falsedesktopUCBI2020-12-31000085785521000012{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_1": "UNITED COMMUNITY BANKS INC.\t\t\nFORM 10-K\t\t\nINDEX\t\t\n\tGlossary of Defined Terms\t3\n\tForward-looking Statements\t5\nPART I\t\t\nItem 1.\tBusiness\t7\nItem 1A.\tRisk Factors\t20\nItem 1B.\tUnresolved Staff Comments\t34\nItem 2.\tProperties\t34\nItem 3.\tLegal Proceedings\t34\nItem 4.\tMine Safety Disclosures\t34\nPART II\t\t\nItem 5.\tMarket for Registrant's Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities\t35\nItem 6.\tSelected Financial Data\t37\nItem 7.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t39\nItem 7A.\tQuantitative and Qualitative Disclosures About Market Risk\t64\nItem 8.\tFinancial Statements and Supplementary Data\t65\nItem 9.\tChanges in and Disagreements with Accountants on Accounting and Financial Disclosure\t128\nItem 9A.\tControls and Procedures\t128\nItem 9B.\tOther Information\t128\nPART III\t\t\nItem 10.\tDirectors Executive Officers and Corporate Governance\t129\nItem 11.\tExecutive Compensation\t129\nItem 12.\tSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters\t129\nItem 13.\tCertain Relationships and Related Transactions and Director Independence\t129\nItem 14.\tPrincipal Accounting Fees and Services\t129\nPART IV\t\t\nItem 15.\tExhibits Financial Statement Schedules\t130\nItem 16.\tForm 10-K Summary\t133\nSIGNATURES\t\t134\n", "q10k_tbl_2": "\tRisk-Based Ratios\t\t\t\t\nCategory\tTotal Capital\tTier 1 Capital\tCET1 Capital\tLeverage Ratio\tTangible Equity to Total Assets\nWell-capitalized\tat least 10%\tat least 8%\tat least 6.5%\tat least 5%\t\nAdequately capitalized\tat least 8%\tat least 6%\tat least 4.5%\tat least 4%\t\nUndercapitalized\tunder 8%\tunder 6%\tunder 4.5%\tunder 4%\t\nSignificantly undercapitalized\tunder 6%\tunder 4%\tunder 3%\tunder 3%\t\nCritically undercapitalized\t\t\t\t\t2% or less\n", "q10k_tbl_3": "Name (age)\tPosition with United and Employment History\tOfficer of United Since\nH. Lynn Harton (59)\tPresident Chief Executive Officer and Director (2018-present); President Chief Operating Officer and Director (2015-2018)\t2012\nJefferson L. Harralson (55)\tExecutive Vice President and Chief Financial Officer (2017-present); prior to joining United was Managing Director at Keefe Bruyette and Woods (2002-2017)\t2017\nMelinda Davis Lux (48)\tExecutive Vice President General Counsel and Corporate Secretary (2020-present); prior to joining United was Partner at Womble Bond Dickinson (US) LLP (2016-2020); prior to joining Womble Bond Dickinson was Partner at the law firm Wyche P.A.\t2020\nRobert A. Edwards (56)\tExecutive Vice President and Chief Risk Officer (2019-present); Executive Vice President and Chief Credit Officer (2015-2019)\t2015\nRichard W. Bradshaw (59)\tChief Banking Officer (2019-present); President Commercial Banking Solutions (2014-2018)\t2014\nMark Terry (54)\tChief Information Officer (2017-present); Chief Technology Officer (2016-2017); prior to joining United was Chief Information Officer at Palmetto Bancshares Inc. (2011-2016)\t2016\n", "q10k_tbl_4": "\tCumulative Total Return*\t\t\t\t\t\n\t2015\t2016\t2017\t2018\t2019\t2020\nUnited Community Banks Inc.\t100\t154\t148\t116\t170\t163\nNasdaq Stock Market (U.S.) Index\t100\t108\t138\t133\t179\t257\nNasdaq Bank Index\t100\t135\t140\t115\t139\t124\n", "q10k_tbl_5": "(in thousands except per share data)\t2020\t2019\t2018\t2017\t2016\nINCOME SUMMARY\t\t\t\t\t\nInterest revenue\t557996\t552706\t500080\t389720\t335020\nInterest expense\t56237\t83312\t61330\t33735\t25236\nNet interest revenue\t501759\t469394\t438750\t355985\t309784\nProvision for credit losses\t80434\t13150\t9500\t3800\t(800)\nNoninterest income\t156109\t104713\t92961\t88260\t93697\nTotal revenue\t577434\t560957\t522211\t440445\t404281\nExpenses\t367989\t322245\t306285\t267611\t241289\nIncome before income tax expense\t209445\t238712\t215926\t172834\t162992\nIncome tax expense\t45356\t52991\t49815\t105013\t62336\nNet income\t164089\t185721\t166111\t67821\t100656\nMerger-related and other charges\t7018\t7357\t7345\t14662\t8122\nIncome tax benefit of merger-related and other charges\t(1340)\t(1695)\t(1494)\t(3745)\t(3074)\nImpact of remeasurement of deferred tax asset resulting from 2017 Tax Cuts and Jobs Act\t0\t0\t0\t38199\t0\nImpairment of deferred tax asset on cancelled non-qualified stock options\t0\t0\t0\t0\t976\nRelease of disproportionate tax effects lodged in OCI\t0\t0\t0\t3400\t0\nNet income - operating (1)*\t169767\t191383\t171962\t120337\t106680\nPERFORMANCE MEASURES\t\t\t\t\t\nPer common share:\t\t\t\t\t\nDiluted net income - GAAP\t1.91\t2.31\t2.07\t0.92\t1.40\nDiluted net income - operating (1)*\t1.98\t2.38\t2.14\t1.63\t1.48\nCommon stock cash dividends declared\t0.72\t0.68\t0.58\t0.38\t0.30\nBook value\t21.90\t20.53\t18.24\t16.67\t15.06\nTangible book value (3)*\t17.56\t16.28\t14.24\t13.65\t12.95\nKey performance ratios:\t\t\t\t\t\nReturn on common equity - GAAP (2)\t9.25%\t11.89%\t11.60%\t5.67%\t9.41%\nReturn on common equity - operating (1)(2)*\t9.58\t12.25\t12.01\t10.07\t9.98\nReturn on tangible common equity - operating (1)(2)(3)*\t12.24\t15.81\t15.69\t12.02\t11.86\nReturn on assets - GAAP\t1.04\t1.46\t1.35\t0.62\t1.00\nReturn on assets - operating (1)*\t1.07\t1.51\t1.40\t1.09\t1.06\nDividend payout ratio - GAAP\t37.70\t29.44\t28.02\t41.30\t21.43\nDividend payout ratio - operating (1)*\t36.36\t28.57\t27.10\t23.31\t20.27\nNet interest margin (fully taxable equivalent)\t3.55\t4.07\t3.91\t3.52\t3.36\nEfficiency ratio - GAAP\t55.71\t55.77\t57.31\t59.95\t59.80\nEfficiency ratio - operating (1)*\t54.64\t54.50\t55.94\t56.67\t57.78\nEquity to total assets\t11.29\t12.66\t11.59\t10.94\t10.05\nTangible common equity to tangible assets (3)*\t8.81\t10.32\t9.29\t9.14\t8.77\nASSET QUALITY\t\t\t\t\t\nNonperforming loans\t61599\t35341\t23778\t23658\t21539\nForeclosed properties\t647\t476\t1305\t3234\t7949\nTotal NPAs\t62246\t35817\t25083\t26892\t29488\nACL - loans\t137010\t62089\t61203\t58914\t61422\nNet charge-offs\t18316\t12216\t6113\t5998\t6766\nACL - loans to loans\t1.20%\t0.70%\t0.73%\t0.76%\t0.89%\nNet charge-offs to average loans\t0.17\t0.14\t0.07\t0.08\t0.11\nNPAs to loans and foreclosed properties\t0.55\t0.41\t0.30\t0.35\t0.43\nNPAs to total assets\t0.35\t0.28\t0.20\t0.23\t0.28\nAVERAGE BALANCES ($ in millions)\t\t\t\t\t\nLoans\t10467\t8708\t8170\t7150\t6413\nInvestment securities\t2752\t2647\t2899\t2847\t2691\nEarning assets\t14226\t11609\t11282\t10162\t9257\nTotal assets\t15467\t12687\t12284\t11015\t10054\nDeposits\t13135\t10579\t10000\t8950\t8177\nShareholders' equity\t1821\t1556\t1380\t1180\t1059\nCommon shares - basic (thousands)\t83184\t79700\t79662\t73247\t71910\nCommon shares - diluted (thousands)\t83248\t79708\t79671\t73259\t71915\nAT PERIOD END ($ in millions)\t\t\t\t\t\nLoans\t11371\t8813\t8383\t7736\t6921\nInvestment securities\t3645\t2559\t2903\t2937\t2762\nTotal assets\t17794\t12916\t12573\t11915\t10709\nDeposits\t15232\t10897\t10535\t9808\t8638\nShareholders' equity\t2008\t1636\t1458\t1303\t1076\nCommon shares outstanding (thousands)\t86675\t79014\t79234\t77580\t70899\n", "q10k_tbl_6": "\t2020\t\t\t\t2019\t\t\t\n(in thousands except per share data)\tFourth Quarter\tThird Quarter\tSecond Quarter\tFirst Quarter\tFourth Quarter\tThird Quarter\tSecond Quarter\tFirst Quarter\nINCOME SUMMARY\t\t\t\t\t\t\t\t\nInterest revenue\t156071\t141773\t123605\t136547\t136419\t140615\t139156\t136516\nInterest expense\t10676\t13319\t14301\t17941\t19781\t21277\t21372\t20882\nNet interest revenue\t145395\t128454\t109304\t118606\t116638\t119338\t117784\t115634\nProvision for credit losses\t2907\t21793\t33543\t22191\t3500\t3100\t3250\t3300\nNoninterest income\t41375\t48682\t40238\t25814\t30183\t29031\t24531\t20968\nTotal revenue\t183863\t155343\t115999\t122229\t143321\t145269\t139065\t133302\nExpenses\t106490\t95981\t83980\t81538\t81424\t82924\t81813\t76084\nIncome before income tax expense\t77373\t59362\t32019\t40691\t61897\t62345\t57252\t57218\nIncome tax expense\t17871\t11755\t6923\t8807\t12885\t13983\t13167\t12956\nNet income\t59502\t47607\t25096\t31884\t49012\t48362\t44085\t44262\nMerger-related and other charges\t2452\t3361\t397\t808\t(74)\t2605\t4087\t739\nIncome tax benefit of merger-related and other charges\t(552)\t(519)\t(87)\t(182)\t17\t(600)\t(940)\t(172)\nNet income - operating (1)*\t61402\t50449\t25406\t32510\t48955\t50367\t47232\t44829\nPERFORMANCE MEASURES\t\t\t\t\t\t\t\t\nPer common share:\t\t\t\t\t\t\t\t\nDiluted net income (loss) - GAAP\t0.66\t0.52\t0.32\t0.40\t0.61\t0.60\t0.55\t0.55\nDiluted net income - operating (1)*\t0.68\t0.55\t0.32\t0.41\t0.61\t0.63\t0.59\t0.56\nCash dividends declared\t0.18\t0.18\t0.18\t0.18\t0.18\t0.17\t0.17\t0.16\nBook value\t21.90\t21.45\t21.22\t20.80\t20.53\t20.16\t19.65\t18.93\nTangible book value (3)*\t17.56\t17.09\t16.95\t16.52\t16.28\t15.90\t15.38\t14.93\nKey performance ratios:\t\t\t\t\t\t\t\t\nReturn on common equity - GAAP (2)(4)\t12.36%\t10.06%\t6.17%\t7.85%\t12.07%\t12.16%\t11.45%\t11.85%\nReturn on common equity - operating (1)(2)(4)*\t12.77\t10.69\t6.25\t8.01\t12.06\t12.67\t12.27\t12.00\nReturn on tangible common equity - operating (1)(2)(3)(4)*\t16.23\t13.52\t8.09\t10.57\t15.49\t16.38\t15.88\t15.46\nReturn on assets - GAAP (4)\t1.30\t1.07\t0.71\t0.99\t1.50\t1.51\t1.40\t1.44\nReturn on assets - operating (1)(4)*\t1.34\t1.14\t0.72\t1.01\t1.50\t1.58\t1.50\t1.45\nDividend payout ratio - GAAP\t27.27\t34.62\t56.25\t45.00\t29.51\t28.33\t30.91\t29.09\nDividend payout ratio - operating (1)*\t26.47\t32.73\t56.25\t43.90\t29.51\t26.98\t28.81\t28.57\nNet interest margin (fully taxable equivalent) (4)\t3.55\t3.27\t3.42\t4.07\t3.93\t4.12\t4.12\t4.10\nEfficiency ratio - GAAP\t56.73\t54.14\t55.86\t56.15\t54.87\t55.64\t57.28\t55.32\nEfficiency ratio - operating (1)*\t55.42\t52.24\t55.59\t55.59\t54.92\t53.90\t54.42\t54.78\nEquity to total assets\t11.29\t11.47\t11.81\t12.54\t12.66\t12.53\t12.25\t12.06\nTangible common equity to tangible assets (3)*\t8.81\t8.89\t9.12\t10.22\t10.32\t10.16\t9.86\t9.76\nASSET QUALITY\t\t\t\t\t\t\t\t\nNonperforming loans\t61599\t49084\t48021\t36208\t35341\t30832\t26597\t23624\nForeclosed properties\t647\t953\t477\t475\t476\t102\t75\t1127\nNPAs\t62246\t50037\t48498\t36683\t35817\t30934\t26672\t24751\nACL - loans\t137010\t134256\t103669\t81905\t62089\t62514\t62204\t61642\nNet charge-offs\t1515\t2538\t6149\t8114\t3925\t2723\t2438\t3130\nACL - loans to loans\t1.20%\t1.14%\t1.02%\t0.92%\t0.70%\t0.70%\t0.70%\t0.73%\nNet charge-offs to average loans (4)\t0.05\t0.09\t0.25\t0.37\t0.18\t0.12\t0.11\t0.15\nNPAs to loans and foreclosed properties\t0.55\t0.42\t0.48\t0.41\t0.41\t0.35\t0.30\t0.29\nNPAs to total assets\t0.35\t0.29\t0.32\t0.28\t0.28\t0.24\t0.21\t0.20\nAVERAGE BALANCES ($ in millions)\t\t\t\t\t\t\t\t\nLoans\t11595\t11644\t9773\t8829\t8890\t8836\t8670\t8430\nInvestment securities\t3326\t2750\t2408\t2520\t2486\t2550\t2674\t2883\nEarning assets\t16394\t15715\t12958\t11798\t11832\t11568\t11534\t11498\nTotal assets\t17698\t17013\t14173\t12944\t12946\t12681\t12608\t12509\nDeposits\t15057\t14460\t12071\t10915\t10924\t10531\t10493\t10361\nShareholders' equity\t1994\t1948\t1686\t1653\t1623\t1588\t1531\t1478\nCommon shares - basic (thousands)\t87258\t87129\t78920\t79340\t79659\t79663\t79673\t79807\nCommon shares - diluted (thousands)\t87333\t87205\t78924\t79446\t79669\t79667\t79678\t79813\nAT PERIOD END ($ in millions)\t\t\t\t\t\t\t\t\nLoans\t11371\t11799\t10133\t8935\t8813\t8903\t8838\t8493\nInvestment securities\t3645\t3089\t2432\t2540\t2559\t2515\t2620\t2720\nTotal assets\t17794\t17153\t15005\t13086\t12916\t12809\t12779\t12506\nDeposits\t15232\t14603\t12702\t11035\t10897\t10757\t10591\t10534\nShareholders' equity\t2008\t1967\t1772\t1641\t1636\t1605\t1566\t1508\nCommon shares outstanding (thousands)\t86675\t86611\t78335\t78284\t79014\t78974\t79075\t79035\n", "q10k_tbl_7": "\tFor the Twelve Months Ended December 31\t\t\t\t\n(in thousands except per share data)\t2020\t2019\t2018\t2017\t2016\nExpense reconciliation\t\t\t\t\t\nExpenses (GAAP)\t367989\t322245\t306285\t267611\t241289\nMerger-related and other charges\t(7018)\t(7357)\t(7345)\t(14662)\t(8122)\nExpenses - operating\t360971\t314888\t298940\t252949\t233167\nNet income reconciliation\t\t\t\t\t\nNet income (GAAP)\t164089\t185721\t166111\t67821\t100656\nMerger-related and other charges\t7018\t7357\t7345\t14662\t8122\nIncome tax benefit of merger-related and other charges\t(1340)\t(1695)\t(1494)\t(3745)\t(3074)\nImpact of tax reform on remeasurement of deferred tax asset\t0\t0\t0\t38199\t0\nImpairment of deferred tax asset on canceled non-qualified stock options\t0\t0\t0\t0\t976\nRelease of disproportionate tax effects lodged in OCI\t0\t0\t0\t3400\t0\nNet income - operating\t169767\t191383\t171962\t120337\t106680\nDiluted income per common share reconciliation\t\t\t\t\t\nDiluted income per common share (GAAP)\t1.91\t2.31\t2.07\t0.92\t1.40\nMerger-related and other charges\t0.07\t0.07\t0.07\t0.14\t0.07\nImpact of tax reform on remeasurement of deferred tax asset\t0\t0\t0\t0.52\t0\nImpairment of deferred tax asset on canceled non-qualified stock options\t0\t0\t0\t0\t0.01\nRelease of disproportionate tax effects lodged in OCI\t0\t0\t0\t0.05\t0\nDiluted income per common share - operating\t1.98\t2.38\t2.14\t1.63\t1.48\nBook value per common share reconciliation\t\t\t\t\t\nBook value per common share (GAAP)\t21.90\t20.53\t18.24\t16.67\t15.06\nEffect of goodwill and other intangibles\t(4.34)\t(4.25)\t(4.00)\t(3.02)\t(2.11)\nTangible book value per common share\t17.56\t16.28\t14.24\t13.65\t12.95\nReturn on tangible common equity reconciliation\t\t\t\t\t\nReturn on common equity (GAAP)\t9.25%\t11.89%\t11.60%\t5.67%\t9.41%\nMerger-related and other charges\t0.33\t0.36\t0.41\t0.92\t0.48\nImpact of tax reform on remeasurement of deferred tax asset\t0\t0\t0\t3.20\t0\nImpairment of deferred tax asset on canceled non-qualified stock options\t0\t0\t0\t0\t0.09\nRelease of disproportionate tax effects lodged in OCI\t0\t0\t0\t0.28\t0\nReturn on common equity - operating\t9.58\t12.25\t12.01\t10.07\t9.98\nEffect of goodwill and other intangibles\t2.66\t3.56\t3.68\t1.95\t1.88\nReturn on tangible common equity - operating\t12.24%\t15.81%\t15.69%\t12.02%\t11.86%\nReturn on assets reconciliation\t\t\t\t\t\nReturn on assets (GAAP)\t1.04%\t1.46%\t1.35%\t0.62%\t1.00%\nMerger-related and other charges\t0.03\t0.05\t0.05\t0.09\t0.05\nImpact of tax reform on remeasurement of deferred tax asset\t0\t0\t0\t0.35\t0\nImpairment of deferred tax asset on canceled non-qualified stock options\t0\t0\t0\t0\t0.01\nRelease of disproportionate tax effects lodged in OCI\t0\t0\t0\t0.03\t0\nReturn on assets - operating\t1.07%\t1.51%\t1.40%\t1.09%\t1.06%\nDividend payout ratio reconciliation\t\t\t\t\t\nDividend payout ratio (GAAP)\t37.70%\t29.44%\t28.02%\t41.30%\t21.43%\nMerger-related and other charges\t(1.34)\t(0.87)\t(0.92)\t(5.65)\t(1.02)\nImpact of tax reform on remeasurement of deferred tax asset\t0\t0\t0\t(11.61)\t0\nImpairment of deferred tax asset on canceled non-qualified stock options\t0\t0\t0\t0\t(0.14)\nRelease of disproportionate tax effects lodged in OCI\t0\t0\t0\t(0.73)\t0\nDividend payout ratio - operating\t36.36%\t28.57%\t27.10%\t23.31%\t20.27%\nEfficiency ratio reconciliation\t\t\t\t\t\nEfficiency ratio (GAAP)\t55.71%\t55.77%\t57.31%\t59.95%\t59.80%\nMerger-related and other charges\t(1.07)\t(1.27)\t(1.37)\t(3.28)\t(2.02)\nEfficiency ratio - operating\t54.64%\t54.50%\t55.94%\t56.67%\t57.78%\nTangible common equity to tangible assets reconciliation\t\t\t\t\t\nEquity to assets (GAAP)\t11.29%\t12.66%\t11.59%\t10.94%\t10.05%\nEffect of goodwill and other intangibles\t(1.94)\t(2.34)\t(2.30)\t(1.80)\t(1.28)\nEffect of preferred equity\t(0.54)\t0\t0\t0\t0\nTangible common equity to tangible assets\t8.81%\t10.32%\t9.29%\t9.14%\t8.77%\n", "q10k_tbl_8": "\t2020\t\t\t\t2019\t\t\t\n(in thousands except per share data)\tFourth Quarter\tThird Quarter\tSecond Quarter\tFirst Quarter\tFourth Quarter\tThird Quarter\tSecond Quarter\tFirst Quarter\nExpense reconciliation\t\t\t\t\t\t\t\t\nExpenses (GAAP)\t106490\t95981\t83980\t81538\t81424\t82924\t81813\t76084\nMerger-related and other charges\t(2452)\t(3361)\t(397)\t(808)\t74\t(2605)\t(4087)\t(739)\nExpenses - operating\t104038\t92620\t83583\t80730\t81498\t80319\t77726\t75345\nNet income reconciliation\t\t\t\t\t\t\t\t\nNet income (GAAP)\t59502\t47607\t25096\t31884\t49012\t48362\t44085\t44262\nMerger-related and other charges\t2452\t3361\t397\t808\t(74)\t2605\t4087\t739\nIncome tax benefit of merger-related and other charges\t(552)\t(519)\t(87)\t(182)\t17\t(600)\t(940)\t(172)\nNet income - operating\t61402\t50449\t25406\t32510\t48955\t50367\t47232\t44829\nDiluted income per common share reconciliation\t\t\t\t\t\t\t\t\nDiluted income per common share (GAAP)\t0.66\t0.52\t0.32\t0.40\t0.61\t0.60\t0.55\t0.55\nMerger-related and other charges\t0.02\t0.03\t0\t0.01\t0\t0.03\t0.04\t0.01\nDiluted income per common share - operating\t0.68\t0.55\t0.32\t0.41\t0.61\t0.63\t0.59\t0.56\nBook value per common share reconciliation\t\t\t\t\t\t\t\t\nBook value per common share (GAAP)\t21.90\t21.45\t21.22\t20.80\t20.53\t20.16\t19.65\t18.93\nEffect of goodwill and other intangibles\t(4.34)\t(4.36)\t(4.27)\t(4.28)\t(4.25)\t(4.26)\t(4.27)\t(4.00)\nTangible book value per common share\t17.56\t17.09\t16.95\t16.52\t16.28\t15.90\t15.38\t14.93\nReturn on tangible common equity reconciliation\t\t\t\t\t\t\t\t\nReturn on common equity (GAAP)\t12.36%\t10.06%\t6.17%\t7.85%\t12.07%\t12.16%\t11.45%\t11.85%\nMerger-related and other charges\t0.41\t0.63\t0.08\t0.16\t(0.01)\t0.51\t0.82\t0.15\nReturn on common equity - operating\t12.77\t10.69\t6.25\t8.01\t12.06\t12.67\t12.27\t12.00\nEffect