Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document and Entity Information [Abstract] | ||
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 | |
Entity Common Stock, Shares Outstanding | 70,863,730 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest revenue: | ||||
Loans, including fees | $ 69,440 | $ 57,174 | $ 196,888 | $ 159,814 |
Investment securities, including tax exempt of $134, $177, $449 and $516 | 15,418 | 12,801 | 48,039 | 36,896 |
Deposits in banks and short-term investments | 581 | 853 | 2,315 | 2,460 |
Total interest revenue | 85,439 | 70,828 | 247,242 | 199,170 |
Deposits: | ||||
NOW | 452 | 337 | 1,381 | 1,079 |
Money market | 1,347 | 981 | 3,661 | 2,460 |
Savings | 43 | 25 | 102 | 71 |
Time | 667 | 830 | 2,052 | 2,834 |
Total deposit interest expense | 2,509 | 2,173 | 7,196 | 6,444 |
Short-term borrowings | 98 | 99 | 278 | 279 |
Federal Home Loan Bank advances | 1,015 | 461 | 2,731 | 1,307 |
Long-term debt | 2,828 | 2,669 | 8,178 | 7,481 |
Total interest expense | 6,450 | 5,402 | 18,383 | 15,511 |
Net interest revenue | 78,989 | 65,426 | 228,859 | 183,659 |
Provision for credit losses | (300) | 700 | (800) | 3,400 |
Net interest revenue after provision for credit losses | 79,289 | 64,726 | 229,659 | 180,259 |
Fee revenue: | ||||
Service charges and fees | 10,819 | 9,335 | 31,460 | 25,325 |
Mortgage loan and other related fees | 6,039 | 3,840 | 13,776 | 10,302 |
Brokerage fees | 1,199 | 1,200 | 3,369 | 3,983 |
Gains from sales of government guaranteed loans | 2,479 | 1,646 | 6,517 | 4,281 |
Securities gains, net | 261 | 325 | 922 | 1,877 |
Loss from prepayment of debt | (256) | (1,294) | ||
Other | 5,564 | 2,207 | 12,420 | 6,771 |
Total fee revenue | 26,361 | 18,297 | 68,464 | 51,245 |
Total revenue | 105,650 | 83,023 | 298,123 | 231,504 |
Operating expenses: | ||||
Salaries and employee benefits | 36,478 | 29,342 | 103,112 | 83,749 |
Communications and equipment | 4,919 | 3,963 | 13,602 | 10,538 |
Occupancy | 5,132 | 4,013 | 14,393 | 10,706 |
Advertising and public relations | 1,088 | 812 | 3,275 | 2,689 |
Postage, printing and supplies | 1,451 | 1,049 | 4,029 | 2,980 |
Professional fees | 3,160 | 2,668 | 9,049 | 6,844 |
FDIC assessments and other regulatory charges | 1,412 | 1,136 | 4,453 | 3,643 |
Amortization of intangibles | 1,119 | 714 | 3,116 | 1,403 |
Merger-related and other charges | 3,152 | 5,744 | 6,981 | 8,917 |
Other | 6,112 | 4,828 | 17,958 | 14,281 |
Total operating expenses | 64,023 | 54,269 | 179,968 | 145,750 |
Net income before income taxes | 41,627 | 28,754 | 118,155 | 85,754 |
Income tax expense | 15,753 | 10,867 | 44,720 | 32,384 |
Net income | 25,874 | 17,887 | 73,435 | 53,370 |
Preferred stock dividends and discount accretion | 25 | 21 | 42 | |
Net income available to common shareholders | $ 25,874 | $ 17,862 | $ 73,414 | $ 53,328 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.36 | $ 0.27 | $ 1.02 | $ 0.84 |
Diluted (in dollars per share) | $ 0.36 | $ 0.27 | $ 1.02 | $ 0.84 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 71,556 | 66,294 | 71,992 | 63,297 |
Diluted (in shares) | 71,561 | 66,300 | 71,996 | 63,302 |
Consolidated Statement of Inco3
Consolidated Statement of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Investment securities tax exemption | $ 134 | $ 177 | $ 449 | $ 516 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Consolidated Statement Of Comprehensive Income (Loss) [Abstract] | ||||
Net income, Before-tax Amount | $ 41,627 | $ 28,754 | $ 118,155 | $ 85,754 |
Net income, Tax (Expense) Benefit | (15,753) | (10,867) | (44,720) | (32,384) |
Net income, Net of Tax Amount | 25,874 | 17,887 | 73,435 | 53,370 |
Unrealized gains on available-for-sale securities: | ||||
Unrealized holding gains arising during period, Before-tax Amount | 4,927 | 2,313 | 37,990 | 5,426 |
Unrealized holding gains arising during period, Tax (Expense) Benefit | (1,927) | (870) | (14,488) | (2,143) |
Unrealized holding gains arising during period, Net of Tax Amount | 3,000 | 1,443 | 23,502 | 3,283 |
Reclassification adjustment for gains included in net income, Before-tax Amount | (261) | (325) | (922) | (1,877) |
Reclassification adjustment for gains included in net income, Tax (Expense) Benefit | 101 | 121 | 348 | 724 |
Reclassification adjustment for gains included in net income, Net of Tax Amount | (160) | (204) | (574) | (1,153) |
Net unrealized gains, Before-tax Amount | 4,666 | 1,988 | 37,068 | 3,549 |
Net unrealized gains, Tax (Expense) Benefit | (1,826) | (749) | (14,140) | (1,419) |
Net unrealized gains, Net of Tax Amount | 2,840 | 1,239 | 22,928 | 2,130 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 663 | 269 | 1,601 | 1,041 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (237) | (99) | (596) | (387) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 426 | 170 | 1,005 | 654 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 466 | 550 | 1,426 | 1,430 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (181) | (214) | (555) | (556) |
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 | 285 | 336 | 871 | 874 |
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 | 550 | 959 | ||
Net cash flow hedge activity, Tax (Expense) Benefit | (214) | (373) | ||
Net cash flow hedge activity, Net of Tax Amount | 336 | 586 | ||
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 167 | 159 | 501 | 478 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (65) | (62) | (195) | (186) |
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 | 306 | 292 |
Total other comprehensive income, Before-tax Amount | 5,962 | 2,966 | 40,596 | 6,027 |
Total other comprehensive income, Tax (Expense) Benefit | (2,309) | (1,124) | (15,486) | (2,365) |
Total other comprehensive income, net of tax amount | 3,653 | 1,842 | 25,110 | 3,662 |
Comprehensive income, Before-tax Amount | 47,589 | 31,720 | 158,751 | 91,781 |
Comprehensive income, Tax (Expense) Benefit | (18,062) | (11,991) | (60,206) | (34,749) |
Comprehensive income, Net of Tax Amount | $ 29,527 | $ 19,729 | $ 98,545 | $ 57,032 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 94,744 | $ 86,912 |
Interest-bearing deposits in banks | 131,415 | 153,451 |
Cash and cash equivalents | 226,159 | 240,363 |
Securities available for sale | 2,215,113 | 2,291,511 |
Securities held to maturity (fair value $357,550 and $371,658) | 344,917 | 364,696 |
Mortgage loans held for sale (includes $279 and $0 at fair value) | 30,814 | 24,231 |
Loans, net of unearned income | 6,725,110 | 5,995,441 |
Less allowance for loan losses | (62,961) | (68,448) |
Loans, net | 6,662,149 | 5,926,993 |
Premises and equipment, net | 189,302 | 178,165 |
Bank owned life insurance | 123,129 | 105,493 |
Accrued interest receivable | 26,494 | 25,786 |
Net deferred tax asset | 156,408 | 197,613 |
Derivative financial instruments | 25,463 | 20,082 |
Goodwill and other intangible assets | 157,288 | 147,420 |
Other assets | 140,379 | 94,075 |
Total assets | 10,297,615 | 9,616,428 |
Deposits: | ||
Demand | 2,568,756 | 2,204,755 |
NOW | 1,821,353 | 1,975,884 |
Money market | 1,798,548 | 1,599,637 |
Savings | 544,029 | 471,129 |
Time | 1,349,543 | 1,282,803 |
Brokered | 359,370 | 338,985 |
Total deposits | 8,441,599 | 7,873,193 |
Short-term borrowings | 35,050 | 16,640 |
Federal Home Loan Bank advances | 449,407 | 430,125 |
Long-term debt | 174,959 | 163,836 |
Derivative financial instruments | 32,548 | 28,825 |
Accrued expenses and other liabilities | 84,759 | 85,524 |
Total liabilities | 9,218,322 | 8,598,143 |
Shareholders' equity: | ||
Common stock | 70,861 | 66,198 |
Common stock issuable; 520,014 and 458,953 shares | 7,179 | 6,779 |
Capital surplus | 1,274,909 | 1,286,361 |
Accumulated deficit | (273,314) | (330,879) |
Accumulated other comprehensive loss | (342) | (25,452) |
Total shareholders' equity | 1,079,293 | 1,018,285 |
Total liabilities and shareholders' equity | $ 10,297,615 | 9,616,428 |
Preferred stock Series H | ||
Shareholders' equity: | ||
Preferred stock, $1 par value; 10,000,000 shares authorized; Series H; $1,000 stated value; 0 and 9,992 shares issued and outstanding | 9,992 | |
Non-Voting Common Stock | ||
Shareholders' equity: | ||
Common stock | 5,286 | |
Total shareholders' equity | $ 5,286 |
Consolidated Balance Sheet (Un6
Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Held to maturity, fair value (in dollars) | $ 357,550 | $ 371,658 |
Mortgage loans held for sale, at fair value | $ 279 | |
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 | 150,000,000 | 100,000,000 |
Common stock, shares issued | 70,861,025 | 66,198,477 |
Common stock, shares outstanding | 70,861,025 | 66,198,477 |
Common stock issuable, shares | 520,014 | 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 | 0 | 5,285,516 |
Common stock, shares outstanding | 0 | 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 | 53,370 | 53,370 | ||||||
Other comprehensive income | 3,662 | 3,662 | ||||||
Common stock issued to dividend reinvestment plan and to employee benefit plans (11,761 and 15,844 shares for September 30, 2015 and September 30, 2016 respectively) | 12 | 192 | 204 | |||||
Conversion of non-voting common stock to voting (1,795,271 and 5,285,516 shares for September 30, 2015 and September 30, 2016 respectively) | (1,795) | 1,795 | ||||||
Common and preferred stock issued for acquisition (11,058,515 common shares and 9,992 preferred shares) | $ 9,992 | 11,059 | 203,092 | 224,143 | ||||
Amortization of stock option and restricted stock awards | 3,343 | 3,343 | ||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (118,672 shares issued, 106,935 shares deferred and 79,430 shares issued, 94,497 shares deferred for September 30, 2015 and September 30, 2016) | 119 | 1,444 | (3,009) | (1,446) | ||||
Deferred compensation plan, net, including dividend equivalents | 274 | (1) | 273 | |||||
Shares issued from deferred compensation plan (23,613 and 45,758 shares for September 30, 2015 and September 30, 2016 respectively) | 23 | (216) | 193 | |||||
Common stock dividends ($.16 and $.22 per share for September 30, 2015 and September 30, 2016) | (10,506) | (10,506) | ||||||
Tax on restricted stock vesting | 559 | 559 | ||||||
Preferred stock dividends: | ||||||||
Series H | (42) | (42) | ||||||
Balance at Sep. 30, 2015 | 9,992 | 8,286 | 63,186 | 6,670 | 1,284,877 | (344,746) | (15,128) | 1,013,137 |
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 | 73,435 | 73,435 | ||||||
Other comprehensive income | 25,110 | 25,110 | ||||||
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 (11,761 and 15,844 shares for September 30, 2015 and September 30, 2016 respectively) | 16 | 254 | 270 | |||||
Conversion of non-voting common stock to voting (1,795,271 and 5,285,516 shares for September 30, 2015 and September 30, 2016 respectively) | $ (5,286) | 5,286 | ||||||
Amortization of stock option and restricted stock awards | 3,257 | 3,257 | ||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (118,672 shares issued, 106,935 shares deferred and 79,430 shares issued, 94,497 shares deferred for September 30, 2015 and September 30, 2016) | 79 | 1,384 | (2,428) | (965) | ||||
Purchases of common stock (764,000 shares) | (764) | (12,895) | (13,659) | |||||
Deferred compensation plan, net, including dividend equivalents | 291 | 291 | ||||||
Shares issued from deferred compensation plan (23,613 and 45,758 shares for September 30, 2015 and September 30, 2016 respectively) | 46 | (1,275) | 1,229 | |||||
Common stock dividends ($.16 and $.22 per share for September 30, 2015 and September 30, 2016) | (15,849) | (15,849) | ||||||
Tax on restricted stock vesting | (869) | (869) | ||||||
Preferred stock dividends: | ||||||||
Series H | (21) | (21) | ||||||
Balance at Sep. 30, 2016 | $ 70,861 | $ 7,179 | $ 1,274,909 | $ (273,314) | $ (342) | $ 1,079,293 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 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 | 15,844 | 11,761 |
Conversion of stocks, shares | 5,285,516 | 1,795,271 |
Common stock issued for acquisitions | 11,058,515 | |
Preferred stock issued for acquisitions | 9,992 | |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued | 79,430 | 118,672 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares deferred | 94,497 | 106,935 |
Purchases of common stock | 764,000 | |
Shares issued from deferred compensation plan | 45,758 | 23,613 |
Common stock dividends (in dollars per share) | $ 0.22 | $ 0.16 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net income | $ 73,435 | $ 53,370 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 22,612 | 16,788 |
(Release of) provision for credit losses | (800) | 3,400 |
Stock based compensation | 3,257 | 3,343 |
Deferred income tax expense | 45,308 | 28,495 |
Securities gains, net | (922) | (1,877) |
Gains from sales of government guaranteed loans | (6,517) | (4,281) |
Net gains on sale of other assets | (381) | (437) |
Net gains and write downs on sales of other real estate owned | (59) | (368) |
Loss on prepayment of borrowings | 1,294 | |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | (41,886) | 4,232 |
Accrued expenses and other liabilities | (2,753) | 4,191 |
Mortgage loans held for sale | (6,441) | (5,562) |
Net cash provided by operating activities | 84,853 | 102,588 |
Investment securities held to maturity: | ||
Proceeds from maturities and calls of securities held to maturity | 49,968 | 57,721 |
Purchases of securities held to maturity | (20,656) | |
Investment securities available for sale: | ||
Proceeds from sales of securities available for sale | 189,164 | 274,519 |
Proceeds from maturities and calls of securities available for sale | 292,200 | 212,383 |
Purchases of securities available for sale | (308,800) | (476,917) |
Net increase in loans | (453,541) | (324,868) |
Funds paid to FDIC under loss sharing agreements | (1,198) | |
Proceeds from sales of premises and equipment | 5,038 | 2,127 |
Purchases of premises and equipment | (13,716) | (7,191) |
Net cash received for acquisition | 1,912 | 35,497 |
Proceeds from sale of other real estate | 9,370 | 3,184 |
Net cash used in investing activities | (249,061) | (224,743) |
Financing activities: | ||
Net change in deposits | 169,156 | 219,454 |
Net change in short-term borrowings | 8,360 | (16,238) |
Repayments of trust preferred securities | (48,521) | |
Proceeds from FHLB advances | 7,080,000 | 1,495,000 |
Repayments of FHLB advances | (7,074,000) | (1,587,070) |
Proceeds from issuance of senior debt, net of issuance costs | 84,141 | |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 270 | 204 |
Retirement of preferred stock | (9,992) | |
Purchase of common stock | (13,659) | |
Cash dividends on common stock | (10,085) | (10,506) |
Cash dividends on preferred stock | (46) | (25) |
Net cash provided by financing activities | 150,004 | 136,439 |
Net change in cash and cash equivalents | (14,204) | 14,284 |
Cash and cash equivalents at beginning of period | 240,363 | 192,655 |
Cash and cash equivalents at end of period | 226,159 | 206,939 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 25,815 | 16,567 |
Income taxes paid | 3,431 | 3,453 |
Significant non-cash investing and financing transactions: | ||
Unsettled government guaranteed loan sales | 22,355 | 11,020 |
Unsettled purchases of securities available for sale | 8,973 | |
Transfers of loans to foreclosed properties | 6,647 | 3,428 |
Acquisitions: | ||
Assets acquired | 450,958 | 1,736,203 |
Liabilities assumed | 439,749 | 1,427,358 |
Net assets acquired | $ 11,209 | 308,845 |
Common stock issued in acquisitions | 214,151 | |
Preferred stock issued in acquisitions | $ 9,992 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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 (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. 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 statement. 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 | 9 Months Ended |
Sep. 30, 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 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3 – Acquisitions Acquisition of Tidelands Bancshares, Inc. On July 1, 2016, United completed the acquisition of Tidelands Bancshares, Inc. (“Tidelands”) and its wholly-owned bank subsidiary Tidelands Bank. Tidelands operated seven branches in coastal South Carolina. In connection with the acquisition, United acquired $440 million of assets and assumed $440 million of liabilities. Under the terms of the merger agreement, Tidelands shareholders received cash equal to $0.52 per common share, or an aggregate of $2.22 million. Additionally, at closing, United redeemed all of Tidelands’ fixed-rate cumulative preferred stock that was issued to the United States Department of the Treasury (the “Treasury”) under the Treasury’s Capital Purchase Program, plus unpaid dividends, for $8.98 million in aggregate. The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $10.7 million, representing the intangible value of Tidelands’ business and reputation within the market it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United will amortize the related core deposit intangible of $1.57 million using the sum-of-the-years-digits method over five years, which represents the expected useful life of the asset. As of the acquisition date, United assumed long-term debt obligations with an aggregate balance of $14.4 million and an aggregate fair value of $10.8 million related to Tidelands’ outstanding trust preferred securities and paid all amounts required to bring current the payment of interest (including deferred interest) on such trust preferred securities. The $8.25 million of debt related to Tidelands Statutory Trust I has a stated maturity date of March 30, 2036 and a rate equal to LIBOR plus 1.38%, which resets quarterly. The $6.19 million of debt related to Tidelands Statutory Trust II has a stated maturity date of June 30, 2038 and a rate equal to LIBOR plus 5.075%, which resets quarterly. United’s operating results for the period ended September 30, 2016 include the operating results of the acquired assets and assumed liabilities for the period subsequent to the acquisition date of July 1, 2016. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) As Recorded Fair Value As Recorded by by Tidelands Adjustments (1) United Assets Cash and cash equivalents $ 13,121 $ - $ 13,121 Securities 65,676 (155 ) 65,521 Loans held for sale 139 3 142 Loans, net 317,938 (12,035 ) 305,903 Premises and equipment, net 19,133 (7,944 ) 11,189 Bank owned life insurance 16,917 - 16,917 Accrued interest receivable 1,086 (167 ) 919 Net deferred tax asset 73 15,639 15,712 Core deposit intangible - 1,570 1,570 Other real estate owned 9,881 (2,386 ) 7,495 Other assets 1,920 (164 ) 1,756 Total assets acquired $ 445,884 $ (5,639 ) $ 440,245 Liabilities Deposits $ 398,108 $ 1,765 $ 399,873 Repurchase agreements 10,000 155 10,155 Federal Home Loan Bank advances 13,000 354 13,354 Long-term debt 14,434 (3,668 ) 10,766 Other liabilities 11,587 (5,986 ) 5,601 Total liabilities assumed 447,129 (7,380 ) 439,749 Excess of assets acquired over liabilities assumed $ (1,245 ) Aggregate fair value adjustments $ 1,741 Total identifiable net assets $ 496 Consideration transferred Cash paid to redeem common stock 2,224 Cash paid to redeem preferred stock issued under the Treasury's Capital Purchase Program 8,985 Total fair value of consideration transferred 11,209 Goodwill $ 10,713 (1) The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) July 1, 2016 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 50,660 Non-accretable difference 13,483 Cash flows expected to be collected 37,177 Accretable yield 2,113 Fair value $ 35,064 Excluded from ASC 310-30: Fair value $ 270,839 Gross contractual amounts receivable 302,331 Estimate of contractual cash flows not expected to be collected 3,859 Acquisition of Palmetto Bancshares, Inc. On September 1, 2015, United completed the acquisition of Palmetto Bancshares, Inc. (“Palmetto”) and its wholly-owned bank subsidiary The Palmetto Bank. Information related to the fair value of assets and liabilities acquired from Palmetto is included in United’s Annual Report on Form 10-K for the year ended December 31, 2015. During second quarter 2016, within the one year measurement period, United received additional information regarding the acquisition date fair values of premises and equipment and other real estate owned (“OREO”). As a result the provisional values assigned to the acquired premises and equipment and OREO have been adjusted to $17.0 million and $2.63 million, respectively, which represent a decrease of $640,000 and $497,000, respectively, from amounts previously disclosed. The tax effect of these adjustments was reflected as an increase to the deferred tax asset of $437,000, with the net amount of $700,000 reflected as an increase to goodwill. Acquisition of MoneyTree Corporation On May 1, 2015, United completed the acquisition of MoneyTree Corporation (“MoneyTree”) and its wholly-owned bank subsidiary, First National Bank. Information related to the fair value of assets and liabilities acquired from MoneyTree is included in United’s Annual Report on Form 10-K for the year ended December 31, 2015. Pro forma information The following table discloses the impact of the mergers with Tidelands, Palmetto and MoneyTree since their respective acquisition dates through September 30 of the year of acquisition. The table also presents certain pro forma information as if Tidelands had been acquired on January 1, 2015 and Palmetto and MoneyTree had been acquired on January 1, 2014. These results combine the historical results of the acquired entities with United’s consolidated statement of income and, while adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not necessarily indicative of what would have occurred had the acquisition taken place in earlier years. The following table presents the actual results and pro forma information for the periods indicated (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Net Income Revenue Net Income 2016 Actual Tidelands results included in statement of income since acquisition date $ 3,988 $ 658 $ 3,988 $ 658 Supplemental consolidated pro forma as if Tidelands had been acquired January 1, 2015 105,281 27,499 305,273 72,436 2015 Actual Palmetto results included in statement of income since acquisition date $ 4,382 $ 1,659 $ 4,382 $ 1,659 Actual MoneyTree results included in statement of income since acquisition date 3,081 1,394 5,365 1,778 Supplemental consolidated pro forma as if Tidelands had been acquired January 1, 2015 and Palmetto and MoneyTree had been acquired January 1, 2014 95,385 20,805 284,799 63,190 |
Balance Sheet Offsetting and Re
