | ||
Total liabilities | $ 21,223 | $ 13,031 |
Level 2 | U.S. Treasury securities | ||
Assets: | ||
Total assets | ||
Level 2 | U.S. Government agencies | ||
Assets: | ||
Total assets | $ 86,923 | $ 112,340 |
Level 2 | State and political subdivisions | ||
Assets: | ||
Total assets | 74,140 | 56,268 |
Level 2 | Mortgage-backed securities | ||
Assets: | ||
Total assets | 1,267,335 | 1,113,118 |
Level 2 | Corporate bonds | ||
Assets: | ||
Total assets | 307,812 | 305,276 |
Level 2 | Asset-backed securities | ||
Assets: | ||
Total assets | 522,618 | 533,242 |
Level 2 | Other | ||
Assets: | ||
Total assets | $ 2,938 | $ 1,811 |
Level 2 | Deferred compensation plan assets | ||
Assets: | ||
Total assets | ||
Level 2 | Servicing rights for government guaranteed loans | ||
Assets: | ||
Total assets | ||
Level 2 | Derivative financial instruments | ||
Assets: | ||
Total assets | $ 19,573 | $ 10,664 |
Level 2 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | ||
Level 2 | Derivative financial instruments | ||
Liabilities: | ||
Total liabilities | $ 21,223 | $ 13,031 |
Level 3 | ||
Assets: | ||
Total assets | 8,463 | 13,880 |
Liabilities: | ||
Total liabilities | $ 10,151 | $ 15,794 |
Level 3 | U.S. Treasury securities | ||
Assets: | ||
Total assets | ||
Level 3 | U.S. Government agencies | ||
Assets: | ||
Total assets | ||
Level 3 | State and political subdivisions | ||
Assets: | ||
Total assets | ||
Level 3 | Mortgage-backed securities | ||
Assets: | ||
Total assets | ||
Level 3 | Corporate bonds | ||
Assets: | ||
Total assets | $ 650 | $ 750 |
Level 3 | Asset-backed securities | ||
Assets: | ||
Total assets | ||
Level 3 | Other | ||
Assets: | ||
Total assets | ||
Level 3 | Deferred compensation plan assets | ||
Assets: | ||
Total assets | ||
Level 3 | Servicing rights for government guaranteed loans | ||
Assets: | ||
Total assets | $ 3,898 | $ 3,712 |
Level 3 | Derivative financial instruments | ||
Assets: | ||
Total assets | $ 3,915 | $ 9,418 |
Level 3 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | ||
Level 3 | Derivative financial instruments | ||
Liabilities: | ||
Total liabilities | $ 10,151 | $ 15,794 |
Total | ||
Assets: | ||
Total assets | 2,436,633 | 2,318,755 |
Liabilities: | ||
Total liabilities | 35,154 | 32,275 |
Total | U.S. Treasury securities | ||
Assets: | ||
Total assets | 143,051 | 168,706 |
Total | U.S. Government agencies | ||
Assets: | ||
Total assets | 86,923 | 112,340 |
Total | State and political subdivisions | ||
Assets: | ||
Total assets | 74,140 | 56,268 |
Total | Mortgage-backed securities | ||
Assets: | ||
Total assets | 1,267,335 | 1,113,118 |
Total | Corporate bonds | ||
Assets: | ||
Total assets | 308,462 | 306,026 |
Total | Asset-backed securities | ||
Assets: | ||
Total assets | 522,618 | 533,242 |
Total | Other | ||
Assets: | ||
Total assets | 2,938 | 1,811 |
Total | Deferred compensation plan assets | ||
Assets: | ||
Total assets | 3,780 | 3,450 |
Total | Servicing rights for government guaranteed loans | ||
Assets: | ||
Total assets | 3,898 | 3,712 |
Total | Derivative financial instruments | ||
Assets: | ||
Total assets | 23,488 | 20,082 |
Total | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | 3,780 | 3,450 |
Total | Derivative financial instruments | ||
Liabilities: | ||
Total liabilities | $ 31,374 | $ 28,825 |
Assets and Liabilities Measur71
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value (Details 1) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Asset | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 9,418 | $ 12,262 |
Additions | ||
Sales and settlements | ||
Other comprehensive income | ||
Amounts included in earnings - fair value adjustments | $ (5,503) | $ (4,145) |
Balance at end of period | 3,915 | 8,117 |
Derivative Liability | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 15,794 | $ 18,979 |
Additions | ||
Sales and settlements | ||
Other comprehensive income | ||
Amounts included in earnings - fair value adjustments | $ (5,643) | $ (4,450) |
Balance at end of period | 10,151 | 14,529 |
Servicing rights for government guaranteed loans | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 3,712 | 2,551 |
Additions | 299 | $ 190 |
Sales and settlements | $ (98) | |
Other comprehensive income | ||
Amounts included in earnings - fair value adjustments | $ (15) | $ (24) |
Balance at end of period | 3,898 | 2,717 |
Securities Available-for-Sale | ||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 750 | $ 750 |
Additions | ||
Sales and settlements | ||
Other comprehensive income | $ (100) | |
Amounts included in earnings - fair value adjustments | ||
Balance at end of period | $ 650 | $ 750 |
Assets and Liabilities Measur72
Assets and Liabilities Measured at Fair Value - Level 3 fair value measurements for fair value on recurring basis (Details 2) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 8,463 | $ 13,880 |
Liabilities, fair value | 10,151 | $ 15,794 |
ValuationTechnique | Dealer priced | |
Unobservable Inputs | Dealer priced | |