of goodwill and other intangibles\t3.46\t2.83\t1.84\t2.56\t3.43\t3.71\t3.61\t3.46\nReturn on tangible common equity - operating\t16.23%\t13.52%\t8.09%\t10.57%\t15.49%\t16.38%\t15.88%\t15.46%\nReturn on assets reconciliation\t\t\t\t\t\t\t\t\nReturn on assets (GAAP)\t1.30%\t1.07%\t0.71%\t0.99%\t1.50%\t1.51%\t1.40%\t1.44%\nMerger-related and other charges\t0.04\t0.07\t0.01\t0.02\t0\t0.07\t0.10\t0.01\nReturn on assets - operating\t1.34%\t1.14%\t0.72%\t1.01%\t1.50%\t1.58%\t1.50%\t1.45%\nDividend payout ratio reconciliation\t\t\t\t\t\t\t\t\nDividend payout ratio (GAAP)\t27.27%\t34.62%\t56.25%\t45.00%\t29.51%\t28.33%\t30.91%\t29.09%\nMerger-related and other charges\t(0.80)\t(1.89)\t0\t(1.10)\t0\t(1.35)\t(2.10)\t(0.52)\nDividend payout ratio - operating\t26.47%\t32.73%\t56.25%\t43.90%\t29.51%\t26.98%\t28.81%\t28.57%\nEfficiency ratio reconciliation\t\t\t\t\t\t\t\t\nEfficiency ratio (GAAP)\t56.73%\t54.14%\t55.86%\t56.15%\t54.87%\t55.64%\t57.28%\t55.32%\nMerger-related and other charges\t(1.31)\t(1.90)\t(0.27)\t(0.56)\t0.05\t(1.74)\t(2.86)\t(0.54)\nEfficiency ratio - operating\t55.42%\t52.24%\t55.59%\t55.59%\t54.92%\t53.90%\t54.42%\t54.78%\nTangible common equity to tangible assets reconciliation\t\t\t\t\t\t\t\t\nEquity to total assets (GAAP)\t11.29%\t11.47%\t11.81%\t12.54%\t12.66%\t12.53%\t12.25%\t12.06%\nEffect of goodwill and other intangibles\t(1.94)\t(2.02)\t(2.05)\t(2.32)\t(2.34)\t(2.37)\t(2.39)\t(2.30)\nEffect of preferred equity\t(0.54)\t(0.56)\t(0.64)\t0\t0\t0\t0\t0\nTangible common equity to tangible assets\t8.81%\t8.89%\t9.12%\t10.22%\t10.32%\t10.16%\t9.86%\t9.76%\n", "q10k_tbl_9": "\t2020\t\t\t2019\t\t\t2018\t\t\n\tAverage Balance\tInterest\tAvg. Rate\tAverage Balance\tInterest\tAvg. Rate\tAverage Balance\tInterest\tAvg. Rate\nAssets:\t\t\t\t\t\t\t\t\t\nInterest-earning assets:\t\t\t\t\t\t\t\t\t\nLoans net of unearned income (FTE) (1)(2)\t10466653\t492223\t4.70%\t8708035\t475803\t5.46%\t8170143\t420001\t5.14%\nTaxable securities (3)\t2532750\t55031\t2.17\t2475102\t69920\t2.82\t2745715\t73496\t2.68\nTax-exempt securities (FTE) (1)(3)\t219668\t9458\t4.31\t171549\t6130\t3.57\t152855\t5641\t3.69\nFederal funds sold and other interest-earning assets\t1007059\t4753\t0.47\t254370\t3499\t1.38\t213137\t2968\t1.39\nTotal interest-earning assets (FTE)\t14226130\t561465\t3.95\t11609056\t555352\t4.78\t11281850\t502106\t4.45\nNoninterest-earning assets:\t\t\t\t\t\t\t\t\t\nAllowance for credit losses\t(106812)\t\t\t(62900)\t\t\t(61443)\t\t\nCash and due from banks\t136702\t\t\t121649\t\t\t135345\t\t\nPremises and equipment\t217751\t\t\t220523\t\t\t216646\t\t\nOther assets (3)\t993584\t\t\t798649\t\t\t711671\t\t\nTotal assets\t15467355\t\t\t12686977\t\t\t12284069\t\t\nLiabilities and Shareholders' Equity:\t\t\t\t\t\t\t\t\t\nInterest-bearing liabilities:\t\t\t\t\t\t\t\t\t\nInterest-bearing deposits:\t\t\t\t\t\t\t\t\t\nNOW and interest-bearing demand\t2759383\t7735\t0.28\t2249713\t13665\t0.61\t2107831\t7649\t0.36\nMoney market\t3023928\t13165\t0.44\t2221478\t18983\t0.85\t2117216\t11838\t0.56\nSavings deposits\t821344\t169\t0.02\t690028\t149\t0.02\t672735\t150\t0.02\nTime deposits\t1832319\t20146\t1.10\t1791319\t28313\t1.58\t1547221\t12585\t0.81\nBrokered deposits\t97788\t557\t0.57\t240646\t5746\t2.39\t347072\t7321\t2.11\nTotal interest-bearing deposits\t8534762\t41772\t0.49\t7193184\t66856\t0.93\t6792075\t39543\t0.58\nFederal funds purchased and other borrowings\t1220\t3\t0.25\t33504\t838\t2.50\t57376\t1112\t1.94\nFHLB advances\t749\t28\t3.74\t106973\t2697\t2.52\t328871\t6345\t1.93\nLong-term debt\t274069\t14434\t5.27\t247732\t12921\t5.22\t290004\t14330\t4.94\nTotal borrowed funds\t276038\t14465\t5.24\t388209\t16456\t4.24\t676251\t21787\t3.22\nTotal interest-bearing liabilities\t8810800\t56237\t0.64\t7581393\t83312\t1.10\t7468326\t61330\t0.82\nNoninterest-bearing liabilities:\t\t\t\t\t\t\t\t\t\nNoninterest-bearing deposits\t4600152\t\t\t3385431\t\t\t3207625\t\t\nOther liabilities\t235120\t\t\t164550\t\t\t227980\t\t\nTotal liabilities\t13646072\t\t\t11131374\t\t\t10903931\t\t\nShareholders' equity\t1821283\t\t\t1555603\t\t\t1380138\t\t\nTotal liabilities and shareholders' equity\t15467355\t\t\t12686977\t\t\t12284069\t\t\nNet interest revenue (FTE)\t\t505228\t\t\t472040\t\t\t440776\t\nNet interest-rate spread (FTE)\t\t\t3.31%\t\t\t3.68%\t\t\t3.63%\nNet interest margin (FTE) (4)\t\t\t3.55%\t\t\t4.07%\t\t\t3.91%\n", "q10k_tbl_10": "\t2020 Compared to 2019 Increase (decrease) due to changes in\t\t\t2019 Compared to 2018 Increase (decrease) due to changes in\t\t\n\tVolume\tRate\tTotal\tVolume\tRate\tTotal\nInterest-earning assets:\t\t\t\t\t\t\nLoans\t88168\t(71748)\t16420\t28541\t27261\t55802\nTaxable securities\t1594\t(16483)\t(14889)\t(7500)\t3924\t(3576)\nTax-exempt securities\t1923\t1405\t3328\t673\t(184)\t489\nFederal funds sold and other interest-earning assets\t4788\t(3534)\t1254\t568\t(37)\t531\nTotal interest-earning assets\t96473\t(90360)\t6113\t22282\t30964\t53246\nInterest-bearing liabilities:\t\t\t\t\t\t\nInterest-bearing deposits:\t\t\t\t\t\t\nNOW and interest-bearing demand\t2602\t(8532)\t(5930)\t546\t5470\t6016\nMoney market\t5431\t(11249)\t(5818)\t609\t6536\t7145\nSavings deposits\t27\t(7)\t20\t4\t(5)\t(1)\nTime deposits\t634\t(8801)\t(8167)\t2254\t13474\t15728\nBrokered deposits\t(2273)\t(2916)\t(5189)\t(2452)\t877\t(1575)\nTotal interest-bearing deposits\t6421\t(31505)\t(25084)\t961\t26352\t27313\nFederal funds purchased and other short-term borrowings\t(431)\t(404)\t(835)\t(542)\t268\t(274)\nFHLB advances\t(3548)\t879\t(2669)\t(5184)\t1536\t(3648)\nLong-term debt\t1386\t127\t1513\t(2173)\t764\t(1409)\nTotal borrowed funds\t(2593)\t602\t(1991)\t(7899)\t2568\t(5331)\nTotal interest-bearing liabilities\t3828\t(30903)\t(27075)\t(6938)\t28920\t21982\nIncrease in net interest revenue\t92645\t(59457)\t33188\t29220\t2044\t31264\n", "q10k_tbl_11": "Table 4 - Noninterest Income\t\t\t\t\nFor the Years Ended December 31\t\t\t\t\n(in thousands)\t\t\t\tChange\n\t2020\t2019\t2018\t2020-2019\nService charge and fees:\t\t\t\t\nOverdraft fees\t10800\t14553\t14814\t(26)%\nATM and debit card interchange fees\t13299\t13517\t12649\t(2)\nOther service charges and fees\t8302\t8727\t8534\t(5)\nTotal service charges and fees\t32401\t36797\t35997\t(12)\nMortgage loan gains and related fees\t76087\t27145\t19010\t180\nWealth management fees\t9240\t6150\t5191\t50\nGains from sales of other loans net\t5420\t6867\t9277\t(21)\nSecurities gains (losses) net\t748\t(1021)\t(656)\t\nOther noninterest income:\t\t\t\t\nBOLI\t5080\t5417\t3557\t(6)\nCustomer derivatives\t6392\t2875\t2669\t122\nOther\t20741\t20483\t17916\t1\nTotal other noninterest income\t32213\t28775\t24142\t12\nTotal noninterest income\t156109\t104713\t92961\t49\n", "q10k_tbl_12": "Table 5 - Mortgage Loan Sales\t\t\t\t\nFor the Years Ended December 31\t\t\t\t\n(dollars in thousands)\t\t\t\t\n\t\t2020\t2019\tChange\n\tMortgage loans sold\t1466314\t707142\t107%\n\t# of mortgage loans sold\t6344\t3370\t88\n\tMortgage loans closed\t\t\t\n\tOriginations\t1128412\t746488\t51\n\tRefinances\t993650\t352799\t182\n\tTotal\t2122062\t1099287\t93\n\t# of mortgage loans closed\t7631\t4381\t74\n", "q10k_tbl_13": "Table 6 - Other Loan Sales\t\t\t\t\t\nFor the Years Ended December 31\t\t\t\t\t\n(in thousands)\t\t2020\t\t2019\t\n\t\tLoans Sold\tGain (Loss)\tLoans Sold\tGain (Loss)\n\tGuaranteed portion of SBA/USDA loans\t48385\t4132\t81158\t6286\n\tEquipment financing receivables\t27018\t1288\t30952\t1269\n\tIndirect auto loans\t0\t0\t102789\t(688)\n\tTotal\t75403\t5420\t214899\t6867\n", "q10k_tbl_14": "Table 7 - Noninterest Expenses\t\t\t\t\nFor the Years Ended December 31\t\t\t\t\n(in thousands)\t\t\t\tChange\n\t2020\t2019\t2018\t2020-2019\nSalaries and employee benefits\t224060\t196440\t181015\t14%\nOccupancy\t25791\t23350\t22781\t10\nCommunications and equipment\t27149\t24613\t21277\t10\nProfessional fees\t18032\t17028\t15540\t6\nLending and loan servicing expense\t10993\t9416\t8697\t17\nOutside services - electronic banking\t7513\t7020\t6623\t7\nPostage printing and supplies\t6779\t6370\t6416\t6\nAdvertising and public relations\t15203\t6170\t5991\t146\nFDIC assessments and other regulatory charges\t5982\t4901\t8491\t22\nAmortization of core deposit intangibles\t4168\t4489\t4915\t(7)\nOther\t15301\t15092\t17194\t1\nTotal excluding merger-related and other charges and amortization of noncompete agreements\t360971\t314889\t298940\t15\nMerger-related and other charges\t7018\t6907\t5414\t2\nAmortization of noncompete agreements\t0\t449\t1931\t\nTotal noninterest expenses\t367989\t322245\t306285\t14\n", "q10k_tbl_15": "\tThree Months Ended December 31\t\t\n\t2020\t2019\tChange\nService charges and fees:\t\t\t\nOverdraft fees\t2800\t3825\t(27)%\nATM and debit card fees\t3454\t3408\t1\nOther service charges and fees\t2254\t2135\t6\nTotal service charges and fees\t8508\t9368\t(9)\nMortgage loan gains and related fees\t18974\t9395\t102\nWealth management fees\t3221\t1526\t111\nGains from other loan sales net\t1531\t2455\t(38)\nSecurities gains (losses) net\t2\t(903)\t\nOther noninterest income:\t\t\t\nBOLI\t989\t2625\t(62)\nCustomer derivatives\t1546\t504\t207\nOther\t6604\t5213\t27\nTotal other noninterest income\t9139\t8342\t10\nTotal noninterest income\t41375\t30183\t37\n", "q10k_tbl_16": "\tThree Months Ended December 31\t\t\n\t2020\t2019\tChange\nSalaries and employee benefits\t61824\t50279\t23%\nOccupancy\t7082\t5926\t20\nCommunications and equipment\t7687\t6380\t20\nFDIC assessments and other regulatory charges\t1594\t1330\t20\nProfessional fees\t4029\t5098\t(21)\nLending and loan servicing expense\t2468\t1908\t29\nOutside services - electronic banking\t1997\t1919\t4\nPostage printing and supplies\t1793\t1637\t10\nAdvertising and public relations\t9891\t1914\t417\nAmortization of core deposit intangibles\t1042\t1093\t(5)\nOther\t4631\t4014\t15\nTotal excluding merger-related and other charges\t104038\t81498\t28\nMerger-related and other charges\t2452\t(74)\t\nTotal noninterest expenses\t106490\t81424\t31\n", "q10k_tbl_17": "Loans by Category\t2020\t2019\t2018\t2017\t2016\nOwner occupied commercial real estate\t2090443\t1720227\t1647904\t1923993\t1650360\nIncome producing commercial real estate\t2540750\t2007950\t1812420\t1595174\t1281541\nCommercial & industrial (1)\t2498560\t1220657\t1278347\t1130990\t1069715\nCommercial construction\t967305\t976215\t796158\t711936\t633921\nEquipment financing\t863830\t744544\t564614\t0\t0\nTotal commercial\t8960888\t6669593\t6099443\t5362093\t4635537\nResidential mortgage\t1284920\t1117616\t1049232\t973544\t856725\nHome equity lines of credit\t697117\t660675\t694010\t731227\t655410\nResidential construction\t281430\t236437\t211011\t183019\t190043\nConsumer direct\t146460\t128232\t122013\t127504\t123567\nIndirect auto\t0\t0\t207692\t358185\t459354\nTotal loans\t11370815\t8812553\t8383401\t7735572\t6920636\n", "q10k_tbl_18": "\tMaturity\t\t\t\tRate Structure for Loans Maturing Over One Year\t\n\tOne Year or Less\tOne through Five Years\tOver Five Years\tTotal\tFixed Rate\tFloating Rate\nCommercial (commercial and industrial)\t412545\t1510985\t575030\t2498560\t1230545\t855470\nConstruction (commercial and residential)\t565365\t471626\t211744\t1248735\t155293\t528077\nEquipment financing\t34478\t674932\t154420\t863830\t829352\t0\nTotal\t1012388\t2657543\t941194\t4611125\t2215190\t1383547\n", "q10k_tbl_19": "\tCECL\t\tIncurred Loss\t\t\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\t2017\t\t2016\t\n\tAmount\t%*\tAmount\t%*\tAmount\t%*\tAmount\t%*\tAmount\t%*\nOwner occupied commercial real estate\t20673\t18\t11404\t20\t12207\t19\t14776\t25\t16446\t24\nIncome producing commercial real estate\t41737\t22\t12306\t23\t11073\t22\t9381\t21\t8843\t18\nCommercial & industrial\t22019\t22\t5266\t14\t4802\t15\t3971\t15\t3810\t16\nCommercial construction\t10952\t9\t9668\t11\t10337\t9\t10523\t9\t13405\t9\nEquipment financing\t16820\t8\t7384\t8\t5452\t7\t0\t0\t0\t0\nTotal commercial\t112201\t79\t46028\t76\t43871\t72\t38651\t70\t42504\t67\nResidential mortgage\t15341\t11\t8081\t13\t8295\t13\t10097\t13\t8545\t13\nHome equity lines of credit\t8417\t6\t4575\t7\t4752\t8\t5177\t9\t4599\t9\nResidential construction\t764\t3\t2504\t3\t2433\t3\t2729\t2\t3264\t3\nConsumer direct\t287\t1\t901\t1\t853\t2\t710\t2\t708\t2\nIndirect auto\t0\t0\t0\t0\t999\t2\t1550\t4\t1802\t6\nTotal ACL - loans\t137010\t100\t62089\t100\t61203\t100\t58914\t100\t61422\t100\nACL - unfunded commitments\t10558\t\t3458\t\t3410\t\t2312\t\t2002\t\nTotal ACL\t147568\t\t65547\t\t64613\t\t61226\t\t63424\t\n", "q10k_tbl_20": "Table 13 - ACL\t\t\t\t\t\nYears Ended December 31\t\t\t\t\t\n(in thousands)\tCECL\tIncurred Loss\t\t\t\n\t2020\t2019\t2018\t2017\t2016\nACL - loans beginning of period\t62089\t61203\t58914\t61422\t68448\nImplementation of CECL\t6880\t0\t0\t0\t0\nACL - loans adjusted beginning balance\t68969\t61203\t58914\t61422\t68448\nInitial ACL - PCD loans acquired during the period\t11152\t0\t0\t0\t0\nCharge-offs:\t\t\t\t\t\nOwner occupied commercial real estate\t70\t5\t303\t406\t2029\nIncome producing commercial real estate\t8430\t1227\t3304\t2985\t1433\nCommercial & industrial\t10707\t5849\t1669\t1528\t1830\nCommercial construction\t726\t290\t622\t1023\t837\nEquipment financing\t8764\t5675\t1536\t0\t0\nResidential mortgage\t398\t616\t754\t1473\t1151\nHome equity lines of credit\t221\t996\t1194\t1435\t1690\nResidential construction\t93\t306\t54\t129\t533\nConsumer direct\t2985\t2390\t2445\t1803\t1459\nIndirect auto\t0\t663\t1277\t1420\t1399\nTotal charge-offs\t32394\t18017\t13158\t12202\t12361\nRecoveries:\t\t\t\t\t\nOwner occupied commercial real estate\t2565\t375\t1227\t980\t706\nIncome producing commercial real estate\t3546\t283\t1064\t178\t580\nCommercial & industrial\t1371\t852\t1390\t1768\t1689\nCommercial construction\t1045\t1165\t734\t1018\t821\nEquipment financing\t2004\t781\t460\t0\t0\nResidential mortgage\t455\t481\t336\t314\t301\nHome equity lines of credit\t677\t610\t423\t567\t386\nResidential construction\t156\t157\t376\t178\t79\nConsumer direct\t2259\t911\t807\t917\t800\nIndirect auto\t0\t186\t228\t284\t233\nTotal recoveries\t14078\t5801\t7045\t6204\t5595\nNet charge-offs\t18316\t12216\t6113\t5998\t6766\nProvision for credit losses - loans\t75205\t13102\t8402\t3490\t(260)\nACL- loans end of period\t137010\t62089\t61203\t58914\t61422\nACL - unfunded commitments beginning of period\t3458\t3410\t2312\t2002\t2542\nImplementation of CECL\t1871\t0\t0\t0\t0\nACL - unfunded commitments adjusted beginning balance\t5329\t3410\t2312\t2002\t2542\nProvision for credit losses - unfunded commitments\t5229\t48\t1098\t310\t(540)\nACL - unfunded commitments end of period\t10558\t3458\t3410\t2312\t2002\nTotal ACL\t147568\t65547\t64613\t61226\t63424\nTotal loans:\t\t\t\t\t\nAt year-end\t11370815\t8812553\t8383401\t7735572\t6920636\nAverage\t10466653\t8708035\t8170143\t7150211\t6412740\nACL- loans as a percentage of year-end loans\t1.20%\t0.70%\t0.73%\t0.76%\t0.89%\nAs a percentage of average loans:\t\t\t\t\t\nNet charge-offs\t0.17\t0.14\t0.07\t0.08\t0.11\nProvision for credit losses - loans\t0.72\t0.15\t0.10\t0.05\t0\n", "q10k_tbl_21": "\t2020\t2019\t2018\t2017\t2016\nNonaccrual loans\t61599\t35341\t23778\t23658\t21539\nForeclosed properties\t647\t476\t1305\t3234\t7949\nTotal NPAs\t62246\t35817\t25083\t26892\t29488\nNonaccrual loans as a percentage of total loans\t0.54%\t0.40%\t0.28%\t0.31%\t0.31%\nNPAs as a percentage of loans and foreclosed properties\t0.55\t0.41\t0.30\t0.35\t0.43\nNPAs as a percentage of total assets\t0.35\t0.28\t0.20\t0.23\t0.28\n", "q10k_tbl_22": "\t2020\t2019\nOwner occupied commercial real estate\t8582\t10544\nIncome producing commercial real estate\t15149\t1996\nCommercial & industrial\t16634\t2545\nCommercial construction\t1745\t2277\nEquipment financing\t3405\t3141\nTotal commercial\t45515\t20503\nResidential mortgage\t12858\t10567\nHome equity lines of credit\t2487\t3173\nResidential construction\t514\t939\nConsumer direct\t225\t159\nTotal nonaccrual loans\t61599\t35341\n", "q10k_tbl_23": "Owner occupied commercial real estate\t4774\nIncome producing commercial real estate\t45190\nCommercial & industrial\t5682\nCommercial construction\t1745\nEquipment financing\t3474\nTotal commercial\t60865\nResidential mortgage\t8731\nHome equity lines of credit\t1012\nResidential construction\t55\nConsumer\t46\nTotal COVID-19 deferrals\t70709\nCOVID-19 deferrals as % of total loans\t1%\n", "q10k_tbl_24": "\t2020\t2019\nNoninterest-bearing demand\t5390291\t3477979\nNOW and interest-bearing demand\t3346490\t2461895\nMoney market and savings\t4501189\t2937095\nTime\t1704290\t1859574\nTotal customer deposits\t14942260\t10736543\nBrokered deposits\t290098\t160701\nTotal deposits\t15232358\t10897244\n", "q10k_tbl_25": "\t2020\t2019\nThree months or less\t94569\t86324\nThree to six months\t65395\t100380\nSix to twelve months\t88325\t139897\nOver one year\t68595\t40375\nTotal\t316884\t366976\n", "q10k_tbl_26": "\tPeriod-end balance\tMaximum outstanding at any month-end\tAverage amounts outstanding during the year\tWeighted-average rate for the year\n2020\t\t\t\t\nFederal funds purchased\t0\t5000\t550\t0.37%\nRepurchase agreements\t0\t5138\t670\t0.15\n\t0\t\t1220\t\n2019\t\t\t\t\nFederal funds purchased\t0\t70000\t33504\t2.50%\n\t0\t\t33504\t\n2018\t\t\t\t\nFederal funds purchased\t0\t65000\t55799\t1.98%\nRepurchase agreements\t0\t0\t1577\t0.44\n\t0\t\t57376\t\n", "q10k_tbl_27": "\tMaturity By Years\t\t\t\t\n\t1 or Less\t1 to 5\t5 to 10\tOver 10\tTotal\nAvailable-for-Sale\t\t\t\t\t\nU.S. Treasuries\t20311\t107761\t0\t0\t128072\nU.S. Government agencies & GSEs\t201\t16820\t55481\t80470\t152972\nState and political