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | Note 4 – 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 Gross Gross Amounts not Offset September 30, 2016 Recognized the Balance Net Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 150,000 $ (150,000 ) $ - $ - $ - $ - Derivatives 25,463 - 25,463 (1,472 ) (3,307 ) 20,684 Total $ 175,463 $ (150,000 ) $ 25,463 $ (1,472 ) $ (3,307 ) $ 20,684 Weighted average interest rate of reverse repurchase agreements 1.40 % Gross Gross Net Gross Amounts not Offset Recognized the Balance Liability Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 150,000 $ (150,000 ) $ - $ - $ - $ - Derivatives 32,548 - 32,548 (1,472 ) (31,960 ) - Total $ 182,548 $ (150,000 ) $ 32,548 $ (1,472 ) $ (31,960 ) $ - Weighted average interest rate of repurchase agreements .50 % Gross Gross Gross Amounts not Offset December 31, 2015 Recognized the Balance Net Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 400,000 $ (400,000 ) $ - $ - $ - $ - Derivatives 20,082 - 20,082 (519 ) (3,729 ) 15,834 Total $ 420,082 $ (400,000 ) $ 20,082 $ (519 ) $ (3,729 ) $ 15,834 Weighted average interest rate of reverse repurchase agreements 1.34 % Gross Gross Net Gross Amounts not Offset Recognized the Balance Liability Financial Collateral Net 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 September 30, 2016, United recognized the right to reclaim cash collateral of $32.3 million and the obligation to return cash collateral of $3.31 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 Overnight and As of September 30, 2016 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total U.S. Treasuries $ - $ - $ 10,050 $ - $ 10,050 Mortgage-backed securities - 50,000 100,000 - 150,000 Total $ - $ 50,000 $ 110,050 $ - $ 160,050 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 150,000 Amounts related to agreements not included in offsetting disclosure $ 10,050 Remaining Contractual Maturity of the Agreements Overnight and As of December 31, 2015 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total U.S. Treasuries $ - $ - $ 100,000 $ - $ 100,000 U.S. Government agencies 32 - - - 32 Mortgage-backed securities 16,608 25,000 175,000 100,000 316,608 Total $ 16,640 $ 25,000 $ 275,000 $ 100,000 $ 416,640 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 400,000 Amounts related to agreements not included in offsetting disclosure $ 16,640 United is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. United manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investment Securities [Abstract] | |
Securities | Note 5 – 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) Gross Gross Amortized Unrealized Unrealized Fair As of September 30, 2016 Cost Gains Losses Value State and political subdivisions $ 57,911 $ 3,545 $ 61 $ 61,395 Mortgage-backed securities (1) 287,006 9,267 118 296,155 Total $ 344,917 $ 12,812 $ 179 $ 357,550 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 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) Gross Gross Amortized Unrealized Unrealized Fair As of September 30, 2016 Cost Gains Losses Value U.S. Treasuries $ 140,500 $ 4,374 $ - $ 144,874 U.S. Government agencies 20,205 268 18 20,455 State and political subdivisions 63,001 1,885 - 64,886 Mortgage-backed securities (1) 1,151,570 24,569 358 1,175,781 Corporate bonds 307,240 6,231 912 312,559 Asset-backed securities 495,286 2,728 2,581 495,433 Other 1,125 - - 1,125 Total $ 2,178,927 $ 40,055 $ 3,869 $ 2,215,113 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) All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. Securities with a carrying value of $1.34 billion and $1.63 billion were pledged to secure public deposits, derivatives and other secured borrowings at September 30, 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 September 30, 2016 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized State and political subdivisions $ 18,332 $ 61 $ - $ - $ 18,332 $ 61 Mortgage-backed securities 19,537 118 - - 19,537 118 Total unrealized loss position $ 37,869 $ 179 $ - $ - $ 37,869 $ 179 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 September 30, 2016 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Government agencies $ 1,017 $ 18 $ - $ - $ 1,017 $ 18 Mortgage-backed securities 51,399 105 50,387 253 101,786 358 Corporate bonds 54,607 393 20,481 519 75,088 912 Asset-backed securities 14,885 380 159,336 2,201 174,221 2,581 Total unrealized loss position $ 121,908 $ 896 $ 230,204 $ 2,973 $ 352,112 $ 3,869 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 September 30, 2016, there were 53 available-for-sale securities and seven 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 September 30, 2016 were primarily attributable to changes in interest rates and spread relationships. Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, among other factors. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. No impairment charges were recognized during the three or nine months ended September 30, 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 and nine months ended September 30, 2016 and 2015 (in thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Proceeds from sales $ 100,867 $ 137,702 $ 189,164 $ 274,519 Gross gains on sales $ 607 $ 328 $ 1,565 $ 1,880 Gross losses on sales (346 ) (3 ) (643 ) (3 ) Net gains on sales of securities $ 261 $ 325 $ 922 $ 1,877 Income tax expense attributable to sales $ 101 $ 121 $ 348 $ 724 The amortized cost and fair value of held-to-maturity and available-for-sale securities at September 30, 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 $ 65,957 $ 67,453 $ - $ - 5 to 10 years 74,543 77,421 - - 140,500 144,874 - - US Government agencies: 1 to 5 years 990 995 - - 5 to 10 years 18,180 18,443 - - More than 10 years 1,035 1,017 20,205 20,455 - - State and political subdivisions: Within 1 year 1,252 1,263 4,012 4,077 1 to 5 years 31,964 32,790 12,860 13,681 5 to 10 years 23,673 24,516 22,152 24,774 More than 10 years 6,112 6,317 18,887 18,863 63,001 64,886 57,911 61,395 Corporate bonds: 1 to 5 years 233,824 237,475 - - 5 to 10 years 72,416 74,584 - - More than 10 years 1,000 500 - - 307,240 312,559 - - Asset-backed securities: 1 to 5 years 17,250 17,459 - - 5 to 10 years 333,434 333,831 - - More than 10 years 144,602 144,143 - - 495,286 495,433 - - Other: More than 10 years 1,125 1,125 - - 1,125 1,125 - - Total securities other than mortgage-backed securities: Within 1 year 1,252 1,263 4,012 4,077 1 to 5 years 349,985 356,172 12,860 13,681 5 to 10 years 522,246 528,795 22,152 24,774 More than 10 years 153,874 153,102 18,887 18,863 Mortgage-backed securities 1,151,570 1,175,781 287,006 296,155 $ 2,178,927 $ 2,215,113 $ 344,917 $ 357,550 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 | 9 Months Ended |
Sep. 30, 2016 | |
Loans and Allowance for Credit Losses [Abstract] | |
Loans and Allowance for Credit Losses | Note 6 – Loans and Allowance for Credit Losses Major classifications of loans are summarized as of the dates indicated as follows (in thousands) September 30, December 31, 2016 2015 Owner occupied commercial real estate $ 1,512,185 $ 1,493,966 Income producing commercial real estate 1,105,293 823,729 Commercial & industrial 994,350 785,417 Commercial construction 388,861 342,078 Total commercial 4,000,689 3,445,190 Residential mortgage 1,055,166 1,029,663 Home equity lines of credit 698,356 597,806 Residential construction 378,329 351,700 Consumer installment 126,468 115,111 Indirect auto 466,102 455,971 Total loans 6,725,110 5,995,441 Less allowance for loan losses (62,961 ) (68,448 ) Loans, net $ 6,662,149 $ 5,926,993 At September 30, 2016 and December 31, 2015, loans totaling $3.05 billion and $2.44 billion, respectively, were pledged as collateral to secure Federal Home Loan Bank advances and other contingent funding sources. At September 30, 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Balance at beginning of period $ 5,337 $ 946 $ 4,279 $ - Additions due to acquisitions 2,113 4,834 2,113 5,863 Accretion (1,116 ) (316 ) (3,058 ) (399 ) Reclassification from nonaccretable difference 1,455 - 2,908 - Changes in expected cash flows that do not affect nonaccretable difference 362 - 1,909 - Balance at end of period $ 8,151 $ 5,464 $ 8,151 $ 5,464 In addition to the accretable yield on PCI loans, the fair value adjustments on purchased loans outside the scope of ASC 310-30 are also accreted to interest revenue over the life of the loans. At September 30, 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 $8.30 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 $11.8 million and $12.0 million, respectively, as of September 30, 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) 2016 2015 Three Months Ended September 30, Beginning Charge- Recoveries (Release) Ending Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 14,432 $ (276 ) $ 108 $ (207 ) $ 14,057 $ 16,339 $ (463 ) $ 228 $ (495 ) $ 15,609 Income producing commercial real estate 5,522 (201 ) 44 1,587 6,952 8,200 (126 ) 231 (532 ) 7,773 Commercial & industrial 3,207 (850 ) 398 689 3,444 4,728 (508 ) 319 1,041 5,580 Commercial construction 8,938 (14 ) 100 350 9,374 4,895 (80 ) 21 1,659 6,495 Residential mortgage 15,662 (253 ) 508 (179 ) 15,738 19,052 (848 ) 415 (1,880 ) 16,739 Home equity lines of credit 5,318 (321 ) 54 191 5,242 5,479 (413 ) 120 1,119 6,305 Residential construction 9,005 (269 ) 134 (2,990 ) 5,880 9,337 (50 ) 174 (1,078 ) 8,383 Consumer installment 723 (426 ) 190 183 670 688 (496 ) 221 352 765 Indirect auto 1,446 (354 ) 69 443 1,604 1,411 (175 ) 13 164 1,413 Total allowance for loan losses 64,253 (2,964 ) 1,605 67 62,961 70,129 (3,159 ) 1,742 350 69,062 Allowance for unfunded commitments 2,369 - - (367 ) 2,002 2,580 - - 350 2,930 Total allowance for credit losses $ 66,622 $ (2,964 ) $ 1,605 $ (300 ) $ 64,963 $ 72,709 $ (3,159 ) $ 1,742 $ 700 $ 71,992 Nine Months Ended September 30, Beginning Charge- Recoveries (Release) Ending Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 16,732 $ (1,288 ) $ 251 $ (1,638 ) $ 14,057 $ 16,041 $ (1,194 ) $ 317 $ 445 $ 15,609 Income producing commercial real estate 8,235 (544 ) 199 (938 ) 6,952 10,296 (448 ) 588 (2,663 ) 7,773 Commercial & industrial 4,442 (1,645 ) 1,302 (655 ) 3,444 3,255 (1,139 ) 1,236 2,228 5,580 Commercial construction 5,583 (325 ) 102 4,014 9,374 4,747 (249 ) 72 1,925 6,495 Residential mortgage 17,232 (1,489 ) 866 (871 ) 15,738 20,311 (2,535 ) 899 (1,936 ) 16,739 Home equity lines of credit 6,042 (1,513 ) 361 352 5,242 4,574 (834 ) 160 2,405 6,305 Residential construction 7,961 (598 ) 575 (2,058 ) 5,880 10,603 (1,689 ) 645 (1,176 ) 8,383 Consumer installment 828 (1,295 ) 625 512 670 731 (1,171 ) 784 421 765 Indirect auto 1,393 (953 ) 142 1,022 1,604 1,061 (433 ) 34 751 1,413 Total allowance for loan losses 68,448 (9,650 ) 4,423 (260 ) 62,961 71,619 (9,692 ) 4,735 2,400 69,062 Allowance for unfunded commitments 2,542 - - (540 ) 2,002 1,930 - - 1,000 2,930 Total allowance for credit losses $ 70,990 $ (9,650 ) $ 4,423 $ (800 ) $ 64,963 $ 73,549 $ (9,692 ) $ 4,735 $ 3,400 $ 71,992 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 September 30, 2016 December 31, 2015 Individually evaluated for impairment Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 1,212 $ 12,845 $ - $ 14,057 $ 1,465 $ 15,267 $ - $ 16,732 Income producing commercial real estate 714 6,238 - 6,952 961 7,274 - 8,235 Commercial & industrial 64 3,380 - 3,444 280 4,162 - 4,442 Commercial construction 42 9,303 29 9,374 13 5,570 - 5,583 Residential mortgage 3,613 12,124 1 15,738 3,885 13,347 - 17,232 Home equity lines of credit 3 5,231 8 5,242 6 6,036 - 6,042 Residential construction 139 5,736 5 5,880 174 7,787 - 7,961 Consumer installment 9 661 - 670 13 815 - 828 Indirect auto - 1,604 - 1,604 - 1,393 - 1,393 Total allowance for loan losses 5,796 57,122 43 62,961 6,797 61,651 - 68,448 Allowance for unfunded commitments - 2,002 - 2,002 - 2,542 - 2,542 Total allowance for credit losses $ 5,796 $ 59,124 $ 43 $ 64,963 $ 6,797 $ 64,193 $ - $ 70,990 Loans Outstanding September 30, 2016 December 31, 2015 Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 34,319 $ 1,459,218 $ 18,648 $ 1,512,185 $ 38,268 $ 1,442,024 $ 13,674 $ 1,493,966 Income producing commercial real estate 28,418 1,052,242 24,633 1,105,293 23,013 772,945 27,771 823,729 Commercial & industrial 2,515 990,788 1,047 994,350 3,339 781,423 655 785,417 Commercial construction 1,383 382,283 5,195 388,861 10,616 329,320 2,142 342,078 Residential mortgage 19,586 1,029,629 5,951 1,055,166 19,627 1,005,860 4,176 1,029,663 Home equity lines of credit 103 690,865 7,388 698,356 167 595,951 1,688 597,806 Residential construction 5,925 367,900 4,504 378,329 7,900 342,677 1,123 351,700 Consumer installment 285 126,012 171 126,468 329 114,741 41 115,111 Indirect auto 1,022 465,072 8 466,102 749 455,173 49 455,971 Total loans $ 93,556 $ 6,564,009 $ 67,545 $ 6,725,110 $ 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. 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 recorded investment in the loan. 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 had previously used eight quarters of historical loss experience look-back period to determine the loss factors to be used in the reserve calculation for loans evaluated in the aggregate. Beginning in the third quarter of 2016, management extended the look-back period to 17 quarters to better capture the full range of the loss cycle balanced with the availability of reliable historical data. The look-back period will be extended by one quarter each quarter going forward. Management weights each quarter in the look-back period equally to capture the full range of the cycle. Management believes the 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 weighted 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 fair value less costs to sell at the time they are placed on nonaccrual status. 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. 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) September 30, 2016 December 31, 2015 Unpaid Recorded Allowance Losses Unpaid Recorded Allowance Losses With no related allowance recorded: Owner occupied commercial real estate $ 13,030 $ 12,892 $ - $ 14,793 $ 14,460 $ - Income producing commercial real estate 17,144 16,963 - 13,044 12,827 - Commercial & industrial 473 473 - 493 469 - Commercial construction - - - - - - Total commercial 30,647 30,328 - 28,330 27,756 - Residential mortgage 692 689 - 791 791 - Home equity lines of credit - - - - - - Residential construction 1,439 1,388 - 3,731 3,429 - Consumer installment - - - - - - Indirect auto 1,022 1,022 - 749 749 - Total with no related allowance recorded 33,800 33,427 - 33,601 32,725 - With an allowance recorded: Owner occupied commercial real estate 22,096 21,427 1,212 24,043 23,808 1,465 Income producing commercial real estate 11,503 11,455 714 10,281 10,186 961 Commercial & industrial 2,218 2,042 64 2,957 2,870 280 Commercial construction 1,478 1,383 42 10,787 10,616 13 Total commercial 37,295 36,307 2,032 48,068 47,480 2,719 Residential mortgage 19,426 18,897 3,613 19,346 18,836 3,885 Home equity lines of credit 103 103 3 167 167 6 Residential construction 5,209 4,537 139 4,854 4,471 174 Consumer installment 314 285 9 354 329 13 Indirect auto - - - - - - Total with an allowance recorded 62,347 60,129 5,796 72,789 71,283 6,797 Total $ 96,147 $ 93,556 $ 5,796 $ 106,390 $ 104,008 $ 6,797 Excluding PCI loans, there were no loans more than 90 days past due and still accruing interest at September 30, 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 the loan’s recorded investment. 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. The accrual of interest is discontinued on PCI loans if management can no longer reliably estimate future cash flows on the loan. No PCI loans were classified as nonaccrual at September 30, 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 revenue, 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 $262,000 for the three months ended September 30, 2016 and 2015 and $686,000 for the nine months ended September 30, 2016 and 2015. 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 September 30, Average Interest Cash Basis Average Interest Cash Basis Owner occupied commercial real estate $ 33,387 $ 414 $ 414 $ 37,840 $ 484 $ 523 Income producing commercial real estate 28,487 375 343 20,802 265 281 Commercial & industrial 2,553 33 33 4,637 43 77 Commercial construction 1,411 26 26 12,584 116 116 Total commercial 65,838 848 816 75,863 908 997 Residential mortgage 19,653 201 196 23,176 242 197 Home equity lines of credit 103 1 1 477 5 5 Residential construction 6,115 59 60 8,560 123 123 Consumer installment 291 5 6 242 5 4 Indirect auto 959 11 11 - - - Total $ 92,959 $ 1,125 $ 1,090 $ 108,318 $ 1,283 $ 1,326 Nine Months Ended September 30, Owner occupied commercial real estate $ 31,648 $ 1,223 $ 1,249 $ 37,605 $ 1,413 $ 1,491 Income producing commercial real estate 28,726 943 940 21,427 805 810 Commercial & industrial 2,614 99 95 4,627 126 202 Commercial construction 1,462 70 70 12,340 349 353 Total commercial 64,450 2,335 2,354 75,999 2,693 2,856 Residential mortgage 19,860 670 664 21,955 667 633 Home equity lines of credit 103 3 3 504 15 15 Residential construction 6,372 197 203 9,294 371 381 Consumer installment 303 17 18 185 11 10 Indirect auto 871 33 33 - - - Total $ 91,959 $ 3,255 $ 3,275 $ 107,937 $ 3,757 $ 3,895 The following table presents the recorded investment in nonaccrual loans by loan class as of the dates indicated (in thousands) September 30, December 31, 2016 2015 Owner occupied commercial real estate $ 6,454 $ 7,036 Income producing commercial real estate 949 2,595 Commercial & industrial 1,079 892 Commercial construction 98 328 Total commercial 8,580 10,851 Residential mortgage 8,152 8,555 Home equity lines of credit 1,194 851 Residential construction 2,248 1,398 Consumer installment 98 175 Indirect auto 1,300 823 Total $ 21,572 $ 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 September 30, 2016 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total Owner occupied commercial real estate $ 2,975 $ 1,279 $ 2,291 $ 6,545 $ 1,486,992 $ 18,648 $ 1,512,185 Income producing commercial real estate 667 - 180 847 1,079,813 24,633 1,105,293 Commercial & industrial 678 681 475 1,834 991,469 1,047 994,350 Commercial construction 365 - - 365 383,301 5,195 388,861 Total commercial 4,685 1,960 2,946 9,591 3,941,575 49,523 4,000,689 Residential mortgage 6,644 1,981 2,477 11,102 1,038,113 5,951 1,055,166 Home equity lines of credit 1,743 474 452 2,669 688,299 7,388 698,356 Residential construction 991 1,111 859 2,961 370,864 4,504 378,329 Consumer installment 648 43 8 699 125,598 171 126,468 Indirect auto 853 539 795 2,187 463,907 8 466,102 Total loans $ 15,564 $ 6,108 $ 7,537 $ 29,209 $ 6,628,356 $ 67,545 $ 6,725,110 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 September 30, 2016 and December 31, 2015, $5.18 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 $55,000 and $224,000 as of September 30, 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) September 30, 2016 December 31, 2015 Number of Pre- Post- Number of Pre- Post- Owner occupied commercial real estate 54 $ 26,050 $ 25,560 54 $ 32,544 $ 32,058 Income producing commercial real estate 31 21,012 21,012 29 15,703 15,629 Commercial & industrial 20 1,961 1,882 26 2,955 2,870 Commercial construction 8 1,463 1,383 14 10,785 10,616 Total commercial 113 50,486 49,837 123 61,987 61,173 Residential mortgage 171 19,036 18,768 173 19,101 18,836 Home equity lines of credit 2 103 103 2 167 167 Residential construction 48 5,971 5,381 44 5,663 5,334 Consumer installment 19 306 285 22 348 329 Indirect auto 61 1,022 1,022 49 749 749 Total loans 414 $ 76,924 $ 75,396 413 $ 88,015 $ 86,588 Loans modified under the terms of a TDR during the three and nine months ended September 30, 2016 and 2015 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the periods presented and were initially restructured within one year prior to default (dollars in thousands) New TDRs for the Three Months Ended September 30, New TDRs for the Nine Months Ended September 30, Pre- Post- Modified Within the Pre- Post- Modified Within the 2016 Number of Recorded Recorded Number of Recorded Number of Recorded Recorded Number of Recorded Investment Owner occupied commercial real estate 1 $ 1,007 $ 1,007 - $ - 7 $ 2,524 $ 2,524 1 $ 252 Income producing commercial real estate - - - - - - - - - - Commercial & industrial 2 66 66 2 34 5 1,012 1,012 2 34 Commercial construction - - - - - - - - - - Total commercial 3 1,073 1,073 2 34 12 3,536 3,536 3 286 Residential mortgage 7 862 807 - - 25 3,465 3,371 1 85 Home equity lines of credit - - - - - 1 38 38 - - Residential construction 2 272 272 - - 8 766 711 - - Consumer installment 2 14 14 - - 3 34 34 - - Indirect auto 8 226 226 - - 26 699 699 - - Total loans 22 $ 2,447 $ 2,392 2 $ 34 75 $ 8,538 $ 8,389 4 $ 371 2015 Owner occupied commercial real estate 3 $ 667 $ 666 1 $ 178 11 $ 13,204 $ 13,159 1 $ 178 Income producing commercial real estate - - - - - 3 310 310 - - Commercial & industrial 1 23 23 - - 7 1,203 1,203 - - Commercial construction - - - - - 1 233 233 - - Total commercial 4 690 689 1 178 22 14,950 14,905 1 178 Residential mortgage 10 939 939 - - 33 3,060 3,060 - - Home equity lines of credit - - - - - 1 83 74 - - Residential construction 1 347 347 - - 3 510 486 - - Consumer installment 4 58 58 - - 6 86 86 1 30 Indirect auto - - - - - - - - - - Total loans 19 $ 2,034 $ 2,033 1 $ 178 65 $ 18,689 $ 18,611 2 $ 208 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) Doubtful / As of September 30, 2016 Pass Watch (1) Substandard Loss Total Owner occupied commercial real estate $ 1,443,160 $ 19,613 $ 30,764 $ - $ 1,493,537 Income producing commercial real estate 1,054,769 2,622 23,269 - 1,080,660 Commercial & industrial 978,008 5,007 10,288 - 993,303 Commercial construction 381,336 1,333 997 - 383,666 Total commercial 3,857,273 28,575 65,318 - 3,951,166 Residential mortgage 1,007,944 7,470 33,801 - 1,049,215 Home equity lines of credit 685,670 26 5,272 - 690,968 Residential construction 359,126 4,871 9,828 - 373,825 Consumer installment 125,540 - 757 - 126,297 Indirect auto 463,186 - 2,908 - 466,094 Total loans, excluding PCI loans $ 6,498,739 $ 40,942 $ 117,884 $ - $ 6,657,565 Owner occupied commercial real estate $ 2,211 $ 3,379 $ 13,058 $ - $ 18,648 Income producing commercial real estate 12,667 10,028 1,938 - 24,633 Commercial & industrial 92 117 838 - 1,047 Commercial construction 1,594 299 3,302 - 5,195 Total commercial 16,564 13,823 19,136 - 49,523 Residential mortgage 722 666 4,563 - 5,951 Home equity lines of credit 6,419 - 969 - 7,388 Residential construction 2,588 1,281 635 - 4,504 Consumer installment 168 - 3 - 171 Indirect auto - - 8 - 8 Total PCI loans $ 26,461 $ 15,770 $ 25,314 $ - $ 67,545 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 (1) |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Note 7 – 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) Amounts Reclassified from Accumulated Other Details about Accumulated Other For the Three Months For the Nine Months Affected Line Item in the Statement Comprehensive Income Components 2016 2015 2016 2015 Where Net Income is Presented Realized gains on available-for-sale securities: $ 261 $ 325 $ 922 $ 1,877 Securities gains, net (101 ) (121 ) (348 ) (724 ) Tax expense $ 160 $ 204 $ 574 $ 1,153 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (663 ) $ (269 ) $ (1,601 ) $ (1,041 ) Investment securities interest revenue 237 99 596 387 Tax benefit $ (426 ) $ (170 ) $ (1,005 ) $ (654 ) 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 $ - $ (15 ) $ (7 ) $ (93 ) Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (153 ) (237 ) (495 ) (502 ) Money market deposit interest expense Amortization of losses on de-designated positions (313 ) (298 ) (924 ) (835 ) Federal Home Loan Bank advances interest expense (466 ) (550 ) (1,426 ) (1,430 ) Total before tax 181 214 555 556 Tax benefit $ (285 ) $ (336 ) $ (871 ) $ (874 ) 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 ) $ (375 ) $ (274 ) Salaries and employee benefits expense Actuarial losses (42 ) (68 ) (126 ) (204 ) Salaries and employee benefits expense (167 ) (159 ) (501 ) (478 ) Total before tax 65 62 195 186 Tax benefit $ (102 ) $ (97 ) $ (306 ) $ (292 ) Net of tax Total reclassifications for the period $ (653 ) $ (399 ) $ (1,608 ) $ (667 ) Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8 – 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 nine months ended September 30, 2016, United accrued dividends of $21,000 on its Series H preferred stock. The Series H preferred stock was redeemed in the first quarter of 2016; accordingly, United did not accrue any dividends for the third quarter of 2016. The preferred stock dividends were subtracted from net income in order to arrive at net income available to common shareholders. During the three and nine months ended September 30, 2015, United accrued dividends of $25,000 and $42,000, respectively, on its Series H 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 Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net income available to common shareholders $ 25,874 $ 17,862 $ 73,414 $ 53,328 Weighted average shares outstanding: Basic 71,556 66,294 71,992 63,297 Effect of dilutive securities Stock options 5 6 4 5 Diluted 71,561 66,300 71,996 63,302 Net income per common share: Basic $ .36 $ .27 $ 1.02 $ .84 Diluted $ .36 $ .27 $ 1.02 $ .84 At September 30, 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; 185,688 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $77.63; and 674,862 shares of common stock issuable upon completion of vesting of restricted stock unit awards. At September 30, 2015, United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 255,229 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $90.10; and 735,280 shares of common stock issuable upon completion of vesting of restricted stock unit awards. