UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ||||
FORM 10-Q | ||||
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
For the Quarterly Period Ended March 31, 2019 | ||||
OR | ||||
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
For the Transition Period from ___________ to ___________ | ||||
Commission file number 001-35095 | ||||
UNITED COMMUNITY BANKS, INC. | ||||
(Exact name of registrant as specified in its charter) |
Georgia | 58-1807304 | |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
125 Highway 515 East | ||
Blairsville, Georgia | 30512 | |
Address of Principal Executive Offices | (Zip Code) |
(706) 781-2265 | ||
(Telephone Number) |
Large accelerated filer ý | Accelerated filer ¨ |
Non-accelerated filer ¨ | Smaller reporting company ¨ |
Emerging growth company ¨ |
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Common stock, par value $1 per share | UCBI | Nasdaq Global Select Market |
Item 1. | Financial Statements. | ||
UNITED COMMUNITY BANKS, INC. Consolidated Statements of Income (Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(in thousands, except per share data) | 2019 | 2018 | ||||||
Interest revenue: | ||||||||
Loans, including fees | $ | 115,259 | $ | 96,469 | ||||
Investment securities, including tax exempt of $1,169 and $972 | 20,818 | 18,295 | ||||||
Deposits in banks and short-term investments | 439 | 526 | ||||||
Total interest revenue | 136,516 | 115,290 | ||||||
Interest expense: | ||||||||
Deposits: | ||||||||
NOW and interest-bearing demand | 3,536 | 1,113 | ||||||
Money market | 4,205 | 2,175 | ||||||
Savings | 32 | 49 | ||||||
Time | 8,184 | 2,956 | ||||||
Total deposit interest expense | 15,957 | 6,293 | ||||||
Short-term borrowings | 161 | 300 | ||||||
Federal Home Loan Bank advances | 1,422 | 2,124 | ||||||
Long-term debt | 3,342 | 3,288 | ||||||
Total interest expense | 20,882 | 12,005 | ||||||
Net interest revenue | 115,634 | 103,285 | ||||||
Provision for credit losses | 3,300 | 3,800 | ||||||
Net interest revenue after provision for credit losses | 112,334 | 99,485 | ||||||
Noninterest income: | ||||||||
Service charges and fees | 8,453 | 8,925 | ||||||
Mortgage loan and other related fees | 3,748 | 5,359 | ||||||
Brokerage fees | 1,337 | 872 | ||||||
Gains from sales of SBA/USDA loans | 1,303 | 1,778 | ||||||
Securities losses, net | (267 | ) | (940 | ) | ||||
Other | 6,394 | 6,402 | ||||||
Total noninterest income | 20,968 | 22,396 | ||||||
Total revenue | 133,302 | 121,881 | ||||||
Noninterest expenses: | ||||||||
Salaries and employee benefits | 47,503 | 42,875 | ||||||
Communications and equipment | 5,788 | 4,632 | ||||||
Occupancy | 5,584 | 5,613 | ||||||
Advertising and public relations | 1,286 | 1,515 | ||||||
Postage, printing and supplies | 1,586 | 1,637 | ||||||
Professional fees | 3,161 | 4,044 | ||||||
FDIC assessments and other regulatory charges | 1,710 | 2,476 | ||||||
Amortization of intangibles | 1,293 | 1,898 | ||||||
Merger-related and other charges | 546 | 2,054 | ||||||
Other | 7,627 | 6,731 | ||||||
Total noninterest expenses | 76,084 | 73,475 | ||||||
Net income before income taxes | 57,218 | 48,406 | ||||||
Income tax expense | 12,956 | 10,748 | ||||||
Net income | $ | 44,262 | $ | 37,658 | ||||
Net income available to common shareholders | $ | 43,947 | $ | 37,381 | ||||
Earnings per common share: | ||||||||
Basic | $ | 0.55 | $ | 0.47 | ||||
Diluted | 0.55 | 0.47 | ||||||