subdivisions\t20232\t51544\t64843\t137853\t274472\nResidential mortgage-backed securities Agency & GSE\t0\t12777\t44660\t1246455\t1303892\nResidential mortgage-backed securities Non-agency\t0\t0\t0\t181693\t181693\nCommercial mortgage-backed Agency & GSE\t18638\t135864\t188923\t188843\t532268\nCommercial mortgage-backed Non-agency\t0\t0\t0\t16863\t16863\nCorporate bonds\t11592\t45837\t13485\t853\t71767\nAsset-backed securities\t4323\t390799\t19199\t148401\t562722\nTotal securities available-for-sale\t75297\t761402\t386591\t2001431\t3224721\nWeighted average yield (1)\t2.10%\t1.33%\t1.79%\t2.02%\t1.83%\nHeld-to-Maturity\t\t\t\t\t\nU.S. Government agencies & GSEs\t0\t0\t0\t10575\t10575\nState and political subdivisions\t1700\t14505\t7028\t174490\t197723\nResidential mortgage-backed securities Agency & GSE\t0\t7865\t16557\t88978\t113400\nCommercial mortgage-backed Agency & GSE\t0\t6154\t9051\t83458\t98663\nTotal securities held-to-maturity\t1700\t28524\t32636\t357501\t420361\nWeighted average yield (1)\t3.79%\t3.66%\t2.29%\t2.27%\t2.38%\nCombined Portfolio\t\t\t\t\t\nU.S. Treasuries\t20311\t107761\t0\t0\t128072\nU.S. Government agencies & GSEs\t201\t16820\t55481\t91045\t163547\nState and political subdivisions\t21932\t66049\t71871\t312343\t472195\nResidential mortgage-backed securities Agency & GSE\t0\t20642\t61217\t1335433\t1417292\nResidential mortgage-backed securities Non-agency\t0\t0\t0\t181693\t181693\nCommercial mortgage-backed Agency & GSE\t18638\t142018\t197974\t272301\t630931\nCommercial mortgage-backed Non-agency\t0\t0\t0\t16863\t16863\nCorporate bonds\t11592\t45837\t13485\t853\t71767\nAsset-backed securities\t4323\t390799\t19199\t148401\t562722\nTotal securities\t76997\t789926\t419227\t2358932\t3645082\nWeighted average yield (1)\t2.14%\t1.41%\t1.83%\t2.06%\t1.89%\n", "q10k_tbl_28": "\t\t\tMaturity By Years\t\t\t\n\tTotal\tUnamortized Premium (Discount)\t1 or Less\t1 to 3\t3 to 5\tOver 5\nContractual Cash Obligations\t\t\t\t\t\t\nLong-term debt\t326956\t(9296)\t0\t50000\t11250\t275002\nOperating leases\t33095\t(1664)\t7446\t14497\t5820\t6996\nTotal contractual cash obligations\t360051\t(10960)\t7446\t64497\t17070\t281998\nOther Commitments\t\t\t\t\t\t\nCommitments to extend credit\t3052657\t0\t983103\t653223\t475169\t941162\nCommercial letters of credit\t31748\t0\t25602\t5292\t665\t189\nUncertain tax positions\t2163\t0\t441\t1301\t421\t0\nTotal other commitments\t3086568\t0\t1009146\t659816\t476255\t941351\n", "q10k_tbl_29": "\t\t\t\tUnited Community Banks Inc. (consolidated)\t\tUnited Community Bank\t\n\tMinimum Capital\tWell-Capitalized\tMinimum Capital Plus Capital Conservation Buffer\t2020\t2019\t2020\t2019\nRisk-based ratios:\t\t\t\t\t\t\t\nCET1 capital\t4.5%\t6.5%\t7.0%\t12.31%\t12.97%\t13.31%\t14.87%\nTier 1 capital\t6.0\t8.0\t8.5\t13.10\t13.21\t13.31\t14.87\nTotal capital\t8.0\t10.0\t10.5\t15.15\t15.01\t14.28\t15.54\nLeverage ratio\t4.0\t5.0\tN/A\t9.28\t10.34\t9.42\t11.63\n", "q10k_tbl_30": "\tIncrease (Decrease) in Net Interest Revenue from Base Scenario at December 31\t\t\t\n\t2020\t\t2019\t\nChange in Rates\tShock\tRamp\tShock\tRamp\n100 basis point increase\t3.80%\t2.88%\t2.91%\t2.22%\n100 basis point decrease\t(1.89)\t(1.82)\t(4.86)\t(3.92)\n", "q10k_tbl_31": "\t2020\t2019\nASSETS\t\t\nCash and due from banks\t148896\t125844\nInterest-bearing deposits in banks\t1459723\t389362\nCash and cash equivalents\t1608619\t515206\nDebt securities available-for-sale\t3224721\t2274581\nDebt securities held-to-maturity (fair value $437193 and $287904 respectively)\t420361\t283533\nLoans held for sale at fair value\t105433\t58484\nLoans and leases held for investment\t11370815\t8812553\nLess allowance for credit losses - loans and leases\t(137010)\t(62089)\nLoans and leases net\t11233805\t8750464\nPremises and equipment net\t218489\t215976\nBank owned life insurance\t201969\t202664\nAccrued interest receivable\t47672\t32660\nNet deferred tax asset\t38411\t34059\nDerivative financial instruments\t86666\t35007\nGoodwill and other intangible assets net\t381823\t342247\nOther assets\t226405\t171135\nTotal assets\t17794374\t12916016\nLIABILITIES AND SHAREHOLDERS' EQUITY\t\t\nLiabilities:\t\t\nDeposits:\t\t\nNoninterest-bearing demand\t5390291\t3477979\nInterest-bearing deposits\t9842067\t7419265\nTotal deposits\t15232358\t10897244\nLong-term debt\t326956\t212664\nDerivative financial instruments\t29003\t15516\nAccrued expenses and other liabilities\t198527\t154900\nTotal liabilities\t15786844\t11280324\nCommitments and contingencies\t\t\nShareholders' equity:\t\t\nPreferred stock $1 par value: 10000000 shares authorized; Series I $25000 per share liquidation preference; 4000 and no shares issued and outstanding respectively\t96422\t0\nCommon stock $1 par value; 150000000 shares authorized; 86675279 and 79013729 shares issued and outstanding respectively\t86675\t79014\nCommon stock issuable; 600834 and 664640 shares respectively\t10855\t11491\nCapital surplus\t1638999\t1496641\nRetained earnings\t136869\t40152\nAccumulated other comprehensive income\t37710\t8394\nTotal shareholders' equity\t2007530\t1635692\nTotal liabilities and shareholders' equity\t17794374\t12916016\n", "q10k_tbl_32": "\t2020\t2019\t2018\nInterest revenue:\t\t\t\nLoans including fees\t494212\t476039\t420383\nInvestment securities:\t\t\t\nTaxable\t55031\t69920\t73496\nTax exempt\t7043\t4564\t4189\nDeposits in banks and short-term investments\t1710\t2183\t2012\nTotal interest revenue\t557996\t552706\t500080\nInterest expense:\t\t\t\nDeposits\t41772\t66856\t39543\nShort-term borrowings\t3\t838\t1112\nFederal Home Loan Bank advances\t28\t2697\t6345\nLong-term debt\t14434\t12921\t14330\nTotal interest expense\t56237\t83312\t61330\nNet interest revenue\t501759\t469394\t438750\nProvision for credit losses\t80434\t13150\t9500\nNet interest revenue after provision for credit losses\t421325\t456244\t429250\nNoninterest income:\t\t\t\nService charges and fees\t32401\t36797\t35997\nMortgage loan gains and related fees\t76087\t27145\t19010\nWealth management fees\t9240\t6150\t5191\nGains from other loan sales net\t5420\t6867\t9277\nSecurities gains (losses) net\t748\t(1021)\t(656)\nOther\t32213\t28775\t24142\nTotal noninterest income\t156109\t104713\t92961\nTotal revenue\t577434\t560957\t522211\nNoninterest expenses:\t\t\t\nSalaries and employee benefits\t224060\t196440\t181015\nOccupancy\t25791\t23350\t22781\nCommunications and equipment\t27149\t24613\t21277\nProfessional fees\t18032\t17028\t15540\nLending and loan servicing expense\t10993\t9416\t8697\nOutside services - electronic banking\t7513\t7020\t6623\nPostage printing and supplies\t6779\t6370\t6416\nAdvertising and public relations\t15203\t6170\t5991\nFDIC assessments and other regulatory charges\t5982\t4901\t8491\nAmortization of intangibles\t4168\t4938\t6846\nMerger-related and other charges\t7018\t6907\t5414\nOther\t15301\t15092\t17194\nTotal noninterest expenses\t367989\t322245\t306285\nIncome before income taxes\t209445\t238712\t215926\nIncome tax expense\t45356\t52991\t49815\nNet income\t164089\t185721\t166111\nNet income available to common shareholders\t159269\t184346\t164927\nIncome per common share:\t\t\t\nBasic\t1.91\t2.31\t2.07\nDiluted\t1.91\t2.31\t2.07\nWeighted average common shares outstanding:\t\t\t\nBasic\t83184\t79700\t79662\nDiluted\t83248\t79708\t79671\n", "q10k_tbl_33": "\t2020\t\t\t2019\t\t\t2018\t\t\n\tBefore-tax Amount\tTax (Expense) Benefit\tNet of Tax Amount\tBefore-tax Amount\tTax (Expense) Benefit\tNet of Tax Amount\tBefore-tax Amount\tTax (Expense) Benefit\tNet of Tax Amount\nNet income\t209445\t(45356)\t164089\t238712\t(52991)\t185721\t215926\t(49815)\t166111\nOther comprehensive income (loss):\t\t\t\t\t\t\t\t\t\nUnrealized gains (losses) on available-for- sale securities:\t\t\t\t\t\t\t\t\t\nUnrealized holding gains (losses) arising during period\t39385\t(9514)\t29871\t64749\t(15696)\t49053\t(24990)\t6081\t(18909)\nReclassification adjustment for losses (gains) recognized in net income\t(748)\t191\t(557)\t1021\t(247)\t774\t656\t(132)\t524\nNet unrealized gains (losses)\t38637\t(9323)\t29314\t65770\t(15943)\t49827\t(24334)\t5949\t(18385)\nAmortization of losses included in net income on available-for-sale securities transferred to held-to-maturity\t723\t(173)\t550\t383\t(92)\t291\t739\t(180)\t559\nDerivative instruments designated as cash flow hedges:\t\t\t\t\t\t\t\t\t\nAmortization of losses included in net income on terminated derivative financial instruments previously accounted for as cash flow hedges\t0\t0\t0\t337\t(86)\t251\t499\t(129)\t370\nUnrealized holding losses on derivatives arising during the period\t(149)\t38\t(111)\t0\t0\t0\t0\t0\t0\nReclassification of losses on derivative instruments recognized in net income\t359\t(91)\t268\t0\t0\t0\t0\t0\t0\nNet cash flow hedge activity\t210\t(53)\t157\t337\t(86)\t251\t499\t(129)\t370\nDefined benefit pension plan activity:\t\t\t\t\t\t\t\t\t\nTermination of defined benefit pension plan\t0\t0\t0\t1558\t(398)\t1160\t0\t0\t0\nAmendments to defined benefit pension plans\t0\t0\t0\t(386)\t99\t(287)\t(413)\t105\t(308)\nNet actuarial (loss) gain on defined benefit pension plans\t(1804)\t461\t(1343)\t(2390)\t610\t(1780)\t1015\t(259)\t756\nAmortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans\t857\t(219)\t638\t699\t(178)\t521\t907\t(247)\t660\nNet defined benefit pension plan activity\t(947)\t242\t(705)\t(519)\t133\t(386)\t1509\t(401)\t1108\nTotal other comprehensive income (loss)\t38623\t(9307)\t29316\t65971\t(15988)\t49983\t(21587)\t5239\t(16348)\nComprehensive income\t248068\t(54663)\t193405\t304683\t(68979)\t235704\t194339\t(44576)\t149763\n", "q10k_tbl_34": "\tShares of Common Stock\tPreferred Stock\tCommon Stock\tCommon Stock Issuable\tCapital Surplus\tRetained Earnings (Accumulated Deficit)\tAccumulated Other Comprehensive Income (Loss)\tTotal\nDecember 31 2017\t77579561\t0\t77580\t9083\t1451814\t(209902)\t(25241)\t1303334\nNet income\t\t\t\t\t\t166111\t\t166111\nOther comprehensive loss\t\t\t\t\t\t\t(16348)\t(16348)\nCommon stock issued for acquisitions\t1443987\t\t1444\t\t44302\t\t\t45746\nCommon stock dividends ($0.58 per share)\t\t\t\t\t\t(46628)\t\t(46628)\nImpact of equity-based compensation awards\t137067\t\t137\t1931\t2143\t\t\t4211\nImpact of other United sponsored equity plans\t73462\t\t73\t(270)\t1325\t\t\t1128\nDecember 31 2018\t79234077\t0\t79234\t10744\t1499584\t(90419)\t(41589)\t1457554\nNet income\t\t\t\t\t\t185721\t\t185721\nOther comprehensive income\t\t\t\t\t\t\t49983\t49983\nPurchases of common stock\t(500495)\t\t(500)\t\t(12520)\t\t\t(13020)\nCommon stock dividends ($0.68 per share)\t\t\t\t\t\t(54601)\t\t(54601)\nImpact of equity-based compensation awards\t122100\t\t122\t1476\t6532\t\t\t8130\nImpact of other United sponsored equity plans\t158047\t\t158\t(729)\t3045\t\t\t2474\nAdoption of new accounting standard\t\t\t\t\t\t(549)\t\t(549)\nDecember 31 2019\t79013729\t0\t79014\t11491\t1496641\t40152\t8394\t1635692\nNet income\t\t\t\t\t\t164089\t\t164089\nOther comprehensive income\t\t\t\t\t\t\t29316\t29316\nIssuance of preferred stock\t\t96422\t\t\t\t\t\t96422\nCommon stock issued for acquisitions\t8130633\t\t8131\t\t155458\t\t\t163589\nPurchases of common stock\t(826482)\t\t(827)\t\t(19955)\t\t\t(20782)\nPreferred stock dividends\t\t\t\t\t\t(3533)\t\t(3533)\nCommon stock dividends ($0.72 per share)\t\t\t\t\t\t(60310)\t\t(60310)\nImpact of equity-based compensation awards\t202437\t\t202\t1120\t4764\t\t\t6086\nImpact of other United sponsored equity plans\t154962\t\t155\t(1756)\t2091\t\t\t490\nAdoption of new accounting standard\t\t\t\t\t\t(3529)\t\t(3529)\nDecember 31 2020\t86675279\t96422\t86675\t10855\t1638999\t136869\t37710\t2007530\n", "q10k_tbl_35": "\t2020\t2019\t2018\nOperating activities:\t\t\t\nNet income\t164089\t185721\t166111\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\t\nDepreciation amortization and accretion\t(8586)\t23952\t30971\nProvision for credit losses\t80434\t13150\t9500\nStock-based compensation\t7887\t9360\t6057\nDeferred income tax expense\t2668\t14909\t32630\nSecurities (gains) losses net\t(748)\t1021\t656\nGains from other loan sales net\t(5420)\t(6867)\t(9277)\nChanges in assets and liabilities:\t\t\t\n(Increase) decrease in other assets and accrued interest receivable\t(20139)\t(45789)\t13195\n(Decrease) increase in accrued expenses and other liabilities\t(14783)\t(1975)\t3772\n(Increase) decrease in loans held for sale\t(46721)\t(39549)\t16391\nNet cash provided by operating activities\t158681\t153933\t270006\nInvesting activities:\t\t\t\nDebt securities held-to-maturity:\t\t\t\nProceeds from maturities and calls\t57981\t50379\t58605\nPurchases\t(157465)\t(59629)\t(11983)\nDebt securities available-for-sale and equity securities with readily determinable fair values:\t\t\t\nProceeds from sales\t40625\t352106\t168891\nProceeds from maturities and calls\t834725\t349758\t346505\nPurchases\t(1456311)\t(294245)\t(566333)\nNet increase in loans\t(1069089)\t(205612)\t(291890)\nNet cash received in (paid for) acquisitions\t195699\t(19545)\t(56800)\nPurchases of premises and equipment\t(18462)\t(20944)\t(17617)\nProceeds from sales of premises and equipment\t903\t6595\t6483\nProceeds from sale of other real estate owned\t1074\t2439\t4664\nOther investing activities net\t(10243)\t1916\t0\nNet cash (used in) provided by investing activities\t(1580563)\t163218\t(359475)\nFinancing activities:\t\t\t\nNet increase in deposits\t2534471\t151401\t727839\nNet decrease in short-term borrowings\t0\t0\t(264923)\nProceeds from Federal Home Loan Bank advances\t5000\t1625000\t2860000\nRepayment of Federal Home Loan Bank advances\t(134121)\t(1785000)\t(3204003)\nRepayment of long-term debt\t0\t(55266)\t(71831)\nProceeds from issuance of long-term debt net of issuance costs\t98552\t0\t98188\nProceeds from issuance of common stock for dividend reinvestment and employee benefit plans\t1317\t2193\t679\nProceeds from exercise of stock options\t0\t212\t142\nCash paid for shares withheld to cover payroll taxes upon vesting of restricted stock units\t(3119)\t(1686)\t(1998)\nRepurchase of common stock\t(20782)\t(13020)\t0\nProceeds from issuance of Series I preferred stock net of issuance costs\t96422\t0\t0\nCash dividends on common stock\t(58912)\t(53044)\t(41634)\nCash dividends on preferred stock\t(3533)\t0\t0\nNet cash provided by (used in) financing activities\t2515295\t(129210)\t102459\nNet change in cash and cash equivalents including restricted cash\t1093413\t187941\t12990\nCash and cash equivalents including restricted cash at beginning of year\t515206\t327265\t314275\nCash and cash equivalents including restricted cash at end of year\t1608619\t515206\t327265\nSupplemental disclosures of cash flow information:\t\t\t\nCash paid during the period for:\t\t\t\nInterest\t59967\t85973\t56830\nIncome taxes\t36536\t33776\t7880\n", "q10k_tbl_36": "\tFair Value Recorded by United\nAssets\t\nCash and cash equivalents\t219807\nDebt securities\t381740\nLoans\t1427966\nPremises and equipment net\t1584\nAccrued interest receivable\t7681\nDerivative assets\t11800\nNet deferred tax asset\t15061\nCore deposit intangible\t3360\nOther assets\t65340\nTotal assets acquired\t2134339\nLiabilities\t\nDeposits\t1802694\nFHLB advances and long-term debt\t144121\nDerivative liabilities\t12165\nOther liabilities\t28046\nTotal liabilities assumed\t1987026\nTotal identifiable net assets\t147313\nConsideration transferred\t\nCash\t24108\nCommon stock issued (8130633 shares)\t163589\nTotal fair value of consideration transferred\t187697\nGoodwill\t40384\n", "q10k_tbl_37": "\tJuly 1 2020\nPCD loans:\t\nPar Value\t283137\nACL at acquisition\t(11152)\nNon-credit discount\t(8694)\nPurchase price\t263291\nNon-PCD loans:\t\nFair value\t1164675\nGross contractual amounts receivable\t1358793\nEstimate of contractual cash flows not expected to be collected\t76503\n", "q10k_tbl_38": "\tFair Value Recorded by United\nAssets\t\nCash and cash equivalents\t32548\nLoans\t192494\nPremises and equipment net\t8524\nBOLI\t6823\nNet deferred tax asset\t157\nCore deposit intangible\t2800\nOther assets\t1278\nTotal assets acquired\t244624\nLiabilities\t\nDeposits\t212127\nOther liabilities\t717\nTotal liabilities assumed\t212844\nTotal identifiable net assets\t31780\nCash consideration transferred\t52093\nGoodwill\t20313\n", "q10k_tbl_39": "\tMay 1 2019\nPCI loans:\t\nContractually required principal and interest\t13145\nNon-accretable difference\t2517\nCash flows expected to be collected\t10628\nAccretable yield\t1300\nFair value\t9328\nNon-PCI loans:\t\nFair value\t183166\nGross contractual amounts receivable\t218855\nEstimate of contractual cash flows not expected to be collected\t8826\n", "q10k_tbl_40": "\tFair Value Recorded by United\nAssets\t\nCash and cash equivalents\t27700\nLoans and leases net\t358352\nPremises and equipment net\t324\nNet deferred tax asset\t2873\nOther assets\t4051\nTotal assets acquired\t393300\nLiabilities\t\nShort-term borrowings\t214923\nLong-term debt\t119402\nOther liabilities\t16108\nTotal liabilities assumed\t350433\nTotal identifiable net assets\t42867\nConsideration transferred\t\nCash\t84500\nCommon stock issued (1443987 shares)\t45746\nTotal fair value of consideration transferred\t130246\nGoodwill\t87379\n", "q10k_tbl_41": "\tFebruary 1 2018\nPCI loans:\t\nContractually required principal and interest\t24711\nNon-accretable difference\t5505\nCash flows expected to be collected\t19206\nAccretable yield\t1977\nFair value\t17229\nNon-PCI loans:\t\nFair value\t341123\nGross contractual amounts receivable\t389432\nEstimate of contractual cash flows not expected to be collected\t8624\n", "q10k_tbl_42": "\t(Unaudited) Year Ended December 31\t\n\tRevenue\tNet