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivatives and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | Note 9 – 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 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 September 30, December 31, Fair value hedge of corporate bonds Derivative assets $ - $ 31 $ - $ 31 Fair value hedge of brokered CD's Derivative liabilities $ 1,070 $ 2,169 Fair value hedge of corporate bonds Derivative liabilities 2,114 - $ 3,184 $ 2,169 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet September 30, December 31, Customer swap positions Derivative assets $ 16,018 $ 6,185 Dealer offsets to customer swap positions Derivative assets - 31 Mortgage banking - loan commitment Derivative assets 1,072 188 Mortgage banking - forward sales commitment Derivative assets 3 1 Bifurcated embedded derivatives Derivative assets 3,793 9,230 Offsetting positions for de-designated cash flow hedges Derivative assets 4,577 4,416 $ 25,463 $ 20,051 Customer swap positions Derivative liabilities $ - $ 31 Dealer offsets to customer swap positions Derivative liabilities 16,170 6,339 Risk participations Derivative liabilities 38 - Mortgage banking - forward sales commitment Derivative liabilities 70 22 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 8,507 15,794 De-designated cash flow hedges Derivative liabilities 4,579 4,470 $ 29,364 $ 26,656 Customer swap positions are between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back swap program. United also has three interest rate swap contracts that are not designated as hedging instruments but are economic hedges of market linked brokered certificates of deposit. The market linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and marked to market through earnings. The marks on the market linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day LIBOR and therefore provide an economic hedge. To accommodate customers, United occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. This allows customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Credit risk participation agreements arise when United contracts with other financial institutions, as a guarantor, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third party default on the underlying swap. These transactions are typically executed in conjunction with a participation in a loan with the same customer. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of the credit risk participation. 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. Beginning late in the third quarter of 2016 for newly originated mortgage loans, United began to account for the underlying loans at fair value pursuant to the fair value option, and these loans 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 September 30, 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 $1.21 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 cash flow hedges on the consolidated statement of income for the periods indicated (in thousands) Amount of Gain (Loss) Gain (Loss) Reclassified from Gain (Loss) Recognized in Income on 2016 2015 Location 2016 2015 Location 2016 2015 Three Months Ended September 30, Interest rate swaps $ - $ - Interest expense $ (466 ) $ (550 ) Interest expense $ - $ - Nine Months Ended September 30, Interest rate swaps $ - $ (471 ) Interest expense $ (1,426 ) $ (1,430 ) 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 September 30, 2016, United had one interest rate swap with a notional amount of $12.8 million that was designated as a fair value hedge of interest rate risk and was a pay-variable / receive-fixed swap hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. Also at September 30, 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 and nine months ended September 30, 2016, United recognized net gains of $1.51 million and $2.37 million, respectively, related to ineffectiveness in the fair value hedging relationships. The ineffectiveness gains were almost entirely offset by the write-off of unamortized prepaid broker fees that were incurred as part of the original brokered certificates of deposit. The 2016 ineffectiveness gains mostly resulted from called hedging transactions where United was short the call option in the swap and long the call option on the hedged items (brokered certificates of deposit). Since the instruments were called at par, the difference between the carrying amount of the swap (fair value) and the carrying amount of the hedged item (fair value) on the call date created the ineffectiveness gains. During the three and nine months ended September 30, 2015, United recognized net gains of $14,000 and $184,000, respectively, related to ineffectiveness in the fair value hedging relationships. United also recognized net reductions of interest expense of $388,000 and $1.63 million, respectively, for the three and nine months ended September 30, 2016 and net reductions of interest expense of $1.12 million and $3.39 million, respectively, for the three and nine months ended September 30, 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 and nine months ended September 30, 2016 of $262,000 and $508,000, respectively, and reductions of interest revenue on securities during the three and nine months ended September 30, 2015 of $142,000 and $361,000, respectively, related to fair value hedges of corporate bonds. The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of 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 September 30, Fair value hedges of brokered CD's Interest expense $ (389 ) $ 4,374 $ 1,945 $ (4,247 ) Fair value hedges of corporate bonds Interest revenue 262 (1,365 ) (307 ) 1,252 $ (127 ) $ 3,009 $ 1,638 $ (2,995 ) Nine Months Ended September 30, Fair value hedges of brokered CD's Interest expense $ 2,882 $ 3,599 $ (268 ) $ (3,365 ) Fair value hedges of corporate bonds Interest revenue (2,145 ) (395 ) 1,896 345 $ 737 $ 3,204 $ 1,628 $ (3,020 ) 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 September 30, 2016, collateral totaling $32.0 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 | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Stock-Based Compensation | Note 10 – 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 September 30, 2016, 2.12 million additional awards could be granted under the plan. Through September 30, 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 nine months of 2016. Options Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2015 241,493 $ 89.92 Expired (51,606 ) 134.83 Forfeited (4,199 ) 81.21 Outstanding at September 30, 2016 185,688 77.63 2.2 $ 172 Exercisable at September 30, 2016 176,938 80.66 1.9 132 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 nine months ended September 30, 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 $23,000 and $28,000, respectively, in compensation expense related to stock options during the nine months ended September 30, 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 nine months of 2016 or 2015. The table below presents restricted stock units activity for the first nine months of 2016. Restricted Stock Unit Awards Shares Weighted- Outstanding at December 31, 2015 712,667 $ 16.44 Granted 225,886 19.42 Vested (223,733 ) 15.70 Cancelled (39,958 ) 17.01 Outstanding at September 30, 2016 674,862 17.65 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 nine months ended September 30, 2016 and 2015, compensation expense of $3.16 million and $3.22 million, respectively, was recognized related to restricted stock unit awards. In addition, for the nine months ended September 30, 2016 and 2015, $75,000 and $95,000, 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 $14.2 million at September 30, 2016. As of September 30, 2016, there was $9.39 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 2.62 years. The aggregate grant date fair value of options and restricted stock unit awards that vested during the nine months ended September 30, 2016 was $3.51 million. |
Common and Preferred Stock Issu
Common and Preferred Stock Issued / Common Stock Issuable | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Common and Preferred Stock Issued / Common Stock Issuable | Note 11 – 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 nine months ended September 30, 2016 and 2015, 2,938 shares and 1,564 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 nine months of 2016 and 2015, United issued 12,906 shares and 10,197 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 September 30, 2016 and December 31, 2015, 520,014 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. In the second quarter of 2016, United amended its articles of incorporation to increase the number of authorized shares of common stock from 100 million to 150 million shares. On March 22, 2016, United announced that its Board of Directors had authorized a new program to repurchase up to $50 million of United’s outstanding common stock through December 31, 2017. Under the program, the shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program depends on a number of factors, including the market price of United’s common stock, general market and economic conditions, and applicable legal requirements. During the first nine months of 2016, United repurchased 764,000 shares under the program. As of September 30, 2016, $36.3 million of United’s outstanding common stock may be repurchased under the program. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 – Income Taxes The income tax provision for the three and nine months ended September 30, 2016 was $15.8 million and $44.7 million, respectively, which represents an effective tax rate of 37.8% for both periods. The income tax provision for the three and nine months ended September 30, 2015 was $10.9 million and $32.4 million, respectively, which represents an effective tax rate of 37.8% for both periods. At September 30, 2016 and December 31, 2015, United maintained a valuation allowance on its net deferred tax asset of $4.71 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 September 30, 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 $4.71 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 September 30, 2016 that it was more likely than not that United’s net deferred tax asset of $156 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 2013. Although it is not possible to know the ultimate outcome of future examinations, management believes that the liability recorded for uncertain tax positions is appropriate. At September 30, 2016 and December 31, 2015, unrecognized income tax benefits totaled $3.79 million and $3.98 million, respectively. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value [Abstract] | |
Assets and Liabilities Measured at Fair Value | Note 13 – 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 Beginning in the third quarter of 2016, United elected the fair value option for newly originated mortgage loans held for sale. United elected the fair value option for its portfolio of mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2). 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 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 September 30, 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 risk participations incorporates Level 3 inputs to evaluate the likelihood of customer default. The fair value of interest rate lock commitments, which is related to mortgage loan commitments, is categorized as Level 3 based on unobservable inputs 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) September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 144,874 $ - $ - $ 144,874 U.S. Government agencies - 20,455 - 20,455 State and political subdivisions - 64,886 - 64,886 Mortgage-backed securities - 1,175,781 - 1,175,781 Corporate bonds - 312,059 500 312,559 Asset-backed securities - 495,433 - 495,433 Other - 1,125 - 1,125 Mortgage loans held for sale - 279 - 279 Deferred compensation plan assets 4,134 - - 4,134 Servicing rights for government guaranteed loans - - 5,100 5,100 Derivative financial instruments - 20,598 4,865 25,463 Total assets $ 149,008 $ 2,090,616 $ 10,465 $ 2,250,089 Liabilities: Deferred compensation plan liability $ 4,134 $ - $ - $ 4,134 Derivative financial instruments - 22,933 9,615 32,548 Total liabilities $ 4,134 $ 22,933 $ 9,615 $ 36,682 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 168,706 $ - $ - $ 168,706 U.S. Government 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) 2016 2015 Derivative Derivative Servicing Securities Derivative Derivative Servicing Securities Three Months Ended September 30, Balance at beginning of period $ 2,657 $ 7,531 $ 4,615 $ 500 $ 11,531 $ 18,261 $ 3,118 $ 750 Purchases - - - - 286 - 137 - Additions - 16 752 - - - 455 - Sales and settlements (204 ) (483 ) (126 ) - - - - - Other comprehensive income - - - - - - - - Amounts included in earnings - fair value adjustments 2,412 2,529 (141 ) - (4,978 ) (5,461 ) (379 ) - Transfers between valuation levels, net - 22 - - - - - - Balance at end of period $ 4,865 $ 9,615 $ 5,100 $ 500 $ 6,839 $ 12,800 $ 3,331 $ 750 Nine Months Ended September 30, Balance at beginning of period $ 9,418 $ 15,794 $ 3,712 $ 750 $ 12,262 $ 18,979 $ 2,551 $ 750 Purchases - - - - 286 - 137 - Additions - 16 1,852 - - - 1,087 - Sales and settlements (204 ) (483 ) (297 ) - - - - - Other comprehensive income - - - (250 ) - - - - Amounts included in earnings - fair value adjustments (4,349 ) (5,734 ) (167 ) - (5,709 ) (6,179 ) (444 ) - Transfers between valuation levels, net - 22 - - - - - - Balance at end of period $ 4,865 $ 9,615 $ 5,100 $ 500 $ 6,839 $ 12,800 $ 3,331 $ 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 September 30, December 31, Valuation September 30, December 31, Level 3 Assets 2016 2015 Technique Unobservable Inputs 2016 2015 Servicing rights for government guaranteed loans $ 5,100 $ 3,712 Discounted cash flow Discount rate 12.1 % 11.8 % Prepayment rate 7.22 % 6.95 % Corporate bonds 500 750 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 1,072 188 Internal model Pull through rate 75.9 % 85.0 % Derivative assets - other 3,793 9,230 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 38 - Internal model Probable exposure rate 0.25 % N/A Probability of default rate 1.80 % N/A Derivative liabilities - other 9,577 15,794 Dealer priced Dealer priced N/A N/A Fair Value Option At September 30, 2016, mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $279,000 and $268,000, respectively. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. During the third quarter of 2016, net gains resulting from changes in fair value of these loans of $11,000 were recorded in mortgage loan and other related fees. These changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. 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 September 30, 2016 and December 31, 2015, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) September 30, 2016 Level 1 Level 2 Level 3 Total Loans $ - $ - $ 7,556 $ 7,556 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 September 30, 2016 Amount Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 344,917 $ - $ 357,550 $ - $ 357,550 Loans, net 6,662,149 - - 6,620,163 6,620,163 Mortgage loans held for sale 30,535 - 31,596 - 31,596 Residential mortgage servicing rights 3,673 - - 3,694 3,694 Liabilities: Deposits 8,441,599 - 8,447,293 - 8,447,293 Federal Home Loan Bank advances 449,407 - 449,415 - 449,415 Long-term debt 174,959 - - 174,946 174,946 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 | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – 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) September 30, December 31, 2016 2015 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,418,846 $ 1,351,446 Letters of credit 19,728 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 September 30, 2016, the Bank had invested $2.51 million in these limited partnerships and had committed to fund an additional $1.99 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 15 – Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands) September 30, December 31, 2016 2015 Core deposit intangible $ 51,342 $ 49,772 Less: accumulated amortization (36,079 ) (32,964 ) Total intangibles subject to amortization, net 15,263 16,808 Goodwill 142,025 130,612 Total goodwill and other intangible assets, net $ 157,288 $ 147,420 The following is a summary of changes in the carrying amounts of goodwill (in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, Goodwill, net of Goodwill, net of Accumulated Accumulated Accumulated Accumulated Impairment Impairment Impairment Impairment 2016 Goodwill Losses Losses Goodwill Losses Losses Balance, beginning of period $ 436,902 $ (305,590 ) $ 131,312 $ 436,202 $ (305,590 ) $ 130,612 Acquisition of Tidelands 10,713 - 10,713 10,713 - 10,713 Measurement period - - - 700 - 700 Balance, end of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 2015 Balance, beginning of period $ 320,117 $ (305,590 ) $ 14,527 $ 307,099 $ (305,590 ) $ 1,509 Acquisition of Palmetto 107,923 - 107,923 107,923 - 107,923 Acquisition of MoneyTree 1,116 - 1,116 14,134 - 14,134 Balance, end of period $ 429,156 $ (305,590 ) $ 123,566 $ 429,156 $ (305,590 ) $ 123,566 The amortization expense for intangibles subject to amortization for the three and nine months ended September 30, 2016 was $1.12 million and $3.12 million, respectively, which was recognized in operating expenses. The amortization expense for intangibles subject to amortization for the three and nine months ended September 30, 2015 was $714,000 and $1.4 million, respectively. The estimated aggregate amortization expense for future periods is as follows (in thousands) Year Remainder of 2016 $ 1,066 2017 3,413 2018 2,690 2019 2,171 2020 1,678 Thereafter 4,245 Total $ 15,263 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Acquisition [Line Items] | |
Schedule of actual results and pro forma information | Three Months Ended September 30, Nine Months Ended September 30, Revenue Net Income Revenue Net Income 2016 Actual Tidelands results included in statement of income since acquisition date $ 3,988 $ 658 $ 3,988 $ 658 Supplemental consolidated pro forma as if Tidelands had been acquired January 1, 2015 105,281 27,499 305,273 72,436 2015 Actual Palmetto results included in statement of income since acquisition date $ 4,382 $ 1,659 $ 4,382 $ 1,659 Actual MoneyTree results included in statement of income since acquisition date 3,081 1,394 5,365 1,778 Supplemental consolidated pro forma as if Tidelands had been acquired January 1, 2015 and Palmetto and MoneyTree had been acquired January 1, 2014 95,385 20,805 284,799 63,190 |
Tidelands Bancshares, Inc. | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | As Recorded Fair Value As Recorded by by Tidelands Adjustments (1) United Assets Cash and cash equivalents $ 13,121 $ - $ 13,121 Securities 65,676 (155 ) 65,521 Loans held for sale 139 3 142 Loans, net 317,938 (12,035 ) 305,903 Premises and equipment, net 19,133 (7,944 ) 11,189 Bank owned life insurance 16,917 - 16,917 Accrued interest receivable 1,086 (167 ) 919 Net deferred tax asset 73 15,639 15,712 Core deposit intangible - 1,570 1,570 Other real estate owned 9,881 (2,386 ) 7,495 Other assets 1,920 (164 ) 1,756 Total assets acquired $ 445,884 $ (5,639 ) $ 440,245 Liabilities Deposits $ 398,108 $ 1,765 $ 399,873 Repurchase agreements 10,000 155 10,155 Federal Home Loan Bank advances 13,000 354 13,354 Long-term debt 14,434 (3,668 ) 10,766 Other liabilities 11,587 (5,986 ) 5,601 Total liabilities assumed 447,129 (7,380 ) 439,749 Excess of assets acquired over liabilities assumed $ (1,245 ) Aggregate fair value adjustments $ 1,741 Total identifiable net assets $ 496 Consideration transferred Cash paid to redeem common stock 2,224 Cash paid to redeem preferred stock issued under the Treasury's Capital Purchase Program 8,985 Total fair value of consideration transferred 11,209 Goodwill $ 10,713 (1) |
Additional information related to acquired loan portfolio at acquisition date | July 1, 2016 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 50,660 Non-accretable difference 13,483 Cash flows expected to be collected 37,177 Accretable yield 2,113 Fair value $ 35,064 Excluded from ASC 310-30: Fair value $ 270,839 Gross contractual amounts receivable 302,331 Estimate of contractual cash flows not expected to be collected 3,859 |
Balance Sheet Offsetting and 26
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Offsetting [Abstract] | |