Derivative assets - mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 188 | $ 188 |
ValuationTechnique | Internal model | Internal model |
Unobservable Inputs | Pull through rate | Pull through rate |
Derivative assets - mortgage | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 85.00% | 85.00% |
Derivative assets - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 3,727 | $ 9,230 |
ValuationTechnique | Dealer priced | Dealer priced |
Unobservable Inputs | Dealer priced | Dealer priced |
Derivative liabilities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ 10,151 | $ 15,794 |
ValuationTechnique | Dealer priced | Dealer priced |
Unobservable Inputs | Dealer priced | Dealer priced |
Servicing rights for government guaranteed loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 3,898 | $ 3,712 |
ValuationTechnique | Discounted cash flow | Discounted cash flow |
Unobservable Inputs | Discount rate Prepayment Rate | Discount rate Prepayment Rate |
Servicing rights for government guaranteed loans | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 11.80% | 11.80% |
Prepayment Rate | 7.23% | 6.95% |
Corporate bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 650 | $ 750 |
ValuationTechnique | Indicative bid provided by a broker | Indicative bid provided by a broker |
Unobservable Inputs | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company |
Assets and Liabilities Measur73
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details 3) - Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
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 | $ 7,700 | $ 7,589 |
Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 7,700 | $ 7,589 |
Assets and Liabilities Measur74
Assets and Liabilities Measured at Fair Value - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details 4) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Securities held to maturity, Carrying Amount | $ 351,700 | $ 364,696 |
Loans, net | $ 6,039,879 | $ 5,926,993 |
Level 1 | ||
Assets: | ||
Securities held to maturity, Carrying Amount | ||
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, Carrying Amount | $ 363,092 | $ 371,658 |
Loans, net | ||
Mortgage loans held for sale | $ 26,883 | $ 24,660 |
Residential mortgage servicing rights | ||
Liabilities: | ||
Deposits | $ 7,967,317 | $ 7,881,109 |
Federal Home Loan Bank advances | $ 510,148 | $ 430,119 |
Long-term debt | ||
Level 3 | ||
Assets: | ||
Securities held to maturity, Carrying Amount | ||
Loans, net | $ 5,953,405 | $ 5,840,554 |
Mortgage loans held for sale | ||
Residential mortgage servicing rights | $ 3,180 | $ 3,521 |
Liabilities: | ||
Deposits | ||
Federal Home Loan Bank advances | ||
Long-term debt | $ 165,971 | $ 166,668 |
Total | ||
Assets: | ||
Securities held to maturity, Carrying Amount | 363,092 | 371,658 |
Loans, net | 5,953,405 | 5,840,554 |
Mortgage loans held for sale | 26,883 | 24,660 |
Residential mortgage servicing rights | 3,180 | 3,521 |
Liabilities: | ||
Deposits | 7,967,317 | 7,881,109 |
Federal Home Loan Bank advances | 510,148 | 430,119 |
Long-term debt | 165,971 | 166,668 |
Carrying Amount | ||
Assets: | ||
Securities held to maturity, Carrying Amount | 351,700 | 364,696 |
Loans, net | 6,039,879 | 5,926,993 |
Mortgage loans held for sale | 26,578 | 24,231 |
Residential mortgage servicing rights | 3,111 | 3,370 |
Liabilities: | ||
Deposits | 7,960,323 | 7,873,193 |
Federal Home Loan Bank advances | 510,125 | 430,125 |
Long-term debt | $ 163,955 | $ 163,836 |
Assets and Liabilities Measur75
Assets and Liabilities Measured at Fair Value (Detail Textual) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value [Abstract] | |
Percentage of written down in appraisal value of nonaccrual impaired loans | 80.00% |
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 1,290,962 | $ 1,351,446 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 20,769 | $ 23,373 |
Commitments and Contingencies77
Commitments and Contingencies (Detail Textual) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Investment in limited partnerships | $ 2,480 |
Commitment for additional fund | $ 2,020 |
Subsequent Event (Detail Textua
Subsequent Event (Detail Textuals) $ / shares in Units, shares in Thousands, $ in Thousands | May. 02, 2016shares | Apr. 04, 2016USD ($)Branch$ / shares | Mar. 31, 2016USD ($) |
Tidelands Bancshares Inc | |||
Subsequent Event [Line Items] | |||
Total assets | $ 466,000 | ||
Loans | 325,000 | ||
Deposits | $ 421,000 | ||
Subsequent event | |||
Subsequent Event [Line Items] | |||
Number of shares transferred from non voting to voting rights | shares | 4,030 | ||
Subsequent event | Corsair Capital LLC | |||
Subsequent Event [Line Items] | |||
Number of common stock shares issued | shares | 7,300 | ||
Subsequent event | Tidelands Bancshares Inc | |||
Subsequent Event [Line Items] | |||
Number of branches | Branch | 7 | ||
Cash price per share | $ / shares | $ 0.52 | ||
Cash payment for acquisition | $ 2,220 | ||
Unpaid dividends | $ 8,980 | ||
Discount rate | 56.00% |