XBRL 0000950123-11-096385

Document and Entity Information - USD ($)	9 Months Ended
Document and Entity Information - USD ($)	Sep. 30, 2011	Oct. 31, 2011	Jun. 30, 2010
Entity Registrant Name	UNITED COMMUNITY BANKS INC
Entity Central Index Key	0000857855
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 354,624,336
Entity Common Stock, Shares Outstanding		41,611,596
Non-Voting Common Stock
Entity Common Stock, Shares Outstanding		15,914,209

Consolidated Statement of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Interest revenue:
Loans, including fees	$ 59,294	$ 68,419	$ 181,359	$ 211,245
Investment securities, including tax exempt of $244, $279, $754 and $886	14,568	14,711	42,964	46,743
Federal funds sold, commercial paper and deposits in banks	261	719	1,832	2,416
Total interest revenue	74,123	83,849	226,155	260,404
Deposits:
NOW	831	1,705	3,191	5,304
Money market	1,129	1,930	4,656	5,516
Savings	52	83	193	250
Time	9,086	16,099	31,813	54,015
Total deposit interest expense	11,098	19,817	39,853	65,085
Federal funds purchased, repurchase agreements and other short-term borrowings	1,081	1,068	3,197	3,162
Federal Home Loan Bank advances	441	796	1,601	2,747
Long-term debt	2,642	2,665	8,169	7,994
Total interest expense	15,262	24,346	52,820	78,988
Net interest revenue	58,861	59,503	173,335	181,416
Provision for loan losses	36,000	50,500	237,000	187,000
Net interest revenue after provision for loan losses	22,861	9,003	(63,665)	(5,584)
Fee revenue:
Service charges and fees	7,534	7,648	21,862	23,088
Mortgage loan and other related fees	1,148	2,071	3,594	5,151
Brokerage fees	836	731	2,204	1,884
Securities gains, net		2,491	838	2,552
Loss from prepayment of debt		(2,233)	(791)	(2,233)
Other	1,980	2,153	9,534	5,664
Total fee revenue	11,498	12,861	37,241	36,106
Total revenue	34,359	21,864	(26,424)	30,522
Operating expenses:
Salaries and employee benefits	25,262	24,891	76,622	72,841
Communications and equipment	3,284	3,620	10,006	10,404
Occupancy	3,794	3,720	11,673	11,370
Advertising and public relations	1,052	1,128	3,347	3,523
Postage, printing and supplies	1,036	1,019	3,239	3,009
Professional fees	2,051	2,117	7,731	6,238
Foreclosed property	2,813	19,752	69,603	45,105
FDIC assessments and other regulatory charges	2,603	3,256	11,660	10,448
Amortization of intangibles	748	793	2,270	2,389
Other	3,877	4,610	14,368	12,707
Goodwill impairment		210,590		210,590
Loss on sale of nonperforming assets				45,349
Total operating expenses	46,520	275,496	210,519	433,973
Loss from continuing operations before income taxes	(12,161)	(253,632)	(236,943)	(403,451)
Income tax benefit	(5,959)	(17,217)	(95,872)	(73,046)
Net loss from continuing operations	(6,202)	(236,415)	(141,071)	(330,405)
Loss from discontinued operations, net of income taxes				(101)
Gain from sale of subsidiary, net of income taxes and selling costs				1,266
Net loss	(6,202)	(236,415)	(141,071)	(329,240)
Preferred stock dividends and discount accretion	3,019	2,581	8,813	7,730
Net loss available to common shareholders	$ (9,221)	$ (238,996)	$ (149,884)	$ (336,970)
Loss from continuing operations per common share - Basic	$ (0.16)	$ (12.62)	$ (4.41)	$ (17.89)
Loss from continuing operations per common share - Diluted	(0.16)	(12.62)	(4.41)	(17.89)
Loss per common share - Basic	(0.16)	(12.62)	(4.41)	(17.82)
Loss per common share - Diluted	$ (0.16)	$ (12.62)	$ (4.41)	$ (17.82)
Weighted average common shares outstanding - Basic	57,599	18,936	33,973	18,905
Weighted average common shares outstanding - Diluted	57,599	18,936	33,973	18,905

Statement of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Interest revenue:
Tax exempt on investment securities	$ 244	$ 279	$ 754	$ 886

Consolidated Balance Sheet - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2010
ASSETS
Cash and due from banks	$ 57,780	$ 95,994	$ 104,033
Interest-bearing deposits in banks	241,440	111,901	64,408
Federal funds sold, commercial paper and short-term investments	0	441,562	108,579
Cash and cash equivalents	299,220	649,457	277,020
Securities available for sale	1,769,083	1,224,417	1,053,518
Securities held to maturity (fair value $369,020, $267,988 and $263,012)	353,739	265,807	256,694
Mortgage loans held for sale	22,050	35,908	20,630
Loans, net of unearned income	4,109,875	4,604,126	4,759,504
Less allowance for loan losses	146,092	174,695	174,613
Loans, net	3,963,783	4,429,431	4,584,891
Assets covered by loss sharing agreements with the FDIC	83,623	131,887	144,581
Premises and equipment, net	176,839	178,239	178,842
Accrued interest receivable	19,744	24,299	24,672
Goodwill and other intangible assets	9,175	11,446	12,217
Foreclosed property	44,263	142,208	129,964
Net deferred tax asset	264,275	166,937	146,831
Other assets	153,329	183,160	183,189
Total assets	7,159,123	7,443,196	7,013,049
Deposits:
Demand	966,452	793,414	783,251
NOW	1,299,512	1,424,781	1,338,371
Money market	1,030,370	891,252	804,644
Savings	200,231	183,894	186,617
Time:
Less than $100,000	1,393,559	1,496,700	1,498,379
Greater than $100,000	905,183	1,002,359	1,033,132
Brokered	209,998	676,772	354,243
Total deposits	6,005,305	6,469,172	5,998,637
Federal funds purchased, repurchase agreements, and other short-term borrowings	102,883	101,067	103,780
Federal Home Loan Bank advances	40,625	55,125	55,125
Long-term debt	120,206	150,146	150,126
Unsettled securities purchases	10,585	0	0
Accrued expenses and other liabilities	31,302	32,171	42,906
Total liabilities	6,310,906	6,807,681	6,350,574
Shareholders' equity:
Common stock, $1 par value; 100,000,000 shares authorized; 41,595,692, 18,937,001 and 18,886,660 shares issued and outstanding	41,596	18,937	18,887
Common stock issuable; 88,501, 67,287 and 61,119 shares	3,590	3,894	3,961
Capital surplus	1,052,690	741,244	740,151
Accumulated deficit	(485,451)	(335,567)	(316,587)
Accumulated other comprehensive income	26,309	31,079	40,468
Total shareholders' equity	848,217	635,515	662,475
Total liabilities and shareholders' equity	7,159,123	7,443,196	7,013,049
Series A Preferred Stock
Shareholders' equity:
Preferred stock	217	217	217
Total shareholders' equity	217	217	217
Series B Preferred Stock
Shareholders' equity:
Preferred stock	176,739	175,711	175,378
Total shareholders' equity	176,739	175,711	175,378
Series D Preferred Stock
Shareholders' equity:
Preferred stock	16,613	0	0
Total shareholders' equity	16,613	0	0
Non-Voting Common Stock
Shareholders' equity:
Common stock, $1 par value; 100,000,000 shares authorized; 41,595,692, 18,937,001 and 18,886,660 shares issued and outstanding	15,914	0	0
Total shareholders' equity	$ 15,914	$ 0	$ 0

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2010
ASSETS
Fair value of securities held to maturity	$ 369,020	$ 267,988	$ 263,012
Shareholders' equity:
Preferred stock, par value	$ 1	$ 1	$ 1
Preferred stock, shares authorized	10,000,000	10,000,000	10,000,000
Common stock, par value	$ 1	$ 1	$ 1
Common stock, shares authorized	100,000,000	100,000,000	100,000,000
Common stock, shares issued	41,595,692	18,937,001	18,886,660
Common stock, shares outstanding	41,595,692	18,937,001	18,886,660
Common stock issuable, shares	88,501	67,287	61,119
Series A Preferred Stock
Shareholders' equity:
Preferred stock, par value	$ 10	$ 10	$ 10
Preferred stock, shares issued	21,700	21,700	21,700
Preferred stock, shares outstanding	21,700	21,700	21,700
Series B Preferred Stock
Shareholders' equity:
Preferred stock, par value	$ 1,000	$ 1,000	$ 1,000
Preferred stock, shares issued	180,000	180,000	180,000
Preferred stock, shares outstanding	180,000	180,000	180,000
Series D Preferred Stock
Shareholders' equity:
Preferred stock, par value	$ 1,000	$ 0	$ 0
Preferred stock, shares issued	16,613	0	0
Preferred stock, shares outstanding	16,613	0	0
Non-Voting Common Stock
Shareholders' equity:
Common stock, par value	$ 1	$ 0	$ 0
Common stock, shares authorized	30,000,000	0	0
Common stock, shares issued	15,914,209	0	0
Common stock, shares outstanding	15,914,209	0	0