Weighted average common shares outstanding: | ||||||||
Basic | 79,807 | 79,205 | ||||||
Diluted | 79,813 | 79,215 |
UNITED COMMUNITY BANKS, INC. Consolidated Statements of Comprehensive Income (Unaudited) | ||||||||||||
(in thousands) | Three Months Ended March 31, | |||||||||||
Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | ||||||||||
2019 | ||||||||||||
Net income | $ | 57,218 | $ | (12,956 | ) | $ | 44,262 | |||||
Other comprehensive income: | ||||||||||||
Unrealized gains on available-for-sale securities: | ||||||||||||
Unrealized holding gains arising during period | 33,174 | (8,049 | ) | 25,125 | ||||||||
Reclassification adjustment for losses included in net income | 267 | (68 | ) | 199 | ||||||||
Net unrealized gains | 33,441 | (8,117 | ) | 25,324 | ||||||||
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity | 84 | (20 | ) | 64 | ||||||||
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges | 102 | (26 | ) | 76 | ||||||||
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | 174 | (44 | ) | 130 | ||||||||
Total other comprehensive income | 33,801 | (8,207 | ) | 25,594 | ||||||||
Comprehensive income | $ | 91,019 | $ | (21,163 | ) | $ | 69,856 | |||||
2018 | ||||||||||||
Net income | $ | 48,406 | $ | (10,748 | ) | $ | 37,658 | |||||
Other comprehensive loss: | ||||||||||||
Unrealized losses on available-for-sale securities: | ||||||||||||
Unrealized holding losses arising during period | (29,265 | ) | 7,155 | (22,110 | ) | |||||||
Reclassification adjustment for losses included in net income | 940 | (221 | ) | 719 | ||||||||
Net unrealized losses | (28,325 | ) | 6,934 | (21,391 | ) | |||||||
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity | 222 | (54 | ) | 168 | ||||||||
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges | 147 | (38 | ) | 109 | ||||||||
Defined benefit pension plan activity: | ||||||||||||
Net actuarial loss on defined benefit pension plan | (5 | ) | 1 | (4 | ) | |||||||
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | 227 | (58 | ) | 169 | ||||||||
Net defined benefit pension plan activity | 222 | (57 | ) | 165 | ||||||||
Total other comprehensive loss | (27,734 | ) | 6,785 | (20,949 | ) | |||||||
Comprehensive income | $ | 20,672 | $ | (3,963 | ) | $ | 16,709 |
UNITED COMMUNITY BANKS, INC. Consolidated Balance Sheets (Unaudited) | ||||||||
March 31, 2019 | December 31, 2018 | |||||||
(in thousands, except share data) | ||||||||
ASSETS | ||||||||
Cash and due from banks | $ | 118,659 | $ | 126,083 | ||||
Interest-bearing deposits in banks (includes restricted cash of $6.43 million and $6.70 million) | 206,836 | 201,182 | ||||||
Cash and cash equivalents | 325,495 | 327,265 | ||||||
Debt securities available for sale | 2,454,625 | 2,628,467 | ||||||
Debt securities held to maturity (fair value $265,117 and $268,803) | 265,329 | 274,407 | ||||||
Loans held for sale at fair value | 26,341 | 18,935 | ||||||
Loans and leases, net of unearned income | 8,493,254 | 8,383,401 | ||||||
Less allowance for loan and lease losses | (61,642 | ) | (61,203 | ) | ||||
Loans and leases, net | 8,431,612 | 8,322,198 | ||||||
Premises and equipment, net | 214,022 | 206,140 | ||||||
Bank owned life insurance | 193,489 | 192,616 | ||||||
Accrued interest receivable | 35,126 | 35,413 | ||||||
Net deferred tax asset | 51,055 | 64,224 | ||||||
Derivative financial instruments | 25,924 | 24,705 | ||||||
Goodwill and other intangible assets | 322,779 | 324,072 | ||||||