Schedule of summary of amounts outstanding under reverse repurchase agreements. | Gross Gross Gross Amounts not Offset September 30, 2016 Recognized the Balance Net Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 150,000 $ (150,000 ) $ - $ - $ - $ - Derivatives 25,463 - 25,463 (1,472 ) (3,307 ) 20,684 Total $ 175,463 $ (150,000 ) $ 25,463 $ (1,472 ) $ (3,307 ) $ 20,684 Weighted average interest rate of reverse repurchase agreements 1.40 % Gross Gross Net Gross Amounts not Offset Recognized the Balance Liability Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 150,000 $ (150,000 ) $ - $ - $ - $ - Derivatives 32,548 - 32,548 (1,472 ) (31,960 ) - Total $ 182,548 $ (150,000 ) $ 32,548 $ (1,472 ) $ (31,960 ) $ - Weighted average interest rate of repurchase agreements .50 % Gross Gross Gross Amounts not Offset December 31, 2015 Recognized the Balance Net Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 400,000 $ (400,000 ) $ - $ - $ - $ - Derivatives 20,082 - 20,082 (519 ) (3,729 ) 15,834 Total $ 420,082 $ (400,000 ) $ 20,082 $ (519 ) $ (3,729 ) $ 15,834 Weighted average interest rate of reverse repurchase agreements 1.34 % Gross Gross Net Gross Amounts not Offset Recognized the Balance Liability Financial Collateral Net 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 Overnight and As of September 30, 2016 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total U.S. Treasuries $ - $ - $ 10,050 $ - $ 10,050 Mortgage-backed securities - 50,000 100,000 - 150,000 Total $ - $ 50,000 $ 110,050 $ - $ 160,050 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 150,000 Amounts related to agreements not included in offsetting disclosure $ 10,050 Remaining Contractual Maturity of the Agreements Overnight and As of December 31, 2015 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total U.S. Treasuries $ - $ - $ 100,000 $ - $ 100,000 U.S. Government agencies 32 - - - 32 Mortgage-backed securities 16,608 25,000 175,000 100,000 316,608 Total $ 16,640 $ 25,000 $ 275,000 $ 100,000 $ 416,640 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 400,000 Amounts related to agreements not included in offsetting disclosure $ 16,640 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investment Securities [Abstract] | |
Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity | Gross Gross Amortized Unrealized Unrealized Fair As of September 30, 2016 Cost Gains Losses Value State and political subdivisions $ 57,911 $ 3,545 $ 61 $ 61,395 Mortgage-backed securities (1) 287,006 9,267 118 296,155 Total $ 344,917 $ 12,812 $ 179 $ 357,550 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 |
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | Gross Gross Amortized Unrealized Unrealized Fair As of September 30, 2016 Cost Gains Losses Value U.S. Treasuries $ 140,500 $ 4,374 $ - $ 144,874 U.S. Government agencies 20,205 268 18 20,455 State and political subdivisions 63,001 1,885 - 64,886 Mortgage-backed securities (1) 1,151,570 24,569 358 1,175,781 Corporate bonds 307,240 6,231 912 312,559 Asset-backed securities 495,286 2,728 2,581 495,433 Other 1,125 - - 1,125 Total $ 2,178,927 $ 40,055 $ 3,869 $ 2,215,113 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) All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Schedule of held to maturity securities in an unrealized loss position | Less than 12 Months 12 Months or More Total As of September 30, 2016 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized State and political subdivisions $ 18,332 $ 61 $ - $ - $ 18,332 $ 61 Mortgage-backed securities 19,537 118 - - 19,537 118 Total unrealized loss position $ 37,869 $ 179 $ - $ - $ 37,869 $ 179 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 September 30, 2016 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Government agencies $ 1,017 $ 18 $ - $ - $ 1,017 $ 18 Mortgage-backed securities 51,399 105 50,387 253 101,786 358 Corporate bonds 54,607 393 20,481 519 75,088 912 Asset-backed securities 14,885 380 159,336 2,201 174,221 2,581 Total unrealized loss position $ 121,908 $ 896 $ 230,204 $ 2,973 $ 352,112 $ 3,869 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 Nine Months Ended 2016 2015 2016 2015 Proceeds from sales $ 100,867 $ 137,702 $ 189,164 $ 274,519 Gross gains on sales $ 607 $ 328 $ 1,565 $ 1,880 Gross losses on sales (346 ) (3 ) (643 ) (3 ) Net gains on sales of securities $ 261 $ 325 $ 922 $ 1,877 Income tax expense attributable to sales $ 101 $ 121 $ 348 $ 724 |
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 $ 65,957 $ 67,453 $ - $ - 5 to 10 years 74,543 77,421 - - 140,500 144,874 - - US Government agencies: 1 to 5 years 990 995 - - 5 to 10 years 18,180 18,443 - - More than 10 years 1,035 1,017 20,205 20,455 - - State and political subdivisions: Within 1 year 1,252 1,263 4,012 4,077 1 to 5 years 31,964 32,790 12,860 13,681 5 to 10 years 23,673 24,516 22,152 24,774 More than 10 years 6,112 6,317 18,887 18,863 63,001 64,886 57,911 61,395 Corporate bonds: 1 to 5 years 233,824 237,475 - - 5 to 10 years 72,416 74,584 - - More than 10 years 1,000 500 - - 307,240 312,559 - - Asset-backed securities: 1 to 5 years 17,250 17,459 - - 5 to 10 years 333,434 333,831 - - More than 10 years 144,602 144,143 - - 495,286 495,433 - - Other: More than 10 years 1,125 1,125 - - 1,125 1,125 - - Total securities other than mortgage-backed securities: Within 1 year 1,252 1,263 4,012 4,077 1 to 5 years 349,985 356,172 12,860 13,681 5 to 10 years 522,246 528,795 22,152 24,774 More than 10 years 153,874 153,102 18,887 18,863 Mortgage-backed securities 1,151,570 1,175,781 287,006 296,155 $ 2,178,927 $ 2,215,113 $ 344,917 $ 357,550 |
Loans and Allowance for Credi28
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Loans and Allowance for Credit Losses [Abstract] | |
Schedule of major classifications of loans | September 30, December 31, 2016 2015 Owner occupied commercial real estate $ 1,512,185 $ 1,493,966 Income producing commercial real estate 1,105,293 823,729 Commercial & industrial 994,350 785,417 Commercial construction 388,861 342,078 Total commercial 4,000,689 3,445,190 Residential mortgage 1,055,166 1,029,663 Home equity lines of credit 698,356 597,806 Residential construction 378,329 351,700 Consumer installment 126,468 115,111 Indirect auto 466,102 455,971 Total loans 6,725,110 5,995,441 Less allowance for loan losses (62,961 ) (68,448 ) Loans, net $ 6,662,149 $ 5,926,993 |
Schedule of changes in the value of the accretable yield for acquired loans accounted | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Balance at beginning of period $ 5,337 $ 946 $ 4,279 $ - Additions due to acquisitions 2,113 4,834 2,113 5,863 Accretion (1,116 ) (316 ) (3,058 ) (399 ) Reclassification from nonaccretable difference 1,455 - 2,908 - Changes in expected cash flows that do not affect nonaccretable difference 362 - 1,909 - Balance at end of period $ 8,151 $ 5,464 $ 8,151 $ 5,464 |
Schedule of balance and activity in the allowance for credit losses by portfolio segment | 2016 2015 Three Months Ended September 30, Beginning Charge- Recoveries (Release) Ending Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 14,432 $ (276 ) $ 108 $ (207 ) $ 14,057 $ 16,339 $ (463 ) $ 228 $ (495 ) $ 15,609 Income producing commercial real estate 5,522 (201 ) 44 1,587 6,952 8,200 (126 ) 231 (532 ) 7,773 Commercial & industrial 3,207 (850 ) 398 689 3,444 4,728 (508 ) 319 1,041 5,580 Commercial construction 8,938 (14 ) 100 350 9,374 4,895 (80 ) 21 1,659 6,495 Residential mortgage 15,662 (253 ) 508 (179 ) 15,738 19,052 (848 ) 415 (1,880 ) 16,739 Home equity lines of credit 5,318 (321 ) 54 191 5,242 5,479 (413 ) 120 1,119 6,305 Residential construction 9,005 (269 ) 134 (2,990 ) 5,880 9,337 (50 ) 174 (1,078 ) 8,383 Consumer installment 723 (426 ) 190 183 670 688 (496 ) 221 352 765 Indirect auto 1,446 (354 ) 69 443 1,604 1,411 (175 ) 13 164 1,413 Total allowance for loan losses 64,253 (2,964 ) 1,605 67 62,961 70,129 (3,159 ) 1,742 350 69,062 Allowance for unfunded commitments 2,369 - - (367 ) 2,002 2,580 - - 350 2,930 Total allowance for credit losses $ 66,622 $ (2,964 ) $ 1,605 $ (300 ) $ 64,963 $ 72,709 $ (3,159 ) $ 1,742 $ 700 $ 71,992 Nine Months Ended September 30, Beginning Charge- Recoveries (Release) Ending Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 16,732 $ (1,288 ) $ 251 $ (1,638 ) $ 14,057 $ 16,041 $ (1,194 ) $ 317 $ 445 $ 15,609 Income producing commercial real estate 8,235 (544 ) 199 (938 ) 6,952 10,296 (448 ) 588 (2,663 ) 7,773 Commercial & industrial 4,442 (1,645 ) 1,302 (655 ) 3,444 3,255 (1,139 ) 1,236 2,228 5,580 Commercial construction 5,583 (325 ) 102 4,014 9,374 4,747 (249 ) 72 1,925 6,495 Residential mortgage 17,232 (1,489 ) 866 (871 ) 15,738 20,311 (2,535 ) 899 (1,936 ) 16,739 Home equity lines of credit 6,042 (1,513 ) 361 352 5,242 4,574 (834 ) 160 2,405 6,305 Residential construction 7,961 (598 ) 575 (2,058 ) 5,880 10,603 (1,689 ) 645 (1,176 ) 8,383 Consumer installment 828 (1,295 ) 625 512 670 731 (1,171 ) 784 421 765 Indirect auto 1,393 (953 ) 142 1,022 1,604 1,061 (433 ) 34 751 1,413 Total allowance for loan losses 68,448 (9,650 ) 4,423 (260 ) 62,961 71,619 (9,692 ) 4,735 2,400 69,062 Allowance for unfunded commitments 2,542 - - (540 ) 2,002 1,930 - - 1,000 2,930 Total allowance for credit losses $ 70,990 $ (9,650 ) $ 4,423 $ (800 ) $ 64,963 $ 73,549 $ (9,692 ) $ 4,735 $ 3,400 $ 71,992 Allowance for Loan Losses September 30, 2016 December 31, 2015 Individually evaluated for impairment Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 1,212 $ 12,845 $ - $ 14,057 $ 1,465 $ 15,267 $ - $ 16,732 Income producing commercial real estate 714 6,238 - 6,952 961 7,274 - 8,235 Commercial & industrial 64 3,380 - 3,444 280 4,162 - 4,442 Commercial construction 42 9,303 29 9,374 13 5,570 - 5,583 Residential mortgage 3,613 12,124 1 15,738 3,885 13,347 - 17,232 Home equity lines of credit 3 5,231 8 5,242 6 6,036 - 6,042 Residential construction 139 5,736 5 5,880 174 7,787 - 7,961 Consumer installment 9 661 - 670 13 815 - 828 Indirect auto - 1,604 - 1,604 - 1,393 - 1,393 Total allowance for loan losses 5,796 57,122 43 62,961 6,797 61,651 - 68,448 Allowance for unfunded commitments - 2,002 - 2,002 - 2,542 - 2,542 Total allowance for credit losses $ 5,796 $ 59,124 $ 43 $ 64,963 $ 6,797 $ 64,193 $ - $ 70,990 Loans Outstanding September 30, 2016 December 31, 2015 Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 34,319 $ 1,459,218 $ 18,648 $ 1,512,185 $ 38,268 $ 1,442,024 $ 13,674 $ 1,493,966 Income producing commercial real estate 28,418 1,052,242 24,633 1,105,293 23,013 772,945 27,771 823,729 Commercial & industrial 2,515 990,788 1,047 994,350 3,339 781,423 655 785,417 Commercial construction 1,383 382,283 5,195 388,861 10,616 329,320 2,142 342,078 Residential mortgage 19,586 1,029,629 5,951 1,055,166 19,627 1,005,860 4,176 1,029,663 Home equity lines of credit 103 690,865 7,388 698,356 167 595,951 1,688 597,806 Residential construction 5,925 367,900 4,504 378,329 7,900 342,677 1,123 351,700 Consumer installment 285 126,012 171 126,468 329 114,741 41 115,111 Indirect auto 1,022 465,072 8 466,102 749 455,173 49 455,971 Total loans $ 93,556 $ 6,564,009 $ 67,545 $ 6,725,110 $ 104,008 $ 5,840,114 $ 51,319 5,995,441 |
Schedule of recorded investments in individually evaluated impaired loans | September 30, 2016 December 31, 2015 Unpaid Recorded Allowance Losses Unpaid Recorded Allowance Losses With no related allowance recorded: Owner occupied commercial real estate $ 13,030 $ 12,892 $ - $ 14,793 $ 14,460 $ - Income producing commercial real estate 17,144 16,963 - 13,044 12,827 - Commercial & industrial 473 473 - 493 469 - Commercial construction - - - - - - Total commercial 30,647 30,328 - 28,330 27,756 - Residential mortgage 692 689 - 791 791 - Home equity lines of credit - - - - - - Residential construction 1,439 1,388 - 3,731 3,429 - Consumer installment - - - - - - Indirect auto 1,022 1,022 - 749 749 - Total with no related allowance recorded 33,800 33,427 - 33,601 32,725 - With an allowance recorded: Owner occupied commercial real estate 22,096 21,427 1,212 24,043 23,808 1,465 Income producing commercial real estate 11,503 11,455 714 10,281 10,186 961 Commercial & industrial 2,218 2,042 64 2,957 2,870 280 Commercial construction 1,478 1,383 42 10,787 10,616 13 Total commercial 37,295 36,307 2,032 48,068 47,480 2,719 Residential mortgage 19,426 18,897 3,613 19,346 18,836 3,885 Home equity lines of credit 103 103 3 167 167 6 Residential construction 5,209 4,537 139 4,854 4,471 174 Consumer installment 314 285 9 354 329 13 Indirect auto - - - - - - Total with an allowance recorded 62,347 60,129 5,796 72,789 71,283 6,797 Total $ 96,147 $ 93,556 $ 5,796 $ 106,390 $ 104,008 $ 6,797 |
Schedule of average balances of impaired loans and income recognized on impaired loans | 2016 2015 Three Months Ended September 30, Average Interest Cash Basis Average Interest Cash Basis Owner occupied commercial real estate $ 33,387 $ 414 $ 414 $ 37,840 $ 484 $ 523 Income producing commercial real estate 28,487 375 343 20,802 265 281 Commercial & industrial 2,553 33 33 4,637 43 77 Commercial construction 1,411 26 26 12,584 116 116 Total commercial 65,838 848 816 75,863 908 997 Residential mortgage 19,653 201 196 23,176 242 197 Home equity lines of credit 103 1 1 477 5 5 Residential construction 6,115 59 60 8,560 123 123 Consumer installment 291 5 6 242 5 4 Indirect auto 959 11 11 - - - Total $ 92,959 $ 1,125 $ 1,090 $ 108,318 $ 1,283 $ 1,326 Nine Months Ended September 30, Owner occupied commercial real estate $ 31,648 $ 1,223 $ 1,249 $ 37,605 $ 1,413 $ 1,491 Income producing commercial real estate 28,726 943 940 21,427 805 810 Commercial & industrial 2,614 99 95 4,627 126 202 Commercial construction 1,462 70 70 12,340 349 353 Total commercial 64,450 2,335 2,354 75,999 2,693 2,856 Residential mortgage 19,860 670 664 21,955 667 633 Home equity lines of credit 103 3 3 504 15 15 Residential construction 6,372 197 203 9,294 371 381 Consumer installment 303 17 18 185 11 10 Indirect auto 871 33 33 - - - Total $ 91,959 $ 3,255 $ 3,275 $ 107,937 $ 3,757 $ 3,895 |
Schedule of recorded investment in nonaccrual loans by loan class | September 30, December 31, 2016 2015 Owner occupied commercial real estate $ 6,454 $ 7,036 Income producing commercial real estate 949 2,595 Commercial & industrial 1,079 892 Commercial construction 98 328 Total commercial 8,580 10,851 Residential mortgage 8,152 8,555 Home equity lines of credit 1,194 851 Residential construction 2,248 1,398 Consumer installment 98 175 Indirect auto 1,300 823 Total $ 21,572 $ 22,653 |
Schedule of aging of the recorded investment in past due loans | Loans Past Due Loans Not As of September 30, 2016 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total Owner occupied commercial real estate $ 2,975 $ 1,279 $ 2,291 $ 6,545 $ 1,486,992 $ 18,648 $ 1,512,185 Income producing commercial real estate 667 - 180 847 1,079,813 24,633 1,105,293 Commercial & industrial 678 681 475 1,834 991,469 1,047 994,350 Commercial construction 365 - - 365 383,301 5,195 388,861 Total commercial 4,685 1,960 2,946 9,591 3,941,575 49,523 4,000,689 Residential mortgage 6,644 1,981 2,477 11,102 1,038,113 5,951 1,055,166 Home equity lines of credit 1,743 474 452 2,669 688,299 7,388 698,356 Residential construction 991 1,111 859 2,961 370,864 4,504 378,329 Consumer installment 648 43 8 699 125,598 171 126,468 Indirect auto 853 539 795 2,187 463,907 8 466,102 Total loans $ 15,564 $ 6,108 $ 7,537 $ 29,209 $ 6,628,356 $ 67,545 $ 6,725,110 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 | September 30, 2016 December 31, 2015 Number of Pre- Post- Number of Pre- Post- Owner occupied commercial real estate 54 $ 26,050 $ 25,560 54 $ 32,544 $ 32,058 Income producing commercial real estate 31 21,012 21,012 29 15,703 15,629 Commercial & industrial 20 1,961 1,882 26 2,955 2,870 Commercial construction 8 1,463 1,383 14 10,785 10,616 Total commercial 113 50,486 49,837 123 61,987 61,173 Residential mortgage 171 19,036 18,768 173 19,101 18,836 Home equity lines of credit 2 103 103 2 167 167 Residential construction 48 5,971 5,381 44 5,663 5,334 Consumer installment 19 306 285 22 348 329 Indirect auto 61 1,022 1,022 49 749 749 Total loans 414 $ 76,924 $ 75,396 413 $ 88,015 $ 86,588 |
Schedule of loans modified under the terms of TDR | New TDRs for the Three Months Ended September 30, New TDRs for the Nine Months Ended September 30, Pre- Post- Modified Within the Pre- Post- Modified Within the 2016 Number of Recorded Recorded Number of Recorded Number of Recorded Recorded Number of Recorded Investment Owner occupied commercial real estate 1 $ 1,007 $ 1,007 - $ - 7 $ 2,524 $ 2,524 1 $ 252 Income producing commercial real estate - - - - - - - - - - Commercial & industrial 2 66 66 2 34 5 1,012 1,012 2 34 Commercial construction - - - - - - - - - - Total commercial 3 1,073 1,073 2 34 12 3,536 3,536 3 286 Residential mortgage 7 862 807 - - 25 3,465 3,371 1 85 Home equity lines of credit - - - - - 1 38 38 - - Residential construction 2 272 272 - - 8 766 711 - - Consumer installment 2 14 14 - - 3 34 34 - - Indirect auto 8 226 226 - - 26 699 699 - - Total loans 22 $ 2,447 $ 2,392 2 $ 34 75 $ 8,538 $ 8,389 4 $ 371 2015 Owner occupied commercial real estate 3 $ 667 $ 666 1 $ 178 11 $ 13,204 $ 13,159 1 $ 178 Income producing commercial real estate - - - - - 3 310 310 - - Commercial & industrial 1 23 23 - - 7 1,203 1,203 - - Commercial construction - - - - - 1 233 233 - - Total commercial 4 690 689 1 178 22 14,950 14,905 1 178 Residential mortgage 10 939 939 - - 33 3,060 3,060 - - Home equity lines of credit - - - - - 1 83 74 - - Residential construction 1 347 347 - - 3 510 486 - - Consumer installment 4 58 58 - - 6 86 86 1 30 Indirect auto - - - - - - - - - - Total loans 19 $ 2,034 $ 2,033 1 $ 178 65 $ 18,689 $ 18,611 2 $ 208 |
Schedule of risk category of loans by class of loans | Doubtful / As of September 30, 2016 Pass Watch (1) Substandard Loss Total Owner occupied commercial real estate $ 1,443,160 $ 19,613 $ 30,764 $ - $ 1,493,537 Income producing commercial real estate 1,054,769 2,622 23,269 - 1,080,660 Commercial & industrial 978,008 5,007 10,288 - 993,303 Commercial construction 381,336 1,333 997 - 383,666 Total commercial 3,857,273 28,575 65,318 - 3,951,166 Residential mortgage 1,007,944 7,470 33,801 - 1,049,215 Home equity lines of credit 685,670 26 5,272 - 690,968 Residential construction 359,126 4,871 9,828 - 373,825 Consumer installment 125,540 - 757 - 126,297 Indirect auto 463,186 - 2,908 - 466,094 Total loans, excluding PCI loans $ 6,498,739 $ 40,942 $ 117,884 $ - $ 6,657,565 Owner occupied commercial real estate $ 2,211 $ 3,379 $ 13,058 $ - $ 18,648 Income producing commercial real estate 12,667 10,028 1,938 - 24,633 Commercial & industrial 92 117 838 - 1,047 Commercial construction 1,594 299 3,302 - 5,195 Total commercial 16,564 13,823 19,136 - 49,523 Residential mortgage 722 666 4,563 - 5,951 Home equity lines of credit 6,419 - 969 - 7,388 Residential construction 2,588 1,281 635 - 4,504 Consumer installment 168 - 3 - 171 Indirect auto - - 8 - 8 Total PCI loans $ 26,461 $ 15,770 $ 25,314 $ - $ 67,545 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 (1) |
Reclassifications Out of Accu29
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Schedule of reclassifications out of accumulated other comprehensive income | Amounts Reclassified from Accumulated Other Details about Accumulated Other For the Three Months For the Nine Months Affected Line Item in the Statement Comprehensive Income Components 2016 2015 2016 2015 Where Net Income is Presented Realized gains on available-for-sale securities: $ 261 $ 325 $ 922 $ 1,877 Securities gains, net (101 ) (121 ) (348 ) (724 ) Tax expense $ 160 $ 204 $ 574 $ 1,153 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (663 ) $ (269 ) $ (1,601 ) $ (1,041 ) Investment securities interest revenue 237 99 596 387 Tax benefit $ (426 ) $ (170 ) $ (1,005 ) $ (654 ) 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 $ - $ (15 ) $ (7 ) $ (93 ) Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (153 ) (237 ) (495 ) (502 ) Money market deposit interest expense Amortization of losses on de-designated positions (313 ) (298 ) (924 ) (835 ) Federal Home Loan Bank advances interest expense (466 ) (550 ) (1,426 ) (1,430 ) Total before tax 181 214 555 556 Tax benefit $ (285 ) $ (336 ) $ (871 ) $ (874 ) 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 ) $ (375 ) $ (274 ) Salaries and employee benefits expense Actuarial losses (42 ) (68 ) (126 ) (204 ) Salaries and employee benefits expense (167 ) (159 ) (501 ) (478 ) Total before tax 65 62 195 186 Tax benefit $ (102 ) $ (97 ) $ (306 ) $ (292 ) Net of tax Total reclassifications for the period $ (653 ) $ (399 ) $ (1,608 ) $ (667 ) Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted loss per share | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Net income available to common shareholders $ 25,874 $ 17,862 $ 73,414 $ 53,328 Weighted average shares outstanding: Basic 71,556 66,294 71,992 63,297 Effect of dilutive securities Stock options 5 6 4 5 Diluted 71,561 66,300 71,996 63,302 Net income per common share: Basic $ .36 $ .27 $ 1.02 $ .84 Diluted $ .36 $ .27 $ 1.02 $ .84 |
Derivatives and Hedging Activ31
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, December 31, Fair value hedge of corporate bonds Derivative assets $ - $ 31 $ - $ 31 Fair value hedge of brokered CD's Derivative liabilities $ 1,070 $ 2,169 Fair value hedge of corporate bonds Derivative liabilities 2,114 - $ 3,184 $ 2,169 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet September 30, December 31, Customer swap positions Derivative assets $ 16,018 $ 6,185 Dealer offsets to customer swap positions Derivative assets - 31 Mortgage banking - loan commitment Derivative assets 1,072 188 Mortgage banking - forward sales commitment Derivative assets 3 1 Bifurcated embedded derivatives Derivative assets 3,793 9,230 Offsetting positions for de-designated cash flow hedges Derivative assets 4,577 4,416 $ 25,463 $ 20,051 Customer swap positions Derivative liabilities $ - $ 31 Dealer offsets to customer swap positions Derivative liabilities 16,170 6,339 Risk participations Derivative liabilities 38 - Mortgage banking - forward sales commitment Derivative liabilities 70 22 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 8,507 15,794 De-designated cash flow hedges Derivative liabilities 4,579 4,470 $ 29,364 $ 26,656 |
Schedule of effect of cash flow hedging derivative financial instruments on other comprehensive income | Amount of Gain (Loss) Gain (Loss) Reclassified from Gain (Loss) Recognized in Income on 2016 2015 Location 2016 2015 Location 2016 2015 Three Months Ended September 30, Interest rate swaps $ - $ - Interest expense $ (466 ) $ (550 ) Interest expense $ - $ - Nine Months Ended September 30, Interest rate swaps $ - $ (471 ) Interest expense $ (1,426 ) $ (1,430 ) 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 September 30, Fair value hedges of brokered CD's Interest expense $ (389 ) $ 4,374 $ 1,945 $ (4,247 ) Fair value hedges of corporate bonds Interest revenue 262 (1,365 ) (307 ) 1,252 $ (127 ) $ 3,009 $ 1,638 $ (2,995 ) Nine Months Ended September 30, Fair value hedges of brokered CD's Interest expense $ 2,882 $ 3,599 $ (268 ) $ (3,365 ) Fair value hedges of corporate bonds Interest revenue (2,145 ) (395 ) 1,896 345 $ 737 $ 3,204 $ 1,628 $ (3,020 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of stock option activity | Options Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2015 241,493 $ 89.92 Expired (51,606 ) 134.83 Forfeited (4,199 ) 81.21 Outstanding at September 30, 2016 185,688 77.63 2.2 $ 172 Exercisable at September 30, 2016 176,938 80.66 1.9 132 |