Income\n2020\t\t\nActual Three Shores results included in statement of income since acquisition date\t24541\t6800\nSupplemental consolidated pro forma as if Three Shores had been acquired January 1 2019\t597729\t168717\n2019\t\t\nActual FMBT results included in statement of income since acquisition date\t7525\t4053\nSupplemental consolidated pro forma as if Three Shores had been acquired on January 1 2019 and FMBT had been acquired January 1 2018\t636079\t210232\n2018\t\t\nActual Navitas results included in the statement of income since acquisition date\t24285\t7149\nSupplemental consolidated pro forma as if FMBT had been acquired January 1 2018 and Navitas had been acquired January 1 2017\t539152\t171218\n", "q10k_tbl_43": "\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tFair Value\nAs of December 31 2020\t\t\t\t\nU.S. Government agencies & GSEs\t10575\t26\t11\t10590\nState and political subdivisions\t197723\t7658\t242\t205139\nResidential mortgage-backed Agency & GSE\t113400\t4774\t1\t118173\nCommercial mortgage-backed Agency & GSE\t98663\t4874\t246\t103291\nTotal\t420361\t17332\t500\t437193\nAs of December 31 2019\t\t\t\t\nState and political subdivisions\t45479\t1574\t9\t47044\nResidential mortgage-backed Agency & GSE\t153967\t2014\t694\t155287\nCommercial mortgage-backed Agency & GSE\t84087\t1627\t141\t85573\nTotal\t283533\t5215\t844\t287904\n", "q10k_tbl_44": "\tAmortized Cost\tGross Unrealized Gains\tGross Unrealized Losses\tFair Value\nAs of December 31 2020\t\t\t\t\nU.S. Treasuries\t123677\t4395\t0\t128072\nU.S. Government agencies & GSEs\t152596\t701\t325\t152972\nState and political subdivisions\t253630\t20891\t49\t274472\nResidential mortgage-backed Agency & GSE\t1275551\t29107\t766\t1303892\nResidential mortgage-backed Non-agency\t174322\t7499\t128\t181693\nCommercial mortgage-backed Agency & GSE\t524852\t8013\t597\t532268\nCommercial mortgage-backed Non-agency\t15350\t1513\t0\t16863\nCorporate bonds\t70057\t1711\t1\t71767\nAsset-backed securities\t562076\t1278\t632\t562722\nTotal\t3152111\t75108\t2498\t3224721\nAs of December 31 2019\t\t\t\t\nU.S. Treasuries\t152990\t1628\t0\t154618\nU.S. Government agencies & GSEs\t2848\t188\t1\t3035\nState and political subdivisions\t214677\t11813\t0\t226490\nResidential mortgage-backed Agency & GSE\t1030948\t12022\t726\t1042244\nResidential mortgage-backed Non-agency\t250550\t6231\t0\t256781\nCommercial mortgage-backed Agency & GSE\t266770\t2261\t128\t268903\nCommercial mortgage-backed Non-agency\t15395\t918\t263\t16050\nCorporate bonds\t202131\t1178\t218\t203091\nAsset-backed securities\t104298\t743\t1672\t103369\nTotal\t2240607\t36982\t3008\t2274581\n", "q10k_tbl_45": "\tLess than 12 Months\t\t12 Months or More\t\tTotal\t\n\tFair Value\tUnrealized Loss\tFair Value\tUnrealized Loss\tFair Value\tUnrealized Loss\nAs of December 31 2020\t\t\t\t\t\t\nU.S. Government agencies & GSEs\t4677\t11\t0\t0\t4677\t11\nState and political subdivisions\t14870\t242\t0\t0\t14870\t242\nResidential mortgage-backed Agency & GSE\t999\t1\t0\t0\t999\t1\nCommercial mortgage-backed Agency & GSE\t24956\t236\t1352\t10\t26308\t246\nTotal unrealized loss position\t45502\t490\t1352\t10\t46854\t500\nAs of December 31 2019\t\t\t\t\t\t\nState and political subdivisions\t10117\t9\t0\t0\t10117\t9\nResidential mortgage-backed Agency & GSE\t16049\t64\t48237\t630\t64286\t694\nCommercial mortgage-backed Agency & GSE\t21841\t87\t1685\t54\t23526\t141\nTotal unrealized loss position\t48007\t160\t49922\t684\t97929\t844\n", "q10k_tbl_46": "\tLess than 12 Months\t\t12 Months or More\t\tTotal\t\n\tFair Value\tUnrealized Loss\tFair Value\tUnrealized Loss\tFair Value\tUnrealized Loss\nAs of December 31 2020\t\t\t\t\t\t\nU.S. Government agencies & GSEs\t27952\t324\t607\t1\t28559\t325\nState and political subdivisions\t9402\t49\t0\t0\t9402\t49\nResidential mortgage-backed Agency & GSE\t232199\t766\t0\t0\t232199\t766\nResidential mortgage-backed Non-agency\t2331\t128\t0\t0\t2331\t128\nCommercial mortgage-backed Agency & GSE\t89918\t597\t0\t0\t89918\t597\nCorporate bonds\t1410\t1\t0\t0\t1410\t1\nAsset-backed securities\t87305\t28\t53587\t604\t140892\t632\nTotal unrealized loss position\t450517\t1893\t54194\t605\t504711\t2498\nAs of December 31 2019\t\t\t\t\t\t\nU.S. Government agencies & GSEs\t404\t1\t0\t0\t404\t1\nResidential mortgage-backed Agency & GSE\t228611\t576\t18294\t150\t246905\t726\nCommercial mortgage-backed Agency & GSE\t0\t0\t33517\t128\t33517\t128\nCommercial mortgage-backed Non-agency\t0\t0\t4864\t263\t4864\t263\nCorporate bonds\t19742\t216\t998\t2\t20740\t218\nAsset-backed securities\t32294\t625\t38990\t1047\t71284\t1672\nTotal unrealized loss position\t281051\t1418\t96663\t1590\t377714\t3008\n", "q10k_tbl_47": "\t2020\t2019\t2018\nProceeds from sales\t40625\t352106\t168891\nGross gains on sales\t748\t1843\t2082\nGross losses on sales\t0\t(2864)\t(2738)\nNet gains (losses) on sales of securities\t748\t(1021)\t(656)\nIncome tax expense (benefit) attributable to sales\t191\t(247)\t(132)\n", "q10k_tbl_48": "\tAvailable-for-Sale\t\tHeld-to-Maturity\t\n\tAmortized Cost\tFair Value\tAmortized Cost\tFair Value\nWithin 1 year:\t\t\t\t\nU.S. Treasuries\t20014\t20311\t0\t0\nU.S. Government agencies & GSEs\t201\t201\t0\t0\nState and political subdivisions\t20020\t20232\t1700\t1743\nCorporate bonds\t11441\t11592\t0\t0\n\t51676\t52336\t1700\t1743\n1 to 5 years:\t\t\t\t\nU.S. Treasuries\t103663\t107761\t0\t0\nU.S. Government agencies & GSEs\t16710\t16820\t0\t0\nState and political subdivisions\t48354\t51544\t14505\t16059\nCorporate bonds\t44636\t45837\t0\t0\n\t213363\t221962\t14505\t16059\n5 to 10 years:\t\t\t\t\nU.S. Government agencies & GSEs\t55588\t55481\t0\t0\nState and political subdivisions\t59837\t64843\t7028\t7957\nCorporate bonds\t13206\t13485\t0\t0\n\t128631\t133809\t7028\t7957\nMore than 10 years:\t\t\t\t\nU.S. Government agencies & GSEs\t80097\t80470\t10575\t10590\nState and political subdivisions\t125419\t137853\t174490\t179380\nCorporate bonds\t774\t853\t0\t0\n\t206290\t219176\t185065\t189970\nDebt securities not due at a single maturity:\t\t\t\t\nAsset-backed securities\t562076\t562722\t0\t0\nResidential mortgage-backed securities\t1449873\t1485585\t113400\t118173\nCommercial mortgage-backed securities\t540202\t549131\t98663\t103291\nTotal\t3152111\t3224721\t420361\t437193\n", "q10k_tbl_49": "\tDecember 31\t\n\t2020\t2019\nOwner occupied commercial real estate\t2090443\t1720227\nIncome producing commercial real estate\t2540750\t2007950\nCommercial & industrial(1)\t2498560\t1220657\nCommercial construction\t967305\t976215\nEquipment financing\t863830\t744544\nTotal commercial\t8960888\t6669593\nResidential mortgage\t1284920\t1117616\nHome equity lines of credit\t697117\t660675\nResidential construction\t281430\t236437\nConsumer\t146460\t128232\nTotal loans\t11370815\t8812553\nLess ACL - loans\t(137010)\t(62089)\nLoans net\t11233805\t8750464\n", "q10k_tbl_50": "\tLoans Sold\t\t\n\t2020\t2019\t2018\nGuaranteed portion of SBA/USDA loans\t48385\t81158\t120977\nEquipment financing receivables\t27018\t30952\t0\nIndirect auto loans\t0\t102789\t0\nTotal\t75403\t214899\t120977\n", "q10k_tbl_51": "\tDecember 31\t\n\t2020\t2019\nMinimum future lease payments receivable\t38934\t39709\nEstimated residual value of leased equipment\t3263\t3631\nInitial direct costs\t672\t842\nSecurity deposits\t(727)\t(989)\nPurchase accounting premium\t117\t273\nUnearned income\t(5457)\t(6088)\nNet investment in leases\t36802\t37378\n", "q10k_tbl_52": "Year\t\n2021\t15152\n2022\t11516\n2023\t7452\n2024\t3429\n2025\t1341\nThereafter\t44\nTotal\t38934\n", "q10k_tbl_53": "\tAccruing\t\t\t\t\t\n\t\tLoans Past Due\t\t\t\n\tCurrent Loans\t30 - 59 Days\t60 - 89 Days\t> 90 Days\tNonaccrual Loans\tTotal Loans\nAs of December 31 2020\t\t\t\t\t\t\nOwner occupied commercial real estate\t2079845\t2013\t3\t0\t8582\t2090443\nIncome producing commercial real estate\t2522743\t1608\t1250\t0\t15149\t2540750\nCommercial & industrial\t2480483\t1176\t267\t0\t16634\t2498560\nCommercial construction\t964947\t231\t382\t0\t1745\t967305\nEquipment financing\t856985\t2431\t1009\t0\t3405\t863830\nTotal commercial\t8905003\t7459\t2911\t0\t45515\t8960888\nResidential mortgage\t1265019\t5549\t1494\t0\t12858\t1284920\nHome equity lines of credit\t692504\t1942\t184\t0\t2487\t697117\nResidential construction\t280551\t365\t0\t0\t514\t281430\nConsumer\t145770\t429\t36\t0\t225\t146460\nTotal loans\t11288847\t15744\t4625\t0\t61599\t11370815\n", "q10k_tbl_54": "\tLoans Past Due - Accrual and Non-accrual\t\t\t\t\t\t\nAs of December 31 2019\t30 - 59 Days\t60 - 89 Days\t> 90 Days (1)\tTotal\tCurrent Loans\tPCI Loans\tTotal\nOwner occupied commercial real estate\t2913\t2007\t6079\t10999\t1700682\t8546\t1720227\nIncome producing commercial real estate\t562\t706\t401\t1669\t1979053\t27228\t2007950\nCommercial & industrial\t2140\t491\t2119\t4750\t1215581\t326\t1220657\nCommercial construction\t1867\t557\t96\t2520\t966833\t6862\t976215\nEquipment financing\t2065\t923\t3045\t6033\t734526\t3985\t744544\nTotal commercial\t9547\t4684\t11740\t25971\t6596675\t46947\t6669593\nResidential mortgage\t5655\t2212\t2171\t10038\t1097999\t9579\t1117616\nHome equity lines of credit\t1697\t421\t1385\t3503\t655762\t1410\t660675\nResidential construction\t325\t125\t402\t852\t235211\t374\t236437\nConsumer\t668\t181\t27\t876\t127020\t336\t128232\nTotal loans\t17892\t7623\t15725\t41240\t8712667\t58646\t8812553\n", "q10k_tbl_55": "\tNonaccrual loans\t\t\t\n\tCECL\t\t\tIncurred Loss\n\tDecember 31 2020\t\t\tDecember 31 2019\n\tWith no allowance\tWith an allowance\tTotal\nOwner occupied commercial real estate\t6614\t1968\t8582\t10544\nIncome producing commercial real estate\t10008\t5141\t15149\t1996\nCommercial & industrial\t2004\t14630\t16634\t2545\nCommercial construction\t1339\t406\t1745\t2277\nEquipment financing\t156\t3249\t3405\t3141\nTotal commercial\t20121\t25394\t45515\t20503\nResidential mortgage\t1855\t11003\t12858\t10567\nHome equity lines of credit\t1329\t1158\t2487\t3173\nResidential construction\t274\t240\t514\t939\nConsumer\t181\t44\t225\t159\nTotal\t23760\t37839\t61599\t35341\n", "q10k_tbl_56": "\tTerm Loans by Origination Year\t\t\t\t\t\tRevolvers\tRevolvers converted to term loans\tTotal\nDecember 31 2020\t2020\t2019\t2018\t2017\t2016\tPrior\t\nPass\t\t\t\t\t\t\t\t\t\nOwner occupied commercial real estate\t707501\t368615\t231316\t197778\t201362\t229667\t56273\t9072\t2001584\nIncome producing commercial real estate\t815799\t376911\t361539\t277769\t206068\t198080\t28542\t12128\t2276836\nCommercial & industrial\t1092767\t287857\t263439\t115790\t92968\t58359\t515593\t3777\t2430550\nCommercial construction\t314154\t217643\t226308\t53708\t30812\t21985\t20278\t3947\t888835\nEquipment financing\t413653\t270664\t125869\t39982\t9404\t445\t0\t0\t860017\nTotal commercial\t3343874\t1521690\t1208471\t685027\t540614\t508536\t620686\t28924\t8457822\nResidential mortgage\t468945\t195213\t125492\t120944\t122013\t230771\t18\t5393\t1268789\nHome equity lines of credit\t0\t0\t0\t0\t0\t0\t675878\t17581\t693459\nResidential construction\t225727\t30646\t4026\t4544\t3172\t12546\t0\t64\t280725\nConsumer\t54997\t25528\t14206\t4531\t3595\t1677\t41445\t76\t146055\n\t4093543\t1773077\t1352195\t815046\t669394\t753530\t1338027\t52038\t10846850\nWatch\t\t\t\t\t\t\t\t\t\nOwner occupied commercial real estate\t8759\t4088\t4221\t10025\t11138\t4728\t100\t0\t43059\nIncome producing commercial real estate\t35471\t42831\t39954\t13238\t24164\t11337\t0\t1681\t168676\nCommercial & industrial\t1451\t16315\t2176\t630\t459\t17\t6464\t0\t27512\nCommercial construction\t21366\t272\t816\t23292\t11775\t477\t0\t0\t57998\nEquipment financing\t0\t0\t0\t0\t0\t0\t0\t0\t0\nTotal commercial\t67047\t63506\t47167\t47185\t47536\t16559\t6564\t1681\t297245\nResidential mortgage\t0\t0\t0\t0\t0\t0\t0\t0\t0\nHome equity lines of credit\t0\t0\t0\t0\t0\t0\t0\t0\t0\nResidential construction\t0\t0\t0\t0\t0\t0\t0\t0\t0\nConsumer\t0\t0\t0\t0\t0\t0\t0\t0\t0\n\t67047\t63506\t47167\t47185\t47536\t16559\t6564\t1681\t297245\nSubstandard\t\t\t\t\t\t\t\t\t\nOwner occupied commercial real estate\t6586\t10473\t7596\t3717\t6753\t8473\t1528\t674\t45800\nIncome producing commercial real estate\t45125\t8940\t2179\t5034\t31211\t2652\t0\t97\t95238\nCommercial & industrial\t1545\t5536\t6193\t1684\t1292\t1485\t22170\t593\t40498\nCommercial construction\t2466\t735\t13741\t340\t1931\t250\t0\t1009\t20472\nEquipment financing\t631\t1392\t1371\t306\t96\t17\t0\t0\t3813\nTotal commercial\t56353\t27076\t31080\t11081\t41283\t12877\t23698\t2373\t205821\nResidential mortgage\t2049\t2106\t3174\t1369\t679\t5860\t0\t894\t16131\nHome equity lines of credit\t0\t0\t0\t0\t0\t0\t265\t3393\t3658\nResidential construction\t106\t37\t54\t4\t124\t380\t0\t0\t705\nConsumer\t0\t97\t49\t60\t78\t98\t0\t23\t405\n\t58508\t29316\t34357\t12514\t42164\t19215\t23963\t6683\t226720\nTotal\t4219098\t1865899\t1433719\t874745\t759094\t789304\t1368554\t60402\t11370815\n", "q10k_tbl_57": "As of December 31 2019\tPass\tWatch\tSubstandard\tDoubtful / Loss\tTotal\nOwner occupied commercial real estate\t1638398\t24563\t48720\t0\t1711681\nIncome producing commercial real estate\t1914524\t40676\t25522\t0\t1980722\nCommercial & industrial\t1156366\t16385\t47580\t0\t1220331\nCommercial construction\t960251\t2298\t6804\t0\t969353\nEquipment financing\t737418\t0\t3141\t0\t740559\nTotal commercial\t6406957\t83922\t131767\t0\t6622646\nResidential mortgage\t1093902\t0\t14135\t0\t1108037\nHome equity lines of credit\t654619\t0\t4646\t0\t659265\nResidential construction\t234791\t0\t1272\t0\t236063\nConsumer\t127507\t8\t381\t0\t127896\nTotal loans excluding PCI loans\t8517776\t83930\t152201\t0\t8753907\nOwner occupied commercial real estate\t3238\t2797\t2511\t0\t8546\nIncome producing commercial real estate\t19648\t6305\t1275\t0\t27228\nCommercial & industrial\t104\t81\t141\t0\t326\nCommercial construction\t3628\t590\t2644\t0\t6862\nEquipment financing\t3952\t0\t33\t0\t3985\nTotal commercial\t30570\t9773\t6604\t0\t46947\nResidential mortgage\t8112\t0\t1467\t0\t9579\nHome equity lines of credit\t1350\t0\t60\t0\t1410\nResidential construction\t348\t0\t26\t0\t374\nConsumer\t303\t0\t33\t0\t336\nTotal PCI loans\t40683\t9773\t8190\t0\t58646\nTotal loan portfolio\t8558459\t93703\t160391\t0\t8812553\n", "q10k_tbl_58": "Balance at beginning of period\t26868\nAdditions due to acquisitions\t1300\nAccretion\t(17885)\nReclassification from nonaccretable difference\t9237\nChanges in expected cash flows that do not affect nonaccretable difference\t4400\nBalance at end of period\t23920\n", "q10k_tbl_59": "\tNew TDRs\t\t\t\t\t\t\n\tNumber of Contracts\t\tPost-Modification Outstanding Recorded Investment by Type of Modification\t\t\t\tTDRs Modified Within the Year That Have Subsequently Defaulted\t\t\t\t\t\t\nYear Ended December 31 2020\t\tRate Reduction\tStructure\tOther\tTotal\tNumber of Contracts\tRecorded Investment\nOwner occupied commercial real estate\t8\t\t0\t833\t1536\t2369\t0\t\t\t\t0\t\t\nIncome producing commercial real estate\t7\t\t0\t4856\t6699\t11555\t1\t\t\t\t5998\t\t\nCommercial & industrial\t4\t\t0\t586\t15\t601\t3\t\t\t\t819\t\t\nCommercial construction\t7\t\t0\t832\t70\t902\t0\t\t\t\t0\t\t\nEquipment financing\t172\t\t0\t5821\t\t5821\t22\t\t\t\t944\t\t\nTotal commercial\t198\t\t0\t12928\t8320\t21248\t26\t\t\t\t7761\t\t\nResidential mortgage\t40\t\t0\t4359\t3\t4362\t2\t\t\t\t145\t\t\nHome equity lines of credit\t4\t\t0\t164\t0\t164\t1\t\t\t\t60\t\t\nResidential construction\t3\t\t0\t123\t0\t123\t0\t\t\t\t0\t\t\nConsumer\t7\t\t0\t11\t24\t35\t1\t\t\t\t3\t\t\nTotal loans\t252\t\t0\t17585\t8347\t25932\t30\t\t\t\t7969\t\t\nYear Ended December 31 2019\t\t\t\t\t\t\t\t\t\t\t\t\t\nOwner occupied commercial real estate\t4\t\t0\t1739\t0\t1739\t0\t\t\t\t0\t\t\nIncome producing commercial real estate\t3\t\t0\t9013\t0\t9013\t0\t\t\t\t0\t\t\nCommercial & industrial\t2\t\t0\t75\t7\t82\t0\t\t\t\t0\t\t\nCommercial construction\t0\t\t0\t0\t0\t0\t0\t\t\t\t0\t\t\nEquipment financing\t9\t\t0\t1071\t0\t1071\t0\t\t\t\t0\t\t\nTotal commercial\t18\t\t0\t11898\t7\t11905\t0\t\t\t\t0\t\t\nResidential mortgage\t15\t\t0\t2057\t0\t2057\t1\t\t\t\t135\t\t\nHome equity lines of credit\t1\t\t0\t50\t0\t50\t0\t\t\t\t0\t\t\nResidential construction\t1\t\t0\t0\t21\t21\t1\t\t\t\t13\t\t\nConsumer\t5\t\t0\t0\t45\t45\t0\t\t\t\t0\t\t\nIndirect auto\t15\t\t0\t0\t262\t262\t0\t\t\t\t0\t\t\nTotal loans\t55\t\t0\t14005\t335\t14340\t2\t\t\t\t148\t\t\nYear Ended December 31 2018\t\t\t\t\t\t\t\t\t\t\t\t\t\nOwner occupied commercial real estate\t5\t\t0\t1387\t0\t1387\t3\t\t\t\t1869\t\t\nIncome producing commercial real estate\t2\t\t106\t3637\t0\t3743\t0\t\t\t\t0\t\t\nCommercial & industrial\t2\t\t0\t32\t0\t32\t1\t\t\t\t232\t\t\nCommercial construction\t0\t\t0\t0\t0\t0\t1\t\t\t\t3\t\t\nEquipment financing\t0\t\t0\t0\t0\t0\t0\t\t\t\t0\t\t\nTotal commercial\t9\t\t106\t5056\t0\t5162\t5\t\t\t\t2104\t\t\nResidential mortgage\t15\t\t130\t1770\t0\t1900\t1\t\t\t\t101\t\t\nHome equity lines of credit\t1\t\t0\t0\t41\t41\t0\t\t\t\t0\t\t\nResidential construction\t2\t\t0\t32\t13\t45\t0\t\t\t\t0\t\t\nConsumer\t2\t\t0\t0\t7\t7\t0\t\t\t\t0\t\t\nIndirect auto\t35\t\t0\t0\t643\t643\t0\t\t\t\t0\t\t\nTotal loans\t64\t\t236\t6858\t704\t7798\t6\t\t\t\t2205\t\t\n", "q10k_tbl_60": "\tCECL\t\t\t\t\t\t\t\nYear Ended December 31 2020\tDec. 31 2019\tAdoption of CECL\tJan. 1 2020\tInitial ACL- PCD loans(1)\tCharge-Offs\tRecoveries\tProvision\tEnding Balance\nOwner occupied commercial real estate\t11404\t(1616)\t9788\t1779\t(70)\t2565\t6611\t20673\nIncome producing commercial real estate\t12306\t(30)\t12276\t1208\t(8430)\t3546\t33137\t41737\nCommercial & industrial\t5266\t4012\t9278\t7680\t(10707)\t1371\t14397\t22019\nCommercial