Consolidated Statement of Changes In Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Series A Preferred Stock	Series B Preferred Stock	Series D Preferred Stock	Series F Preferred Stock	Series G Preferred Stock	Non-Voting Common Stock	Common Stock	Common Stock Issuable	Capital Surplus	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2009	$ 962,321	$ 217	$ 174,408	$ 0	$ 0	$ 0	$ 0	$ 18,809	$ 3,597	$ 697,271	$ 20,384	$ 47,635
Comprehensive income (loss):
Net loss	(329,240)										(329,240)
Other comprehensive income (loss):
Unrealized holding gains on available for sale securities, net of deferred tax expense and reclassification adjustment	739											739
Unrealized losses on derivative financial instruments qualifying as cash flow hedges, net of deferred tax benefit	(7,906)											(7,906)
Comprehensive loss	(336,407)										(329,240)	(7,167)
Issuance of equity instruments in private equity transaction	39,813									39,813
Common stock issued to dividend Reinvestment plan and employee benefit plans (72,281 shares in 2009; 113,787 shares in 2010)	1,399							73		1,326
Amortization of stock option and restricted stock awards	1,887									1,887
Vesting of restricted stock (2,112 shares issued, 8,304 shares deferred in 2009; 6,709 shares issued, 6,382 shares deferred in 2010)								2	607	(609)
Deferred compensation plan, net, including dividend equivalents	227								227
Shares issued from deferred compensation plan (3,134 shares in 2009; 3,466 shares in 2010)	(4)							3	(470)	463
Dividends on Series A preferred stock	(11)										(11)
Dividends on Series B preferred stock	(6,750)		970								(7,720)
Ending balance at Sep. 30, 2010	662,475	217	175,378	0	0	0	0	18,887	3,961	740,151	(316,587)	40,468
Beginning balance at Dec. 31, 2010	635,515	217	175,711	0	0	0	0	18,937	3,894	741,244	(335,567)	31,079
Comprehensive income (loss):
Net loss	(141,071)										(141,071)
Other comprehensive income (loss):
Unrealized holding gains on available for sale securities, net of deferred tax expense and reclassification adjustment	2,910											2,910
Unrealized losses on derivative financial instruments qualifying as cash flow hedges, net of deferred tax benefit	(7,680)											(7,680)
Comprehensive loss	(145,841)										(141,071)	(4,770)
Penalty received on incomplete private equity transaction, net of tax expense	2,375									2,375
Preferred for common equity exchange related to tax benefits preservation plan (1,551,126 common shares)				16,613				(1,551)		(15,062)
Conversion of Series F and Series G Preferred Stock (20,618,090 voting and 15,914,209 non-voting common shares)					(195,872)	(151,185)	15,914	20,618		310,525
Common stock issued to dividend Reinvestment plan and employee benefit plans (72,281 shares in 2009; 113,787 shares in 2010)	1,101							114		987
Common and preferred stock issued (3,467,699 common shares)	361,560				195,872	151,185		3,468		11,035
Amortization of stock option and restricted stock awards	1,485									1,485
Vesting of restricted stock (2,112 shares issued, 8,304 shares deferred in 2009; 6,709 shares issued, 6,382 shares deferred in 2010)								7	54	(61)
Deferred compensation plan, net, including dividend equivalents	183								183
Shares issued from deferred compensation plan (3,134 shares in 2009; 3,466 shares in 2010)								3	(541)	538
Tax on option exercise and restricted stock vesting	(376)									(376)
Dividends on Series A preferred stock	(10)										(10)
Dividends on Series B preferred stock	(6,770)		1,028								(7,798)
Dividends on Series D Preferred stock	(1,005)										(1,005)
Ending balance at Sep. 30, 2011	$ 848,217	$ 217	$ 176,739	$ 16,613	$ 0	$ 0	$ 15,914	$ 41,596	$ 3,590	$ 1,052,690	$ (485,451)	$ 26,309

Consolidated Statement of Changes In Shareholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Number of common stock issued to dividend Reinvestment plan and employee benefit plans	113,787	72,281
Vesting of restricted stock, shares issued	6,709	2,112
Vesting of restricted stock, shares deferred	6,382	8,304
Number of shares issued from deferred compensation plan	3,466	3,145
Preferred for common stock equity exchange related to tax preservation plan, shares	1,551,126
Common and preferred stock, shares issued	3,467,699
Comprehensive Income (loss)	$ (145,841)	$ (336,407)
Series D Preferred Stock
Preferred for common stock equity exchange related to tax preservation plan, shares	1,551,126
Series F Preferred Stock
Number of voting Common shares in conversion of Series F and Series G Preferred stock	20,618,156
Number of non- voting common shares in conversion of Series F and Series G Preferred stock	15,914,209
Common and preferred stock, shares issued	3,467,699
Series G Preferred Stock
Number of voting Common shares in conversion of Series F and Series G Preferred stock	20,618,156
Number of non- voting common shares in conversion of Series F and Series G Preferred stock	15,914,209
Common and preferred stock, shares issued	3,467,699
Non-Voting Common Stock
Number of voting Common shares in conversion of Series F and Series G Preferred stock	20,618,156
Number of non- voting common shares in conversion of Series F and Series G Preferred stock	15,914,209
Common Stock
Number of common stock issued to dividend Reinvestment plan and employee benefit plans	113,787	72,281
Vesting of restricted stock, shares issued	6,709	2,112
Vesting of restricted stock, shares deferred	6,382	8,304
Number of shares issued from deferred compensation plan	3,466	3,145
Number of voting Common shares in conversion of Series F and Series G Preferred stock	20,618,156
Number of non- voting common shares in conversion of Series F and Series G Preferred stock	15,914,209
Preferred for common stock equity exchange related to tax preservation plan, shares	1,551,126
Common and preferred stock, shares issued	3,467,699
Common Stock Issuable
Vesting of restricted stock, shares issued	6,709	2,112
Vesting of restricted stock, shares deferred	6,382	8,304
Number of shares issued from deferred compensation plan	3,466	3,145
Capital Surplus
Number of common stock issued to dividend Reinvestment plan and employee benefit plans	113,787	72,281
Vesting of restricted stock, shares issued	6,709	2,112
Vesting of restricted stock, shares deferred	6,382	8,304
Number of shares issued from deferred compensation plan	3,466	3,145
Number of voting Common shares in conversion of Series F and Series G Preferred stock	20,618,156
Number of non- voting common shares in conversion of Series F and Series G Preferred stock	15,914,209
Preferred for common stock equity exchange related to tax preservation plan, shares	1,551,126
Common and preferred stock, shares issued	3,467,699
(Accumulated Deficit) Retained Earnings
Comprehensive Income (loss)	$ (141,071)	$ (329,240)
Accumulated Other Comprehensive Income
Comprehensive Income (loss)	$ (4,770)	$ (7,167)

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Operating activities:
Net loss	$ (141,071)	$ (329,240)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and accretion	14,670	11,961
Provision for loan losses	237,000	187,000
Goodwill impairment charges		210,590
Stock based compensation	1,485	1,887
Securities gains, net	(838)	(2,552)
Losses and write downs on sales of other real estate owned	61,473	33,477
Gain from sale of subsidiary		(2,110)
Loss on sale of nonperforming assets		45,349
Loss on prepayment of borrowings	791	2,233
Changes in assets and liabilities:
Other assets and accrued interest receivable	(35,735)	(17,528)
Accrued expenses and other liabilities	(2,739)	(1,949)
Mortgage loans held for sale	13,858	9,596
Net cash provided by operating activities	148,894	148,714
Investment securities held to maturity:
Proceeds from maturities and calls	52,520	81,384
Purchases	(142,777)	(24,128)
Investment securities available for sale:
Proceeds from sales	106,603	75,528
Proceeds from maturities and calls	363,333	634,305
Purchases	(1,000,378)	(544,793)
Net decrease in loans	106,341	65,570
Proceeds from note sales	99,298	24,723
Proceeds from sales of premises and equipment	636	81
Purchases of premises and equipment	(6,442)	(5,057)
Net cash received from sale of subsidiary		2,842
Net cash received from sale of nonperforming assets		20,618
Proceeds from sale of other real estate	70,951	110,459
Net cash (used in) provided by investing activities	(349,915)	441,532
Financing activities:
Net change in deposits	(463,867)	(625,437)
Net change in federal funds purchased, repurchase agreements, and other short-term borrowings	1,816	2,391
Repayments of Federal Home Loan Bank advances	(15,291)	(61,181)
Repayments of long-term debt	(30,000)
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans	1,101	1,395
Proceeds from issuance of common and preferred stock, net of offering costs	361,560
Proceeds from penalty on incomplete private equity transaction	3,250
Cash dividends on preferred stock	(7,785)	(6,761)
Net cash provided by (used in) financing activities	(149,216)	(689,593)
Net change in cash and cash equivalents	(350,237)	(99,347)
Cash and cash equivalents at beginning of period	649,457	376,367
Cash and cash equivalents at end of period	299,220	277,020
Cash paid during the period for:
Interest	55,580	89,359
Income taxes	$ 179	$ (37,194)

Accounting Policies	9 Months Ended
Accounting Policies	Sep. 30, 2011
Accounting Policies [Abstract]
Accounting Policies	Note 1 — Accounting Policies The accounting and financial reporting policies of United Community Banks, Inc. (“United”) and its subsidiaries conform to accounting principles generally accepted in the United States of America (“GAAP”) and general banking industry practices. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in the 2010 annual report filed on Form 10-K. In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. Foreclosed property is initially recorded at fair value, less estimated costs to sell. If the fair value, less estimated costs to sell at the time of foreclosure, is less than the loan balance, the deficiency is charged against the allowance for loan losses. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Financed sales of foreclosed property are accounted for in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification Topic 360, Subtopic 20, Real Estate Sales (“ASC 360-20”).