Schedule of restricted stock units activity | Restricted Stock Unit Awards Shares Weighted- Outstanding at December 31, 2015 712,667 $ 16.44 Granted 225,886 19.42 Vested (223,733 ) 15.70 Cancelled (39,958 ) 17.01 Outstanding at September 30, 2016 674,862 17.65 |
Assets and Liabilities Measur33
Assets and Liabilities Measured at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 144,874 $ - $ - $ 144,874 U.S. Government agencies - 20,455 - 20,455 State and political subdivisions - 64,886 - 64,886 Mortgage-backed securities - 1,175,781 - 1,175,781 Corporate bonds - 312,059 500 312,559 Asset-backed securities - 495,433 - 495,433 Other - 1,125 - 1,125 Mortgage loans held for sale - 279 - 279 Deferred compensation plan assets 4,134 - - 4,134 Servicing rights for government guaranteed loans - - 5,100 5,100 Derivative financial instruments - 20,598 4,865 25,463 Total assets $ 149,008 $ 2,090,616 $ 10,465 $ 2,250,089 Liabilities: Deferred compensation plan liability $ 4,134 $ - $ - $ 4,134 Derivative financial instruments - 22,933 9,615 32,548 Total liabilities $ 4,134 $ 22,933 $ 9,615 $ 36,682 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 168,706 $ - $ - $ 168,706 U.S. Government 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 | 2016 2015 Derivative Derivative Servicing Securities Derivative Derivative Servicing Securities Three Months Ended September 30, Balance at beginning of period $ 2,657 $ 7,531 $ 4,615 $ 500 $ 11,531 $ 18,261 $ 3,118 $ 750 Purchases - - - - 286 - 137 - Additions - 16 752 - - - 455 - Sales and settlements (204 ) (483 ) (126 ) - - - - - Other comprehensive income - - - - - - - - Amounts included in earnings - fair value adjustments 2,412 2,529 (141 ) - (4,978 ) (5,461 ) (379 ) - Transfers between valuation levels, net - 22 - - - - - - Balance at end of period $ 4,865 $ 9,615 $ 5,100 $ 500 $ 6,839 $ 12,800 $ 3,331 $ 750 Nine Months Ended September 30, Balance at beginning of period $ 9,418 $ 15,794 $ 3,712 $ 750 $ 12,262 $ 18,979 $ 2,551 $ 750 Purchases - - - - 286 - 137 - Additions - 16 1,852 - - - 1,087 - Sales and settlements (204 ) (483 ) (297 ) - - - - - Other comprehensive income - - - (250 ) - - - - Amounts included in earnings - fair value adjustments (4,349 ) (5,734 ) (167 ) - (5,709 ) (6,179 ) (444 ) - Transfers between valuation levels, net - 22 - - - - - - Balance at end of period $ 4,865 $ 9,615 $ 5,100 $ 500 $ 6,839 $ 12,800 $ 3,331 $ 750 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | Fair Value Weighted Average September 30, December 31, Valuation September 30, December 31, Level 3 Assets 2016 2015 Technique Unobservable Inputs 2016 2015 Servicing rights for government guaranteed loans $ 5,100 $ 3,712 Discounted cash flow Discount rate 12.1 % 11.8 % Prepayment rate 7.22 % 6.95 % Corporate bonds 500 750 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 1,072 188 Internal model Pull through rate 75.9 % 85.0 % Derivative assets - other 3,793 9,230 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 38 - Internal model Probable exposure rate 0.25 % N/A Probability of default rate 1.80 % N/A Derivative liabilities - other 9,577 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 | September 30, 2016 Level 1 Level 2 Level 3 Total Loans $ - $ - $ 7,556 $ 7,556 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 September 30, 2016 Amount Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 344,917 $ - $ 357,550 $ - $ 357,550 Loans, net 6,662,149 - - 6,620,163 6,620,163 Mortgage loans held for sale 30,535 - 31,596 - 31,596 Residential mortgage servicing rights 3,673 - - 3,694 3,694 Liabilities: Deposits 8,441,599 - 8,447,293 - 8,447,293 Federal Home Loan Bank advances 449,407 - 449,415 - 449,415 Long-term debt 174,959 - - 174,946 174,946 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) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance sheet instruments | September 30, December 31, 2016 2015 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,418,846 $ 1,351,446 Letters of credit 19,728 23,373 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule goodwill and other intangible assets | September 30, December 31, 2016 2015 Core deposit intangible $ 51,342 $ 49,772 Less: accumulated amortization (36,079 ) (32,964 ) Total intangibles subject to amortization, net 15,263 16,808 Goodwill 142,025 130,612 Total goodwill and other intangible assets, net $ 157,288 $ 147,420 |
Schedule of changes in the carrying amounts of goodwill | For the Three Months Ended September 30, For the Nine Months Ended September 30, Goodwill, net of Goodwill, net of Accumulated Accumulated Accumulated Accumulated Impairment Impairment Impairment Impairment 2016 Goodwill Losses Losses Goodwill Losses Losses Balance, beginning of period $ 436,902 $ (305,590 ) $ 131,312 $ 436,202 $ (305,590 ) $ 130,612 Acquisition of Tidelands 10,713 - 10,713 10,713 - 10,713 Measurement period - - - 700 - 700 Balance, end of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 2015 Balance, beginning of period $ 320,117 $ (305,590 ) $ 14,527 $ 307,099 $ (305,590 ) $ 1,509 Acquisition of Palmetto 107,923 - 107,923 107,923 - 107,923 Acquisition of MoneyTree 1,116 - 1,116 14,134 - 14,134 Balance, end of period $ 429,156 $ (305,590 ) $ 123,566 $ 429,156 $ (305,590 ) $ 123,566 |
Schedule of amortization expense for future periods | Year Remainder of 2016 $ 1,066 2017 3,413 2018 2,690 2019 2,171 2020 1,678 Thereafter 4,245 Total $ 15,263 |
Accounting Standards Updates 36
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 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Consideration transferred | |||||||
Goodwill | $ 131,312 | $ 142,025 | $ 130,612 | $ 123,566 | $ 14,527 | $ 1,509 | |
Tidelands Bancshares Inc | As Recorded by Tidelands | |||||||
Assets | |||||||
Cash and cash equivalents | 13,121 | ||||||
Securities | 65,676 | ||||||
Loans held for sale | 139 | ||||||
Loans, net | 317,938 | ||||||
Premises and equipment, net | 19,133 | ||||||
Bank owned life insurance | 16,917 | ||||||
Accrued interest receivable | 1,086 | ||||||
Net deferred tax asset | 73 | ||||||
Core deposit intangible | |||||||
Other real estate owned | 9,881 | ||||||
Other assets | 1,920 | ||||||
Total assets acquired | 445,884 | ||||||
Liabilities | |||||||
Deposits | 398,108 | ||||||
Repurchase agreements | 10,000 | ||||||
Federal Home Loan Bank advances | 13,000 | ||||||
Long-term debt | 14,434 | ||||||
Other liabilities | 11,587 | ||||||
Total liabilities assumed | 447,129 | ||||||
Excess of assets acquired over liabilities assumed | (1,245) | ||||||
Tidelands Bancshares Inc | Fair Value Adjustments | |||||||
Assets | |||||||
Cash and cash equivalents | [1] | ||||||
Securities | [1] | (155) | |||||
Loans held for sale | [1] | 3 | |||||
Loans, net | [1] | (12,035) | |||||
Premises and equipment, net | [1] | (7,944) | |||||
Bank owned life insurance | [1] | ||||||
Accrued interest receivable | [1] | (167) | |||||
Net deferred tax asset | [1] | 15,639 | |||||
Core deposit intangible | [1] | 1,570 | |||||
Other real estate owned | [1] | (2,386) | |||||
Other assets | [1] | (164) | |||||
Total assets acquired | [1] | (5,639) | |||||
Liabilities | |||||||
Deposits | [1] | 1,765 | |||||
Repurchase agreements | [1] | 155 | |||||
Federal Home Loan Bank advances | [1] | 354 | |||||
Long-term debt | [1] | (3,668) | |||||
Other liabilities | [1] | (5,986) | |||||
Total liabilities assumed | [1] | (7,380) | |||||
Aggregate fair value adjustments | [1] | 1,741 | |||||
Tidelands Bancshares Inc | As Recorded by United | |||||||
Assets | |||||||
Cash and cash equivalents | 13,121 | ||||||
Securities | 65,521 | ||||||
Loans held for sale | 142 | ||||||
Loans, net | 305,903 | ||||||
Premises and equipment, net | 11,189 | ||||||
Bank owned life insurance | 16,917 | ||||||
Accrued interest receivable | 919 | ||||||
Net deferred tax asset | 15,712 | ||||||
Core deposit intangible | 1,570 | ||||||
Other real estate owned | 7,495 | ||||||
Other assets | 1,756 | ||||||
Total assets acquired | 440,245 | ||||||
Liabilities | |||||||
Deposits | 399,873 | ||||||
Repurchase agreements | 10,155 | ||||||
Federal Home Loan Bank advances | 13,354 | ||||||
Long-term debt | 10,766 | ||||||
Other liabilities | 5,601 | ||||||
Total liabilities assumed | 439,749 | ||||||
Total identifiable net assets | 496 | ||||||
Consideration transferred | |||||||
Cash paid to redeem common stock | 2,224 | ||||||
Cash paid to redeem preferred stock issued under the Treasury's Capital Purchase Program | 8,985 | ||||||
Total fair value of consideration transferred | 11,209 | ||||||
Goodwill | $ 10,713 | ||||||
[1] | Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. |
Acquisitions (Details 1)
Acquisitions (Details 1) - Tidelands Bancshares Inc $ in Thousands | Jul. 01, 2016USD ($) |
Accounted for pursuant to ASC 310-30: | |
Business Acquisition [Line Items] | |
Contractually required principal and interest | $ 50,660 |
Non-accretable difference | 13,483 |
Cash flows expected to be collected | 37,177 |
Accretable yield | 2,113 |
Fair value | 35,064 |
Excluded from ASC 310-30: | |
Business Acquisition [Line Items] | |
Fair value | 270,839 |
Gross contractual amounts receivable | 302,331 |
Estimate of contractual cash flows not expected to be collected | $ 3,859 |
Acquisitions (Details 2)
Acquisitions (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Tidelands Bancshares Inc | ||||
Business Acquisition [Line Items] | ||||
Actual revenue included in statement of income since | $ 3,988 | $ 3,988 | ||
Actual net income included in statement of income since | 658 | 658 | ||
Supplemental consolidated pro forma revenue as if Tidelands had been acquired January 1, 2015 and Palmetto and MoneyTree had been acquired January 1, 2014 | 105,281 | $ 95,385 | 305,273 | $ 284,799 |
Supplemental consolidated pro forma net Income as if Tidelands had been acquired January 1, 2015 and Palmetto and MoneyTree had been acquired January 1, 2014 | $ 27,499 | 20,805 | $ 72,436 | 63,190 |
Palmetto Bancshares, Inc | ||||
Business Acquisition [Line Items] | ||||
Actual revenue included in statement of income since | 4,382 | 4,382 | ||
Actual net income included in statement of income since | 1,659 | 1,659 | ||
MoneyTree Corporation | ||||
Business Acquisition [Line Items] | ||||
Actual revenue included in statement of income since | 3,081 | 5,365 | ||
Actual net income included in statement of income since | $ 1,394 | $ 1,778 |
Acquisitions (Details Textuals)
Acquisitions (Details Textuals) $ / shares in Units, $ in Thousands | Jul. 01, 2016USD ($)Branches$ / shares | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 131,312 | $ 142,025 | $ 130,612 | $ 123,566 | $ 14,527 | $ 1,509 |
Tidelands Bancshares Inc | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | Branches | 7 | |||||
Cash price per share | $ / shares | $ 0.52 | |||||
Cash payment for acquisition | $ 2,220 | |||||
Unpaid dividend | 8,980 | |||||
Core deposit intangible | $ 1,570 | |||||
Expected useful life of asset | 5 years | |||||
Tidelands Bancshares Inc | As Recorded by Tidelands | ||||||
Business Acquisition [Line Items] | ||||||
Assets acquired | $ 445,884 | |||||
Liabilities assumed | 447,129 | |||||
Long-term debt | 14,434 | |||||
Tidelands Bancshares Inc | As Recorded by Tidelands | Trust I | ||||||
Business Acquisition [Line Items] | ||||||
Long-term debt | $ 8,250 | |||||
Description of variable rate basis | LIBOR | |||||
Spread on variable rate | 1.38% | |||||
Tidelands Bancshares Inc | As Recorded by Tidelands | Trust II | ||||||
Business Acquisition [Line Items] | ||||||
Long-term debt | $ 6,190 | |||||
Description of variable rate basis | LIBOR | |||||
Spread on variable rate | 5.075% | |||||
Tidelands Bancshares Inc | As Recorded by United | ||||||
Business Acquisition [Line Items] | ||||||
Assets acquired | $ 440,245 | |||||
Liabilities assumed | 439,749 | |||||
Goodwill | 10,713 | |||||
Long-term debt | $ 10,766 |
Acquisitions (Details Textuals
Acquisitions (Details Textuals 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | |||||
Increase in goodwill | $ 700 | ||||
Merger related costs excluded from pro forma information | $ 3,152 | $ 5,744 | 6,981 | $ 8,917 | |
Palmetto Bancshares, Inc | |||||
Business Acquisition [Line Items] | |||||
Adjusted value of premises and equipment | $ 17,000 | ||||
Adjusted value of other real estate owned | 2,630 | ||||
Decrease in premises and equipment | 640,000 | ||||
Decrease in other real estate owned | 497,000 | ||||
Increase to deferred tax asset | 437,000 | ||||
Increase in goodwill | $ 700,000 | ||||
Tidelands Bancshares Inc | Acquisition-related costs | |||||
Business Acquisition [Line Items] | |||||
Merger related costs excluded from pro forma information | $ 2,930 | ||||
Palmetto and MoneyTree | Acquisition-related costs | |||||
Business Acquisition [Line Items] | |||||
Merger related costs excluded from pro forma information | $ 8,920 |
Balance Sheet Offsetting - Summ
Balance Sheet Offsetting - Summary of amounts outstanding under master netting agreements (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized assets | $ 150,000 | $ 400,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet assets | (150,000) | (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 | 25,463 | 20,082 |
Derivatives, gross amounts offset on the balance sheet | ||
Derivatives, net asset balance | 25,463 | 20,082 |
Derivatives, gross amounts not off set in balance sheet assets of financial instruments | (1,472) | (519) |
Derivative, gross amounts not off set in balance sheet assets of collateral received | (3,307) | (3,729) |
Derivatives, net amount | 20,684 | 15,834 |
Offsetting assets gross amounts offset on balance sheet | 175,463 | 420,082 |
Offsetting assets, gross amounts offset on balance sheet | (150,000) | (400,000) |
Offsetting assets, net asset balance | 25,463 | 20,082 |
Offsetting assets, gross amounts not offset in balance sheet of financial instruments | (1,472) | (519) |
Offsetting assets, gross amounts not offset in the balance sheet of collateral received | (3,307) | (3,729) |
Offsetting assets, net amount | $ 20,684 | $ 15,834 |
Weighted average interest rate of reverse repurchase agreements, assets | 1.40% | 1.34% |
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized liabilities | $ 150,000 | $ 400,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet liabilities | (150,000) | (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 | 32,548 | 28,825 |
Derivatives, gross amounts offset on balance sheet liabilities | ||
Derivatives, net liabilities balance | 32,548 | 28,825 |
Derivatives, gross amounts not off set in balance sheet liabilities of financial instruments | (1,472) | (519) |
Derivatives, gross amounts not off set in balance sheet liabilities of collateral pledged | (31,960) | (30,917) |
Derivatives, net amount | ||
Offsetting liabilities, gross amounts of recognized liabilities | 182,548 | 428,825 |
Offsetting liabilities, gross amounts offset on balance sheet | (150,000) | (400,000) |
Offsetting liabilities, net liabilities balance | 32,548 | 28,825 |
Offsetting liabilities, gross amounts not offset in balance sheet of financial instruments | (1,472) | (519) |
Offsetting liabilities, gross amounts not offset in the balance sheet of collateral pledged | (31,960) | (30,917) |
Offsetting liabilities, net amount | ||
Weighted average interest rate of reverse repurchase agreements, liabilities | 0.50% | 0.50% |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details 1) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 160,050 | $ 416,640 |
Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure | 150,000 | 400,000 |
Amounts related to agreements not included in offsetting disclosure | 10,050 | 16,640 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 50,000 | |
30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 110,050 | |
91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
U.S. Treasuries | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 10,050 | 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 | 10,050 | 100,000 |
U.S. Treasuries | 91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | ||
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 | 150,000 | 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 | 100,000 | 175,000 |
Mortgage-backed securities | 91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 100,000 |
Balance Sheet Offsetting (Det44
Balance Sheet Offsetting (Details Textuals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting [Abstract] | ||
Right to reclaim cash collateral | $ 32,300 | $ 6,260 |
Obligation to return cash collateral | $ 3,310 | $ 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 | Sep. 30, 2016 | Dec. 31, 2015 | |
Held-to-maturity securities: | |||
Amortized Cost | $ 344,917 | $ 364,696 | |
Gross Unrealized Gains | 12,812 | 8,635 | |
Gross Unrealized Losses | 179 | 1,673 | |
Held-to-Maturity, Fair value | 357,550 | 371,658 | |
State and political subdivisions | |||
Held-to-maturity securities: | |||
Amortized Cost | 57,911 | 62,073 | |
Gross Unrealized Gains | 3,545 | 3,211 | |
Gross Unrealized Losses | 61 | ||
Held-to-Maturity, Fair value | 61,395 | 65,284 | |
Mortgage-backed securities | |||
Held-to-maturity securities: | |||
Amortized Cost | [1] | 287,006 | 302,623 |
Gross Unrealized Gains | [1] | 9,267 | 5,424 |
Gross Unrealized Losses | [1] | 118 | 1,673 |
Held-to-Maturity, Fair value | [1] | $ 296,155 | $ 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 | Sep. 30, 2016 | Dec. 31, 2015 | |
Investment securities available for sale: | |||
Amortized Cost | $ 2,178,927 | $ 2,294,491 | |
Gross Unrealized Gains | 40,055 | 14,581 | |
Gross Unrealized Losses | 3,869 | 17,561 | |
Available-for-Sale, Fair Value | 2,215,113 | 2,291,511 | |
U.S. Treasuries | |||
Investment securities available for sale: | |||
Amortized Cost | 140,500 | 169,034 | |
Gross Unrealized Gains | 4,374 | 156 | |
Gross Unrealized Losses | 484 | ||
Available-for-Sale, Fair Value | 144,874 | 168,706 | |
U.S. Government agencies | |||
Investment securities available for sale: | |||
Amortized Cost | 20,205 | 112,394 | |
Gross Unrealized Gains | 268 | 385 | |
Gross Unrealized Losses | 18 | 439 | |
Available-for-Sale, Fair Value | 20,455 | 112,340 | |
State and political subdivisions | |||
Investment securities available for sale: | |||
Amortized Cost | 63,001 | 56,265 | |
Gross Unrealized Gains | 1,885 | 461 | |
Gross Unrealized Losses | 458 | ||
Available-for-Sale, Fair Value | 64,886 | 56,268 | |
Mortgage-backed securities | |||
Investment securities available for sale: | |||
Amortized Cost | [1] | 1,151,570 | 1,108,206 |
Gross Unrealized Gains | [1] | 24,569 | 12,077 |
Gross Unrealized Losses | [1] | 358 | 7,165 |
Available-for-Sale, Fair Value | [1] | 1,175,781 | 1,113,118 |
Corporate bonds | |||
Investment securities available for sale: | |||
Amortized Cost | 307,240 | 308,102 | |
Gross Unrealized Gains | 6,231 | 933 | |
Gross Unrealized Losses | 912 | 3,009 | |
Available-for-Sale, Fair Value | 312,559 | 306,026 | |
Asset-backed securities | |||
Investment securities available for sale: | |||
Amortized Cost | 495,286 | 538,679 | |
Gross Unrealized Gains | 2,728 | 569 | |
Gross Unrealized Losses | 2,581 | 6,006 | |
Available-for-Sale, Fair Value | 495,433 | 533,242 | |
Other | |||
Investment securities available for sale: | |||
Amortized Cost | 1,125 | 1,811 | |
Gross Unrealized Gains | |||
Gross Unrealized Losses | |||
Available-for-Sale, Fair Value | $ 1,125 | $ 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 | Sep. 30, 2016 | Dec. 31, 2015 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 37,869 | $ 140,362 |
Unrealized Loss, Less than 12 Months | 179 | 1,331 |
Fair Value, 12 Months or More | 13,127 | |
Unrealized Loss, 12 Months or More | 342 | |
Fair Value, Total | 37,869 | 153,489 |
Unrealized Loss, Total | 179 | 1,673 |
State and political subdivisions | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 18,332 | |
Unrealized Loss, Less than 12 Months | 61 | |
Fair Value, 12 Months or More | ||
Unrealized Loss, 12 Months or More | ||
Fair Value, Total | 18,332 | |
Unrealized Loss, Total | 61 | |
Mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 19,537 | 140,362 |
Unrealized Loss, Less than 12 Months | 118 | 1,331 |
Fair Value, 12 Months or More | 13,127 | |
Unrealized Loss, 12 Months or More | 342 | |
Fair Value, Total | 19,537 | 153,489 |
Unrealized Loss, Total | $ 118 | $ 1,673 |
Securities - Summary of availab
Securities - Summary of available for sale securities in unrealized loss position (Details 3) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 121,908 | $ 1,081,551 |
Unrealized Loss, Less than 12 Months | 896 | 12,466 |
Fair Value, 12 Months or More | 230,204 | 178,820 |
Unrealized Loss, 12 Months or More | 2,973 | 5,095 |
Fair Value, Total | 352,112 | 1,260,371 |
Unrealized Loss, Total | 3,869 | 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 | 1,017 | 74,189 |
Unrealized Loss, Less than 12 Months | 18 | 439 |
Fair Value, 12 Months or More | ||
Unrealized Loss, 12 Months or More | ||
Fair Value, Total | 1,017 | 74,189 |
Unrealized Loss, Total | 18 | 439 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 27,014 | |
Unrealized Loss, Less than 12 Months | 458 | |
Fair Value, 12 Months or More | ||
Unrealized Loss, 12 Months or More | ||
Fair Value, Total | 27,014 | |
Unrealized Loss, Total | 458 | |
Mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 51,399 | 274,005 |
Unrealized Loss, Less than 12 Months | 105 | 2,580 |
Fair Value, 12 Months or More | 50,387 | 173,254 |
Unrealized Loss, 12 Months or More | 253 | 4,585 |
Fair Value, Total | 101,786 | 447,259 |
Unrealized Loss, Total | 358 | 7,165 |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 54,607 | 221,337 |
Unrealized Loss, Less than 12 Months | 393 | 2,759 |
Fair Value, 12 Months or More | 20,481 | 750 |
Unrealized Loss, 12 Months or More | 519 | 250 |
Fair Value, Total | 75,088 | 222,087 |
Unrealized Loss, Total | 912 | 3,009 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 14,885 | 358,940 |
Unrealized Loss, Less than 12 Months | 380 | 5,746 |
Fair Value, 12 Months or More | 159,336 | 4,816 |
Unrealized Loss, 12 Months or More | 2,201 | 260 |
Fair Value, Total | 174,221 | 363,756 |
Unrealized Loss, Total | $ 2,581 | $ 6,006 |
Securities - Summary of securit
Securities - Summary of securities sales activity (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Investment Securities [Abstract] | ||||
Proceeds from sales | $ 100,867 | $ 137,702 | $ 189,164 | $ 274,519 |
Gross gains on sales | 607 | 328 | 1,565 | 1,880 |
Gross losses on sales | (346) | (3) | (643) | (3) |
Net gains on sales of securities | 261 | 325 | 922 | 1,877 |
Income tax expense attributable to sales | $ 101 | $ 121 | $ 348 | $ 724 |
Securities - Amortized cost and
Securities - Amortized cost and fair value of held to maturity and available for sale securities (Details 5) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Available for Sale - Amortized Cost and Fair Value | |||