construction\t9668\t(2583)\t7085\t74\t(726)\t1045\t3474\t10952\nEquipment financing\t7384\t5871\t13255\t0\t(8764)\t2004\t10325\t16820\nResidential mortgage\t8081\t1569\t9650\t195\t(398)\t455\t5439\t15341\nHome equity lines of credit\t4575\t1919\t6494\t209\t(221)\t677\t1258\t8417\nResidential construction\t2504\t(1771)\t733\t0\t(93)\t156\t(32)\t764\nConsumer\t901\t(491)\t410\t7\t(2985)\t2259\t596\t287\nACL - loans\t62089\t6880\t68969\t11152\t(32394)\t14078\t75205\t137010\nACL - unfunded commitments\t3458\t1871\t5329\t0\t0\t0\t5229\t10558\nTotal ACL\t65547\t8751\t74298\t11152\t(32394)\t14078\t80434\t147568\n", "q10k_tbl_61": "\tIncurred Loss\t\t\t\t\nYear Ended December 31 2019\tBeginning Balance\tCharge-Offs\tRecoveries\tProvision\tEnding Balance\nOwner occupied commercial real estate\t12207\t(5)\t375\t(1173)\t11404\nIncome producing commercial real estate\t11073\t(1227)\t283\t2177\t12306\nCommercial & industrial\t4802\t(5849)\t852\t5461\t5266\nCommercial construction\t10337\t(290)\t1165\t(1544)\t9668\nEquipment financing\t5452\t(5675)\t781\t6826\t7384\nResidential mortgage\t8295\t(616)\t481\t(79)\t8081\nHome equity lines of credit\t4752\t(996)\t610\t209\t4575\nResidential construction\t2433\t(306)\t157\t220\t2504\nConsumer\t853\t(2390)\t911\t1527\t901\nIndirect auto\t999\t(663)\t186\t(522)\t0\nACL - loans\t61203\t(18017)\t5801\t13102\t62089\nACL - unfunded commitments\t3410\t0\t0\t48\t3458\nTotal ACL\t64613\t(18017)\t5801\t13150\t65547\n", "q10k_tbl_62": "\tIncurred Loss\t\t\t\t\nYear Ended December 31 2018\tBeginning Balance\tCharge-Offs\tRecoveries\tProvision\tEnding Balance\nOwner occupied commercial real estate\t14776\t(303)\t1227\t(3493)\t12207\nIncome producing commercial real estate\t9381\t(3304)\t1064\t3932\t11073\nCommercial & industrial\t3971\t(1669)\t1390\t1110\t4802\nCommercial construction\t10523\t(622)\t734\t(298)\t10337\nEquipment financing\t0\t(1536)\t460\t6528\t5452\nResidential mortgage\t10097\t(754)\t336\t(1384)\t8295\nHome equity lines of credit\t5177\t(1194)\t423\t346\t4752\nResidential construction\t2729\t(54)\t376\t(618)\t2433\nConsumer\t710\t(2445)\t807\t1781\t853\nIndirect auto\t1550\t(1277)\t228\t498\t999\nACL - loans\t58914\t(13158)\t7045\t8402\t61203\nACL - unfunded commitments\t2312\t0\t0\t1098\t3410\nTotal ACL\t61226\t(13158)\t7045\t9500\t64613\n", "q10k_tbl_63": "\tLoans Outstanding\t\t\t\tAllowance for Credit Losses\t\t\t\n\tIndividually evaluated for impairment\tCollectively evaluated for impairment\tPCI\tEnding Balance\tIndividually evaluated for impairment\tCollectively evaluated for impairment\tPCI\tEnding Balance\nOwner occupied commercial real estate\t19233\t1692448\t8546\t1720227\t816\t10483\t105\t11404\nIncome producing commercial real estate\t18134\t1962588\t27228\t2007950\t770\t11507\t29\t12306\nCommercial & industrial\t1449\t1218882\t326\t1220657\t21\t5193\t52\t5266\nCommercial construction\t3675\t965678\t6862\t976215\t55\t9613\t0\t9668\nEquipment financing\t1027\t739532\t3985\t744544\t0\t7240\t144\t7384\nResidential mortgage\t15991\t1092046\t9579\t1117616\t782\t7296\t3\t8081\nHome equity lines of credit\t992\t658273\t1410\t660675\t16\t4541\t18\t4575\nResidential construction\t1256\t234807\t374\t236437\t47\t2456\t1\t2504\nConsumer\t214\t127682\t336\t128232\t5\t885\t11\t901\nTotal ACL - loans\t61971\t8691936\t58646\t8812553\t2512\t59214\t363\t62089\nACL - unfunded commitments\t\t\t\t\t0\t3458\t0\t3458\nTotal ACL\t\t\t\t\t2512\t62672\t363\t65547\n", "q10k_tbl_64": "\tDecember 31 2019\t\t\n\tUnpaid Principal Balance\tRecorded Investment\tACL Allocated\nWith no related ACL recorded:\t\t\t\nOwner occupied commercial real estate\t9527\t8118\t0\nIncome producing commercial real estate\t5159\t4956\t0\nCommercial & industrial\t1144\t890\t0\nCommercial construction\t2458\t2140\t0\nEquipment financing\t1027\t1027\t0\nTotal commercial\t19315\t17131\t0\nResidential mortgage\t7362\t6436\t0\nHome equity lines of credit\t1116\t861\t0\nResidential construction\t731\t626\t0\nConsumer\t66\t53\t0\nTotal with no related ACL recorded\t28590\t25107\t0\nWith an ACL recorded:\t\t\t\nOwner occupied commercial real estate\t11136\t11115\t816\nIncome producing commercial real estate\t13591\t13178\t770\nCommercial & industrial\t559\t559\t21\nCommercial construction\t1535\t1535\t55\nEquipment financing\t0\t0\t0\nTotal commercial\t26821\t26387\t1662\nResidential mortgage\t9624\t9555\t782\nHome equity lines of credit\t146\t131\t16\nResidential construction\t643\t630\t47\nConsumer\t161\t161\t5\nTotal with an ACL recorded\t37395\t36864\t2512\nTotal\t65985\t61971\t2512\n", "q10k_tbl_65": "\t2019\t\t\t2018\t\t\n\tAverage Balance\tInterest Revenue Recognized During Impairment\tCash Basis Interest Revenue Received\tAverage Balance\tInterest Revenue Recognized During Impairment\tCash Basis Interest Revenue Received\nOwner occupied commercial real estate\t18575\t1124\t1171\t19881\t1078\t1119\nIncome producing commercial real estate\t14253\t739\t730\t17138\t893\t895\nCommercial & industrial\t1837\t84\t100\t1777\t100\t100\nCommercial construction\t3233\t129\t146\t3247\t176\t174\nEquipment financing\t159\t23\t23\t0\t0\t0\nTotal commercial\t38057\t2099\t2170\t42043\t2247\t2288\nResidential mortgage\t16115\t748\t749\t14515\t641\t643\nHome equity lines of credit\t488\t14\t15\t284\t18\t16\nResidential construction\t1332\t92\t94\t1405\t96\t95\nConsumer\t203\t15\t15\t249\t18\t18\nIndirect auto\t1028\t50\t50\t1252\t64\t64\nTotal\t57223\t3018\t3093\t59748\t3084\t3124\n", "q10k_tbl_66": "\tDecember 31\t\n\t2020\t2019\nLand and land improvements\t82816\t81150\nBuildings and improvements\t173497\t170629\nFurniture and equipment\t96157\t97997\nConstruction in progress\t7590\t1701\n\t360060\t351477\nLess accumulated depreciation\t(141571)\t(135501)\nPremises and equipment net\t218489\t215976\n", "q10k_tbl_67": "\tDecember 31 2020\t\t\t\t\t\tDecember 31 2019\t\t\n\tNotional Amount\t\tFair Value\t\t\t\tFair Value\t\t\n\t\tDerivative Assets\t\tDerivative Liabilities\t\tDerivative Assets\t\tDerivative Liabilities\nDerivatives designated as hedging instruments:\t\t\t\t\t\t\t\t\t\nCash flow hedge of subordinated debt\t100000\t\t3378\t\t0\t\t0\t\t0\nCash flow hedge of trust preferred securities\t20000\t\t0\t\t0\t\t0\t\t0\nFair value hedge of brokered CDs\t20000\t\t0\t\t0\t\t0\t\t880\nTotal\t140000\t\t3378\t\t0\t\t0\t\t880\nDerivatives not designated as hedging instruments:\t\t\t\t\t\t\t\t\t\nCustomer derivative positions\t1329271\t\t72508\t\t17\t\t27277\t\t446\nDealer offsets to customer derivative positions\t1329271\t\t1\t\t24614\t\t394\t\t6425\nRisk participations\t48843\t\t28\t\t12\t\t0\t\t12\nMortgage banking - loan commitment\t253243\t\t10751\t\t0\t\t1970\t\t0\nMortgage banking - forward sales commitment\t325145\t\t0\t\t1964\t\t98\t\t86\nBifurcated embedded derivatives\t51935\t\t0\t\t1449\t\t5268\t\t0\nDealer offsets to bifurcated embedded derivatives\t51935\t\t0\t\t947\t\t0\t\t7667\nTotal\t3389643\t\t83288\t\t29003\t\t35007\t\t14636\nTotal derivatives\t3529643\t\t86666\t\t29003\t\t35007\t\t15516\nTotal gross derivative instruments\t\t\t86666\t\t29003\t\t35007\t\t15516\nLess: Amounts subject to master netting agreements\t\t\t(114)\t\t(114)\t\t(401)\t\t(401)\nLess: Cash collateral received/pledged\t\t\t(3200)\t\t(27092)\t\t0\t\t(14933)\nNet amount\t\t\t83352\t\t1797\t\t34606\t\t182\n", "q10k_tbl_68": "\tYear Ended December 31\t\n\t2020\t2019\t2018\t\t\t\t\t\t\t\t\t\t\t\n\tInterest expense\tInterest expense\tInterest expense\t\t\t\t\t\tInterest revenue - taxable investment securities\t\t\tOther noninterest income\t\t\nTotal income (expense) presented in the consolidated statements of income\t(56237)\t(83312)\t(61330)\t\t\t\t\t\t73496\t\t\t24142\t\t\nGains (losses) on fair value hedging relationships:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nInterest rate contracts:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nAmounts related to interest settlements on derivatives\t291\t(327)\t(245)\t\t\t\t\t\t17\t\t\t0\t\t\nRecognized on derivatives\t870\t733\t(220)\t\t\t\t\t\t0\t\t\t356\t\t\nRecognized on hedged items\t(880)\t(766)\t(145)\t\t\t\t\t\t0\t\t\t(447)\t\t\nNet income (expense) recognized on fair value hedges\t281\t(360)\t(610)\t\t\t\t\t\t17\t\t\t(91)\t\t\nLosses on cash flow hedging relationships (1):\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nInterest rate contracts:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nRealized losses reclassified from AOCI into net income (2)\t(359)\t0\t0\t\t\t\t\t\t0\t\t\t0\t\t\nNet expense recognized on cash flow hedges\t(359)\t0\t0\t\t\t\t\t\t0\t\t\t0\t\t\n", "q10k_tbl_69": "\tDecember 31\t\t\t\n\t2020\t\t2019\t\nBalance Sheet Location\tCarrying amount of Assets (Liabilities)\tHedge Accounting Basis Adjustment\tCarrying amount of Assets (Liabilities)\tHedge Accounting Basis Adjustment\nDeposits\t(20216)\t(235)\t(35880)\t645\n", "q10k_tbl_70": "\tIncome Statement Location\t\tYear Ended December 31\t\t\t\t\n\t\t2020\t\t2019\t\t2018\nCustomer derivatives and dealer offsets\tOther noninterest income\t\t6732\t\t2878\t\t2658\nBifurcated embedded derivatives and dealer offsets\tOther noninterest income\t\t(63)\t\t212\t\t307\nInterest rate caps\tOther noninterest income\t\t0\t\t0\t\t501\nDe-designated hedges\tOther noninterest income\t\t0\t\t(193)\t\t31\nMortgage banking derivatives\tMortgage loan revenue\t\t(7873)\t\t(1797)\t\t904\nRisk participations\tOther noninterest income\t\t(340)\t\t(3)\t\t12\nTotal gains and losses\t\t\t(1544)\t\t1097\t\t4413\n", "q10k_tbl_71": "\tDecember 31\t\n\t2020\t2019\nCore deposit intangible\t36162\t32802\nLess: accumulated amortization\t(22148)\t(17980)\nNet core deposit intangible\t14014\t14822\nGoodwill\t367809\t327425\nTotal goodwill and other intangible assets net\t381823\t342247\n", "q10k_tbl_72": "\tGoodwill (1)\nDecember 31 2018\t307112\nAcquisition of FMBT\t20313\nDecember 31 2019\t327425\nAcquisition of Three Shores\t40384\nDecember 31 2020\t367809\n", "q10k_tbl_73": "Year\t\n2021\t3622\n2022\t2915\n2023\t2321\n2024\t1834\n2025\t1414\nThereafter\t1908\nTotal\t14014\n", "q10k_tbl_74": "\t2020\t2019\t2018\nServicing rights for SBA/USDA loans beginning of period\t6794\t7510\t7740\nOriginated servicing rights capitalized upon sale of loans\t1114\t1835\t2573\nDisposals\t(624)\t(1258)\t(810)\nMeasurement period adjustment to acquired servicing rights\t0\t0\t(354)\nChanges in fair value due to change in inputs or assumptions used in the valuation\t(822)\t(1293)\t(1639)\nServicing rights for SBA/USDA loans end of period\t6462\t6794\t7510\n", "q10k_tbl_75": "\tDecember 31\t\n\t2020\t2019\nFair value of retained servicing assets\t6462\t6794\nPrepayment rate assumption:\t\t\nWeighted average\t17.8%\t16.5%\nRange\t2.7% - 33.6%\t\n10% adverse change\t(358)\t(352)\n20% adverse change\t(680)\t(671)\nDiscount rate:\t\t\nWeighted average\t8.9%\t12.3%\nRange\t1.6% - 44.1%\t\n100 bps adverse change\t(171)\t(184)\n200 bps adverse change\t(333)\t(358)\nLife (in years):\t\t\nWeighted-average\t3.5\t3.9\nRange\t0.6 - 5.6\t\nGross margin:\t\t\nWeighted-average\t1.9%\t1.9%\nRange\t0.0% - 3.2%\t\n", "q10k_tbl_76": "\t2020\t2019\t2018\nResidential mortgage servicing rights beginning of period\t13565\t11877\t8262\nOriginated servicing rights capitalized upon sale of loans\t11911\t5783\t4587\nDisposals\t(2868)\t(1098)\t(537)\nChanges in fair value due to change in inputs or assumptions used in the valuation\t(6392)\t(2997)\t(435)\nResidential mortgage servicing rights end of period\t16216\t13565\t11877\n", "q10k_tbl_77": "\tDecember 31\t\n\t2020\t2019\nFair value of retained servicing assets\t16216\t13565\nPrepayment rate assumption:\t\t\nWeighted average\t17.7%\t14.1%\nRange\t8.7% - 19.5%\t\n10% adverse change\t(999)\t(662)\n20% adverse change\t(1912)\t(1270)\nDiscount rate:\t\t\nWeighted average\t10.0%\t10.0%\nRange\t10.0% - 11.0%\t\n100 bps adverse change\t(518)\t(467)\n200 bps adverse change\t(1001)\t(900)\n", "q10k_tbl_78": "2021\t1418807\n2022\t211523\n2023\t59153\n2024\t25513\n2025\t20816\nThereafter\t50579\nTotal time deposits\t1786391\n", "q10k_tbl_79": "\tDecember 31\t\tIssue Date\tStated Maturity Date\t\tEarliest Call Date\t\n\t2020\t2019\t\t\tInterest Rate\nObligations of the Bank:\t\t\t\t\t\t\t\n2026 subordinated debentures\t15000\t0\t2016\t2026\t\t2021\t5.875% through August 2021 3-month LIBOR plus 4.70% thereafter\n\t15000\t0\t\t\t\t\t\nObligations of the Holding Company:\t\t\t\t\t\t\t\n2022 senior debentures\t50000\t50000\t2015\t2022\t\t2020\t5.000% through August 2020 3-month LIBOR plus 3.814% thereafter\n2027 senior debentures\t35000\t35000\t2015\t2027\t\t2025\t5.500% through August 2025 3-month LIBOR plus 3.71% thereafter\n2030 senior debentures\t100000\t0\t2020\t2030\t\t2025\t5.00% through June 2025 3-month SOFR plus 4.87% thereafter\nTotal senior debentures\t185000\t85000\t\t\t\t\t\n2028 subordinated debentures\t100000\t100000\t2018\t2028\t\t2023\t4.500% through January 2023 3-month LIBOR plus 2.12% thereafter\n2025 subordinated debentures\t11250\t11250\t2015\t2025\t\t2020\t6.250%\nTotal subordinated debentures\t111250\t111250\t\t\t\t\t\nSouthern Bancorp Capital Trust I\t4382\t4382\t2004\t2034\t\t2009\tPrime + 1.00%\nTidelands Statutory Trust I\t8248\t8248\t2006\t2036\t\t2011\t3-month LIBOR plus 1.38%\nFour Oaks Statutory Trust I\t12372\t12372\t2006\t2036\t\t2011\t3-month LIBOR plus 1.35%\nTotal trust preferred securities\t25002\t25002\t\t\t\t\t\nLess net discount\t(9296)\t(8588)\t\t\t\t\t\nTotal long-term debt\t326956\t212664\t\t\t\t\t\n", "q10k_tbl_80": "\t\tDecember 31\t\n\tBalance Sheet Location\t2020\t2019\nRight-of-use asset\tOther assets\t31398\t19894\nOperating lease liability\tOther liabilities\t33095\t22039\n", "q10k_tbl_81": "\tIncome Statement Location\t2020\t2019\nOperating lease cost\tOccupancy expense\t6449\t5067\nVariable lease cost\tOccupancy expense\t757\t449\nShort-term lease cost\tOccupancy expense\t100\t136\nTotal lease cost\t\t7306\t5652\nSublease income and rental income from owned properties under operating leases\tOther noninterest income\t1022\t1160\n", "q10k_tbl_82": "Year\t\n2021\t7446\n2022\t7544\n2023\t6953\n2024\t3417\n2025\t2403\nThereafter\t6996\nTotal\t34759\nLess discount\t(1664)\nPresent value of lease liability\t33095\n", "q10k_tbl_83": "December 31 2020\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets:\t\t\t\t\nDebt securities available for sale:\t\t\t\t\nU.S. Treasuries\t128072\t0\t0\t128072\nU.S. Government agencies & GSEs\t0\t152972\t0\t152972\nState and political subdivisions\t0\t274472\t0\t274472\nResidential mortgage-backed securities\t0\t1485585\t0\t1485585\nCommercial mortgage-backed securities\t0\t549131\t0\t549131\nCorporate bonds\t0\t70017\t1750\t71767\nAsset-backed securities\t0\t562722\t0\t562722\nEquity securities with readily determinable fair values\t774\t913\t0\t1687\nMortgage loans held for sale\t0\t105433\t0\t105433\nDeferred compensation plan assets\t9584\t0\t0\t9584\nServicing rights for SBA/USDA loans\t0\t0\t6462\t6462\nResidential mortgage servicing rights\t0\t0\t16216\t16216\nDerivative financial instruments\t0\t75887\t10779\t86666\nTotal assets\t138430\t3277132\t35207\t3450769\nLiabilities:\t\t\t\t\nDeferred compensation plan liability\t9590\t0\t0\t9590\nDerivative financial instruments\t0\t26595\t2408\t29003\nTotal liabilities\t9590\t26595\t2408\t38593\n", "q10k_tbl_84": "December 31 2019\tLevel 1\tLevel 2\tLevel 3\tTotal\nAssets:\t\t\t\t\nSecurities available for sale:\t\t\t\t\nU.S. Treasuries\t154618\t0\t0\t154618\nU.S. Government agencies & GSEs\t0\t3035\t0\t3035\nState and political subdivisions\t0\t226490\t0\t226490\nResidential mortgage-backed securities\t0\t1299025\t0\t1299025\nCommercial mortgage-backed securities\t0\t284953\t0\t284953\nCorporate bonds\t0\t202093\t998\t203091\nAsset-backed securities\t0\t103369\t0\t103369\nEquity securities with readily determinable fair values\t1973\t0\t0\t1973\nMortgage loans held for sale\t0\t58484\t0\t58484\nDeferred compensation plan assets\t8133\t0\t0\t8133\nServicing rights for SBA/USDA loans\t0\t0\t6794\t6794\nResidential mortgage servicing rights\t0\t0\t13565\t13565\nDerivative financial instruments\t0\t27769\t7238\t35007\nTotal assets\t164724\t2205218\t28595\t2398537\nLiabilities:\t\t\t\t\nDeferred compensation plan liability\t8132\t0\t0\t8132\nDerivative financial instruments\t0\t6957\t8559\t15516\nTotal liabilities\t8132\t6957\t8559\t23648\n", "q10k_tbl_85": "\tDerivative Asset\tDerivative Liability\tDebt Securities Available- for-Sale\nDecember 31 2017\t12207\t16744\t900\nSales and settlements\t(1029)\t(1347)\t0\nOther comprehensive income\t0\t0\t95\nAmounts included in earnings - fair value adjustments\t663\t335\t0\nDecember 31 2018\t11841\t15732\t995\nSales and settlements\t(1135)\t(2330)\t0\nOther comprehensive income\t0\t0\t3\nAmounts included in earnings - fair value adjustments\t(3468)\t(4843)\t0\nDecember 31 2019\t7238\t8559\t998\nTransfers into Level 3\t583\t0\t0\nAdditions\t368\t0\t1750\nSales and settlements\t0\t0\t(1000)\nOther comprehensive income\t0\t0\t2\nAmounts included in earnings - fair value adjustments\t2590\t(6151)\t0\nDecember 31 2020\t10779\t2408\t1750\n", "q10k_tbl_86": "\tValuation Technique\t\t\tDecember 31\t\t\t\t\nLevel 3 Assets\t\t\tUnobservable Inputs\t\t2020\t\t\t\t\t\t\t\t\t\t2019\t\t\n\t\t\t\t\t\tLow\tHigh\tWeighted Average\t\t\t\t\t\t\t\t\t\tWeighted Average\t\t\nCorporate bonds\t\tIndicative bid provided by a broker\t\tMultiple factors including but not limited to current operations financial condition cash flows and similar financing transactions executed in the market\t\tN/A\tN/A\tN/A\t\t\t\t\t\t\t\t\t\tN/A\t\t\nDerivative assets - mortgage\t\tInternal model\t\tPull through rate\t\t65.6%\t100%\t83.9%\t\t\t\t\t\t\t\t\t\t83.6%\t\t\nDerivative