Accounting Standards Updates	9 Months Ended
Accounting Standards Updates	Sep. 30, 2011
Accounting Standards Updates [Abstract]
Accounting Standards Updates	Note 2 — Accounting Standards Updates In July 2011, the FASB issued Accounting Standards Update No. 2011-06, Fees Paid to the Federal Government by Health Insurers (“ASU No. 2011-06”). ASU No. 2011-06 states that the liability for the annual fee for health insurers mandated by the Patient protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act, should be estimated and recorded in full once the entity provides qualifying health insurance. Along with the fee liability, a corresponding deferred cost should be recorded and amortized into expense, typically using a straight-line method. ASU No. 2011-06 is effective for calendar years beginning after December 31, 2013, and does not apply to United. In July 2011, the FASB issued Accounting Standards Update No. 2011-07, Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities (“ASU No. 2011-07”). ASU No. 2011-07 requires certain health care entities to change the presentation of their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue. Also, these entities are required to provide enhanced disclosure about their policies on recognizing revenue and assessing bad debts. The guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2012, and does not apply to United. In September 2011, the FASB issued Accounting Standards Update No. 2011-08, Testing Goodwill for Impairment (“ASU No. 2011-08”). ASU No. 2011-08 allows an entity first to assess qualitatively whether it is necessary to perform step one of the two-step annual goodwill impairment test. An entity is required to perform step one only if the entity concludes that it is more likely than not that a reporting unit’s fair value is less than its carrying amount (that is, a likelihood of more than 50 percent). This amends the existing guidance, which required entities to perform step one of the test, at least annually, by calculating and comparing the fair value of a reporting unit to its carrying amount. The revised standard is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. However, an entity can choose to early adopt the revised standard even if its annual test date is before September 15, 2011 (the date on which the revised standard was issued), provided that the entity has not yet issued its financial statements for the period that includes its annual test date. Since United has no goodwill balance, ASU No. 2011-08 will not currently have an impact on the Company’s financial position, results of operation, or disclosures. In September 2011, the FASB issued Accounting Standards Update No. 2011-09, Disclosures about an Employer’s Participation in a Multiemployer Plan (“ASU No. 2011-09”). ASU No. 2011-09 is intended to provide more information about an employer’s financial obligations to a multiemployer pension plan and, therefore help financial statement users better understand the financial health of all significant plans in which the employer participates. It is effective for public entities for fiscal years ending after December 15, 2011, with a one year deferral for non-public entities. United does not participate in a multiemployer plan, so this revised standard does not apply to the Company.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References + Details

Mergers and Acquisitions

9 Months Ended

Sep. 30, 2011

Mergers and Acquisitions [Abstract]

Mergers and Acquisitions

Note 3 — Mergers and Acquisitions

On June 19, 2009, United Community Bank (“UCB” or the “Bank”) purchased substantially all the assets and assumed substantially all the liabilities of Southern Community Bank (“SCB”) from the Federal Deposit Insurance Corporation (“FDIC”), as Receiver of SCB. UCB and the FDIC entered loss sharing agreements regarding future losses incurred on loans and foreclosed loan collateral existing at June 19, 2009. Under the terms of the loss sharing agreements, the FDIC will absorb 80 percent of losses and share 80 percent of loss recoveries on the first $109 million of losses and, absorb 95 percent of losses and share in 95 percent of loss recoveries on losses exceeding $109 million. The term for loss sharing on 1-4 Family loans is ten years, while the term for loss sharing on all other loans is five years.

Under the loss sharing agreement, the portion of the losses expected to be indemnified by the FDIC is considered an indemnification asset in accordance with ASC 805 Business Combinations. The indemnification asset, referred to as “estimated loss reimbursement from the FDIC,” is included in the balance of “Assets covered by loss sharing agreements with the FDIC” on the Consolidated Balance Sheet. The indemnification asset was recognized at fair value, which was estimated at the acquisition date based on the terms of the loss sharing agreement. The indemnification asset is expected to be collected over a four-year average life. No valuation allowance was required.

Loans, foreclosed property and the estimated FDIC reimbursement resulting from the loss sharing agreements with the FDIC are reported as “Assets covered by loss sharing agreements with the FDIC” in the consolidated balance sheet.

The table below shows the components of covered assets at September 30, 2011 (in thousands).


	Purchased		Other
	Impaired		Purchased
(in thousands)	Loans		Loans		Other		Total

Commercial (secured by real estate)	$	—	$	34,546	$	—	$	34,546
Commercial (commercial and industrial)		—		2,485		—		2,485
Construction and land development		1,771		10,282		—		12,053
Residential mortgage		186		8,376		—		8,562
Installment		6		181		—		187

Total covered loans		1,963		55,870		—		57,833
Covered foreclosed property		—		—		11,488		11,488
Estimated loss reimbursement from the FDIC		—		—		14,302		14,302

Total covered assets	$	1,963	$	55,870	$	25,790	$	83,623

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1490-128463

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7008-128479

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6996-128479

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1524-128463

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1392-128463

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e7000-128479

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1497-128463

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1486-128463

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1383-128463

+ Details

Securities

9 Months Ended

Sep. 30, 2011

Securities [Abstract]

Securities

Note 4 — Securities

Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes securities sales activity for the three and nine month periods ended September 30, 2011 and 2010 (in thousands).


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Proceeds from sales	$	—	$	34,711	$	106,603	$	75,528

Gross gains on sales	$	—	$	2,491	$	1,169	$	3,751
Gross losses on sales		—		—		331		249
Impairment losses		—		—		—		950

Net gains on sales of securities	$	—	$	2,491	$	838	$	2,552

Income tax expense attributable to sales	$	—	$	969	$	326	$	993

Substantially all securities with a carrying value of $1.89 billion, $1.43 billion, and $1.26 billion were pledged to secure public deposits, FHLB advances and other secured borrowings at September 30, 2011, December 31, 2010 and September 30, 2010, respectively.

Securities are classified as held to maturity when management has the positive intent and ability to hold them until maturity. Securities held to maturity are carried at amortized cost. The amortized cost, gross unrealized gains and losses and fair value of securities held to maturity at September 30, 2011, December 31, 2010 and September 30, 2010 are as follows (in thousands).


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
As of September 30, 2011
U.S. Government agencies	$	5,000	$	17	$	—	$	5,017
State and political subdivisions		50,185		3,721		22		53,884
Mortgage-backed securities⁽¹⁾		298,554		11,871		306		310,119

Total	$	353,739	$	15,609	$	328	$	369,020


As of December 31, 2010
U.S. Government agencies	$	11,939	$	79	$	—	$	12,018
State and political subdivisions		47,007		416		1,005		46,418
Mortgage-backed securities⁽¹⁾		206,861		2,700		9		209,552

Total	$	265,807	$	3,195	$	1,014	$	267,988


As of September 30, 2010
U.S. Government agencies	$	6,961	$	124	$	—	$	7,085
State and political subdivisions		30,752		1,271		—		32,023
Mortgage-backed securities⁽¹⁾		218,981		4,929		6		223,904

Total	$	256,694	$	6,324	$	6	$	263,012


⁽¹⁾		All are residential type mortgage-backed securities

The cost basis, unrealized gains and losses, and fair value of securities available for sale at September 30, 2011, December 31, 2010 and September 30, 2010 are presented below (in thousands).


			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
As of September 30, 2011
U.S. Government agencies	$	33,597	$	109	$	—	$	33,706
State and political subdivisions		25,435		1,400		4		26,831
Mortgage-backed securities⁽¹⁾		1,556,639		39,177		416		1,595,400
Corporate securities		119,066		—		8,424		110,642
Other		2,504		—		—		2,504

Total	$	1,737,241	$	40,686	$	8,844	$	1,769,083


As of December 31, 2010
U.S. Government agencies	$	99,969	$	67	$	1,556	$	98,480
State and political subdivisions		27,600		878		36		28,442
Mortgage-backed securities⁽¹⁾		963,475		29,204		1,671		991,008
Corporate securities		105,359		192		1,516		104,035
Other		2,452		—		—		2,452

Total	$	1,198,855	$	30,341	$	4,779	$	1,224,417


As of September 30, 2010
U.S. Government agencies	$	127,989	$	714	$	—	$	128,703
State and political subdivisions		29,209		1,434		6		30,637
Mortgage-backed securities⁽¹⁾		762,322		35,060		61		797,321
Corporate securities		95,480		61		1,136		94,405
Other		2,452		—		—		2,452

Total	$	1,017,452	$	37,269	$	1,203	$	1,053,518


⁽¹⁾		All are residential type mortgage-backed securities

The following table summarizes held to maturity securities in an unrealized loss position as of September 30, 2011, December 31, 2010 and September 30, 2010 (in thousands).


	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
As of September 30, 2011
State and political subdivisions	$	354	$	22	$	—	$	—	$	354	$	22
Mortgage-backed securities		9,828		306		—		—		9,828		306

Total unrealized loss position	$	10,182	$	328	$	—	$	—	$	10,182	$	328


As of December 31, 2010
State and political subdivisions	$	28,949	$	1,005	$	—	$	—	$	28,949	$	1,005
Mortgage-backed securities		1,951		9		—		—		1,951		9

Total unrealized loss position	$	30,900	$	1,014	$	—	$	—	$	30,900	$	1,014


As of September 30, 2010
Mortgage-backed securities	$	1,964	$	6	$	—	$	—	$	1,964	$	6

Total unrealized loss position	$	1,964	$	6	$	—	$	—	$	1,964	$	6

The following table summarizes available for sale securities in an unrealized loss position as of September 30, 2011, December 31, 2010 and September 30, 2010 (in thousands).


	Less than 12 Months				12 Months or More				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Loss		Value		Loss		Value		Loss
As of September 30, 2011
State and political subdivisions		—		—		10		4		10		4
Mortgage-backed securities		255,896		416		—		—		255,896		416
Corporate securities		44,251		3,765		66,341		4,659		110,592		8,424

Total unrealized loss position	$	300,147	$	4,181	$	66,351	$	4,663	$	366,498	$	8,844


As of December 31, 2010
U.S. Government agencies	$	68,412	$	1,556	$	—	$	—	$	68,412	$	1,556
State and political subdivisions		1,082		30		12		6		1,094		36
Mortgage-backed securities		59,505		1,630		2,799		41		62,304		1,671
Corporate securities		69,985		1,516		—		—		69,985		1,516
Other		—		—		—		—		—		—

Total unrealized loss position	$	198,984	$	4,732	$	2,811	$	47	$	201,795	$	4,779


As of September 30, 2010
State and political subdivisions	$	—	$	—	$	12	$	6	$	12	$	6
Mortgage-backed securities		5,055		1		10,730		60		15,785		61
Corporate securities		59,864		1,136		—		—		59,864		1,136

Total unrealized loss position	$	64,919	$	1,137	$	10,742	$	66	$	75,661	$	1,203

At September 30, 2011, there were 32 available for sale securities and 2 held to maturity securities that were in an unrealized loss position. United does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at September 30, 2011 were primarily attributable to changes in interest rates.

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, among other factors. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analyst’s reports. During the nine months ended September 30, 2010, United recorded impairment losses of $950,000 on investments in financial institutions that showed evidence of other-than-temporary impairment. No impairment losses were identified in the first nine months of 2011.