Amortized Cost | $ 2,178,927 | $ 2,294,491 | |
Available-for-Sale, Fair Value | 2,215,113 | 2,291,511 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost | 344,917 | 364,696 | |
Held-to-Maturity, Fair value | 357,550 | 371,658 | |
U.S. Treasuries | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 65,957 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 67,453 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 74,543 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 77,421 | ||
Amortized Cost | 140,500 | 169,034 | |
Available-for-Sale, Fair Value | 144,874 | 168,706 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | |||
Held-to-Maturity, Fair Value, 1 to 5 years | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | |||
Held-to-Maturity, Fair Value, 5 to 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-to-Maturity, Fair value | |||
U.S. Government agencies | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 990 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 995 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 18,180 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 18,443 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 1,035 | ||
Available-for-Sale, Fair Value, More than 10 years | 1,017 | ||
Amortized Cost | 20,205 | 112,394 | |
Available-for-Sale, Fair Value | 20,455 | 112,340 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | |||
Held-to-Maturity, Fair Value, 1 to 5 years | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | |||
Held-to-Maturity, Fair Value, 5 to 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-to-Maturity, Fair value | |||
State and political subdivisions | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, Within 1 year | 1,252 | ||
Available-for-Sale, Fair Value, Within 1 year | 1,263 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 31,964 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 32,790 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 23,673 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 24,516 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 6,112 | ||
Available-for-Sale, Fair Value, More than 10 years | 6,317 | ||
Amortized Cost | 63,001 | 56,265 | |
Available-for-Sale, Fair Value | 64,886 | 56,268 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 4,012 | ||
Held-to-Maturity, Fair Value, Within 1 year | 4,077 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 12,860 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 13,681 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 22,152 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 24,774 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 18,887 | ||
Held-to-Maturity, Fair Value, More than 10 years | 18,863 | ||
Held-to-Maturity, Amortized Cost | 57,911 | ||
Held-to-Maturity, Fair value | 61,395 | ||
Corporate bonds | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 233,824 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 237,475 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 72,416 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 74,584 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 1,000 | ||
Available-for-Sale, Fair Value, More than 10 years | 500 | ||
Amortized Cost | 307,240 | 308,102 | |
Available-for-Sale, Fair Value | 312,559 | 306,026 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | |||
Held-to-Maturity, Fair Value, 1 to 5 years | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | |||
Held-to-Maturity, Fair Value, 5 to 10 years | |||
Held-to-Maturity, Amortized Cost, More than 10 years | |||
Held-to-Maturity, Fair Value, More than 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-to-Maturity, Fair value | |||
Asset-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 17,250 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 17,459 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 333,434 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 333,831 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 144,602 | ||
Available-for-Sale, Fair Value, More than 10 years | 144,143 | ||
Amortized Cost | 495,286 | 538,679 | |
Available-for-Sale, Fair Value | 495,433 | 533,242 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, 1 to 5 years | |||
Held-to-Maturity, Fair Value, 1 to 5 years | |||
Held-to-Maturity, Amortized Cost, 5 to 10 years | |||
Held-to-Maturity, Fair Value, 5 to 10 years | |||
Held-to-Maturity, Amortized Cost, More than 10 years | |||
Held-to-Maturity, Fair Value, More than 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-to-Maturity, Fair value | |||
Other | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, More than 10 years | 1,125 | ||
Available-for-Sale, Fair Value, More than 10 years | 1,125 | ||
Amortized Cost | 1,125 | 1,811 | |
Available-for-Sale, Fair Value | 1,125 | 1,811 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, More than 10 years | |||
Held-to-Maturity, Fair Value, More than 10 years | |||
Held-to-Maturity, Amortized Cost | |||
Held-to-Maturity, Fair value | |||
Total securities other than mortgage-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, Within 1 year | 1,252 | ||
Available-for-Sale, Fair Value, Within 1 year | 1,263 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 349,985 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 356,172 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 522,246 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 528,795 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 153,874 | ||
Available-for-Sale, Fair Value, More than 10 years | 153,102 | ||
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 4,012 | ||
Held-to-Maturity, Fair Value, Within 1 year | 4,077 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 12,860 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 13,681 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 22,152 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 24,774 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 18,887 | ||
Held-to-Maturity, Fair Value, More than 10 years | 18,863 | ||
Mortgage-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Amortized Cost | [1] | 1,151,570 | 1,108,206 |
Available-for-Sale, Fair Value | [1] | 1,175,781 | $ 1,113,118 |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost | 287,006 | ||
Held-to-Maturity, Fair value | $ 296,155 | ||
[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 | Sep. 30, 2016USD ($)Securitysecurties | Dec. 31, 2015USD ($) |
Investment Securities [Abstract] | ||
Carrying value of secure public deposits, FHLB advances and other secured borrowings | $ | $ 1,340 | $ 1,630 |
Number of available for sale securities in unrealized loss position | securties | 53 | |
Number of held to maturity securities in unrealized loss position | Security | 7 |
Loans and Allowance for Credi52
Loans and Allowance for Credit Losses - Major classifications of loans (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Classifications of loans | ||
Total loans | $ 6,725,110 | $ 5,995,441 |
Less allowance for loan losses | (62,961) | (68,448) |
Loans, net | 6,662,149 | 5,926,993 |
Loans Receivable | ||
Classifications of loans | ||
Total loans | 6,725,110 | 5,995,441 |
Less allowance for loan losses | (62,961) | (68,448) |
Loans, net | 6,662,149 | 5,926,993 |
Loans Receivable | Home equity lines of credit | ||
Classifications of loans | ||
Total loans | 698,356 | 597,806 |
Loans Receivable | Indirect auto | ||
Classifications of loans | ||
Total loans | 466,102 | 455,971 |
Loans Receivable | Commercial | ||
Classifications of loans | ||
Total loans | 4,000,689 | 3,445,190 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Classifications of loans | ||
Total loans | 1,512,185 | 1,493,966 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Classifications of loans | ||
Total loans | 1,105,293 | 823,729 |
Loans Receivable | Commercial | Construction | ||
Classifications of loans | ||
Total loans | 388,861 | 342,078 |
Loans Receivable | Commercial | Commercial & industrial | ||
Classifications of loans | ||
Total loans | 994,350 | 785,417 |
Loans Receivable | Residential | Residential mortgage | ||
Classifications of loans | ||
Total loans | 1,055,166 | 1,029,663 |
Loans Receivable | Residential | Construction | ||
Classifications of loans | ||
Total loans | 378,329 | 351,700 |
Loans Receivable | Consumer installment | ||
Classifications of loans | ||
Total loans | $ 126,468 | $ 115,111 |
Loans and Allowance for Credi53
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 5,337 | $ 946 | $ 4,279 | |
Additions due to acquisitions | 2,113 | 4,834 | 2,113 | 5,863 |
Accretion | (1,116) | (316) | (3,058) | (399) |
Reclassification from nonaccretable difference | 1,455 | 2,908 | ||
Changes in expected cash flows that do not affect nonaccretable difference | 362 | 1,909 | ||
Balance at end of period | $ 8,151 | $ 5,464 | $ 8,151 | $ 5,464 |
Loans and Allowance for Credi54
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | $ 66,622 | $ 72,709 | $ 70,990 | $ 73,549 |
Charge-Offs | (2,964) | (3,159) | (9,650) | (9,692) |
Recoveries | 1,605 | 1,742 | 4,423 | 4,735 |
(Release) Provision | (300) | 700 | (800) | 3,400 |
Ending Balance | 64,963 | 71,992 | 64,963 | 71,992 |
Loans Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 64,253 | 70,129 | 68,448 | 71,619 |
Charge-Offs | (2,964) | (3,159) | (9,650) | (9,692) |
Recoveries | 1,605 | 1,742 | 4,423 | 4,735 |
(Release) Provision | 67 | 350 | (260) | 2,400 |
Ending Balance | 62,961 | 69,062 | 62,961 | 69,062 |
Loans Receivable | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 5,318 | 5,479 | 6,042 | 4,574 |
Charge-Offs | (321) | (413) | (1,513) | (834) |
Recoveries | 54 | 120 | 361 | 160 |
(Release) Provision | 191 | 1,119 | 352 | 2,405 |
Ending Balance | 5,242 | 6,305 | 5,242 | 6,305 |
Loans Receivable | Indirect auto | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 1,446 | 1,411 | 1,393 | 1,061 |
Charge-Offs | (354) | (175) | (953) | (433) |
Recoveries | 69 | 13 | 142 | 34 |
(Release) Provision | 443 | 164 | 1,022 | 751 |
Ending Balance | 1,604 | 1,413 | 1,604 | 1,413 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 14,432 | 16,339 | 16,732 | 16,041 |
Charge-Offs | (276) | (463) | (1,288) | (1,194) |
Recoveries | 108 | 228 | 251 | 317 |
(Release) Provision | (207) | (495) | (1,638) | 445 |
Ending Balance | 14,057 | 15,609 | 14,057 | 15,609 |
Loans Receivable | Commercial | Income producing commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 5,522 | 8,200 | 8,235 | 10,296 |
Charge-Offs | (201) | (126) | (544) | (448) |
Recoveries | 44 | 231 | 199 | 588 |
(Release) Provision | 1,587 | (532) | (938) | (2,663) |
Ending Balance | 6,952 | 7,773 | 6,952 | 7,773 |
Loans Receivable | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 8,938 | 4,895 | 5,583 | 4,747 |
Charge-Offs | (14) | (80) | (325) | (249) |
Recoveries | 100 | 21 | 102 | 72 |
(Release) Provision | 350 | 1,659 | 4,014 | 1,925 |
Ending Balance | 9,374 | 6,495 | 9,374 | 6,495 |
Loans Receivable | Commercial | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 3,207 | 4,728 | 4,442 | 3,255 |
Charge-Offs | (850) | (508) | (1,645) | (1,139) |
Recoveries | 398 | 319 | 1,302 | 1,236 |
(Release) Provision | 689 | 1,041 | (655) | 2,228 |
Ending Balance | 3,444 | 5,580 | 3,444 | 5,580 |
Loans Receivable | Residential | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 15,662 | 19,052 | 17,232 | 20,311 |
Charge-Offs | (253) | (848) | (1,489) | (2,535) |
Recoveries | 508 | 415 | 866 | 899 |
(Release) Provision | (179) | (1,880) | (871) | (1,936) |
Ending Balance | 15,738 | 16,739 | 15,738 | 16,739 |
Loans Receivable | Residential | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 9,005 | 9,337 | 7,961 | 10,603 |
Charge-Offs | (269) | (50) | (598) | (1,689) |
Recoveries | 134 | 174 | 575 | 645 |
(Release) Provision | (2,990) | (1,078) | (2,058) | (1,176) |
Ending Balance | 5,880 | 8,383 | 5,880 | 8,383 |
Loans Receivable | Consumer installment | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 723 | 688 | 828 | 731 |
Charge-Offs | (426) | (496) | (1,295) | (1,171) |
Recoveries | 190 | 221 | 625 | 784 |
(Release) Provision | 183 | 352 | 512 | 421 |
Ending Balance | 670 | 765 | 670 | 765 |
Loans Receivable | Allowance for unfunded commitments | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 2,369 | 2,580 | 2,542 | 1,930 |
Charge-Offs | ||||
Recoveries | ||||
(Release) Provision | (367) | 350 | (540) | 1,000 |
Ending Balance | $ 2,002 | $ 2,930 | $ 2,002 | $ 2,930 |
Loans and Allowance for Credi55
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 | Sep. 30, 2016 | Jul. 01, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | $ 5,796 | $ 6,797 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 59,124 | 64,193 | ||||
Allowance for Loan Losses, PCI | 43 | |||||
Allowance for Loan Losses, Ending balance | 64,963 | $ 66,622 | 70,990 | $ 71,992 | $ 72,709 | $ 73,549 |
Loans Outstanding, Ending Balance | 6,725,110 | 5,995,441 | ||||
Loans Receivable | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 5,796 | 6,797 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 57,122 | 64,193 | ||||
Allowance for Loan Losses, PCI | 43 | |||||
Allowance for Loan Losses, Ending balance | 62,961 | 64,253 | 68,448 | 69,062 | 70,129 | 71,619 |
Loans Outstanding, Individually evaluated for impairment | 93,556 | 104,008 | ||||
Loans Outstanding, Collectively evaluated for impairment | 6,564,009 | 5,840,114 | ||||
Loans Outstanding, PCI | 67,545 | 51,319 | ||||
Loans Outstanding, Ending Balance | 6,725,110 | 5,995,441 | ||||
Loans Receivable | Home equity lines of credit | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 3 | 6 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 5,231 | 6,036 | ||||
Allowance for Loan Losses, PCI | 8 | |||||
Allowance for Loan Losses, Ending balance | 5,242 | 5,318 | 6,042 | 6,305 | 5,479 | 4,574 |
Loans Outstanding, Individually evaluated for impairment | 103 | 167 | ||||
Loans Outstanding, Collectively evaluated for impairment | 690,865 | 595,951 | ||||
Loans Outstanding, PCI | 7,388 | 1,688 | ||||
Loans Outstanding, Ending Balance | 698,356 | 597,806 | ||||
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 | 1,604 | 1,393 | ||||
Allowance for Loan Losses, PCI | ||||||
Allowance for Loan Losses, Ending balance | 1,604 | 1,446 | 1,393 | 1,413 | 1,411 | 1,061 |
Loans Outstanding, Individually evaluated for impairment | 1,022 | 749 | ||||
Loans Outstanding, Collectively evaluated for impairment | 465,072 | 455,173 | ||||
Loans Outstanding, PCI | 8 | 49 | ||||
Loans Outstanding, Ending Balance | 466,102 | 455,971 | ||||
Loans Receivable | Commercial | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 2,032 | 2,719 | ||||
Loans Outstanding, PCI | 49,523 | 44,242 | ||||
Loans Outstanding, Ending Balance | 4,000,689 | 3,445,190 | ||||
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,212 | 1,465 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 12,845 | 15,267 | ||||
Allowance for Loan Losses, PCI | ||||||
Allowance for Loan Losses, Ending balance | 14,057 | 14,432 | 16,732 | 15,609 | 16,339 | 16,041 |
Loans Outstanding, Individually evaluated for impairment | 34,319 | 38,268 | ||||
Loans Outstanding, Collectively evaluated for impairment | 1,459,218 | 1,442,024 | ||||
Loans Outstanding, PCI | 18,648 | 13,674 | ||||
Loans Outstanding, Ending Balance | 1,512,185 | 1,493,966 | ||||
Loans Receivable | Commercial | Income producing commercial real estate | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 714 | 961 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 6,238 | 7,274 | ||||
Allowance for Loan Losses, PCI | ||||||
Allowance for Loan Losses, Ending balance | 6,952 | 5,522 | 8,235 | 7,773 | 8,200 | 10,296 |
Loans Outstanding, Individually evaluated for impairment | 28,418 | 23,013 | ||||
Loans Outstanding, Collectively evaluated for impairment | 1,052,242 | 772,945 | ||||
Loans Outstanding, PCI | 24,633 | 27,771 | ||||
Loans Outstanding, Ending Balance | 1,105,293 | 823,729 | ||||
Loans Receivable | Commercial | Construction | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 42 | 13 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 9,303 | 5,570 | ||||
Allowance for Loan Losses, PCI | 29 | |||||
Allowance for Loan Losses, Ending balance | 9,374 | 8,938 | 5,583 | 6,495 | 4,895 | 4,747 |
Loans Outstanding, Individually evaluated for impairment | 1,383 | 10,616 | ||||
Loans Outstanding, Collectively evaluated for impairment | 382,283 | 329,320 | ||||
Loans Outstanding, PCI | 5,195 | 2,142 | ||||
Loans Outstanding, Ending Balance | 388,861 | 342,078 | ||||
Loans Receivable | Commercial | Commercial & industrial | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 64 | 280 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 3,380 | 4,162 | ||||
Allowance for Loan Losses, PCI | ||||||
Allowance for Loan Losses, Ending balance | 3,444 | 3,207 | 4,442 | 5,580 | 4,728 | 3,255 |
Loans Outstanding, Individually evaluated for impairment | 2,515 | 3,339 | ||||
Loans Outstanding, Collectively evaluated for impairment | 990,788 | 781,423 | ||||
Loans Outstanding, PCI | 1,047 | 655 | ||||
Loans Outstanding, Ending Balance | 994,350 | 785,417 | ||||
Loans Receivable | Residential | Residential mortgage | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 3,613 | 3,885 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 12,124 | 13,347 | ||||
Allowance for Loan Losses, PCI | 1 | |||||
Allowance for Loan Losses, Ending balance | 15,738 | 15,662 | 17,232 | 16,739 | 19,052 | 20,311 |
Loans Outstanding, Individually evaluated for impairment | 19,586 | 19,627 | ||||
Loans Outstanding, Collectively evaluated for impairment | 1,029,629 | 1,005,860 | ||||
Loans Outstanding, PCI | 5,951 | 4,176 | ||||
Loans Outstanding, Ending Balance | 1,055,166 | 1,029,663 | ||||
Loans Receivable | Residential | Construction | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 139 | 174 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 5,736 | 7,787 | ||||
Allowance for Loan Losses, PCI | 5 | |||||
Allowance for Loan Losses, Ending balance | 5,880 | 9,005 | 7,961 | 8,383 | 9,337 | 10,603 |
Loans Outstanding, Individually evaluated for impairment | 5,925 | 7,900 | ||||
Loans Outstanding, Collectively evaluated for impairment | 367,900 | 342,677 | ||||
Loans Outstanding, PCI | 4,504 | 1,123 | ||||
Loans Outstanding, Ending Balance | 378,329 | 351,700 | ||||
Loans Receivable | Consumer installment | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 9 | 13 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 661 | 815 | ||||
Allowance for Loan Losses, PCI | ||||||
Allowance for Loan Losses, Ending balance | 670 | 723 | 828 | 765 | 688 | 731 |
Loans Outstanding, Individually evaluated for impairment | 285 | 329 | ||||
Loans Outstanding, Collectively evaluated for impairment | 126,012 | 114,741 | ||||
Loans Outstanding, PCI | 171 | 41 | ||||
Loans Outstanding, Ending Balance | 126,468 | 115,111 | ||||
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 | 2,002 | 2,542 | ||||
Allowance for Loan Losses, PCI | ||||||
Allowance for Loan Losses, Ending balance | $ 2,002 | $ 2,369 | $ 2,542 | $ 2,930 | $ 2,580 | $ 1,930 |
Loans and Allowance for Credi56
Loans and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details 4) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Loans individually evaluated for impairment by class of loans | ||
Allowance for loan losses, Individually evaluated for impairment | $ 5,796 | $ 6,797 |
Loans Receivable | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 33,800 | 33,601 |
Recorded Investment, With no related allowance recorded | 33,427 | 32,725 |
Unpaid Principal Balance, With an allowance recorded | 62,347 | 72,789 |
Recorded Investment, With allowance recorded | 60,129 | 71,283 |
Allowance for loan losses allocated with allowance | 5,796 | 6,797 |
Unpaid Principal Balance | 96,147 | 106,390 |
Recorded Investment | 93,556 | 104,008 |
Allowance for loan losses, Individually evaluated for impairment | 5,796 | 6,797 |
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 | 103 | 167 |
Recorded Investment, With allowance recorded | 103 | 167 |
Allowance for loan losses allocated with allowance | 3 | 6 |
Allowance for loan losses, Individually evaluated for impairment | 3 | 6 |
Loans Receivable | Indirect auto | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 1,022 | 749 |
Recorded Investment, With no related allowance recorded | 1,022 | 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 Receivable | Commercial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 30,647 | 28,330 |
Recorded Investment, With no related allowance recorded | 30,328 | 27,756 |
Unpaid Principal Balance, With an allowance recorded | 37,295 | 48,068 |
Recorded Investment, With allowance recorded | 36,307 | 47,480 |
Allowance for loan losses allocated with allowance | 2,032 | 2,719 |
Allowance for loan losses, Individually evaluated for impairment | 2,032 | 2,719 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 13,030 | 14,793 |
Recorded Investment, With no related allowance recorded | 12,892 | 14,460 |
Unpaid Principal Balance, With an allowance recorded | 22,096 | 24,043 |
Recorded Investment, With allowance recorded | 21,427 | 23,808 |
Allowance for loan losses allocated with allowance | 1,212 | 1,465 |
Allowance for loan losses, Individually evaluated for impairment | 1,212 | 1,465 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 17,144 | 13,044 |
Recorded Investment, With no related allowance recorded | 16,963 | 12,827 |
Unpaid Principal Balance, With an allowance recorded | 11,503 | 10,281 |
Recorded Investment, With allowance recorded | 11,455 | 10,186 |
Allowance for loan losses allocated with allowance | 714 | 961 |
Allowance for loan losses, Individually evaluated for impairment | 714 | 961 |
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 | 1,478 | 10,787 |
Recorded Investment, With allowance recorded | 1,383 | 10,616 |
Allowance for loan losses allocated with allowance | 42 | 13 |
Allowance for loan losses, Individually evaluated for impairment | 42 | 13 |
Loans Receivable | Commercial | Commercial & industrial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 473 | 493 |
Recorded Investment, With no related allowance recorded | 473 | 469 |
Unpaid Principal Balance, With an allowance recorded | 2,218 | 2,957 |
Recorded Investment, With allowance recorded | 2,042 | 2,870 |
Allowance for loan losses allocated with allowance | 64 | 280 |
Allowance for loan losses, Individually evaluated for impairment | 64 | 280 |
Loans Receivable | Residential | 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 | 19,426 | 19,346 |
Recorded Investment, With allowance recorded | 18,897 | 18,836 |
Allowance for loan losses allocated with allowance | 3,613 | 3,885 |
Allowance for loan losses, Individually evaluated for impairment | 3,613 | 3,885 |
Loans Receivable | Residential | Construction | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 1,439 | 3,731 |
Recorded Investment, With no related allowance recorded | 1,388 | 3,429 |
Unpaid Principal Balance, With an allowance recorded | 5,209 | 4,854 |
Recorded Investment, With allowance recorded | 4,537 | 4,471 |