assets - customer derivative positions\t\tInternal model\t\tProbability of default rate & loss given default\t\t100\t100\t100\t\t\t\t\t\t\t\t\t\tN/A\t\t\nDerivative assets & liabilities - risk participations\t\tInternal model\t\tProbable exposure rate\t\t0.06\t3.66\t1.81\t\t\t\t\t\t\t\t\t\t0.36\t\t\n\t\t\t\tProbability of default rate\t\t0.16\t13.1\t4.03\t\t\t\t\t\t\t\t\t\t1.80\t\t\nDerivative assets & liabilities - other\t\tDealer priced\t\tDealer priced\t\tN/A\tN/A\tN/A\t\t\t\t\t\t\t\t\t\tN/A\t\t\n", "q10k_tbl_87": "\tMortgage Loans Held for Sale\t\n\tDecember 31\t\n\t2020\t2019\nOutstanding principal balance\t99746\t56613\nFair value\t105433\t58484\n", "q10k_tbl_88": "\tAmount of Gain (Loss) Recognized on Mortgage Loans Held for Sale\t\t\nLocation\t2020\t2019\t2018\nMortgage loan gains and other related fees\t3815\t1177\t(133)\n", "q10k_tbl_89": "December 31 2020\tLevel 1\tLevel 2\tLevel 3\tTotal\nLoans\t0\t0\t29404\t29404\nDecember 31 2019\t\t\t\t\nLoans\t0\t0\t20977\t20977\n", "q10k_tbl_90": "\tCarrying Amount\t\tFair Value Level\t\t\t\t\t\t\nDecember 31 2020\t\tLevel 1\t\tLevel 2\t\tLevel 3\t\tTotal\nAssets:\t\t\t\t\t\t\t\t\t\nSecurities held to maturity\t420361\t\t0\t\t437193\t\t0\t\t437193\nLoans net\t11233805\t\t0\t\t0\t\t11209717\t\t11209717\nLiabilities:\t\t\t\t\t\t\t\t\t\nDeposits\t15232358\t\t0\t\t15232274\t\t0\t\t15232274\nLong-term debt\t326956\t\t0\t\t0\t\t336763\t\t336763\nDecember 31 2019\t\t\t\t\t\t\t\t\t\nAssets:\t\t\t\t\t\t\t\t\t\nSecurities held to maturity\t283533\t\t0\t\t287904\t\t0\t\t287904\nLoans net\t8750464\t\t0\t\t0\t\t8714592\t\t8714592\nLiabilities:\t\t\t\t\t\t\t\t\t\nDeposits\t10897244\t\t0\t\t10897465\t\t0\t\t10897465\nLong-term debt\t212664\t\t0\t\t0\t\t217665\t\t217665\n", "q10k_tbl_91": "\tRestricted Stock Units\t\t\tOptions\t\n\tShares\tWeighted Average Grant Date Fair Value\tAggregate Intrinsic Value (000's)\tShares\tWeighted Average Exercise Price\nDecember 31 2017\t663817\t22.40\t\t60287\t24.12\nGranted\t416484\t30.54\t\t0\t0\nVested / Exercised\t(290013)\t20.18\t\t(12000)\t11.85\nCancelled\t(30542)\t23.65\t\t(1148)\t31.50\nDecember 31 2018\t759746\t27.66\t\t47139\t27.07\nGranted\t315827\t26.74\t\t0\t0\nVested / Exercised\t(216138)\t25.38\t\t(13000)\t16.34\nExpired\t0\t\t\t(30243)\t31.43\nCancelled\t(51011)\t27.18\t\t(2396)\t29.68\nDecember 31 2019\t808424\t27.94\t\t1500\t27.95\nGranted\t446512\t19.15\t\t0\t0\nVested / Exercised\t(324697)\t26.42\t7212\t0\t0\nExpired\t0\t\t\t(1500)\t27.95\nCancelled\t(36808)\t25.73\t\t0\t0\nDecember 31 2020\t893431\t23.75\t25409\t0\t\n", "q10k_tbl_92": "\t\tAmounts Reclassified from AOCI For the Years Ended December 31\t\t\t\t\t\nDetails about AOCI Components\t\t\tAffected Line Item in the Statement Where Net Income is Presented\t\n\t2020\t\t2019\t\t2018\t\nRealized gains (losses) on available-for-sale securities:\t\t\t\t\t\t\t\n\t\t748\t\t(1021)\t\t(656)\tSecurities gains (losses) net\n\t\t(191)\t\t247\t\t132\tIncome tax (expense) benefit\n\t\t557\t\t(774)\t\t(524)\tNet of tax\nAmortization of losses included in net income on available-for-sale securities transferred to held to maturity:\t\t\t\t\t\t\t\n\t\t(723)\t\t(383)\t\t(739)\tInvestment securities interest revenue\n\t\t173\t\t92\t\t180\tIncome tax benefit\n\t\t(550)\t\t(291)\t\t(559)\tNet of tax\nReclassifications related to derivative financial instruments accounted for as cash flow hedges:\t\t\t\t\t\t\t\nAmortization of losses on de-designated positions\t\t0\t\t(235)\t\t0\tOther expense\nAmortization of losses on de-designated positions\t\t0\t\t(102)\t\t(499)\tDeposit interest expense\nInterest rate contracts\t\t(359)\t\t0\t\t0\tLong-term debt interest expense\n\t\t(359)\t\t(337)\t\t(499)\tTotal before tax\n\t\t91\t\t86\t\t129\tIncome tax benefit\n\t\t(268)\t\t(251)\t\t(370)\tNet of tax\nReclassifications related to defined benefit pension plan activity:\t\t\t\t\t\t\t\nPrior service cost\t\t(531)\t\t(640)\t\t(666)\tSalaries and employee benefits expense\nActuarial losses\t\t(326)\t\t(59)\t\t(241)\tOther expense\nTermination of Funded Plan\t\t0\t\t(1558)\t\t0\tMerger-related and other\n\t\t(857)\t\t(2257)\t\t(907)\tTotal before tax\n\t\t219\t\t576\t\t247\tIncome tax benefit\n\t\t(638)\t\t(1681)\t\t(660)\tNet of tax\nTotal reclassifications for the period\t\t(899)\t\t(2997)\t\t(2113)\tNet of tax\nAmounts shown above in parentheses reduce earnings\t\t\t\t\t\t\t\n", "q10k_tbl_93": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nNet income\t164089\t185721\t166111\nUndistributed earnings allocated to participating securities\t(1287)\t(1375)\t(1184)\nDividends on preferred stock\t(3533)\t0\t0\nNet income available to common stockholders\t159269\t184346\t164927\nNet income per common share:\t\t\t\nBasic\t1.91\t2.31\t2.07\nDiluted\t1.91\t2.31\t2.07\nWeighted average common shares:\t\t\t\nBasic\t83184\t79700\t79662\nEffect of dilutive securities:\t\t\t\nStock options\t0\t1\t7\nRestricted stock units\t64\t7\t2\nDiluted\t83248\t79708\t79671\n", "q10k_tbl_94": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nCurrent\t42688\t38082\t17185\nDeferred\t2668\t14909\t32630\nTotal income tax expense\t45356\t52991\t49815\n", "q10k_tbl_95": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nPretax income at statutory rates\t43983\t50130\t45344\nAdd (deduct):\t\t\t\nState taxes net of federal benefit\t5928\t7168\t6765\nBOLI earnings\t(1052)\t(1127)\t(747)\nAdjustment to reserve for uncertain tax positions\t(1212)\t84\t80\nTax-exempt interest revenue\t(2169)\t(1827)\t(1229)\nEquity compensation\t(174)\t(375)\t(892)\nTransaction costs\t217\t16\t78\nTax credit investments\t(930)\t(464)\t(29)\nChange in state statutory tax rate\t0\t0\t583\nOther\t765\t(614)\t(138)\nTotal income tax expense\t45356\t52991\t49815\n", "q10k_tbl_96": "\tDecember 31\t\n\t2020\t2019\nDTAs:\t\t\nACL\t33213\t14910\nNet operating loss carryforwards\t22277\t27568\nDeferred compensation\t10012\t9363\nLoan purchase accounting adjustments\t8567\t6599\nReserve for losses on foreclosed properties\t33\t20\nNonqualified share based compensation\t1833\t2041\nAccrued expenses\t6865\t3958\nInvestment in partnerships\t71\t67\nUnamortized pension actuarial losses and prior service cost\t1981\t1739\nSecurities purchase accounting adjustments\t0\t687\nLease liability\t8055\t5327\nOther\t4018\t1351\nTotal DTAs\t96925\t73630\nDTLs:\t\t\nUnrealized gains on securities available-for-sale\t17439\t7943\nUnrealized gains on cash flow hedges\t54\t0\nAcquired intangible assets\t2576\t2530\nPremises and equipment\t4241\t3002\nLoan origination costs\t4857\t3538\nTrue tax leases\t7846\t7783\nPrepaid expenses\t230\t373\nServicing assets\t4816\t4428\nDerivatives\t2250\t1075\nRight-of-use asset\t7642\t4809\nSecurities purchase accounting adjustments\t3146\t0\nUncertain tax positions\t1813\t1792\nTotal DTLs\t56910\t37273\nLess valuation allowance\t1604\t2298\nNet DTA\t38411\t34059\n", "q10k_tbl_97": "\t2020\t2019\t2018\nBalance at beginning of year\t3370\t3264\t3163\nAdditions based on tax positions related to the current year\t421\t481\t470\nDecreases resulting from a lapse in the applicable statute of limitations\t(1628)\t(375)\t(369)\nBalance at end of year\t2163\t3370\t3264\n", "q10k_tbl_98": "\t2020\t2019\nDiscount rate for disclosures\t2.55%\t3.25%\t\t\t\nDiscount rate for net periodic benefit cost\t3.25%\t4.40%\t\t\t\nMeasurement date\t12/31/2020\t12/31/2019\t\t\t\n", "q10k_tbl_99": "\t2020\t2019\t\n\tModified Retirement Plan\t\tModified Retirement Plan\t\t\t\tFunded Plan\t\t\nAccumulated benefit obligation:\t\t\t\t\t\t\t\t\t\nAccumulated benefit obligation - beginning of year\t25105\t\t21736\t\t\t\t16011\t\t\nService cost\t588\t\t392\t\t\t\t0\t\t\nInterest cost\t795\t\t931\t\t\t\t166\t\t\nPlan amendments\t0\t\t386\t\t\t\t0\t\t\nActuarial losses\t1804\t\t2390\t\t\t\t1489\t\t\nBenefits paid\t(1193)\t\t(730)\t\t\t\t(17666)\t\t\nAccumulated benefit obligation - end of year\t27099\t\t25105\t\t\t\t0\t\t\nChange in plan assets at fair value:\t\t\t\t\t\t\t\t\t\nBeginning plan assets\t0\t\t0\t\t\t\t12595\t\t\nActual return\t0\t\t0\t\t\t\t173\t\t\nEmployer contribution\t1193\t\t730\t\t\t\t4898\t\t\nBenefits paid\t(1193)\t\t(730)\t\t\t\t(17666)\t\t\nPlan assets - end of year\t0\t\t0\t\t\t\t0\t\t\nFunded status - end of year (plan assets less benefit obligations)\t(27099)\t\t(25105)\t\t\t\t0\t\t\n", "q10k_tbl_100": "\t2020\t2019\t\t2018\t\n\tModified Retirement Plan\t\tModified Retirement Plan\tFunded Plan\tModified Retirement Plan\t\t\t\tFunded Plan\t\t\nService cost\t588\t\t392\t0\t363\t\t\t\t0\t\t\nInterest cost\t795\t\t931\t166\t801\t\t\t\t647\t\t\nExpected return on plan assets\t0\t\t0\t(106)\t0\t\t\t\t(551)\t\t\nAmortization of prior service cost\t531\t\t635\t0\t666\t\t\t\t0\t\t\nAmortization of net actuarial losses\t326\t\t59\t0\t241\t\t\t\t0\t\t\nNet periodic benefit cost\t2240\t\t2017\t60\t2071\t\t\t\t96\t\t\n", "q10k_tbl_101": "2021\t1170\n2022\t1165\n2023\t1159\n2024\t1152\n2025\t1195\n2026-2030\t7675\n", "q10k_tbl_102": "\tBasel III Guidelines\t\tUnited Community Banks Inc. (consolidated)\t\tUnited Community Bank\t\n\tMinimum (1)\tWell Capitalized\t2020\t2019\t2020\t2019\nRisk-based ratios:\t\t\t\t\t\t\nCET1 capital\t4.5%\t6.5%\t12.31%\t12.97%\t13.31%\t14.87%\nTier 1 capital\t6.0\t8.0\t13.10\t13.21\t13.31\t14.87\nTotal capital\t8.0\t10.0\t15.15\t15.01\t14.28\t15.54\nTier 1 leverage ratio\t4.0\t5.0\t9.28\t10.34\t9.42\t11.63\nCET1 capital\t\t\t1506750\t1275148\t1625292\t1458720\nTier 1 capital\t\t\t1603172\t1299398\t1625292\t1458720\nTotal capital\t\t\t1854368\t1476302\t1743045\t1524267\nRWAs\t\t\t12240440\t9834051\t12207940\t9810477\nAverage total assets\t\t\t17276853\t12568563\t17246878\t12545254\n", "q10k_tbl_103": "\tDecember 31\t\n\t2020\t2019\nFinancial instruments whose contract amounts represent credit risk:\t\t\nCommitments to extend credit\t3052657\t2126275\nLetters of credit\t31748\t22533\n", "q10k_tbl_104": "\t2020\t2019\nAssets\t\t\nCash and cash equivalents\t289243\t32495\nInvestment in bank\t2028965\t1814414\nInvestment in other subsidiaries\t752\t752\nOther assets\t34661\t29308\nTotal assets\t2353621\t1876969\nLiabilities and Shareholders' Equity\t\t\nLong-term debt\t311956\t212664\nOther liabilities\t34135\t28613\nTotal liabilities\t346091\t241277\nShareholders' equity\t2007530\t1635692\nTotal liabilities and shareholders' equity\t2353621\t1876969\n", "q10k_tbl_105": "\t2020\t2019\t2018\nDividends from bank\t150000\t0\t161500\nDividends from other subsidiaries\t0\t4651\t850\nShared service fees from subsidiaries\t13020\t14721\t10257\nOther\t1436\t1468\t133\nTotal income\t164456\t20840\t172740\nInterest expense\t13994\t11573\t11868\nOther expense\t16473\t18965\t14456\nTotal expenses\t30467\t30538\t26324\nIncome tax benefit\t2681\t8711\t1640\nIncome (loss) before equity in undistributed earnings of subsidiaries\t136670\t(987)\t148056\nEquity in undistributed earnings of subsidiaries\t27419\t186708\t18055\nNet income\t164089\t185721\t166111\n", "q10k_tbl_106": "\t2020\t2019\t2018\nOperating activities:\t\t\t\nNet income\t164089\t185721\t166111\nAdjustments to reconcile net income to net cash provided by operating activities:\t\t\t\nEquity in undistributed earnings of the subsidiaries\t(27419)\t(186708)\t(18055)\nStock-based compensation\t7887\t9360\t6057\nChange in assets and liabilities:\t\t\t\nOther assets\t(3662)\t(3022)\t1777\nOther liabilities\t5261\t2080\t3124\nNet cash provided by operating activities\t146156\t7431\t159014\nInvesting activities:\t\t\t\nNet cash received (paid) for acquisition\t3397\t(52093)\t(84499)\nPurchases of premises and equipment\t0\t0\t(364)\nPurchases of debt securities available-for-sale and equity securities\t(2750)\t(3000)\t(2489)\nProceeds from sales and maturities of debt securities available-for-sale and equity securities\t0\t83\t0\nNet cash provided by (used in) investing activities\t647\t(55010)\t(87352)\nFinancing activities:\t\t\t\nRepayment of long-term debt\t0\t(250)\t(7424)\nProceeds from issuance of long-term debt net of issuance costs\t98552\t0\t98188\nProceeds from issuance of preferred stock net of issuance costs\t96422\t0\t0\nCash related to shares withheld to cover payroll taxes upon vesting of restricted stock units\t(3119)\t(1686)\t(1998)\nProceeds from issuance of common stock for dividend reinvestment and employee benefit plans\t1317\t2193\t679\nProceeds from exercise of stock options\t0\t212\t142\nRepurchase of common stock\t(20782)\t(13020)\t0\nCash dividends on preferred stock\t(3533)\t0\t0\nCash dividends on common stock\t(58912)\t(53044)\t(41634)\nNet cash provided by (used in) financing activities\t109945\t(65595)\t47953\nNet change in cash\t256748\t(113174)\t119615\nCash at beginning of year\t32495\t145669\t26054\nCash at end of year\t289243\t32495\t145669\n", "q10k_tbl_107": "(a)\t1.\tFinancial Statements.\n\t\tThe following consolidated financial statements are located in Item 8 of this report:\n\t\tReport of Independent Registered Public Accounting Firm\n\t\tConsolidated Statements of Income - Years ended December 31 2020 2019 and 2018\n\t\tConsolidated Balance Sheets - December 31 2020 and 2019\n\t\tConsolidated Statements of Changes in Shareholders' Equity - Years ended December 31 2020 2019 and 2018\n\t\tConsolidated Statements of Cash Flows - Years ended December 31 2020 2019 and 2018\n\t\tNotes to Consolidated Financial Statements\n\t2.\tFinancial Statement Schedules.\n\t\tSchedules to the consolidated financial statements are omitted as the required information is not applicable.\n\t3.\tExhibits.\n\t\tThe exhibits required to be filed with this Report by Item 601 of Regulation S-K are set forth in the Exhibit Index below:\n", "q10k_tbl_108": "EXHIBIT INDEX\t\nExhibit No.\tExhibit\n2.1\tAgreement and Plan of Merger dated January 8 2018 by and between United Community Banks Inc. United Community Bank Symph Acquisition Corp. NLFC Holdings Corp. and Shareholder Representative Services LLC (incorporated herein by reference to Exhibit 2.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on January 9 2018).\n2.2\tAgreement and Plan of Merger dated as of March 9 2020 by and between United Community Banks Inc. and Three Shores Bancorporation Inc. (incorporated herein by reference to Exhibit 2.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on March 10 2020).\n3.1\tRestated Articles of Incorporation of United Community Banks Inc. as amended (incorporated herein by reference to Exhibit 3.1 to United Community Banks Inc.'s Quarterly Report on Form 10-Q for the period ended June 30 2020 filed with the SEC on August 6 2020).\n3.2\tAmended and Restated Bylaws of United Community Banks Inc. as amended (incorporated herein by reference to Exhibit 3.2 to United Community Banks Inc.'s Quarterly Report on Form 10-Q for the period ended March 31 2015 filed with the SEC on May 11 2015).\n", "q10k_tbl_109": "4.1\tDescription of Registrant's Common Stock $1.00 par value (incorporated herein by reference to Exhibit 4.1 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).\n4.2\tIndenture dated August 14 2015 by and between United Community Banks Inc. and The Bank of New York Mellon Trust Company N.A. Trustee (incorporated herein by reference to Exhibit 4.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on August 14 2015).\n4.3\tFirst Supplemental Indenture to the Indenture dated August 14 2015 by and between United Community Banks Inc. and The Bank of New York Mellon Trust Company N.A. Trustee (incorporated herein by reference to Exhibit 4.2 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on August 14 2015).\n4.4\tSecond Supplemental Indenture to the Indenture dated August 14 2015 by and between United Community Banks Inc. and The Bank of New York Mellon Trust Company N.A. Trustee (incorporated herein by reference to Exhibit 4.3 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on August 14 2015).\n4.5\tIndenture dated January 18 2018 by and between United and The Bank of New York Mellon N.A. Trustee (incorporated herein by reference to Exhibit 4.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on January 23 2018).\n", "q10k_tbl_110": "4.6\tFirst Supplemental Indenture to the Indenture dated January 18 2018 by and between United and The Bank of New York Mellon N.A. Trustee (incorporated herein by reference to Exhibit 4.2 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on January 23 2018).\n4.7\tForm of Indenture for Senior Indebtedness (incorporated herein by reference to Exhibit 4.2 to United Community Banks Inc.'s Form S-3 File No. 333-224367 filed with the SEC on April 20 2018).\n4.8\tForm of Indenture for Subordinated Indebtedness (incorporated herein by reference to Exhibit 4.3 to United Community Banks Inc.'s Form S-3 File No. 333-224367 filed with the SEC on April 20 2018).\n4.9\tDeposit Agreement dated as of June 10 2020 between the Company and Continental Stock Transfer & Trust Company as depositary (incorporated herein by reference to Exhibit 4.2 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on June 10 2020).\n4.10\tForm of Depositary Receipt (included as part of Exhibit 4.9)\n4.11\tDescription of Registrant's Depositary Shares and underlying Series I Preferred Stock.**\n4.12\tIndenture dated as of June 17 2020 by and between United Community Banks Inc. and U.S. Bank National Association as trustee (incorporated herein by reference to Exhibit 4.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on June 17 2020).\n4.13\tFirst Supplemental Indenture dated as of June 17 2020 by and between United Community Banks Inc. and U.S. Bank National Association as trustee (incorporated herein by reference to Exhibit 4.2 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on June 17 2020).