Other assets | 160,030 | 154,750 | ||||||
Total assets | $ | 12,505,827 | $ | 12,573,192 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing demand | $ | 3,313,861 | $ | 3,210,220 | ||||
NOW and interest-bearing demand | 2,205,117 | 2,274,775 | ||||||
Money market | 2,106,045 | 2,097,526 | ||||||
Savings | 681,739 | 669,886 | ||||||
Time | 1,668,563 | 1,598,391 | ||||||
Brokered | 558,981 | 683,715 | ||||||
Total deposits | 10,534,306 | 10,534,513 | ||||||
Federal Home Loan Bank advances | 40,000 | 160,000 | ||||||
Long-term debt | 257,259 | 267,189 | ||||||
Derivative financial instruments | 18,789 | 26,433 | ||||||
Accrued expenses and other liabilities | 147,315 | 127,503 | ||||||
Total liabilities | 10,997,669 | 11,115,638 | ||||||
Shareholders' equity: | ||||||||
Common stock, $1 par value; 150,000,000 shares authorized; 79,035,459 and 79,234,077 shares issued and outstanding | 79,035 | 79,234 | ||||||
Common stock issuable; 621,491 and 674,499 shares | 10,291 | 10,744 | ||||||
Capital surplus | 1,494,400 | 1,499,584 | ||||||
Accumulated deficit | (59,573 | ) | (90,419 | ) | ||||
Accumulated other comprehensive loss | (15,995 | ) | (41,589 | ) | ||||
Total shareholders' equity | 1,508,158 | 1,457,554 | ||||||
Total liabilities and shareholders' equity | $ | 12,505,827 | $ | 12,573,192 |
UNITED COMMUNITY BANKS, INC. Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) For the Three Months Ended March 31, | ||||||||||||||||||||||||
(in thousands, except share and per share data) | Common Stock | Common Stock Issuable | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||
Balance, December 31, 2017 | $ | 77,580 | $ | 9,083 | $ | 1,451,814 | $ | (209,902 | ) | $ | (25,241 | ) | $ | 1,303,334 | ||||||||||
Net income | 37,658 | 37,658 | ||||||||||||||||||||||
Other comprehensive loss | (20,949 | ) | (20,949 | ) | ||||||||||||||||||||
Common stock issued to dividend reinvestment plan and employee benefit plans (5,204 shares) | 5 | 139 | 144 | |||||||||||||||||||||
Common stock issued for acquisition (1,443,987 shares) | 1,444 | 44,302 | 45,746 | |||||||||||||||||||||
Amortization of stock option and restricted stock awards | 1,148 | 1,148 | ||||||||||||||||||||||
Vesting of restricted stock and exercise of stock options, net of shares surrendered to cover payroll taxes (48,310 shares issued, 46,074 shares deferred) | 48 | 850 | (1,725 | ) | (827 | ) | ||||||||||||||||||
Deferred compensation plan, net, including dividend equivalents | 143 | 143 | ||||||||||||||||||||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (45,558 shares) | 46 | (684 | ) | 629 | (9 | ) | ||||||||||||||||||
Common stock dividends ($0.12 per share) | (9,633 | ) | (9,633 | ) | ||||||||||||||||||||
Balance, March 31, 2018 | $ | 79,123 | $ | 9,392 | $ | 1,496,307 | $ | (181,877 | ) | $ | (46,190 | ) | $ | 1,356,755 | ||||||||||
Balance, December 31, 2018 | $ | 79,234 | $ | 10,744 | $ | 1,499,584 | $ | (90,419 | ) | $ | (41,589 | ) | $ | 1,457,554 | ||||||||||
Net income | 44,262 | 44,262 | ||||||||||||||||||||||
Other comprehensive income | 25,594 | 25,594 | ||||||||||||||||||||||
Exercise of stock options (12,000 shares) | 12 | 185 | 197 | |||||||||||||||||||||
Common stock issued to dividend reinvestment plan and employee benefit plans (8,445 shares) | 8 | 178 | 186 | |||||||||||||||||||||