Allowance for loan losses allocated with allowance | 139 | 174 |
Allowance for loan losses, Individually evaluated for impairment | 139 | 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 | 314 | 354 |
Recorded Investment, With allowance recorded | 285 | 329 |
Allowance for loan losses allocated with allowance | 9 | 13 |
Allowance for loan losses, Individually evaluated for impairment | $ 9 | $ 13 |
Loans and Allowance for Credi57
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | $ 92,959 | $ 108,318 | $ 91,959 | $ 107,937 |
Interest Revenue Recognized During Impairment | 1,125 | 1,283 | 3,255 | 3,757 |
Cash Basis Interest Revenue Received | 1,090 | 1,326 | 3,275 | 3,895 |
Home equity lines of credit | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 103 | 477 | 103 | 504 |
Interest Revenue Recognized During Impairment | 1 | 5 | 3 | 15 |
Cash Basis Interest Revenue Received | 1 | 5 | 3 | 15 |
Indirect auto | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 959 | 871 | ||
Interest Revenue Recognized During Impairment | 11 | 33 | ||
Cash Basis Interest Revenue Received | 11 | 33 | ||
Commercial | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 65,838 | 75,863 | 64,450 | 75,999 |
Interest Revenue Recognized During Impairment | 848 | 908 | 2,335 | 2,693 |
Cash Basis Interest Revenue Received | 816 | 997 | 2,354 | 2,856 |
Commercial | Commercial & industrial | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 2,553 | 4,637 | 2,614 | 4,627 |
Interest Revenue Recognized During Impairment | 33 | 43 | 99 | 126 |
Cash Basis Interest Revenue Received | 33 | 77 | 95 | 202 |
Commercial | Owner occupied commercial real estate | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 33,387 | 37,840 | 31,648 | 37,605 |
Interest Revenue Recognized During Impairment | 414 | 484 | 1,223 | 1,413 |
Cash Basis Interest Revenue Received | 414 | 523 | 1,249 | 1,491 |
Commercial | Income producing commercial real estate | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 28,487 | 20,802 | 28,726 | 21,427 |
Interest Revenue Recognized During Impairment | 375 | 265 | 943 | 805 |
Cash Basis Interest Revenue Received | 343 | 281 | 940 | 810 |
Commercial | Construction | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 1,411 | 12,584 | 1,462 | 12,340 |
Interest Revenue Recognized During Impairment | 26 | 116 | 70 | 349 |
Cash Basis Interest Revenue Received | 26 | 116 | 70 | 353 |
Residential | Residential mortgage | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 19,653 | 23,176 | 19,860 | 21,955 |
Interest Revenue Recognized During Impairment | 201 | 242 | 670 | 667 |
Cash Basis Interest Revenue Received | 196 | 197 | 664 | 633 |
Residential | Construction | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 6,115 | 8,560 | 6,372 | 9,294 |
Interest Revenue Recognized During Impairment | 59 | 123 | 197 | 371 |
Cash Basis Interest Revenue Received | 60 | 123 | 203 | 381 |
Consumer installment | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 291 | 242 | 303 | 185 |
Interest Revenue Recognized During Impairment | 5 | 5 | 17 | 11 |
Cash Basis Interest Revenue Received | $ 6 | $ 4 | $ 18 | $ 10 |
Loans and Allowance for Credi58
Loans and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details 6) - Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 21,572 | $ 22,653 |
Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,194 | 851 |
Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,300 | 823 |
Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 8,580 | 10,851 |
Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 6,454 | 7,036 |
Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 949 | 2,595 |
Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 98 | 328 |
Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,079 | 892 |
Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 8,152 | 8,555 |
Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,248 | 1,398 |
Consumer installment | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 98 | $ 175 |
Loans and Allowance for Credi59
Loans and Allowance for Credit Losses - Aging of recorded investment in past due loans (Details 7) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Recorded investment in nonaccrual loans by loan class | ||
Loans Outstanding, Ending Balance | $ 6,725,110 | $ 5,995,441 |
Loans Receivable | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 29,209 | 26,984 |
Loans Not Past Due | 6,628,356 | 5,917,138 |
Loans Outstanding, PCI | 67,545 | 51,319 |
Loans Outstanding, Ending Balance | 6,725,110 | 5,995,441 |
Loans Receivable | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 15,564 | 14,584 |
Loans Receivable | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 6,108 | 4,995 |
Loans Receivable | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 7,537 | 7,405 |
Loans Receivable | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,669 | 1,593 |
Loans Not Past Due | 688,299 | 594,525 |
Loans Outstanding, PCI | 7,388 | 1,688 |
Loans Outstanding, Ending Balance | 698,356 | 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 | 1,743 | 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 | 474 | 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 | 452 | 287 |
Loans Receivable | Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,187 | 1,483 |
Loans Not Past Due | 463,907 | 454,439 |
Loans Outstanding, PCI | 8 | 49 |
Loans Outstanding, Ending Balance | 466,102 | 455,971 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 853 | 611 |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 539 | 311 |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 795 | 561 |
Loans Receivable | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 9,591 | 10,344 |
Loans Not Past Due | 3,941,575 | 3,390,604 |
Loans Outstanding, PCI | 49,523 | 44,242 |
Loans Outstanding, Ending Balance | 4,000,689 | 3,445,190 |
Loans Receivable | Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,834 | 1,435 |
Loans Not Past Due | 991,469 | 783,327 |
Loans Outstanding, PCI | 1,047 | 655 |
Loans Outstanding, Ending Balance | 994,350 | 785,417 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 4,685 | 4,954 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 678 | 858 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,960 | 2,804 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 681 | 88 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,946 | 2,586 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 475 | 489 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 6,545 | 6,819 |
Loans Not Past Due | 1,486,992 | 1,473,473 |
Loans Outstanding, PCI | 18,648 | 13,674 |
Loans Outstanding, Ending Balance | 1,512,185 | 1,493,966 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,975 | 3,733 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,279 | 1,686 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,291 | 1,400 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 847 | 1,855 |
Loans Not Past Due | 1,079,813 | 794,103 |
Loans Outstanding, PCI | 24,633 | 27,771 |
Loans Outstanding, Ending Balance | 1,105,293 | 823,729 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 667 | 204 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,030 | |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 180 | 621 |
Loans Receivable | Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 365 | 235 |
Loans Not Past Due | 383,301 | 339,701 |
Loans Outstanding, PCI | 5,195 | 2,142 |
Loans Outstanding, Ending Balance | 388,861 | 342,078 |
Loans Receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 365 | 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 | Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 11,102 | 9,993 |
Loans Not Past Due | 1,038,113 | 1,015,494 |
Loans Outstanding, PCI | 5,951 | 4,176 |
Loans Outstanding, Ending Balance | 1,055,166 | 1,029,663 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 6,644 | 5,111 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,981 | 1,338 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,477 | 3,544 |
Loans Receivable | Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,961 | 2,763 |
Loans Not Past Due | 370,864 | 347,814 |
Loans Outstanding, PCI | 4,504 | 1,123 |
Loans Outstanding, Ending Balance | 378,329 | 351,700 |
Loans Receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 991 | 2,180 |
Loans Receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,111 | 239 |
Loans Receivable | Residential | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 859 | 344 |
Loans Receivable | Consumer installment | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 699 | 808 |
Loans Not Past Due | 125,598 | 114,262 |
Loans Outstanding, PCI | 171 | 41 |
Loans Outstanding, Ending Balance | 126,468 | 115,111 |
Loans Receivable | Consumer installment | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 648 | 610 |
Loans Receivable | Consumer installment | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 43 | 115 |
Loans Receivable | Consumer installment | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | $ 8 | $ 83 |
Loans and Allowance for Credi60
Loans and Allowance for Credit Losses - TDRs and pre and post-modification recorded investment (Details 8) - Loans Receivable $ in Thousands | Sep. 30, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract |
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 414 | 413 |
Pre-Modification Outstanding Recorded Investment | $ 76,924 | $ 88,015 |
Post-Modification Outstanding Recorded Investment | $ 75,396 | $ 86,588 |
Home equity lines of credit | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 103 | $ 167 |
Post-Modification Outstanding Recorded Investment | $ 103 | $ 167 |
Indirect auto | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 61 | 49 |
Pre-Modification Outstanding Recorded Investment | $ 1,022 | $ 749 |
Post-Modification Outstanding Recorded Investment | $ 1,022 | $ 749 |
Commercial | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 113 | 123 |
Pre-Modification Outstanding Recorded Investment | $ 50,486 | $ 61,987 |
Post-Modification Outstanding Recorded Investment | $ 49,837 | $ 61,173 |
Commercial | Owner occupied commercial real estate | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 54 | 54 |
Pre-Modification Outstanding Recorded Investment | $ 26,050 | $ 32,544 |
Post-Modification Outstanding Recorded Investment | $ 25,560 | $ 32,058 |
Commercial | Income producing commercial real estate | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 31 | 29 |
Pre-Modification Outstanding Recorded Investment | $ 21,012 | $ 15,703 |
Post-Modification Outstanding Recorded Investment | $ 21,012 | $ 15,629 |
Commercial | Construction | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 8 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 1,463 | $ 10,785 |
Post-Modification Outstanding Recorded Investment | $ 1,383 | $ 10,616 |
Commercial | Commercial & industrial | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 20 | 26 |
Pre-Modification Outstanding Recorded Investment | $ 1,961 | $ 2,955 |
Post-Modification Outstanding Recorded Investment | $ 1,882 | $ 2,870 |
Residential | Residential mortgage | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 171 | 173 |
Pre-Modification Outstanding Recorded Investment | $ 19,036 | $ 19,101 |
Post-Modification Outstanding Recorded Investment | $ 18,768 | $ 18,836 |
Residential | Construction | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 48 | 44 |
Pre-Modification Outstanding Recorded Investment | $ 5,971 | $ 5,663 |
Post-Modification Outstanding Recorded Investment | $ 5,381 | $ 5,334 |
Consumer installment | ||
Additional information on troubled debt restructurings | ||
Number of Contracts | Contract | 19 | 22 |
Pre-Modification Outstanding Recorded Investment | $ 306 | $ 348 |
Post-Modification Outstanding Recorded Investment | $ 285 | $ 329 |
Loans and Allowance for Credi61
Loans and Allowance for Credit Losses - Loans modified under terms of TDR (Details 9) - Loans Receivable $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 22 | 19 | 75 | 65 |
Pre-Modification Outstanding Recorded Investment | $ 2,447 | $ 2,034 | $ 8,538 | $ 18,689 |
Post Modification Outstanding Recorded Investment | $ 2,392 | $ 2,033 | $ 8,389 | $ 18,611 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 1 | 4 | 2 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 34 | $ 178 | $ 371 | $ 208 |
Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 38 | $ 83 | ||
Post Modification Outstanding Recorded Investment | $ 38 | $ 74 | ||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||||
Indirect auto | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 8 | 26 | ||
Pre-Modification Outstanding Recorded Investment | $ 226 | $ 699 | ||
Post Modification Outstanding Recorded Investment | $ 226 | $ 699 | ||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||||
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 4 | 12 | 22 |
Pre-Modification Outstanding Recorded Investment | $ 1,073 | $ 690 | $ 3,536 | $ 14,950 |
Post Modification Outstanding Recorded Investment | $ 1,073 | $ 689 | $ 3,536 | $ 14,905 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 1 | 3 | 1 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 34 | $ 178 | $ 286 | $ 178 |
Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 3 | 7 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 1,007 | $ 667 | $ 2,524 | $ 13,204 |
Post Modification Outstanding Recorded Investment | $ 1,007 | $ 666 | $ 2,524 | $ 13,159 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 1 | 1 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 178 | $ 252 | $ 178 | |
Commercial | Income producing commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | |||
Pre-Modification Outstanding Recorded Investment | $ 310 | |||
Post Modification Outstanding Recorded Investment | $ 310 | |||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||||
Commercial | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 233 | |||
Post Modification Outstanding Recorded Investment | $ 233 | |||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||||
Commercial | Commercial & industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 1 | 5 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 66 | $ 23 | $ 1,012 | $ 1,203 |
Post Modification Outstanding Recorded Investment | $ 66 | $ 23 | $ 1,012 | $ 1,203 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 2 | ||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 34 | $ 34 | ||
Residential | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 7 | 10 | 25 | 33 |
Pre-Modification Outstanding Recorded Investment | $ 862 | $ 939 | $ 3,465 | $ 3,060 |
Post Modification Outstanding Recorded Investment | $ 807 | $ 939 | $ 3,371 | $ 3,060 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | |||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 85 | |||
Residential | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 1 | 8 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 272 | $ 347 | $ 766 | $ 510 |
Post Modification Outstanding Recorded Investment | $ 272 | $ 347 | $ 711 | $ 486 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | ||||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | ||||
Consumer installment | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 4 | 3 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 14 | $ 58 | $ 34 | $ 86 |
Post Modification Outstanding Recorded Investment | $ 14 | $ 58 | $ 34 | $ 86 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | |||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 30 |
Loans and Allowance for Credi62
Loans and Allowance for Credit Losses - Risk category of loans by class of loans (Details 10) - Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | $ 6,657,565 | $ 5,944,122 | |
Loans Outstanding, PCI | 67,545 | 51,319 | |
Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 6,498,739 | 5,770,315 | |
Loans Outstanding, PCI | 26,461 | 13,464 | |
Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | 40,942 | 48,473 |
Loans Outstanding, PCI | [1] | 15,770 | 13,009 |
Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 117,884 | 125,334 | |
Loans Outstanding, PCI | 25,314 | 23,935 | |
Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | |||
Loans Outstanding, PCI | 911 | ||
Home equity lines of credit | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 690,968 | 596,118 | |
Loans Outstanding, PCI | 7,388 | 1,688 | |
Home equity lines of credit | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 685,670 | 589,749 | |
Loans Outstanding, PCI | 6,419 | 214 | |
Home equity lines of credit | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | 26 | 24 |
Loans Outstanding, PCI | [1] | ||
Home equity lines of credit | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 5,272 | 6,345 | |
Loans Outstanding, PCI | 969 | 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 | |||
Indirect auto | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 466,094 | 455,922 | |
Loans Outstanding, PCI | 8 | 49 | |
Indirect auto | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 463,186 | 453,935 | |
Loans Outstanding, PCI | |||
Indirect auto | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | ||
Loans Outstanding, PCI | [1] | ||
Indirect auto | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 2,908 | 1,987 | |
Loans Outstanding, PCI | 8 | 49 | |
Indirect auto | 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 | 3,951,166 | 3,400,948 | |
Loans Outstanding, PCI | 49,523 | 44,242 | |
Commercial | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 3,857,273 | 3,292,003 | |
Loans Outstanding, PCI | 16,564 | 12,904 | |
Commercial | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | 28,575 | 39,566 |
Loans Outstanding, PCI | [1] | 13,823 | 12,560 |
Commercial | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 65,318 | 69,379 | |
Loans Outstanding, PCI | 19,136 | 18,379 | |
Commercial | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | |||
Loans Outstanding, PCI | 399 | ||
Commercial | Owner occupied commercial real estate | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 1,493,537 | 1,480,292 | |
Loans Outstanding, PCI | 18,648 | 13,674 | |
Commercial | Owner occupied commercial real estate | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 1,443,160 | 1,414,353 | |
Loans Outstanding, PCI | 2,211 | 1,811 | |
Commercial | Owner occupied commercial real estate | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | 19,613 | 24,175 |
Loans Outstanding, PCI | [1] | 3,379 | 6,705 |
Commercial | Owner occupied commercial real estate | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 30,764 | 41,764 | |
Loans Outstanding, PCI | 13,058 | 4,809 | |
Commercial | Owner occupied commercial real estate | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | |||
Loans Outstanding, PCI | 349 | ||
Commercial | Income producing commercial real estate | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 1,080,660 | 795,958 | |
Loans Outstanding, PCI | 24,633 | 27,771 | |
Commercial | Income producing commercial real estate | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 1,054,769 | 771,792 | |
Loans Outstanding, PCI | 12,667 | 9,378 | |
Commercial | Income producing commercial real estate | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | 2,622 | 4,151 |
Loans Outstanding, PCI | [1] | 10,028 | 5,766 |
Commercial | Income producing commercial real estate | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 23,269 | 20,015 | |
Loans Outstanding, PCI | 1,938 | 12,627 | |
Commercial | Income producing commercial real estate | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | |||
Loans Outstanding, PCI | |||
Commercial | Construction | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 383,666 | 339,936 | |
Loans Outstanding, PCI | 5,195 | 2,142 | |
Commercial | Construction | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 381,336 | 335,571 | |
Loans Outstanding, PCI | 1,594 | 1,698 | |
Commercial | Construction | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | 1,333 | 3,069 |
Loans Outstanding, PCI | [1] | 299 | 6 |
Commercial | Construction | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 997 | 1,296 | |
Loans Outstanding, PCI | 3,302 | 438 | |
Commercial | Construction | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | |||
Loans Outstanding, PCI | |||
Commercial | Commercial & industrial | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 993,303 | 784,762 | |
Loans Outstanding, PCI | 1,047 | 655 | |
Commercial | Commercial & industrial | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 978,008 | 770,287 | |
Loans Outstanding, PCI | 92 | 17 | |
Commercial | Commercial & industrial | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | 5,007 | 8,171 |
Loans Outstanding, PCI | [1] | 117 | 83 |
Commercial | Commercial & industrial | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 10,288 | 6,304 | |
Loans Outstanding, PCI | 838 | 505 | |
Commercial | Commercial & industrial | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | |||
Loans Outstanding, PCI | 50 | ||
Residential | Residential mortgage | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 1,049,215 | 1,025,487 | |
Loans Outstanding, PCI | 5,951 | 4,176 | |
Residential | Residential mortgage | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 1,007,944 | 985,109 | |
Loans Outstanding, PCI | 722 | ||
Residential | Residential mortgage | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | 7,470 | 5,070 |
Loans Outstanding, PCI | [1] | 666 | 410 |
Residential | Residential mortgage | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 33,801 | 35,308 | |
Loans Outstanding, PCI | 4,563 | 3,766 | |
Residential | Residential mortgage | 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 | 373,825 | 350,577 | |
Loans Outstanding, PCI | 4,504 | 1,123 | |
Residential | Construction | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 359,126 | 335,341 | |
Loans Outstanding, PCI | 2,588 | 345 | |
Residential | Construction | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | 4,871 | 3,813 |
Loans Outstanding, PCI | [1] | 1,281 | 39 |
Residential | Construction | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 9,828 | 11,423 | |
Loans Outstanding, PCI | 635 | 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 | 126,297 | 115,070 | |
Loans Outstanding, PCI | 171 | 41 | |
Consumer installment | Pass | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 125,540 | 114,178 | |
Loans Outstanding, PCI | 168 | 1 | |
Consumer installment | Watch | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | [1] | ||
Loans Outstanding, PCI | [1] | ||
Consumer installment | Substandard | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | 757 | 892 | |
Loans Outstanding, PCI | 3 | 40 | |
Consumer installment | Doubtful / Loss | |||
Risk category of loans by class of loans | |||
Total loans, excluding PCI loans | |||
Loans Outstanding, PCI | |||
[1] | Residential mortgage loans and home equity loans reported in the watch column are generally commercial purpose loans secured by the borrower's residence. |