The amortized cost and fair value of held to maturity and available for sale securities at September 30, 2011, by contractual maturity, are presented in the following table (in thousands).


	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value

U.S. Government agencies:
5 to 10 years	$	25,000	$	25,047	$	—	$	—
More than 10 years		8,597		8,659		5,000		5,017

		33,597		33,706		5,000		5,017


State and political subdivisions:
Within 1 year		4,357		4,398		—		—
1 to 5 years		14,291		15,198		4,821		5,081
5 to 10 years		5,939		6,344		19,483		21,132
More than 10 years		848		891		25,881		27,671

		25,435		26,831		50,185		53,884


Corporate securities:
1 to 5 years		18,549		16,848		—		—
5 to 10 years		99,517		93,494		—		—
More than 10 years		1,000		300		—		—

		119,066		110,642		—		—


Other:
More than 10 years		2,504		2,504		—		—

		2,504		2,504		—		—


Total securities other than mortgage-backed securities:
Within 1 year		4,357		4,398		—		—
1 to 5 years		32,840		32,046		4,821		5,081
5 to 10 years		130,456		124,885		19,483		21,132
More than 10 years		12,949		12,354		30,881		32,688

Mortgage-backed securities		1,556,639		1,595,400		298,554		310,119


	$	1,737,241	$	1,769,083	$	353,739	$	369,020

Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Loans and Allowance for Loan Losses

9 Months Ended

Sep. 30, 2011

Loans and Allowance for Loan Losses [Abstract]

Loans and Allowance for Loan Losses

Note 5 — Loans and Allowance for Loan Losses

Major classifications of loans as of September 30, 2011, December 31, 2010 and September 30, 2010, are summarized as follows (in thousands).


	September 30,		December 31,		September 30,
	2011		2010		2010
Commercial (secured by real estate)	$	1,771,101	$	1,761,424	$	1,781,271
Commercial construction		168,531		296,582		309,519
Commercial (commercial and industrial)		429,043		441,518		456,368

Total commercial		2,368,675		2,499,524		2,547,158
Residential construction		474,552		695,166		763,424
Residential mortgage		1,149,678		1,278,780		1,315,994
Consumer installment		116,970		130,656		132,928

Total loans		4,109,875		4,604,126		4,759,504
Less allowance for loan losses		146,092		174,695		174,613

Loans, net	$	3,963,783	$	4,429,431	$	4,584,891

The Bank makes loans and extensions of credit to individuals and a variety of firms and corporations located primarily in counties in north Georgia, the Atlanta, Georgia MSA, the Gainesville, Georgia MSA, coastal Georgia, western North Carolina and east Tennessee. Although the Bank has a diversified loan portfolio, a substantial portion of the loan portfolio is collateralized by improved and unimproved real estate and is dependent upon the real estate market.

Changes in the allowance for loan losses for the three and nine months ended September 30, 2011 and 2010 are summarized as follows (in thousands).


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Balance beginning of period	$	127,638	$	174,111	$	174,695	$	155,602
Provision for loan losses		36,000		50,500		237,000		187,000
Charge-offs:
Commercial (secured by real estate)		2,270		14,343		54,410		27,070
Commercial construction		1,705		1,989		52,400		5,660
Commercial (commercial and industrial)		866		1,458		5,832		7,776
Residential construction		7,668		25,661		106,692		111,632
Residential mortgage		6,399		8,043		47,742		19,435
Consumer installment		970		1,162		2,949		3,708

Total loans charged-off		19,878		52,656		270,025		175,281

Recoveries:
Commercial (secured by real estate)		78		131		352		1,137
Commercial construction		80		17		191		22
Commercial (commercial and industrial)		446		251		849		1,592
Residential construction		1,287		1,727		1,544		3,083
Residential mortgage		289		348		660		672
Consumer installment		152		184		826		786

Total recoveries		2,332		2,658		4,422		7,292

Net charge-offs		17,546		49,998		265,603		167,989

Balance end of period	$	146,092	$	174,613	$	146,092	$	174,613

At September 30, 2011, December 31, 2010 and September 30, 2010, loans with a carrying value of $1.37 billion, $1.02 billion and $1.10 billion were pledged as collateral to secure FHLB advances and other contingent funding sources.

The following table presents the balance and activity in the allowance for loan losses by portfolio segment and the recorded investment in loans by portfolio segment based on the impairment method as of September 30, 2011, December 31, 2010 and September 30, 2010 (in thousands).


							Commercial
	Commercial						(Commercial
	(Secured by			Commercial			and			Residential			Residential			Consumer
	Real Estate)			Construction			Industrial)			Construction			Mortgage			Installment			Unallocated			Total
Nine Months Ended September 30, 2011
Allowance for loan losses:
Beginning balance	$	31,191		$	6,780		$	7,580		$	92,571		$	22,305		$	3,030		$	11,238		$	174,695
Charge-offs		(54,410	)		(52,400	)		(5,832	)		(106,692	)		(47,742	)		(2,949	)		—			(270,025	)
Recoveries		352			191			849			1,544			660			826			—			4,422
Provision		48,344			54,133			20,174			57,842			53,786			1,296			1,425			237,000

Ending balance	$	25,477		$	8,704		$	22,771		$	45,265		$	29,009		$	2,203		$	12,663		$	146,092

Ending allowance attributable to loans:
Individually evaluated for impairment	$	4,070		$	4,038		$	17,067		$	7,267		$	1,062		$	37		$	—		$	33,541
Collectively evaluated for impairment		21,407			4,666			5,704			37,998			27,947			2,166			12,663			112,551

Total ending allowance balance	$	25,477		$	8,704		$	22,771		$	45,265		$	29,009		$	2,203		$	12,663		$	146,092

Loans:
Individually evaluated for impairment	$	54,126		$	23,844		$	52,433		$	44,189		$	8,043		$	95		$	—		$	182,730
Collectively evaluated for impairment		1,716,975			144,687			376,610			430,363			1,141,635			116,875			—			3,927,145

Total loans	$	1,771,101		$	168,531		$	429,043		$	474,552		$	1,149,678		$	116,970		$	—		$	4,109,875


December 31, 2010
Allowance for loan losses:
Ending allowance attributable to loans:
Individually evaluated for impairment	$	268		$	—		$	—		$	644		$	137		$	—		$	—		$	1,049
Collectively evaluated for impairment		30,923			6,780			7,580			91,927			22,168			3,030			11,238			173,646

Total ending allowance balance	$	31,191		$	6,780		$	7,580		$	92,571		$	22,305		$	3,030		$	11,238		$	174,695

Loans:
Individually evaluated for impairment	$	41,818		$	20,311		$	5,874		$	39,505		$	15,468		$	—		$	—		$	122,976
Collectively evaluated for impairment		1,719,606			276,271			435,644			655,661			1,263,312			130,656			—			4,481,150

Total loans	$	1,761,424		$	296,582		$	441,518		$	695,166		$	1,278,780		$	130,656		$	—		$	4,604,126


Nine Months Ended September 30, 2010
Allowance for loan losses:
Beginning balance	$	19,208		$	5,861		$	6,892		$	93,585		$	17,266		$	2,545		$	10,245		$	155,602
Charge-offs		(27,070	)		(5,660	)		(7,776	)		(111,632	)		(19,435	)		(3,708	)		—			(175,281	)
Recoveries		1,137			22			1,592			3,083			672			786			—			7,292
Provision		30,412			7,764			7,667			116,913			21,394			3,409			(559	)		187,000

Ending balance	$	23,687		$	7,987		$	8,375		$	101,949		$	19,897		$	3,032		$	9,686		$	174,613

Ending allowance attributable to loans:
Individually evaluated for impairment	$	15		$	578		$	—		$	653		$	20		$	—		$	—		$	1,266
Collectively evaluated for impairment		23,672			7,409			8,375			101,296			19,877			3,032			9,686			173,347

Total ending allowance balance	$	23,687		$	7,987		$	8,375		$	101,949		$	19,897		$	3,032		$	9,686		$	174,613

Loans:
Individually evaluated for impairment	$	47,880		$	15,156		$	8,182		$	60,691		$	25,067		$	—		$	—		$	156,976
Collectively evaluated for impairment		1,733,391			294,363			448,186			702,733			1,290,927			132,928			—			4,602,528

Total loans	$	1,781,271		$	309,519		$	456,368		$	763,424		$	1,315,994		$	132,928		$	—		$	4,759,504

United reviews all loans that are on nonaccrual with a balance of $500,000 or greater for impairment. A loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due, according to the contractual terms of the loan, will not be collected. All troubled debt restructurings are considered impaired regardless of accrual status. Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Interest payments received on impaired nonaccrual loans are applied as a reduction of the outstanding principal balance. Impairment amounts calculated for nonaccrual collateral-dependent loans $500,000 and greater are recorded quarterly. Specific reserves are recorded in the allowance for loan losses for impairment amounts calculated on nonaccrual, non-collateral-dependent loans $500,000 and greater, and all accruing troubled debt restructured loans.

In the first quarter 2011, United’s Board of Directors adopted an accelerated problem asset disposition plan which included the bulk sale of $267 million in classified loans. Those loans were classified as held for sale at the end of the first quarter and were written down to the expected proceeds from the sale. The charge-offs on the loans transferred to held for sale in anticipation of the bulk loan sale which closed on April 18, 2011, increased first quarter 2011 loan charge-offs by $186 million. The actual loss on the bulk loan sale at closing was less than the amount charged-off in the first quarter, resulting in a $7.27 million reduction of second quarter 2011 charge-offs.

The recorded investments in individually evaluated impaired loans at September 30, 2011, December 31, 2010 and September 30, 2010 were as follows (in thousands).


	September 30,		December 31,		September 30,
	2011		2010		2010

Period-end loans with no allocated allowance for loan losses	$	66,636	$	115,338	$	149,865
Period-end loans with allocated allowance for loan losses		116,094		7,638		7,111

Total	$	182,730	$	122,976	$	156,976


Amount of allowance for loan losses allocated	$	33,541	$	1,049	$	1,266

The average balances of impaired loans and income recognized on impaired loans while they were considered impaired is presented below for the three and nine months ended September 30, 2011 and 2010 (in thousands).