\n4.14\tForm of 5.000% Fixed-to-Floating Senior Notes due 2030 (attached as Exhibit A to Exhibit 4.13 hereto)\n--\tPursuant to Item 601(b)(4)(iii)(A) other instruments that define the rights of holders of the long-term indebtedness of United Community Banks Inc. and its subsidiaries that does not exceed 10% of United's consolidated assets have not been filed; however United agrees to furnish a copy of any such agreement to the SEC upon request.\n10.1\tUnited Community Banks Inc.'s Amended and Restated 2000 Key Employee Stock Option Plan (incorporated herein by reference to Exhibit 10.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 000-21656 filed with the SEC on May 1 2007).#\n10.2\tAmendment No. 1 to United Community Banks Inc.'s Amended and Restated 2000 Key Employee Stock Option Plan dated April 13 2007 (incorporated herein by reference to Exhibit 10.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 000-21656 filed with the SEC on April 13 2007).#\n10.3\tAmendment No. 2 to United Community Banks Inc.'s Amended and Restated 2000 Key Employee Stock Option Plan dated March 20 2012 (incorporated herein by reference to Exhibit 10.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on May 24 2012).#\n10.4\tAmendment No. 3 to United Community Banks Inc.'s Amended and Restated 2000 Key Employee Stock Option Plan dated March 20 2012 (incorporated herein by reference to Exhibit 10.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on May 24 2012).#\n10.5\tAmendment No. 4 to United Community Banks Inc.'s Amended and Restated 2000 Key Employee Stock Option Plan dated March 18 2016 (incorporated herein by reference to Exhibit 10.1 to United Community Banks Inc.'s Current Report on Form 8-K File No. 001-35095 filed with the SEC on June 23 2016).#\n10.6\tAmendment No. 5 to United Community Banks Inc.'s Amended and Restated 2000 Key Employee Stock Option Plan dated August 2 2017 (incorporated herein by reference to Exhibit 10.7 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).#\n10.7\tChange of Control Severance Agreement dated March 31 2015 by and between United Community Banks Inc. and H. Lynn Harton (incorporated herein by reference to Exhibit 10.8 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).#\n10.8\tExecutive Transition Agreement by and between United Community Banks Inc. and Jimmy C. Tallent dated May 10 2018 (incorporated herein by reference to Exhibit 10.1 to United Community Banks Inc.'s Quarterly Report on Form 10-Q for the period ended June 30 2018 File No. 001-35095 filed with the SEC on August 6 2018).#\n10.9\tChange in Control Severance Agreement dated April 17 2017 by and between United Community Banks Inc. and Jefferson L. Harralson (incorporated herein by reference to Exhibit 10.11 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).#\n10.10\tChange of Control Severance Agreement dated March 31 2015 by and between United Community Banks Inc. and Richard William Bradshaw (not filed because substantially identical to Exhibit 10.9). #\n", "q10k_tbl_111": "10.11\tChange of Control Severance Agreement dated March 31 2015 by and between United Community Banks Inc. and Robert A. Edwards (not filed because substantially identical to Exhibit 10.9). #\n10.12\tChange of Control Severance Agreement dated February 28 2020 by and between United Community Banks Inc. and Melinda Davis Lux (not filed because substantially identical to Exhibit 10.9). #\n10.13\tChange of Control Severance Agreement dated November 21 2019 by and between United Community Banks Inc. and Mark Terry (not filed because substantially identical to Exhibit 10.9). #\n", "q10k_tbl_112": "10.14\tUnited Community Banks Inc.'s Modified Retirement Plan (as amended and restated effective as of January 1 2016) (incorporated herein by reference to Exhibit 10.15 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).#\n10.15\tFirst Amendment dated as of April 1 2018 to United Community Banks Inc.'s Modified Retirement Plan (as amended and restated effective as of January 1 2016) (incorporated herein by reference to Exhibit 10.16 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).#\n10.16\tUnited Community Banks Inc.'s Amended and Restated Deferred Compensation Plan effective as of January 1 2017 (incorporated herein by reference to Exhibit 10.17 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).#\n10.17\tAmendment No. 1 to United Community Banks Inc.'s Amended and Restated Deferred Compensation Plan effective as of April 1 2018 (incorporated herein by reference to Exhibit 10.18 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).#\n10.18\tAmendment No. 2 to United Community Banks Inc.'s Amended and Restated Deferred Compensation Plan effective as of January 1 2019 (incorporated herein by reference to Exhibit 10.19 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).#\n10.19\tUnited Community Banks Inc. Amended and Restated Dividend Reinvestment and Share Purchase Plan (incorporated herein by reference to Exhibit 4 to United Community Banks Inc.'s Registration Statement on Form S-3D File No. 333-197026 filed with the SEC on June 25 2014).\n10.20\tUnited Community Banks Inc. Employee Stock Purchase Plan (as amended and restated effective as of January 1 2015) (incorporated herein by reference to Exhibit 10.21 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).#\n10.21\tUnited Community Banks Inc.'s Management Annual Incentive Plan effective as of January 1 2007 (incorporated herein by reference to Exhibit 10.5 to United Community Banks Inc.'s Current Report on Form 8-K File No. 000-21656 filed with the SEC on May 1 2007).#\n10.22\tForm of Incentive Stock Option Award Agreement (incorporated herein by reference to Exhibit 10.15 to United Community Banks Inc.'s Form 10-K for the year ended December 31 2014 File No. 001-35095 filed with the SEC on February 27 2015).#\n10.23\tForm of Nonqualified Stock Option Award Agreement (incorporated herein by reference to Exhibit 10.16 to United Community Banks Inc.'s Form 10-K for the year ended December 31 2014 File No. 001-35095 filed with the SEC on February 27 2015).#\n10.24\tForm of Restricted Stock Unit Award Agreement for Directors.#**\n10.25\tForm of Restricted Stock Unit Award.#**\n10.26\tForm of Restricted Stock Unit Award for Key Employees.#**\n10.27\tForm of Performance Restricted Stock Unit Award for Key Employees.#**\n10.28\tCredit Agreement dated as of January 7 2014 between United Community Banks Inc. and Synovus Bank as amended Amendment No 1 dated as of June 30 2015 Amendment No. 2 dated as of June 30 2016 and Amendment No. 3 dated as of June 30 2017 (incorporated herein by reference to Exhibit 10.1 to United Community Banks Inc.'s Quarterly Report on Form 10-Q for the period ended June 30 2017 File No. 001-35095 filed with the SEC on August 4 2017).\n10.29\tAmendment No. 4 dated as of August 7 2018 to Credit Agreement dated as of January 7 2014 between United Community Banks Inc. and Synovus Bank (incorporated herein by reference to Exhibit 10.30 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).\n10.30\tAmendment No. 5 dated as of February 18 2020 to Credit Agreement dated as of January 7 2014 between United Community Banks Inc. and Synovus Bank (incorporated herein by reference to Exhibit 10.31 to United Community Banks Inc.'s Annual Report on Form 10-K File No. 001-35095 filed with the SEC on February 27 2020).\n", "q10k_tbl_113": "21\tSubsidiaries of United Community Banks Inc.**\n23\tConsent of Independent Registered Public Accounting Firm**\n24\tPower of Attorney of certain officers and directors of United (included on signature page hereto)\n31.1\tCertification of Chief Executive Officer under Exchange Act Rule 13a-14(a)**\n31.2\tCertification of Chief Financial Officer under Exchange Act Rule 13a-14(a)**\n32\tCertifications of CEO and CFO pursuant to 18 U.S.C. Section 1350 (furnished only)**\n", "q10k_tbl_114": "101.INS**\tInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document\n101.SCH**\tInline XBRL Taxonomy Extension Schema Document\n101.CAL**\tInline XBRL Taxonomy Calculation Linkbase Document\n101.LAB**\tInline XBRL Taxonomy Label Linkbase Document\n101.PRE**\tInline XBRL Presentation Linkbase Document\n101.DEF**\tInline XBRL Taxonomy Extension Definition Linkbase Document\n104\tCover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)\n"}{"bs": "q10k_tbl_31", "is": "q10k_tbl_32", "cf": "q10k_tbl_35"}None
☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2020
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission File Number 001-35095
UNITED COMMUNITY BANKS, INC.
(Exact name of registrant as specified in its charter)
Georgia
58-1807304
(State of incorporation)
(I.R.S. Employer Identification No.)
125 Highway 515 East
Blairsville, Georgia
30512
(Address of principal executive offices)
(Zip code)
Registrant’s telephone number, including area code: (706) 781-2265
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common stock, par value $1 per share
UCBI
Nasdaq Global Select Market
Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock
UCBIO
Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐No☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter: $1,567,580,828 (based on shares held by non-affiliates at $20.12 per share, the closing stock price on the Nasdaq stock market on June 30, 2020).
As of January 31, 2021, there were 86,736,280 shares of United Community Banks, Inc.’s common stock issued and outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s Proxy Statement for the 2021 Annual Meeting of Shareholders to be held on May 12, 2021 (the “2021 Proxy Statement”) are incorporated herein into Part III by reference.
This Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, information appearing under “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” includes forward-looking statements. Forward-looking statements are neither statements of historical fact nor assurance of future performance and generally can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “will”, “could”, “should”, “projects”, “plans”, “goal”, “targets”, “potential”, “estimates”, “pro forma”, “seeks”, “intends”, or “anticipates”, or similar expressions. Forward-looking statements include discussions of strategy, financial projections, guidance and estimates (including their underlying assumptions), statements regarding plans, objectives, expectations or consequences of various transactions or events, and statements about our future performance, operations, products and services, and should be viewed with caution.
Because forward-looking statements relate to the future, they are subject to known and unknown risks, uncertainties, assumptions and changes in circumstances, many of which are out of our control, and that are difficult to predict as to timing, extent, likelihood and degree of occurrence, and that could cause actual results to differ materially from the results implied or anticipated by the statements. Except as required by law, we expressly disclaim any obligations to publicly update any forward-looking statements whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, in addition to those described in detail under Items 1A of this Report - “Risk Factors” - include, but are not limited to the following:
•negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of our borrowers and consumer spending habits, which may affect, among other things, the levels of non-performing assets, charge-offs and provision expense;
•changes in loan underwriting, credit review or loss policies associated with economic conditions, examination conclusions or regulatory developments, either as they currently exist or as they may be affected by conditions associated with the COVID-19 pandemic;
•the COVID-19 pandemic and its continuing effects on the economic and business environments in which we operate;
•strategic, market, operational, liquidity and interest rate risks associated with our business;
•continuation of historically low interest rates coupled with other potential fluctuations or unanticipated changes in the interest rate environment, including interest rate changes made by the Federal Reserve, the discontinuation of LIBOR as an interest rate benchmark, as well as cash flow reassessments may reduce net interest margin and/or the volumes and values of loans made or held as well as the value of other financial assets;
•our lack of geographic diversification and any unanticipated or greater than anticipated adverse conditions in the national or local economies in which we operate;
•our loan concentration in industries or sectors that may experience unanticipated or greater than anticipated adverse conditions than other industries or sectors in the national or local economies in which we operate;
•the risks of expansion into new geographic or product markets;
•risks with respect to future mergers or acquisitions, including our ability to successfully expand and complete acquisitions and integrate businesses and operations that we acquire;
•our ability to attract and retain key employees;
•competition from financial institutions and other financial service providers including non-bank financial technology providers and our ability to attract customers from other financial institutions;
•losses due to fraudulent and negligent conduct of our customers, third party service providers or employees;
•cybersecurity risks and the vulnerability of our network and online banking portals, and the systems or parties with whom we contract, to unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches that could adversely affect our business and financial performance or reputation;
•our reliance on third parties to provide key components of our business infrastructure and services required to operate our business;
•the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market;
•the availability of and access to capital;
•legislative, regulatory or accounting changes that may adversely affect us;
•volatility in the ACL resulting from the CECL methodology, either alone or as that may be affected by conditions arising out of the COVID-19 pandemic;
•adverse results (including judgments, costs, fines, reputational harm, inability to obtain necessary approvals and/or other negative effects) from current or future litigation, regulatory proceedings, examinations, investigations, or similar matters, or developments related thereto;
•any matter that would cause us to conclude that there was impairment of any asset, including intangible assets, such as goodwill;
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•limitations on our ability to declare and pay dividends and other distributions from the Bank to the Holding Company, which could affect Holding Company liquidity, including its ability to pay dividends to shareholders or take other capital actions; and
•other risks and uncertainties disclosed in documents filed or furnished by us with or to the SEC, any of which could cause actual results to differ materially from future results expressed, implied or otherwise anticipated by such forward-looking statements.
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PART I
Unless the context otherwise requires, the terms “we,” “our,” or “us” refer to United Community Banks, Inc. and its direct and indirect subsidiaries, including United Community Bank.
ITEM 1. BUSINESS.
Overview
We are a bank holding company with approximately $17.8 billion in assets as of December 31, 2020. We were incorporated in 1987 and began operations in 1988 in the state of Georgia by acquiring the capital stock of the Bank, a Georgia state-chartered bank that opened in 1950. We have since grown through a combination of acquisitions and strategic growth throughout the Georgia, South Carolina, North Carolina, Tennessee, and Florida markets, as well as nationally through our SBA/USDA lending and equipment finance businesses.
Recent Developments during 2020
COVID-19 Pandemic
During 2020, global financial markets experienced significant volatility resulting from the spread of a novel coronavirus known as COVID-19. In March of 2020, the World Health Organization declared COVID-19 a global pandemic and the United States declared a National Public Health Emergency. The COVID-19 pandemic has materially restricted and continues to materially restrict the level of economic activity in our markets. In response to the pandemic, state governments both inside and outside of our markets took and continue to take preventative or protective actions, such as imposing restrictions on travel and business operations, advising or requiring individuals to limit or forgo time outside of their homes, and ordering temporary closures of businesses that have been deemed to be non-essential. These measures have dramatically increased unemployment in the United States and have negatively impacted many businesses, and thereby threatened the repayment ability of some of our borrowers.
To address the economic impact in the United States, the CARES Act was enacted in March 2020. The CARES Act included a number of provisions that affected us, including accounting relief for TDRs and regulatory capital relief for the effect of CECL implementation. The CARES Act also established the PPP through the SBA, which allowed us to lend money to small businesses, with guarantees from the SBA, to maintain employee payrolls and pay other qualified expenses during the crisis. Under this program, loan amounts may be forgiven if the proceeds were used for payroll and other permitted expenses in accordance with the requirements of the PPP, and the borrower meets certain other requirements.