Amortization of restricted stock awards | 1,985 | 1,985 | ||||||||||||||||||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (15,945 shares issued, 19,450 shares deferred) | 16 | 532 | (865 | ) | (317 | ) | ||||||||||||||||||
Purchases of common stock (305,052 shares) | (305 | ) | (7,535 | ) | (7,840 | ) | ||||||||||||||||||
Deferred compensation plan, net, including dividend equivalents | 185 | 185 | ||||||||||||||||||||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (70,044 shares) | 70 | (1,170 | ) | 868 | (232 | ) | ||||||||||||||||||
Common stock dividends ($0.16 per share) | (12,867 | ) | (12,867 | ) | ||||||||||||||||||||
Adoption of new accounting standard | (549 | ) | (549 | ) | ||||||||||||||||||||
Balance, March 31, 2019 | $ | 79,035 | $ | 10,291 | $ | 1,494,400 | $ | (59,573 | ) | $ | (15,995 | ) | $ | 1,508,158 |
UNITED COMMUNITY BANKS, INC. Consolidated Statements of Cash Flows (Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(in thousands) | 2019 | 2018 | ||||||
Operating activities: | ||||||||
Net income | $ | 44,262 | $ | 37,658 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation, amortization and accretion | 6,373 | 10,487 | ||||||
Provision for credit losses | 3,300 | 3,800 | ||||||
Stock based compensation | 1,985 | 1,148 | ||||||
Deferred income tax expense | 658 | 10,225 | ||||||
Securities losses, net | 267 | 940 | ||||||
Gains from sales of SBA/USDA loans | (1,303 | ) | (1,778 | ) | ||||
Net (gains) losses and write downs on sales of other real estate owned | (45 | ) | 188 | |||||
Changes in assets and liabilities: | ||||||||
Other assets and accrued interest receivable | (6,206 | ) | (385 | ) | ||||
Accrued expenses and other liabilities | (5,994 | ) | 1,371 | |||||
Loans held for sale | (7,406 | ) | 8,833 | |||||
Net cash provided by operating activities | 35,891 | 72,487 | ||||||
Investing activities: | ||||||||
Debt securities held to maturity: | ||||||||
Proceeds from maturities and calls of securities held to maturity | 9,049 | 13,832 | ||||||
Purchases of securities held to maturity | — | (4,781 | ) | |||||
Debt securities available for sale and equity securities: | ||||||||
Proceeds from sales of securities available for sale | 178,604 | 113,961 | ||||||
Proceeds from maturities and calls of securities available for sale | 60,779 | 85,331 | ||||||
Purchases of securities available for sale | (34,729 | ) | (30,161 | ) | ||||
Net increase in loans | (90,380 | ) | (79,404 | ) | ||||
Proceeds from sales of premises and equipment | 105 | 195 | ||||||
Purchases of premises and equipment | (11,686 | ) | (6,107 | ) | ||||
Net cash paid for acquisition | — | (56,800 | ) | |||||
Proceeds from sale of other real estate | 974 | 957 | ||||||
Net cash provided by investing activities | 112,716 | 37,023 | ||||||
Financing activities: | ||||||||
Net change in deposits | 117 | 186,089 | ||||||
Net change in short-term borrowings | — | (264,923 | ) | |||||
Repayment of long-term debt | (10,110 | ) | (12,309 | ) | ||||
Proceeds from FHLB advances | 780,000 | 760,000 | ||||||
Repayment of FHLB advances | (900,000 | ) | (830,000 | ) | ||||
Proceeds from issuance of subordinated debt, net of issuance costs | — | 98,188 | ||||||
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 186 | 144 | ||||||
Proceeds from exercise of stock options | 197 | — | ||||||
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock | (549 | ) | (836 | ) | ||||
Repurchase of common stock | (7,342 | ) | — | |||||
Cash dividends on common stock | (12,876 | ) | (7,885 | ) | ||||