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010

Average balance of individually evaluated impaired loans during period	$	109,164	$	159,271	$	81,031	$	180,531
Interest income recognized during impairment		797		—		797		—
Cash-basis interest income recognized		630		—		630		—

The following table presents loans individually evaluated for impairment by class of loans as of September 30, 2011, December 31, 2010 and September 30, 2010 (in thousands).


	September 30, 2011						December 31, 2010						September 30, 2010
					Allowance						Allowance						Allowance
	Unpaid				for Loan		Unpaid				for Loan		Unpaid				for Loan
	Principal		Recorded		Losses		Principal		Recorded		Losses		Principal		Recorded		Losses
	Balance		Investment		Allocated		Balance		Investment		Allocated		Balance		Investment		Allocated
With no related allowance recorded:
Commercial (secured by real estate)	$	45,242	$	38,242	$	—	$	60,238	$	39,588	$	—	$	64,951	$	46,179	$	—
Commercial construction		6,803		6,309		—		33,898		20,311		—		27,876		13,041		—
Commercial (commercial and industrial)		48		48		—		10,115		5,874		—		12,078		8,182		—

Total commercial		52,093		44,599		—		104,251		65,773		—		104,905		67,402		—
Residential construction		31,646		16,421		—		59,502		34,597		—		97,152		57,907		—
Residential mortgage		7,745		5,588		—		21,528		14,968		—		33,413		24,556		—
Consumer installment		28		28		—		—		—		—		—		—		—

Total with no related allowance recorded		91,512		66,636		—		185,281		115,338		—		235,470		149,865		—


With an allowance recorded:
Commercial (secured by real estate)		16,173		15,884		4,070		2,230		2,230		268		2,283		1,701		15
Commercial construction		17,850		17,535		4,038		—		—		—		2,115		2,115		578
Commercial (commercial and industrial)		54,259		52,385		17,067		—		—		—		—		—		—

Total commercial		88,282		85,804		25,175		2,230		2,230		268		4,398		3,816		593
Residential construction		28,428		27,768		7,267		14,480		4,908		644		4,500		2,784		653
Residential mortgage		2,455		2,455		1,062		500		500		137		511		511		20
Consumer installment		67		67		37		—		—		—		—		—		—

Total with an allowance recorded		119,232		116,094		33,541		17,210		7,638		1,049		9,409		7,111		1,266

Total	$	210,744	$	182,730	$	33,541	$	202,491	$	122,976	$	1,049	$	244,879	$	156,976	$	1,266

There were no loans more than 90 days past due and still accruing interest at September 30, 2011, December 31, 2010 or September 30, 2010. Nonaccrual loans at September 30, 2011, December 31, 2010 and September 30, 2010 were $144 million, $179 million and $218 million, respectively. Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually evaluated impaired loans with larger balances.

The following table presents the recorded investment (unpaid principal less amounts charged-off) in nonaccrual loans by loan class as of September 30, 2011, December 31, 2010 and September 30, 2010 (in thousands).


	Nonaccrual Loans
	September 30,			December 31,			September 30,
	2011			2010			2010

Commercial (secured by real estate)	$	21,998		$	44,927		$	53,646
Commercial construction		11,370			21,374			17,279
Commercial (commercial and industrial)		53,009			5,611			7,670

Total commercial		86,377			71,912			78,595
Residential construction		34,472			54,505			79,321
Residential mortgage		22,671			51,083			58,107
Consumer installment		964			1,594			1,743

Total	$	144,484		$	179,094		$	217,766


Balance as a percentage of unpaid principal		77.8%	⁽¹⁾		67.2	%		70.0	%


⁽¹⁾		Excluding single loan relationship with $25 million special allowance classified as nonaccrual in the third quarter, the ratio is 62.2%.

The following table presents the aging of the recorded investment in past due loans as of September 30, 2011, December 31, 2010 and September 30, 2010 by class of loans (in thousands).


					Greater
					Than 90
	30 - 59 Days		60 - 89 Days		Days Past		Total Past		Loans Not
	Past Due		Past Due		Due		Due		Past Due		Total
As of September 30, 2011
Commercial (secured by real estate)	$	4,587	$	4,730	$	10,594	$	19,911	$	1,751,190	$	1,771,101
Commercial construction		149		173		2,107		2,429		166,102		168,531
Commercial (commercial and industrial)		1,141		1,507		691		3,339		425,704		429,043

Total commercial		5,877		6,410		13,392		25,679		2,342,996		2,368,675
Residential construction		2,685		2,403		14,546		19,634		454,918		474,552
Residential mortgage		13,979		3,308		12,471		29,758		1,119,920		1,149,678
Consumer installment		1,531		404		291		2,226		114,744		116,970

Total loans	$	24,072	$	12,525	$	40,700	$	77,297	$	4,032,578	$	4,109,875


As of December 31, 2010
Commercial (secured by real estate)	$	10,697	$	3,672	$	19,457	$	33,826	$	1,727,598	$	1,761,424
Commercial construction		4,616		2,917		9,189		16,722		279,860		296,582
Commercial (commercial and industrial)		2,016		2,620		3,092		7,728		433,790		441,518

Total commercial		17,329		9,209		31,738		58,276		2,441,248		2,499,524
Residential construction		13,599		5,158		34,673		53,430		641,736		695,166
Residential mortgage		24,375		7,780		38,209		70,364		1,208,416		1,278,780
Consumer installment		2,104		462		808		3,374		127,282		130,656

Total loans	$	57,407	$	22,609	$	105,428	$	185,444	$	4,418,682	$	4,604,126


As of September 30, 2010
Commercial (secured by real estate)	$	11,121	$	7,870	$	34,918	$	53,909	$	1,727,362	$	1,781,271
Commercial construction		3,399		2,009		9,310		14,718		294,801		309,519
Commercial (commercial and industrial)		1,941		1,166		4,824		7,931		448,437		456,368

Total commercial		16,461		11,045		49,052		76,558		2,470,600		2,547,158
Residential construction		13,025		25,330		46,626		84,981		678,443		763,424
Residential mortgage		24,911		9,262		40,155		74,328		1,241,666		1,315,994
Consumer installment		1,785		614		861		3,260		129,668		132,928

Total loans	$	56,182	$	46,251	$	136,694	$	239,127	$	4,520,377	$	4,759,504

As of September 30, 2011 and December 31, 2010, $7.75 million and $173,000 of specific reserves were allocated to customers whose loan terms have been modified in troubled debt restructurings. There were no specific reserves established for loans considered to be troubled debt restructurings at September 30, 2010. United committed to lend additional amounts totaling up to $1.06 million, $1.17 million, and $256,000 as of September 30, 2011 and December 31, 2010, and September 30, 2010 respectively, to customers with outstanding loans that are classified as troubled debt restructurings.

The following table presents additional information on troubled debt restructurings including the number of loan contracts restructured and the pre and post modification recorded investment. (dollars in thousands).


			Pre-		Post-
			Modification		Modification
			Outstanding		Outstanding
	Number of		Recorded		Recorded
	Contracts		Investment		Investment
As of September 30, 2011
Commercial (secured by real estate)		31	$	41,177	$	38,177
Commercial construction		7		14,123		14,123
Commercial (commercial and industrial)		7		304		304

Total commercial		45		55,604		52,604
Residential construction		46		21,369		20,374
Residential mortgage		16		2,792		2,635
Consumer installment		3		95		95

Total loans		110	$	79,860	$	75,708


As of December 31, 2010
Commercial (secured by real estate)		41	$	40,649	$	36,759
Commercial construction		16		37,980		37,067
Commercial (commercial and industrial)		7		645		364

Total commercial		64		79,274		74,190
Residential construction		63		22,012		20,782
Residential mortgage		43		6,574		6,285
Consumer installment		7		124		124

Total loans		177	$	107,984	$	101,381


As of September 30, 2010
Commercial (secured by real estate)		40	$	31,142	$	27,145
Commercial construction		10		11,499		10,587
Commercial (commercial and industrial)		7		193		193

Total commercial		57		42,834		37,925
Residential construction		57		22,640		20,954
Residential mortgage		38		7,016		6,492
Consumer installment		5		944		944

Total loans		157	$	73,434	$	66,315

The following table presents the number of contracts and the recorded investment for those trouble debt restructurings that have subsequently defaulted which we define as 90 days or more past due (dollars in thousands).


	Troubled Debt Restructurings That Have Subsequently Defaulted
	Three Months Ended				Nine Months Ended
	September 30, 2011				September 30, 2011
	Number of		Recorded		Number of		Recorded
	Contracts		Investment		Contracts		Investment

Commercial (secured by real estate)		—	$	—		3	$	1,337
Commercial construction		—		—		—		—
Commercial (commercial and industrial)		—		—		1		44

Total commercial		—		—		4		1,381
Residential construction		4		679		7		1,242
Residential mortgage		1		56		2		402
Consumer installment		—		—		1		28

Total loans		5	$	735		14	$	3,053

Risk Ratings

United categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. United uses the following definitions for its risk ratings:

Watch. Loans in this category are presently protected from apparent loss; however weaknesses exist that could cause future impairment, including the deterioration of financial ratios, past due status and questionable management capabilities. These loans require more than the ordinary amount of supervision. Collateral values generally afford adequate coverage, but may not be immediately marketable.

Substandard. These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged. Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. There is the distinct possibility that the Company will sustain some loss if deficiencies are not corrected. Immediate corrective action is necessary.

Doubtful. Specific weaknesses characterized as Substandard that are severe enough to make collection in full highly questionable and improbable. There is no reliable secondary source of full repayment.

Loss. Loans categorized as Loss have the same characteristics as Doubtful however probability of loss is certain. Loans classified as Loss are charged-off.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans listed as not rated are generally deposit account overdrafts that have not been assigned a grade.

As of September 30, 2011, December 31, 2010 and September 30, 2010, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands).