Loans and Allowance for Credi63
Loans and Allowance for Credit Losses (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Remaining accretable fair value mark on loans | $ 8,300,000 | $ 8,300,000 | $ 7,030,000 | ||
Criteria amount for evaluation of impairment | 500,000 | 500,000 | |||
Accruing substandard relationship | 2,000,000 | 2,000,000 | |||
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original terms | 262,000 | $ 262,000 | 686,000 | $ 686,000 | |
Specific reserves | 5,180,000 | 5,180,000 | 6,370,000 | ||
Loans outstanding classified as troubled debt restructurings | 55,000 | 55,000 | 224,000 | ||
FHLB | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Pledged as collateral to secure FHLB advances | 3,050,000,000 | 3,050,000,000 | 2,440,000,000 | ||
Indirect auto | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Remaining accretable fair value mark on loans | 11,800,000 | 11,800,000 | 12,000,000 | ||
Loans Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of purchased credit impaired loans | 67,545,000 | 67,545,000 | 51,319,000 | ||
Unpaid principal balance of purchased credit impaired ("PCI") loans | 95,300,000 | 95,300,000 | 71,000,000 | ||
Loans Receivable | Indirect auto | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of purchased credit impaired loans | $ 8,000 | $ 8,000 | $ 49,000 |
Reclassifications Out of Accu64
Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains, net | $ 261 | $ 325 | $ 922 | $ 1,877 |
Time deposit interest expense | (667) | (830) | (2,052) | (2,834) |
Money market deposit interest expense | 1,347 | 981 | 3,661 | 2,460 |
Tax benefit (expense) | 15,753 | 10,867 | 44,720 | 32,384 |
Net of tax | 25,874 | 17,862 | 73,414 | 53,328 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net of tax | (653) | (399) | (1,608) | (667) |
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 | 261 | 325 | 922 | 1,877 |
Tax benefit (expense) | (101) | (121) | (348) | (724) |
Net of tax | 160 | 204 | 574 | 1,153 |
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 | (663) | (269) | (1,601) | (1,041) |
Tax benefit (expense) | 237 | 99 | 596 | 387 |
Net of tax | (426) | (170) | (1,005) | (654) |
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 | (15) | (7) | (93) | |
Money market deposit interest expense | (153) | (237) | (495) | (502) |
Federal Home Loan Bank advances interest expense | (313) | (298) | (924) | (835) |
Total before tax | (466) | (550) | (1,426) | (1,430) |
Tax benefit (expense) | 181 | 214 | 555 | 556 |
Net of tax | (285) | (336) | (871) | (874) |
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) | (501) | (478) |
Tax benefit (expense) | 65 | 62 | 195 | 186 |
Net of tax | (102) | (97) | (306) | (292) |
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) | (375) | (274) |
Actuarial losses | $ (42) | $ (68) | $ (126) | $ (204) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Computation of basic and diluted loss per share | ||||
Net income available to common shareholders | $ 25,874 | $ 17,862 | $ 73,414 | $ 53,328 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 71,556 | 66,294 | 71,992 | 63,297 |
Effect of dilutive securities | ||||
Stock options | 5 | 6 | 4 | 5 |
Diluted (in shares) | 71,561 | 66,300 | 71,996 | 63,302 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.36 | $ 0.27 | $ 1.02 | $ 0.84 |
Diluted (in dollars per share) | $ 0.36 | $ 0.27 | $ 1.02 | $ 0.84 |
Earnings Per Share - Preferred
Earnings Per Share - Preferred stock dividends (Detail Textuals 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accrued dividends on preferred stock, including accretion of discounts | ||||
Total preferred stock dividends | $ 25,000 | $ 21,000 | $ 42,000 | |
Series H Preferred Stock | ||||
Accrued dividends on preferred stock, including accretion of discounts | ||||
Total preferred stock dividends | $ 21,000 | $ 25,000 | $ 21,000 | $ 42,000 |
Earnings Per Share (Detail Text
Earnings Per Share (Detail Textuals 2) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Class of Stock [Line Items] | ||
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 | 185,688 | 255,229 |
Weighted average exercise price of options exercised to issue common shares | $ 77.63 | $ 90.10 |
Restricted Stock | ||
Class of Stock [Line Items] | ||
Vesting of restricted stock awards | 674,862 | 735,280 |
Derivatives and Hedging Activ68
Derivatives and Hedging Activities - Derivatives accounted for as hedges under ASC 815 (Details) - Fair value hedging - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | $ 31 | |
Derivatives accounted for as hedges, liability derivatives, fair value | 3,184 | 2,169 |
Derivative assets | Corporate Bonds | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | 31 | |
Derivative liabilities | Brokered CD's | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | 1,070 | 2,169 |
Derivative liabilities | Corporate Bonds | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | $ 2,114 |
Derivatives and Hedging Activ69
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments under ASC 815 (Details 1) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 25,463 | $ 20,051 |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 29,364 | 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 | 16,018 | 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 | 1,072 | 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 | 3 | 1 |
Derivative assets | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 3,793 | 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 | 4,577 | 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 | 16,170 | 6,339 |
Derivative liabilities | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 38 | |
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 | 70 | 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 | 8,507 | 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 | $ 4,579 | $ 4,470 |
Derivatives and Hedging Activ70
Derivatives and Hedging Activities - Derivatives in Cash Flow Hedging Relationships (Details 2) - Cash flow hedging - Interest rate swaps - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 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) | (466) | (550) | (1,426) | (1,430) |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | $ (7) |
Derivatives and Hedging Activ71
Derivatives and Hedging Activities - Derivatives in Fair Value Hedging Relationships (Details 3) - Fair value hedging - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | $ (127) | $ 3,009 | $ 737 | $ 3,204 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 1,638 | (2,995) | 1,628 | (3,020) |
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 | (389) | 4,374 | 2,882 | 3,599 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 1,945 | (4,247) | (268) | (3,365) |
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 | 262 | (1,365) | (2,145) | (395) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $ (307) | $ 1,252 | $ 1,896 | $ 345 |
Derivatives and Hedging Activ72
Derivatives and Hedging Activities (Detail Textuals) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Contract | |
Credit risk | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Collateral pledged toward derivatives | $ 32,000,000 | $ 32,000,000 | |||
Cash flow hedging | Interest Rate Risk | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Increase to deposit interest expense over next twelve months | 1,210,000 | ||||
Fair value hedging of interest rate risk | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Recognized net gain (loss) related to ineffectiveness of hedging relationships | $ 1,510,000 | $ 14,000 | $ 2,370,000 | $ 184,000 | |
Fair value hedging of interest rate risk | Interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Number of derivative contracts outstanding | Contract | 1 | 1 | 13 | ||
Total notional amount designated as cash flow hedges | $ 12,800,000 | $ 12,800,000 | $ 156,000,000 | ||
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 | 1 | ||
Total notional amount designated as cash flow hedges | $ 30,000,000 | $ 30,000,000 | $ 30,000,000 | ||
Interest expense | Fair value hedging of interest rate risk | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net reduction of interest expense/revenue | 388,000 | 1,120,000 | 1,630,000 | 3,390,000 | |
Interest revenue | Fair value hedging of interest rate risk | Corporate Bonds | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net reduction of interest expense/revenue | $ 262,000 | $ 142,000 | $ 508,000 | $ 361,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Shares | |
Outstanding at December 31, 2015 | shares | 241,493 |
Expired | shares | (51,606) |
Forfeited | shares | (4,199) |
Outstanding at September 30, 2016 | shares | 185,688 |
Exercisable at September 30, 2016 | shares | 176,938 |
Weighted-Average Exercise Price | |
Outstanding at December 31, 2015 | $ / shares | $ 89.92 |
Expired | $ / shares | 134.83 |
Forfeited | $ / shares | 81.21 |
Outstanding at September 30, 2016 | $ / shares | 77.63 |
Exercisable at September 30, 2016 | $ / shares | $ 80.66 |
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 | $ | $ 172 |
Aggregate Intrinsic Value, Exercisable | $ | $ 132 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock activity (Details 1) - Restricted Stock and Restricted Stock Unit | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Shares | |
Outstanding at December 31, 2015 | shares | 712,667 |
Granted | shares | 225,886 |
Vested | shares | (223,733) |
Cancelled | shares | (39,958) |
Outstanding at September 30, 2016 | shares | 674,862 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at December 31, 2015 | $ / shares | $ 16.44 |
Granted | $ / shares | 19.42 |
Vested | $ / shares | 15.7 |
Cancelled | $ / shares | 17.01 |
Outstanding at September 30, 2016 | $ / shares | $ 17.65 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail textuals) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 23,000 | $ 28,000 |
Restricted Stock and Restricted Stock Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Plan vesting period | 4 years | |
Plan exercisable period | 10 years | |
Additional award granted under plan | 2,120 | |
Compensation expense | $ 3,160 | 3,220 |
Total intrinsic value | 14,200 | |
Unrecognized compensation cost of non-vested stock options and restricted stock unit awards | $ 9,390 | |
Recognition period for unrecognized compensation cost related | 2 years 7 months 13 days | |
Aggregate grant date fair value | $ 3,510 | |
Other operating expense for restricted stock units granted | $ 75,000 | $ 95,000 |
Common and Preferred Stock Is76
Common and Preferred Stock Issued / Common Stock Issuable (Detail Textuals) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Mar. 22, 2016 | Dec. 31, 2015 | |
Common Stock Issued and Issuable and Preferred Stock Issued [Abstract] | ||||
Shares issued in connection with DRIP | 2,938 | 1,564 | ||
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 | 12,906 | 10,197 | ||
Common stock issuable shares under deferred compensation plan | 520,014 | 458,953 | ||
Common stock, shares authorized | 150,000,000 | 100,000,000 | ||
Shares repurchased authorized amount | $ 50 | |||
Number of shares repurchased under the program | 764,000 | |||
Value of common stock may be repurchased | $ 36.3 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 15,753 | $ 10,867 | $ 44,720 | $ 32,384 | |
Income tax effective tax rate | 37.80% | 37.80% | 37.80% | 37.80% | |
Valuation allowance on deferred tax assets | $ 4,710 | $ 4,280 | $ 4,710 | $ 4,280 | |
Valuation allowance related to specific state income tax credits | $ 4,710 | ||||
Net deferred tax asset realized based upon future taxable income | 156,000 | 156,000 | |||
Unrecognized income tax benefits | $ 3,790 | $ 3,790 | $ 3,980 |
Assets and Liabilities Measur78
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Level 1 | ||
Assets: | ||
Total assets | $ 149,008 | $ 172,156 |
Liabilities: | ||
Total liabilities | 4,134 | 3,450 |
Level 1 | U.S. Treasury securities | ||
Assets: | ||
Total assets | 144,874 | 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 | Mortgage loans held for sale | ||
Assets: | ||
Total assets | ||
Level 1 | Deferred compensation plan assets | ||
Assets: | ||
Total assets | 4,134 | 3,450 |
Level 1 | Servicing rights for government guaranteed loans | ||
Assets: | ||
Total assets | ||
Level 1 | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | ||
Level 1 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | 4,134 | 3,450 |
Level 1 | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | ||
Level 2 | ||
Assets: | ||
Total assets | 2,090,616 | 2,132,719 |
Liabilities: | ||
Total liabilities | 22,933 | 13,031 |
Level 2 | U.S. Treasury securities | ||
Assets: | ||
Total assets | ||
Level 2 | U.S. Government agencies | ||
Assets: | ||
Total assets | 20,455 | 112,340 |
Level 2 | State and political subdivisions | ||
Assets: | ||
Total assets | 64,886 | 56,268 |
Level 2 | Mortgage-backed securities | ||
Assets: | ||
Total assets | 1,175,781 | 1,113,118 |
Level 2 | Corporate bonds | ||
Assets: | ||
Total assets | 312,059 | 305,276 |
Level 2 | Asset-backed securities | ||
Assets: | ||
Total assets | 495,433 | 533,242 |
Level 2 | Other | ||
Assets: | ||
Total assets | 1,125 | 1,811 |
Level 2 | Mortgage loans held for sale | ||
Assets: | ||
Total assets | 279 | |
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 | ||
Assets: | ||
Total assets | 20,598 | 10,664 |
Level 2 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | ||
Level 2 | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | 22,933 | 13,031 |
Level 3 | ||
Assets: | ||
Total assets | 10,465 | 13,880 |
Liabilities: | ||
Total liabilities | 9,615 | 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 | 500 | 750 |
Level 3 | Asset-backed securities | ||
Assets: | ||
Total assets | ||
Level 3 | Other | ||
Assets: | ||
Total assets | ||
Level 3 | Mortgage loans held for sale | ||
Assets: | ||
Total assets | ||
Level 3 | Deferred compensation plan assets | ||
Assets: | ||
Total assets | ||
Level 3 | Servicing rights for government guaranteed loans | ||
Assets: | ||
Total assets | 5,100 | 3,712 |
Level 3 | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | 4,865 | 9,418 |
Level 3 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | ||
Level 3 | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | 9,615 | 15,794 |
Total | ||
Assets: | ||
Total assets | 2,250,089 | 2,318,755 |
Liabilities: | ||
Total liabilities | 36,682 | 32,275 |
Total | U.S. Treasury securities | ||
Assets: | ||
Total assets | 144,874 | 168,706 |
Total | U.S. Government agencies | ||
Assets: | ||
Total assets | 20,455 | 112,340 |
Total | State and political subdivisions | ||
Assets: | ||
Total assets | 64,886 | 56,268 |
Total | Mortgage-backed securities | ||
Assets: | ||
Total assets | 1,175,781 | 1,113,118 |
Total | Corporate bonds | ||
Assets: | ||
Total assets | 312,559 | 306,026 |
Total | Asset-backed securities | ||
Assets: | ||
Total assets | 495,433 | 533,242 |
Total | Other | ||
Assets: | ||
Total assets | 1,125 | 1,811 |
Total | Mortgage loans held for sale | ||
Assets: | ||
Total assets | 279 | |
Total | Deferred compensation plan assets | ||
Assets: | ||
Total assets | 4,134 | 3,450 |
Total | Servicing rights for government guaranteed loans | ||
Assets: | ||
Total assets | 5,100 | 3,712 |
Total | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | 25,463 | 20,082 |
Total | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | 4,134 | 3,450 |
Total | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | $ 32,548 | $ 28,825 |
Assets and Liabilities Measur79
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Asset | ||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 2,657 | $ 11,531 | $ 9,418 | $ 12,262 |
Purchases | 286 | 286 | ||
Additions | ||||
Sales and settlements | (204) | (204) | ||
Other comprehensive income | ||||
Amounts included in earnings - fair value adjustments | 2,412 | (4,978) | (4,349) | (5,709) |
Transfers between valuation levels, net | ||||
Balance at end of period | 4,865 | 6,839 | 4,865 | 6,839 |
Derivative Liability | ||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 7,531 | 18,261 | 15,794 | 18,979 |
Purchases | ||||
Additions | 16 | 16 | ||
Sales and settlements | (483) | (483) | ||
Other comprehensive income | ||||
Amounts included in earnings - fair value adjustments | 2,529 | (5,461) | (5,734) | (6,179) |
Transfers between valuation levels, net | 22 | 22 | ||
Balance at end of period | 9,615 | 12,800 | 9,615 | 12,800 |
Servicing rights for government guaranteed loans | ||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 4,615 | 3,118 | 3,712 | 2,551 |
Purchases | 137 | 137 | ||
Additions | 752 | 455 | 1,852 | 1,087 |
Sales and settlements | (126) | (297) | ||
Other comprehensive income | ||||
Amounts included in earnings - fair value adjustments | (141) | (379) | (167) | (444) |
Transfers between valuation levels, net | ||||
Balance at end of period | 5,100 | 3,331 | 5,100 | 3,331 |
Securities Available-for-Sale | ||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 500 | 750 | 750 | 750 |
Purchases | ||||
Additions | ||||
Sales and settlements | ||||
Other comprehensive income | (250) | |||
Amounts included in earnings - fair value adjustments | ||||
Transfers between valuation levels, net | ||||
Balance at end of period | $ 500 | $ 750 | $ 500 | $ 750 |
Assets and Liabilities Measur80
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 10,465 | $ 13,880 |
Liabilities, fair value | 9,615 | 15,794 |
Derivative assets - mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 1,072 | $ 188 |
Derivative assets - mortgage | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
ValuationTechnique | Internal model | Internal model |
Unobservable Inputs | Pull through rate | Pull through rate |
Pull through rate | 75.90% | 85.00% |
Derivative assets - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 3,793 | $ 9,230 |
ValuationTechnique | Dealer priced | Dealer priced |
Unobservable Inputs | Dealer priced | Dealer priced |
Derivative liabilities - risk participations | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ 38 | |
Derivative liabilities - risk participations | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
ValuationTechnique | Internal model | Internal model |
Probable exposure rate | 0.25% | |
Probability of default rate | 1.80% | |
Derivative liabilities - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ 9,577 | $ 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 | $ 5,100 | $ 3,712 |
Servicing rights for government guaranteed loans | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
ValuationTechnique | Discounted cash flow | Discounted cash flow |
Discount rate | 12.10% | 11.80% |
Prepayment Rate | 7.22% | 6.95% |
Corporate bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 500 | $ 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 Measur81
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details 3) - Nonrecurring - USD ($) $ in Thousands | Sep. 30, 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 | 7,556 | 7,589 |
Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 7,556 | $ 7,589 |
Assets and Liabilities Measur82
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Securities held to maturity, Carrying Amount | $ 357,550 | $ 371,658 |
Mortgage loans held for sale | 279 | |
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 | 357,550 | 371,658 |
Loans, net | ||
Mortgage loans held for sale | 31,596 | 24,660 |
Residential mortgage servicing rights | ||
Liabilities: | ||
Deposits | 8,447,293 | 7,881,109 |
Federal Home Loan Bank advances | 449,415 | 430,119 |
Long-term debt | ||
Level 3 | ||
Assets: | ||
Securities held to maturity, Carrying Amount | ||
Loans, net | 6,620,163 | 5,840,554 |
Mortgage loans held for sale | ||
Residential mortgage servicing rights | 3,694 | 3,521 |
Liabilities: | ||
Deposits | ||
Federal Home Loan Bank advances | ||
Long-term debt | 174,946 | 166,668 |
Total | ||
Assets: | ||
Securities held to maturity, Carrying Amount | 357,550 | 371,658 |
Loans, net | 6,620,163 | 5,840,554 |
Mortgage loans held for sale | 31,596 | 24,660 |
Residential mortgage servicing rights | 3,694 | 3,521 |
Liabilities: | ||
Deposits | 8,447,293 | 7,881,109 |
Federal Home Loan Bank advances | 449,415 | 430,119 |
Long-term debt | 174,946 | 166,668 |
Carrying Amount | ||
Assets: | ||
Securities held to maturity, Carrying Amount | 344,917 | 364,696 |
Loans, net | 6,662,149 | 5,926,993 |
Mortgage loans held for sale | 30,535 | 24,231 |
Residential mortgage servicing rights | 3,673 | 3,370 |
Liabilities: | ||
Deposits | 8,441,599 | 7,873,193 |
Federal Home Loan Bank advances | 449,407 | 430,125 |
Long-term debt | $ 174,959 | $ 163,836 |
Assets and Liabilities Measur83
Assets and Liabilities Measured at Fair Value (Detail Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Fair Value [Abstract] | |
Mortgage loans held for sale | $ 279 |
Mortgage loans held for sale outstanding principal balance | 268 |
Changes in fair value of loans sale outstanding principal balance | $ 11 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 1,418,846 | $ 1,351,446 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 19,728 | $ 23,373 |
Commitments and Contingencies85
Commitments and Contingencies (Detail Textual) $ in Thousands | Sep. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Investment in limited partnerships | $ 2,510 |
Commitment for additional fund | $ 1,990 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jul. 01, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Core deposit intangible | $ 51,342 | $ 49,772 | ||||
Less: accumulated amortization | (36,079) | (32,964) | ||||
Total intangibles subject to amortization, net | 15,263 | 16,808 | ||||
Goodwill | 142,025 | $ 131,312 | 130,612 | $ 123,566 | $ 14,527 | $ 1,509 |
Total goodwill and other intangible assets, net | $ 157,288 | $ 147,420 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Goodwill [Roll Forward] | ||||
Goodwill Balance, beginning of period | $ 436,902 | $ 320,117 | $ 436,202 | $ 307,099 |
Accumulated Impairment Losses | (305,590) | (305,590) | (305,590) | (305,590) |
Goodwill, net of Accumulated Impairment Losses, Balance, beginning of period | 131,312 | 14,527 | 130,612 | 1,509 |
Measurement period adjustments | 700 | |||
Goodwill Balance, end of period | 447,615 | 429,156 | 447,615 | 429,156 |
Goodwill, net of Accumulated Impairment Losses, Balance, end of period | 142,025 | 123,566 | 142,025 | 123,566 |
Tidelands | ||||
Goodwill [Roll Forward] | ||||
Acquisition | $ 10,713 | $ 10,713 | ||
Palmetto | ||||
Goodwill [Roll Forward] | ||||
Acquisition | 107,923 | 107,923 | ||
MoneyTree | ||||
Goodwill [Roll Forward] | ||||
Acquisition | $ 1,116 | $ 14,134 |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2016 | $ 1,066 | |
2,017 | 3,413 | |
2,018 | 2,690 | |
2,019 | 2,171 | |
2,020 | 1,678 | |
Thereafter | 4,245 | |
Total | $ 15,263 | $ 16,808 |
Goodwill and Other Intangible89
Goodwill and Other Intangible Assets (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense for intangibles | $ 1,119 | $ 714 | $ 3,116 | $ 1,403 |