The Federal Reserve also took additional steps to bolster the economy by, among other things, reducing the federal funds rate and the discount-window borrowing rate to near zero.
In response to the pandemic, we implemented protocols and processes to help protect our employees, customers and communities. These measures included:
•Temporarily operating our branches under a drive-through model with appointment-only lobby service, facilitating work from home, when possible, for employees, and leveraging our business continuity plans that include critical operations teams being divided and dispersed to separate locations;
•Offering assistance to our customers affected by the COVID-19 pandemic, including payment deferrals, waiving certain fees, suspending property foreclosures, and participating in the CARES Act and lending programs for businesses, including the SBA PPP;
•Temporarily suspending common stock repurchases to maximize capital and liquidity resources; and
•Issuing $100 million of non-cumulative perpetual preferred stock and $100 million of senior debentures to ensure our capital ratios and liquidity remain strong throughout the rapidly changing economic conditions.
In connection with reviewing our financial condition in light of the pandemic, we evaluated certain assets, including goodwill and other intangibles, for potential impairment. Based upon our most recent review as of December 31, 2020, we determined that no impairments have occurred. We also elected to delay for two years the phase-in of the capital impact from our adoption of ASC 326, the new accounting standard on credit losses. For more information, see Capital Adequacy.
As indicated, we implemented various consumer and commercial loan modification programs to provide our borrowers relief from the economic impacts of COVID-19. Based on guidance in the CARES Act, COVID-19 related modifications to loans that were current as
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of December 31, 2019 are exempt from TDR classification under GAAP. In addition, the bank regulatory agencies issued interagency guidance stating that COVID-19 related short-term modifications (i.e., payment deferrals) granted to loans that were current as of the loan modification program implementation date are not new TDRs. For more information, see Table 16 - COVID-19 Deferrals in Part II, Item 7. MD&A of this Report.
Acquisition of Three Shores Bancorporation, Inc.
On July 1, 2020, we acquired Three Shores, including its wholly-owned subsidiary, Seaside, headquartered in Orlando, Florida. Seaside operated a 14-branch network located in key Florida metropolitan markets. In this acquisition, United acquired $2.13 billion of assets and assumed $1.99 billion of liabilities. In the merger, Three Shores shareholders received $188 million in total consideration, consisting of $164 million (8.13 million shares) in United common stock and $24.1 million in cash.
Operations
We provide a wide array of commercial and consumer banking services, including checking, savings and time deposit accounts, secured and unsecured loans, mortgage loans, payment services, wire transfers, wealth management, trust services, private banking, investment advisory services, insurance, and other related financial services to our customers. Our business model combines the commitment to exceptional customer service of a local bank with the products and expertise of a larger institution. We believe that we have a strong culture focused on the golden rule of banking – treating each other and the customer the way we would want to be treated. We exist to serve our customers, and we are committed to making lives better through outstanding products, dedication to our customers, and serving the communities in which we operate.
We operate as a locally-focused community bank, supplemented by experienced, centralized support to deliver products and services to our larger, more sophisticated, customers. Our organizational structure reflects these strengths, with local leaders for each market and market advisory boards operating in partnership with the product experts of our Commercial Banking Solutions unit. We believe that this combination of service and expertise sets us apart and is instrumental in our strategy to build long-term relationships.
Our revenue is primarily derived from interest on and fees received in connection with the loans we make and from interest and dividends from our investment securities and short-term investments. The principal sources of funds for our lending activities are customer deposits, repayment of loans, and the sale and maturity of investment securities. Our principal expenses are interest paid on deposits and other borrowings and operating and general administrative expenses.
Lending Activities
We offer a full range of lending services, including real estate, consumer and commercial loans, to individuals, small businesses, mid-sized commercial businesses and non-profit organizations. We also originate loans partially guaranteed by the SBA and to a lesser extent by the USDA loan programs. Our consolidated loans at December 31, 2020 were $11.4 billion, or 64% of total consolidated assets. The interest rates that we charge on loans vary with the degree of risk, maturity and amount of the loan, and are further subject to competitive pressures, deposit costs, availability of funds and government regulations.
The most significant categories of our loans are those to finance owner occupied real estate, commercial income property, commercial and industrial equipment and operating loans, and consumer loans secured by personal residences. A majority of our loans are made on a secured basis.
The majority of our loans are to customers located in the immediate market areas of our banking locations in Georgia, South Carolina, North Carolina, Tennessee, and Florida, including customers who have a seasonal residence in our market areas. We originate a significant portion of our SBA/USDA and equipment finance loans on a national basis, to customers outside of our immediate market areas.
Our full-service retail mortgage lending division, UCMS, is approved as a seller/servicer for the Fannie Mae and the Freddie Mac and provides fixed and adjustable-rate home mortgages. During 2020, the Bank originated $2.12 billion in residential mortgage loans for the purchase of homes and to refinance existing mortgage debt. The majority of these mortgages were sold into the secondary market without recourse to us, other than for breaches of warranties. We have retained the servicing on most of our mortgage loans sold.
Our credit organization provides each lending officer with written guidelines for lending activities, and limited lending authority is delegated to lending officers. Loans in excess of individual officer credit authority must be approved by a senior officer with sufficient approval authority delegated by our credit organization or by our Senior Credit Committee.
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Our Regional Credit Officers, Senior Credit Officers, and Senior Risk Officers provide credit approval and portfolio administration support for our commercial lending operations as needed. Our Regional Credit Officers have lending authority set by our Chief Commercial Credit Officer based on characteristics of the markets they serve. For commercial loan relationships less than $500,000, we use a centralized small business lending/underwriting department.
We have a centralized consumer credit center that provides underwriting, regulatory disclosure and document preparation for all consumer loan requests originated by our lenders. Applications are processed through an automated loan origination software platform and approved by credit center underwriters.
Our Loan Review Department reviews, or engages an independent third party to review, our loan portfolio on an ongoing basis to identify any weaknesses in the portfolio and to assess the general quality of credit underwriting. The results of such reviews are presented to our executive management and our Board.
For additional information regarding our lending activity, see the section captioned “Loans” in the “Balance Sheet Review” section of Part II, Item 7. MD&A of this Report.
Deposit Activities
Deposits are the major source of our funds for lending and other investment activities. We offer our customers a variety of deposit products, including checking accounts, savings accounts, money market accounts and other deposit accounts, through multiple channels, including our network of full-service branches and our online, mobile and telephone banking platforms. We consider the majority of our regular savings, demand, NOW and money market deposit accounts to be core deposits. Generally, we attempt to maintain the rates paid on our deposits at a competitive level. We generate the majority of our deposits from customers in our local markets. For additional information regarding our deposit accounts, see the section captioned “Deposits” in Part II, Item 7. MD&A of this Report.
Investments
We use our investment portfolio to provide for the investment of excess funds at acceptable risk levels while providing liquidity to fund loan demand or to offset fluctuations in deposits. Our portfolio consists primarily of residential and commercial mortgage-backed securities, asset-backed securities, U.S. Treasury, U.S. agency and municipal obligations. Most of the securities are classified by us as available-for-sale and recorded on our balance sheet at fair value at each balance sheet date. Changes in fair value on available-for-sale securities are generally recorded directly in our shareholders’ equity account and are not recognized in our income statement.
Wealth Management, Trust, and Insurance
Through our Seaside Wealth Management division, we provide financial planning services, customized portfolio management and investment advice utilizing an open architecture approach to the selection of asset managers. We also offer trust services to manage fiduciary assets. Seaside Capital Management, Inc., a registered investment advisor that is a subsidiary of the Bank, offers investment advisory services for clients who wish to utilize an independent custodian. Seaside Insurance, Inc., a subsidiary of the Bank, operates as an independent insurance agency for our clients.
Through our United Community Advisory Services division, we generate fee revenue through the sale of non-deposit investment products and insurance products, including life insurance, long-term care insurance and tax-deferred annuities, to our customers. We have an affiliation with a third party broker/dealer, LPL Financial, to facilitate this line of business.
Reinsurance and Merchant Services
We own a captive insurance subsidiary, NLFC Reinsurance Corp., which provides reinsurance on a property insurance contract covering equipment financed by our equipment financing division.
We provide payment processing services for our commercial and small business customers through UCPS. UCPS is a joint venture between the Bank and BluePay Processing, LLC, a merchant services provider and subsidiary of Fiserv, Inc.
Competition
We compete in the highly competitive banking and financial services industry. Our profitability depends principally on our ability to effectively compete in the markets in which we conduct business.
We experience strong competition from both bank and non-bank competitors. Broadly speaking, we compete with national banks, super-regional banks, smaller community banks, credit unions, non-traditional internet-based banks and insurance companies. We also
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compete with other financial intermediaries and investment alternatives such as mortgage companies, credit card issuers, leasing companies, finance companies, money market mutual funds, brokerage firms, governmental and corporate bond issuers, and other securities firms. Many of these non-bank competitors are not subject to the same regulatory oversight, which can provide them a competitive advantage in some instances. In many cases, our competitors have substantially greater resources and offer certain services that we are unable to provide to our customers.
We encounter strong pricing competition in providing our services, particularly in making loans and attracting deposits. The larger national and super-regional banks may have significantly greater lending limits and may offer additional products. We attempt to compete successfully with our competitors, regardless of their size, by emphasizing customer service while continuing to provide a wide variety of services.
We expect competition in the industry to continue to increase mainly as a result of the improvement in financial technology used by both existing and new banking and financial services firms. Competition may further intensify as additional companies (both banks and non-banks) enter the markets where we conduct business, competitors combine to present more formidable challengers, and we enter mature markets in accordance with our expansion strategy.
Acquisitions and Expansion
We look for opportunities to expand into attractive markets in which we believe our operating model will be successful. We have entered new markets and expanded our product offerings both by establishing new branches and service locations and also by selective acquisitions of existing market participants. We have developed a number of commercial lending businesses organically, which provide local commercial real estate, middle market, senior living, renewable energy, builder finance and asset-based lending services. We generally seek acquisition partners that share a similar culture and commitment to customer service. Acquisitions typically involve the payment of a premium over book and market values and, therefore, some dilution to our book value may occur with any future transactions. Our goal is to maintain a reasonable earn-back period of any tangible book value dilution, using realistic growth and expense reduction assumptions, as well as to achieve an attractive return on investment. Our ability to engage in any potential acquisition will depend upon the review and approval from various bank regulatory authorities.
Supervision and Regulation
General
Like all banks and bank holding companies, we are regulated extensively under state and federal banking laws. The regulatory framework is intended primarily for the protection of the depositors, the federal deposit insurance fund and the banking system as a whole and not for the protection of our shareholders and creditors. Certain provisions of laws and regulations affecting financial services firms are subject to further rulemaking, guidance and interpretation by the applicable federal regulators. The Holding Company is subject to the examination and reporting requirements of the Federal Reserve and the GADBF and also is subject to regulation by the SEC by virtue of its status as a public company and due to the nature of some of its businesses. The Bank is subject to examination and reporting requirements of the FDIC, the GADBF and the CFPB. The financial statements and information contained herein have not been reviewed, or confirmed for accuracy or relevance, by the FDIC or any other regulator.
The following is a general summary of the material aspects of certain statutes and regulations applicable to us. These summary descriptions are not complete, and you should refer to the full text of the statutes, regulations, and corresponding guidance for more information. These statutes and regulations are subject to change, and additional statutes, regulations, and corresponding guidance may be adopted. We are unable to predict these future changes or the effects, if any, that these changes could have on our business, revenues, and results of operations.
Bank Holding Company Regulation
The Holding Company is a registered bank holding company subject to regulation by the Federal Reserve under the BHC Act and is required to file annual and quarterly financial information with, and is subject to periodic examination by, the Federal Reserve. The BHC Act requires every bank holding company to obtain the Federal Reserve’s prior approval before (1) acquiring direct or indirect ownership or control of more than 5% of the voting shares of any bank that it does not already control; (2) acquiring all or substantially all of the assets of a bank; and (3) subject to certain exceptions, merging or consolidating with any other bank holding company. In addition, a bank holding company is generally prohibited from engaging in, or acquiring a direct or indirect interest in or control of more than 5% of the voting shares of any company engaged in, non-banking activities. This prohibition does not apply to activities listed in the BHC Act or found by the Federal Reserve, by order or regulation, to be closely related to banking or managing or controlling banks as to be a proper incident thereto.
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Some of the activities that the Federal Reserve has determined by regulation or order to be closely related to banking are:
•making or servicing loans and certain types of leases;
•performing certain data processing services;
•acting as fiduciary or investment or financial advisor;
•providing brokerage services;
•underwriting bank eligible securities;
•underwriting debt and equity securities on a limited basis through separately capitalized subsidiaries; and
•making investments in corporations or projects designed primarily to promote community welfare.
Although the activities of bank holding companies have traditionally been limited to the business of banking and activities closely related or incidental to banking (as discussed above), the GLB Act relaxed the previous limitations and permitted bank holding companies to engage in a broader range of financial activities. Specifically, bank holding companies may elect to become financial holding companies, which allows them to affiliate with securities firms and insurance companies and engage in other activities that are financial in nature. We have not sought financial holding company status, but we may elect that status in the future. If we were to become a financial holding company, we would be required to be well capitalized and well managed, and each insured depository institution we control would also have to be well capitalized, well managed and have at least a satisfactory rating under the CRA (discussed below).
The Holding Company also must register with the GADBF and file periodic information with the GADBF. As part of such registration, the GADBF requires information with respect to our financial condition, operations, management and intercompany relationship and related matters. The GADBF may also require such other information as is necessary to keep itself informed concerning compliance with Georgia law and the regulations and orders issued thereunder by the GADBF, and the GADBF may examine both the Holding Company and the Bank. Although the Bank operates branches in North Carolina, Tennessee, South Carolina and Florida, none of the North Carolina Banking Commission, the Tennessee Department of Financial Institutions, the South Carolina Commissioner of Banking, or the Florida Office of Financial Regulation examines or directly regulates out-of-state holding companies.
The Holding Company is an “affiliate” of the Bank under the Federal Reserve Act, which imposes certain restrictions on (1) loans by the Bank to the Holding Company, (2) investments in the stock or securities of the Holding Company by the Bank, (3) the Bank taking the stock or securities of an “affiliate” as collateral for loans by the Bank to a borrower and (4) the purchase of assets from the Holding Company by the Bank. Further, a bank holding company and its subsidiaries are prohibited from engaging in certain tie-in arrangements in connection with any extension of credit, lease or sale of property or furnishing of services.
Payment of Dividends
The Holding Company is a legal entity separate and distinct from the Bank. Most of the revenue of the Holding Company results from dividends paid to it by the Bank. There are statutory and regulatory requirements applicable to the payment of dividends and other distributions by the Bank, as well as by the Holding Company to its shareholders.
Under the regulations of the GADBF, a Georgia state bank may declare a dividend out of its retained earnings without GADBF approval if it meets all the following requirements:
(a)total classified assets as of the most recent examination of the bank do not exceed 80% of equity capital (as defined by regulation);
(b)the aggregate amount of dividends declared or anticipated to be declared in the calendar year does not exceed 50% of the net profits after taxes but before dividends for the previous calendar year; and
(c)the ratio of equity capital to adjusted assets is not less than 6%.
The payment of dividends by the Holding Company and the Bank may also be affected or limited by other factors, such as the requirement to maintain adequate capital above regulatory guidelines. In addition, if, in the opinion of the applicable regulatory authority, a bank under its jurisdiction is engaged in or is about to engage in an unsafe or unsound practice (which, depending upon the financial condition of the bank, could include the payment of dividends), such authority may require, after notice and hearing, that such bank cease and desist from such practice. The FDIC has issued a policy statement providing that insured banks should generally only pay dividends out of current operating earnings. In addition to the formal statutes and regulations, regulatory authorities consider the adequacy of the Bank’s total capital in relation to its assets, deposits and other such items. Capital adequacy considerations could further limit the availability of dividends from the Bank.
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The Federal Reserve has issued a policy statement on the payment of cash dividends by bank holding companies, which expresses the Federal Reserve’s view that a bank holding company generally should pay cash dividends only to the extent that the holding company’s net income for the past year is sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the holding company’s capital needs, asset quality, and overall financial condition. The Federal Reserve has also indicated that a bank holding company should not maintain a level of cash dividends that places undue pressure on the capital of its bank subsidiaries, or that can be funded only through additional borrowings or other arrangements that undermine the bank holding company’s ability to act as a source of strength to its bank subsidiaries. The Holding Company and the Bank must also maintain the CET1 capital conservation buffer of 2.5% to avoid becoming subject to restrictions on capital distributions, including dividends, as described below under “Capital Adequacy-Basel III Capital Standards.”
During 2020 and 2018, the Bank paid cash dividends of $150 million and $162 million, respectively, to the Holding Company. In 2019, no cash dividends were paid by the Bank to the Holding Company. The Holding Company declared annual cash dividends on its common stock in 2020, 2019 and 2018 of $0.72, $0.68 and $0.58 per share, respectively.
Capital Adequacy
Banks and bank holding companies are subject to various regulatory capital requirements administered by state and federal banking agencies. Capital adequacy guidelines involve quantitative measures of assets, liabilities and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors.
Basel III Capital Standards
Regulatory capital rules adopted in July 2013 and fully-phased in as of January 1, 2019, which we refer to as the Basel III rules, impose minimum capital requirements for bank holding companies and banks. The Basel III rules apply to all national and state banks and savings associations regardless of size and bank holding companies and savings and loan holding companies with more than $3 billion in total consolidated assets.
Specifically, we are required to maintain the following minimum capital levels:
•a CET1 risk-based capital ratio of 4.5%;
•a Tier 1 risk-based capital ratio of 6%;
•a total risk-based capital ratio of 8%; and
•a leverage ratio of 4%.
Under Basel III, Tier 1 capital includes two components: CET1 capital and additional Tier 1 capital. The highest form of capital, CET1 capital, consists solely of common stock (plus related surplus), retained earnings, AOCI, and limited amounts of minority interests that are in the form of common stock. Additional Tier 1 capital is primarily comprised of noncumulative perpetual preferred stock, Tier 1 minority interests and grandfathered trust preferred securities (as discussed below). Tier 2 capital generally includes the ACL up to 1.25% of RWA, qualifying preferred stock, subordinated debt and qualifying tier 2 minority interests, less any deductions in Tier 2 instruments of an unconsolidated financial institution. Cumulative perpetual preferred stock is included only in Tier 2 capital, except that the Basel III rules permit bank holding companies with less than $15 billion in total consolidated assets to continue to include trust preferred securities and cumulative perpetual preferred stock issued before May 19, 2010 in Tier 1 Capital (but not in CET1 capital), subject to certain restrictions. AOCI is presumptively included in CET1 capital and often would operate to reduce this category of capital. When implemented, Basel III provided a one-time opportunity at the end of the first quarter of 2015 for covered banking organizations to opt out of much of this treatment of AOCI. We made this opt-out election and, as a result, retained our pre-existing treatment for AOCI.
In addition, in order to avoid restrictions on capital distributions or discretionary bonus payments to executives, under Basel III, a banking organization must maintain a “capital conservation buffer” on top of its minimum risk-based capital requirements. This buffer must consist solely of Tier 1 Common Equity, but the buffer applies to all three risk-based measurements (CET1, Tier 1 capital and total capital). The 2.5% capital conservation buffer was phased in incrementally over time, and became fully effective for us on January 1, 2019, resulting in the following effective minimum capital plus capital conservation buffer ratios: (i) a CET1 capital ratio of 7.0%, (ii) a Tier 1 risk-based capital ratio of 8.5%, and (iii) a total risk-based capital ratio of 10.5%.
On December 21, 2018, the federal banking agencies issued a joint final rule to revise their regulatory capital rules to (i) address the upcoming implementation of a new credit impairment model, or CECL, as part of an accounting standard under GAAP; (ii) provide an optional three-year phase-in period for the day-one adverse regulatory capital effects that banking organizations are expected to
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experience upon implementing CECL; and (iii) require the use of CECL in stress tests beginning with the 2020 capital planning and stress testing cycle for certain banking organizations that are subject to stress testing. We adopted the CECL accounting standard on January 1, 2020 using the modified retrospective method for loans, leases, and off-balance sheet credit exposures. Adoption of this standard resulted in an $8.75 million increase in the ACL and a cumulative-effect adjustment to retained earnings of $3.53 million, net of tax, during the first quarter of 2020. For more information, see Note 2, Accounting Standards Updates and Recently Adopted Standards, in Part II, Item 8 of this Report - “Notes to Consolidated Financial Statements.”
In December 2017, the Basel Committee on Banking Supervision published the last version of the Basel III accord, generally referred to as “Basel IV.” The Basel Committee stated that a key objective of the revisions incorporated into the framework is to reduce excessive variability of RWA, which will be accomplished by enhancing the robustness and risk sensitivity of the standardized approaches for credit risk and operational risk, which will facilitate the comparability of banks’ capital ratios; constraining the use of internally modeled approaches; and complementing the risk-weighted capital ratio with a finalized leverage ratio and a revised and robust capital floor. Leadership of the federal banking agencies who are tasked with implementing Basel IV supported the revisions. Although it is uncertain at this time, we anticipate some, if not all, of the Basel IV accord may be incorporated into the capital requirements framework applicable to us.
Prompt Corrective Action
In addition to the Basel III rules applicable to both banks and bank holding companies discussed above, the Bank is required to comply with the capital requirements promulgated under the Federal Deposit Insurance Act and the prompt corrective action regulations thereunder, which set