							Doubtful /
	Pass		Watch		Substandard		Loss		Not Rated		Total
As of September 30, 2011
Commercial (secured by real estate)	$	1,520,604	$	94,147	$	156,350	$	—	$	—	$	1,771,101
Commercial construction		115,021		15,611		37,899		—		—		168,531
Commercial (commercial and industrial)		337,796		6,986		83,381		—		880		429,043

Total commercial		1,973,421		116,744		277,630		—		880		2,368,675
Residential construction		320,567		43,340		110,645		—		—		474,552
Residential mortgage		1,012,423		37,892		99,363		—		—		1,149,678
Consumer installment		112,457		847		3,666		—		—		116,970

Total loans	$	3,418,868	$	198,823	$	491,304	$	—	$	880	$	4,109,875


As of December 31, 2010
Commercial (secured by real estate)	$	1,476,974	$	82,762	$	201,688	$	—	$	—	$	1,761,424
Commercial construction		174,049		10,413		112,120		—		—		296,582
Commercial (commercial and industrial)		402,969		15,153		22,379		—		1,017		441,518

Total commercial		2,053,992		108,328		336,187		—		1,017		2,499,524
Residential construction		398,926		82,973		213,267		—		—		695,166
Residential mortgage		1,103,487		38,378		136,915		—		—		1,278,780
Consumer installment		125,134		650		4,872		—		—		130,656

Total loans	$	3,681,539	$	230,329	$	691,241	$	—	$	1,017	$	4,604,126


As of September 30, 2010
Commercial (secured by real estate)	$	1,487,855	$	82,530	$	210,886	$	—	$	—	$	1,781,271
Commercial construction		176,933		12,715		119,871		—		—		309,519
Commercial (commercial and industrial)		375,433		49,954		29,921		—		1,060		456,368

Total commercial		2,040,221		145,199		360,678		—		1,060		2,547,158
Residential construction		418,571		88,156		256,697		—		—		763,424
Residential mortgage		1,125,651		45,993		144,350		—		—		1,315,994
Consumer installment		126,102		878		5,948		—		—		132,928

Total loans	$	3,710,545	$	280,226	$	767,673	$	—	$	1,060	$	4,759,504

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524

+ Details

Foreclosed Property

9 Months Ended

Sep. 30, 2011

Foreclosed Property [Abstract]

Foreclosed Property

Note 6 — Foreclosed Property

Major classifications of foreclosed properties at September 30, 2011, December 31, 2010 and September 30, 2010 are summarized as follows (in thousands).


	September 30,			December 31,			September 30,
	2011			2010			2010

Commercial real estate	$	11,873		$	25,893		$	16,557
Commercial construction		5,862			17,808			15,679

Total commercial		17,735			43,701			32,236
Residential construction		42,295			91,385			82,538
Residential mortgage		9,397			23,687			27,482

Total foreclosed property		69,427			158,773			142,256
Less valuation allowance		25,164			16,565			12,292

Foreclosed property, net	$	44,263		$	142,208		$	129,964


Balance as a percentage of original loan unpaid principal		33.4	%		64.4	%		65.9	%

Activity in the valuation allowance for foreclosed property is presented in the following table (in thousands).


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010

Balance at beginning of year	$	30,386		$	8,572		$	16,565		$	7,433
Additions charged to expense		1,772			7,051			53,475			17,724
Direct write downs		(6,994	)		(3,331	)		(44,876	)		(12,865	)

Balance at end of period	$	25,164		$	12,292		$	25,164		$	12,292

Expenses related to foreclosed assets include (in thousands).


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2011			2010		2011		2010

Net (gain) loss on sales	$	(804	)	$	7,137	$	7,998	$	15,753
Provision for unrealized losses		1,772			7,051		53,475		17,724
Operating expenses, net of rental income		1,845			5,564		8,130		11,628

Total foreclosed property expense	$	2,813		$	19,752	$	69,603	$	45,105

Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 7 — Earnings Per Share

United is required to report on the face of the consolidated statement of operations, earnings (loss) per common share with and without the dilutive effects of potential common stock issuances from instruments such as options, convertible securities and warrants. Basic earnings per common share is based on the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per common share. During the three and nine months ended September 30, 2011 and 2010, United accrued dividends on preferred stock, including accretion of discounts, as shown in the following table (in thousands).


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010

Series A - 6% fixed	$	3	$	3	$	10	$	10
Series B - 5% fixed until December 6, 2013, 9% thereafter		2,598		2,578		7,798		7,720
Series D - LIBOR plus 9.6875%, resets quarterly		418		—		1,005		—

Total preferred stock dividends	$	3,019	$	2,581	$	8,813	$	7,730

All preferred stock dividends are payable quarterly.

Series B preferred stock was issued at a discount. Dividend amounts shown include discount accretion for each period.

There is no dilution from potentially dilutive securities for the three and nine months ended September 30, 2011 and the three and nine months ended September 30, 2010, due to the antidilutive effect of the net loss for those periods.

The following table sets forth the computation of basic and diluted loss per share for the three and nine months ended September 30, 2011 and 2010 (in thousands, except per share data).


	Three Months Ended						Nine Months Ended
	September 30,						Sepbember 30,
	2011			2010			2011			2010

Net loss available to common shareholders	$	(9,221	)	$	(238,996	)	$	(149,884	)	$	(336,970	)


Weighted average shares outstanding:
Basic		57,599			18,936			33,973			18,905
Effect of dilutive securities
Convertible securities		—			—			—			—
Stock options		—			—			—			—
Warrants		—			—			—			—

Diluted		57,599			18,936			33,973			18,905


Loss per common share:
Basic	$	(.16	)	$	(12.62	)	$	(4.41	)	$	(17.82	)

Diluted	$	(.16	)	$	(12.62	)	$	(4.41	)	$	(17.82	)

At September 30, 2011, United had a number of potentially dilutive securities outstanding including a warrant to purchase 219,909 common shares at $61.40 per share issued to the U.S. Treasury in connection with the issuance of United’s Series B preferred stock; 129,670 shares issuable upon exercise of warrants attached to trust preferred securities with an exercise price of $100 per share; 585,829 shares issuable upon exercise of stock options granted to employees with a weighted average exercise price of $94.33; 404,644 shares issuable upon completion of vesting of restricted stock awards; 1,411,765 shares issuable upon exercise of warrants exercisable at $21.25 per share granted to Fletcher International in connection with a 2010 asset purchase and sale agreement; 2,476,191 shares issuable upon conversion of preferred stock if Fletcher International exercises its option to purchase $65 million in convertible preferred stock, convertible at $26.25 per share; 1,162,791 shares issuable upon exercise of warrants, exercisable at $30.10 per share to be granted to Fletcher International upon exercise of its option to acquire preferred stock; and 1,551,126 shares issuable upon exercise of warrants owned by Elm Ridge Off Shore Fund and Elm Ridge Value Fund, exercisable at $12.50 per share.

Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2011

Derivatives and Hedging Activities [Abstract]

Derivatives and Hedging Activities

Note 8 — Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives

United is exposed to certain risks arising from both its business operations and economic conditions. United principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. United manages interest rate risk primarily by managing the amount, sources, and duration of its investment securities portfolio and debt funding and through the use of derivative financial instruments. Specifically, United enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. United’s derivative financial instruments are used to manage differences in the amount, timing, and duration of United’s known or expected cash receipts and its known or expected cash payments principally related to United’s loans and wholesale borrowings.

As of September 30, 2011, December 31, 2010 and September 30, 2010 United had no active derivative instruments outstanding.

Cash Flow Hedges of Interest Rate Risk

United’s objectives in using interest rate derivatives are to add stability to net interest revenue and to manage its exposure to interest rate movements. To accomplish this objective, United primarily uses interest rate swaps as part of its interest rate risk management strategy. For United’s variable-rate loans, interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for United making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an up front premium. United had no active derivative contracts outstanding at September 30, 2011, December 31, 2010 or September 30, 2010 that were designated as cash flow hedges of interest rate risk however, United had unrecognized gains from terminated derivative contracts that are being amortized, straight line, over the original instruments’ remaining contractual terms.

The effective portion of changes in the fair value of derivatives designated, and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were originally used to hedge the variable cash flows associated with existing prime-based, variable-rate loans. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and nine months ended September 30, 2011, $575,000 and $4.69 million, respectively, in hedge ineffectiveness was recognized in other fee revenue. During the three and nine months ended September 30, 2010, $327,000 and $970,000, respectively, in hedge ineffectiveness was recognized in other fee revenue.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest revenue as interest payments are received on United’s prime-based, variable-rate loans. At September 30, 2011, the amount included in other comprehensive income represents deferred gains from terminated cash flow hedges where the forecasted hedging transaction is expected to remain effective over the remaining unexpired term of the original contract. Such gains are being deferred and recognized over the remaining life of the contract on a straight line basis. During the next twelve months, United estimates that an additional $5.33 million of the deferred gains on terminated cash flow hedging positions will be reclassified as an increase to interest revenue.

Fair Value Hedges of Interest Rate Risk

United is exposed to changes in the fair value of certain of its fixed rate obligations due to changes in LIBOR, a benchmark interest rate. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate. Interest rate swaps designated as fair value hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. As of September 30, 2011, December 31, 2010 and September 30, 2010, United had no active derivatives designated as fair value hedges of interest rate risk.

For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same line item as the offsetting loss or gain on the related derivatives. During the three and nine months ended September 30, 2010, United recognized net gains of $9,000 and $215,000, respectively, related to ineffectiveness of the fair value hedging relationships. There were no active fair value hedges during the first nine months of 2011.

Tabular Disclosure of the Effect of Derivative Instruments on the Income Statement

The tables below present the effect of United’s derivative financial instruments on the consolidated statement of operations for the three and nine months ended September 30, 2011 and 2010.

Derivatives in Fair Value Hedging Relationships (in thousands).


Location of Gain (Loss)	Amount of Gain (Loss) Recognized in					Amount of Gain (Loss) Recognized in
Recognized in Income	Income on Derivative					Income on Hedged Item
on Derivative	2011		2010			2011		2010

Three Months Ended September 30,
Other fee revenue	$	—	$	(1,167	)	$	—	$	1,176


Nine Months Ended September 30,
Other fee revenue	$	—	$	(3,760	)	$	—	$	3,975

Derivatives in Cash Flow Hedging Relationships (in thousands).


	Amount of Gain (Loss)
	Recognized in Other
	Comprehensive Income on				Gain (Loss) Reclassified from Accumulated Other
	Derivative (Effective Portion)				Comprehensive Income into Income (Effective Portion)
	2011		2010		Location	2011		2010

Three Months Ended September 30,
					Interest revenue	$	2,373	$	3,349
					Other income		575		327

Interest rate products	$	—	$	—	Total	$	2,948	$	3,676


Nine Months Ended September 30,
					Interest revenue	$	7,885	$	14,283
					Other income		4,687		970

Interest rate products	$	—	$	2,314	Total	$	12,572	$	15,253

Credit-risk-related Contingent Features

United manages its credit exposure on derivatives transactions by entering into a bi-lateral credit support agreement with each counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. At September 30, 2011, United had no active derivative positions and therefore no credit support agreements remained in effect.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2011

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 9 — Stock-Based Compensation

United has an equity compensation plan that allows for grants of incentive stock options, nonqualified stock options, restricted stock awards (also referred to as “nonvested stock” awards), stock awards, performance share awards or stock appreciation rights. Options granted under the plan can have an exercise price no less than the fair market value of the underlying stock at the date of grant. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain option and restricted stock awards provide for accelerated vesting if there is a change in control (as defined in the plan). As of September 30, 2011, 328,505 additional awards could be granted under the plan, subject to shareholder approval of a 612,488 increase in shares available under the plan. Through September 30, 2011, incentive stock options, nonqualified stock options, restricted stock awards and units and base salary stock grants had been granted under the plan.

The following table shows stock option activity for the first nine months of 2011.


						Weighted-
						Average
				Weighted-		Remaining		Aggregate
				Average Exercise		Contractual		Intrinisic
Options	Shares			Price		Term (Years)		Value ($000)

Outstanding at December 31, 2010		678,313		$	92.99
Granted		10,000			11.20
Forfeited		(6,527	)		42.59
Expired		(95,957	)		79.75

Outstanding at September 30, 2011		585,829			94.33		4.4	$	—


Exercisable at September 30, 2011		518,815			100.63		4.0		—

The fair value of each option is estimated on the date of grant using the Black-Scholes model. Because United’s option plan has not been in place long enough to gather sufficient information about exercise patterns to establish an expected life, United uses the formula provided by the SEC in Staff Accounting Bulletin (“SAB”) No. 107 to determine the expected life of options.

The weighted average assumptions used to determine the fair value of stock options are presented in the table below.


	Nine Months Ended
	September 30,
	2011			2010

Expected volatility		33.00	%		52.36	%
Expected dividend yield		0.00	%		0.00	%
Expected life (in years)		5.00			6.15
Risk-free rate		2.05	%		3.10	%

Compensation expense relating to stock options of $651,000 and $1.55 million was included in earnings for the nine months ended September 30, 2011 and 2010, respectively. Deferred tax benefits of $253,000 and $603,000, respectively, were included in the determination of income tax benefit for the nine month periods ended September 30, 2011 and 2010. The amount of compensation expense for both periods was determined based on the fair value of the options at the time of grant, multiplied by the number of options granted that are expected to vest, which was then amortized over the vesting period. The forfeiture rate for options is estimated to be approximately 3% per year. No options were exercised during the first nine months of 2011 or 2010.

The table below presents the activity in restricted stock awards for the first nine months of 2011.


				Weighted-
				Average Grant-
Restricted Stock	Shares			Date Fair Value

Outstanding at December 31, 2010		23,214		$	59.67
Granted		394,519			10.26
Vested		(13,089	)		34.53

Outstanding at September 30, 2011		404,644			12.31

Compensation expense for restricted stock is based on the fair value of restricted stock awards at the time of grant, which is equal to the value of United’s common stock on the date of grant. The value of restricted stock grants that are expected to vest is amortized into expense over the vesting period. For the nine months ended September 30, 2011 and 2010, compensation expense of $779,000 and $360,000, respectively, was recognized related to restricted stock awards. The total intrinsic value of the restricted stock was $3.44 million at September 30, 2011.

As of September 30, 2011, there was $4.70 million of unrecognized compensation cost related to non-vested stock options and restricted stock awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.4 years. The aggregate grant date fair value of options and restricted stock awards that vested during the nine months ended September 30, 2011, was $2.05 million.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Common and Preferred Stock Issued / Common Stock Issuable	9 Months Ended
	Sep. 30, 2011
Reclassifications and Reverse Stock Split [Abstract]
Common and Preferred Stock Issued / Common Stock Issuable	Note 10 — Common and Preferred Stock Issued / Common Stock Issuable United sponsors a Dividend Reinvestment and Share Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from the company. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. United’s 401(k) retirement plan regularly purchases shares of United’s common stock directly from United. In addition, United has an Employee Stock Purchase Program (“ESPP”) that allows eligible employees to purchase shares of common stock at a 5% discount, with no commission charges. For the nine months ended September 30, 2011 and 2010, United issued 113,787 and 72,281 shares, respectively, and increased capital by $1.10 million and $1.40 million, respectively, through these programs. The DRIP program has been suspended until 2012 when United expects to regain its S-3 filing status. United offers its common stock as an investment option in its deferred compensation plan. The common stock component of the deferred compensation plan is accounted for as an equity instrument and is reflected in the consolidated financial statements as common stock issuable. At September 30, 2011 and 2010, 88,501 and 61,119 shares, respectively, were issuable under the deferred compensation plan. On February 22, 2011, United entered into a share exchange agreement (the “Share Exchange Agreement”) with Elm Ridge Offshore Master Fund, Ltd. and Elm Ridge Value Partners, L.P. (collectively referred to as “Elm Ridge Parties”). Under the Share Exchange Agreement, the Elm Ridge Parties agreed to transfer to the Company 1,551,126 shares of the Company’s common stock in exchange for 16,613 shares of the Company’s cumulative perpetual preferred stock, Series D, and warrants to purchase 1,551,126 common shares with an exercise price of $12.50 per share that expires on August 22, 2013. This exchange transaction did not result in a net increase or decrease to total shareholder’s equity for the nine months ended September 30, 2011. During the first quarter of 2011, United entered into investment agreements (the “Investment Agreements”) with Corsair Georgia, L.P. (“Corsair”) and a group of institutional investors (the “Additional Investors”). United issued 3,467,699 of the Company’s common stock for $9.50 per share, 195,872 shares of mandatorily convertible cumulative non-voting perpetual preferred stock, Series F (the “Series F Preferred Stock”), and 151,185 shares of mandatorily convertible cumulative non-voting perpetual preferred stock, Series G (the “Series G Preferred Stock”). Under the terms of the Investment Agreements and following receipt of required shareholder approvals which were received on June 16, 2011, at United’s annual shareholders’ meeting, the Series F Preferred Stock converted into 20,618,156 shares of voting common stock and the Series G Preferred Stock converted into 15,914,209 shares of non-voting common stock. This private placement transaction resulted in an increase to shareholders’ equity of $362 million, net of $18.4 million in issuance costs. Following conversion of the convertible preferred stock, Corsair owned approximately 22.5% of United’s total outstanding common stock. The Additional Investors owned approximately 47.2% of United’s total outstanding common stock.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Reclassifications and Reverse Stock Split	9 Months Ended
Reclassifications and Reverse Stock Split	Sep. 30, 2011
Reclassifications and Reverse Stock Split [Abstract]
Reclassifications and Reverse Stock Split Text Block	Note 11 — Reclassifications and Reverse Stock Split Certain 2010 amounts have been reclassified to conform to the 2011 presentation. On June 17, 2011, United completed a 1-for-5 reverse stock split, whereby each 5 shares of United’s common stock was reclassified into one share of common stock, and each 5 shares of United’s non-voting common stock was reclassified into one share of non-voting common stock. All share and per share amounts for all periods presented have been adjusted to reflect the reverse split as though it had occurred prior to the earliest period presented.

Discontinued Operations	9 Months Ended
Discontinued Operations	Sep. 30, 2011
Discontinued Operations [Abstract]
Discontinued Operations	Note 12 — Discontinued Operations On March 31, 2010, United completed the sale of its consulting subsidiary, Brintech, Inc. (“Brintech”). The sales price was $2.9 million with United covering certain costs related to the sale transaction resulting in a net, pre-tax gain of $2.1 million. As a result of the sale, Brintech is presented in the consolidated financial statements as a discontinued operation with all revenue and expenses related to the sold operations deconsolidated from the consolidated statement of operations for all periods presented. The net results of operations from Brintech are reported on a separate line on the consolidated statement of operations titled “Loss from discontinued operations, net of income taxes.” The gain from the sale, net of income taxes and selling costs, is presented on a separate line titled “Gain from sale of subsidiary, net of income taxes and selling costs.”

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

+ Details

Transaction with Fletcher International

9 Months Ended

Sep. 30, 2011

Transaction With Other Company [Abstract]

Transaction with Fletcher International

Note 13 — Transaction with Fletcher International

On April 1, 2010, United entered into a securities purchase agreement with Fletcher International, Ltd. and the Bank entered into an asset purchase and sale agreement with Fletcher International, Inc. and certain affiliates thereof. Under the terms of the agreements, the Bank sold $103 million in nonperforming commercial and residential mortgage loans and foreclosed properties to Fletcher’s affiliates with a nominal aggregate sales price equal to the Bank’s carrying amount. The nonperforming assets sale transaction closed on April 30, 2010. The consideration for the sale consisted of $20.6 million in cash and a loan for $82.4 million. Fletcher formed six affiliated LLCs to purchase the nonperforming assets from United. A separate loan was made to each of the affiliated LLCs with the assets of each LLC cross pledged as collateral to each of the six loans. The loans each have a five year term with principal and interest payments required according to a 20-year amortization table. Interest accrues at a fixed rate of 3.5%. Additional principal payments are required prior to the release of properties serving as collateral for the loans as those properties are sold. The loans have paid according to their contractual terms since their inception.

As part of the agreement, Fletcher received a warrant to acquire 1,411,765 shares of United’s common stock at a price of $21.25 per share. The warrant has a nine year term and expires on May 26, 2019. To date, the warrant has not been exercised. In accordance with the terms of the securities purchase agreement, Fletcher has the right during the next two years to purchase up to $65 million in United’s Series C Convertible Preferred Stock. The Series C Convertible Preferred Stock pays a dividend equal to the lesser of 8% or LIBOR plus 4%. The Series C Convertible Preferred Stock is convertible by Fletcher into common stock at $26.25 per share (2,476,191 shares). If Fletcher had not purchased all of the Series C Convertible Preferred Stock by May 31, 2011, it was required to pay United 5% of the commitment amount not purchased by such date, and it must pay United an additional 5% of the commitment amount not purchased by May 31, 2012. Fletcher paid United $3.25 million as it had not purchased the Series C Convertible Preferred Stock as of May 31, 2011. The payment was recorded directly in shareholders’ equity, net of applicable income tax effects. Fletcher will receive an additional warrant to purchase $35 million in common stock at $30.10 per share (1,162,791 shares) when it purchases the last $35 million of Series C Convertible Preferred Stock. All of the warrants settle on a cashless exercise basis and the net shares to be delivered upon cashless exercise will be less than what would have been issuable if the warrant had been exercised for cash.

All of the components of the transaction, including all equity instruments issued under the securities purchase agreement and the notes receivable received as consideration from the sale of nonperforming assets were recorded at fair value. Because the value of the equity instruments and assets exchanged in the transaction exceeded the value of the cash and notes receivable received, United recorded a loss of $45.3 million on the transaction with Fletcher in the second quarter of 2010.

The table below presents a summary of the assets and equity instruments transferred and received at their respective fair values ($ in thousands, except per share amounts).


		Fair Value	Fair
	Valuation Approach	Heirarchy	Value
Warrants Issued / Assets Transferred to Fletcher at Fair Value:
Warrant to purchase $30 million in common stock at $21.25 per share	Black-Scholes	Level 3	$	17,577
Option to purchase convertible preferred stock and warrant	Monte-Carlo Simulation	Level 3		22,236

Fair value of equity instruments recognized in capital surplus				39,813

Foreclosed properties transferred under Asset Purchase Agreement	Appraised Value	Level 2		33,434
Nonperforming loans transferred under Asset Purchase Agreement	Collateral Appraised Value	Level 2		69,655

Total nonperforming assets transferred				103,089

Total value of assets and equity instruments transferred				142,902


Less — Cash and Notes Receivable Received in Exchange at Fair Value:
Cash down payment received from asset sale	NA	NA		20,618
Notes receivable (par value $82,471, net of $4,531 discount)	Discounted Cash Flows	Level 3		77,940

Total value of cash and notes receivable received				98,558


Fair value of assets and equity instruments transferred in excess of cash and notes received				44,344
Transaction fees				1,005

Loss recognized on Fletcher transaction			$	45,349

The $17.6 million value of the warrant to purchase $30 million in common stock was determined as of April 1, 2010, the date the terms were agreed to. The following modeling assumptions were used: dividend yield — 0%; risk-free interest rate — 3.89%; current stock price — $23.85; term — 9 years; and volatility — 33%. Although most of the modeling assumptions were based on observable data, because of the subjectivity involved in estimating expected volatility, the valuation is considered Level 3.

The $22.2 million value of the option to purchase convertible preferred stock and warrant was determined by an independent valuation firm using a Monte Carlo Simulation method appropriate for valuing complex securities with derivatives. The model uses 50,000 simulations of daily stock price paths using geometric Brownian motion and incorporates in a unified way all conversion, exercise and contingency conditions. Because of the significant assumptions involved in the valuation process, not all of which were based on observable data, the valuation is considered to be Level 3.

The $103 million of nonperforming assets sold were transferred at United’s carrying amount which had previously been written down to appraised value. Because the appraisals were based on sales of similar assets (observable data), the valuation is considered to be Level 2.

The $82.5 million of notes receivable were recorded at their estimated fair value of $77.9 million, net of a $4.5 million interest discount, which was determined based on discounted expected cash flows over the term at a rate commensurate with the credit risk inherent in the notes. The contractual rate on the notes is fixed at 3.5% for five years. The discount rate used for purposes of determining the fair value of the notes was 5.48% based on the terms, structure and risk profile of the notes. Note prepayments were estimated based on the expected marketing time for the underlying collateral since the notes require that principal be reduced as the underlying assets are sold. The valuation is considered Level 3 due to estimated prepayments which have a significant impact on the value and are not based on observable data.

Assets and Liabilities Measured at Fair Value

9 Months Ended

Sep. 30, 2011

Assets and Liabilities Measured at Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value

Note 14 — Assets and Liabilities Measured at Fair Value

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2011, December 31, 2010 and September 30, 2010, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands).


September 30, 2011	Level 1		Level 2		Level 3		Total
Assets
Securities available for sale:
U.S. Government agencies	$	—	$	33,706	$	—	$	33,706
State and political subdivisions		—		26,831		—		26,831
Mortgage-backed securities		—		1,591,604		3,796		1,595,400
Corporate securities		—		110,292		350		110,642
Other		—		2,504		—		2,504
Deferred compensation plan assets		2,659		—		—		2,659

Total	$	2,659	$	1,764,937	$	4,146	$	1,771,742


Liabilities
Deferred compensation plan liability	$	2,659	$	—	$	—	$	2,659

Total liabilities	$	2,659	$	—	$	—	$	2,659


December 31, 2010	Level 1		Level 2		Level 3		Total
Assets
Securities available for sale:
U.S. Government agencies	$	—	$	98,480	$	—	$	98,480
State and political subdivisions		—		28,442		—		28,442
Mortgage-backed securities		—		986,074		4,934		991,008
Corporate securities		—		103,685		350		104,035
Other		—		2,452		—		2,452
Deferred compensation plan assets		3,252		—		—		3,252

Total	$	3,252	$	1,219,133	$	5,284	$	1,227,669


Liabilities
Deferred compensation plan liability	$	3,252	$	—	$	—	$	3,252

Total liabilities	$	3,252	$	—	$	—	$	3,252


September 30, 2010	Level 1		Level 2		Level 3		Total
Assets
Securities available for sale:
U.S. Government agencies	$	—	$	98,708	$	29,995	$	128,703
State and political subdivisions		—		30,637		—		30,637
Mortgage-backed securities		—		791,946		5,375		797,321
Corporate securities		—		64,055		30,350		94,405
Other		—		2,452		—		2,452
Deferred compensation plan assets		2,973		—		—		2,973

Total	$	2,973	$	987,798	$	65,720	$	1,056,491


Liabilities
Deferred compensation plan liability	$	2,973	$	—	$	—	$	2,973

Total liabilities	$	2,973	$	—	$	—	$	2,973

The following table shows a reconciliation of the beginning and ending balances for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands).


	Securities
	Available for Sale
Balance at December 31, 2010	$	5,284
Amounts included in earnings		(18	)
Paydowns		(1,120	)


Balance at September 30, 2011	$	4,146

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. The table below presents United’s assets and liabilities measured at fair value on a nonrecurring basis as of September 30, 2011, December 31, 2010 and September 30, 2010, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands).


	Level 1		Level 2		Level 3		Total
September 30, 2011
Assets
Loans	$	—	$	—	$	140,577	$	140,577
Foreclosed properties		—		—		38,823		38,823


Total	$	—	$	—	$	179,400	$	179,400


December 31, 2010
Assets
Loans	$	—	$	—	$	106,904	$	106,904
Foreclosed properties		—		—		85,072		85,072


Total	$	—	$	—	$	191,976	$	191,976


September 30, 2010
Assets
Loans	$	—	$	—	$	121,257	$	121,257
Foreclosed properties		—		—		81,436		81,436


Total	$	—	$	—	$	202,693	$	202,693

Assets and Liabilities Not Measured at Fair Value

For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts.

The short maturity of United’s assets and liabilities results in having a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and cash equivalents, mortgage loans held for sale, federal funds purchased, repurchase agreements and other short-term borrowings. The fair value of securities available for sale equals the balance sheet value. United did not have any active derivative contracts outstanding at September 30, 2011, December 31, 2010 or September 30, 2010.

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. Because no ready market exists for a significant portion of United’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have significant effect on fair value estimates and have not been considered in the estimates.

Off-balance sheet instruments (commitments to extend credit and standby letters of credit) are generally short-term and at variable rates. Therefore, both the carrying amount and the estimated fair value associated with these instruments are immaterial.

The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s balance sheet at September 30, 2011, December 31, 2010, and September 30, 2010 are as follows (in thousands).


	September 30, 2011				December 31, 2010				September 30, 2010
	Carrying				Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value		Amount		Fair Value
Assets:
Securities held to maturity	$	353,739	$	369,020	$	265,807	$	267,988	$	256,694	$	263,012
Loans, net		3,963,783		3,787,214		4,429,431		4,196,142		4,584,891		4,272,201

Liabilities:
Deposits		6,005,305		5,998,994		6,469,172		6,481,867		5,998,637		6,003,543
Federal Home Loan Bank advances		40,625		43,685		55,125		59,498		55,125		60,215
Long-term debt		120,206		114,673		150,146		93,536		150,126		124,964

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Bulk Sale of Loans	9 Months Ended
Bulk Sale of Loans	Sep. 30, 2011
Bulk Sale of Loans [Abstract]
Bulk Sale of Loans	Note 15 — Bulk Sale of Loans On April 18, 2011, United completed the bulk sale of $80.6 million of loans that were reported as held for sale at March 31, 2011. The proceeds from the bulk sale were $87.9 million which resulted in a reduction of charge-offs in the second quarter of 2011.