Net cash used in financing activities | (150,377 | ) | (71,532 | ) | ||||
Net change in cash and cash equivalents, including restricted cash | (1,770 | ) | 37,978 | |||||
Cash and cash equivalents, including restricted cash, at beginning of period | 327,265 | 314,275 | ||||||
Cash and cash equivalents, including restricted cash, at end of period | $ | 325,495 | $ | 352,253 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Interest paid | $ | 22,963 | $ | 13,069 | ||||
Income taxes paid | 939 | 811 | ||||||
Significant non-cash investing and financing transactions: | ||||||||
Unsettled securities purchases | — | 4,790 | ||||||
Unsettled government guaranteed loan sales | 13,934 | 14,240 | ||||||
Transfers of loans to foreclosed properties | 751 | 625 | ||||||
Unsettled repurchases of common stock | 498 | — | ||||||
Acquisitions: | ||||||||
Assets acquired | — | 480,679 | ||||||
Liabilities assumed | — | 350,433 | ||||||
Net assets acquired | — | 130,246 | ||||||
Common stock issued in acquisitions | — | 45,746 |
Gross Amounts of Recognized Assets | Gross Amounts Offset on the Balance Sheet | Gross Amounts not Offset in the Balance Sheet | ||||||||||||||||||||||
March 31, 2019 | Net Asset Balance | Financial Instruments | Collateral Received | Net Amount | ||||||||||||||||||||
Derivatives | $ | 25,924 | $ | — | $ | 25,924 | $ | (2,295 | ) | $ | (1,797 | ) | $ | 21,832 | ||||||||||
Total | $ | 25,924 | $ | — | $ | 25,924 | $ | (2,295 | ) | $ | (1,797 | ) | $ | 21,832 | ||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset on the Balance Sheet | Net Liability Balance | Gross Amounts not Offset in the Balance Sheet | |||||||||||||||||||||
Financial Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||||
Derivatives | $ | 18,789 | $ | — | $ | 18,789 | $ | (2,295 | ) | $ | (11,870 | ) | $ | 4,624 | ||||||||||
Total | $ | 18,789 | $ | — | $ | 18,789 | $ | (2,295 | ) | $ | (11,870 | ) | $ | 4,624 | ||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset on the Balance Sheet | Gross Amounts not Offset in the Balance Sheet | ||||||||||||||||||||||
December 31, 2018 | Net Asset Balance | Financial Instruments | Collateral Received | Net Amount | ||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 50,000 | $ | (50,000 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
Derivatives | 24,705 | — | 24,705 | (973 | ) | (8,029 | ) | 15,703 | ||||||||||||||||
Total | $ | 74,705 | $ | (50,000 | ) | $ | 24,705 | $ | (973 | ) | $ | (8,029 | ) | $ | 15,703 | |||||||||
Weighted average interest rate of reverse repurchase agreements | 3.20 | % | ||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset on the Balance Sheet | Gross Amounts not Offset in the Balance Sheet | ||||||||||||||||||||||
Net Liability Balance | Financial Instruments | Collateral Pledged | Net Amount | |||||||||||||||||||||
Repurchase agreements / reverse repurchase agreements | $ | 50,000 | $ | (50,000 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
Derivatives | 26,433 | — | 26,433 | (973 | ) | (16,126 | ) | 9,334 | ||||||||||||||||
Total | $ | 76,433 | $ | (50,000 | ) | $ | 26,433 | $ | (973 | ) | $ | (16,126 | ) | $ | 9,334 | |||||||||
Weighted average interest rate of repurchase agreements | 2.45 | % |
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
Overnight and Continuous | Up to 30 Days | 30 to 90 Days | 91 to 110 days | Total | ||||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | 50,000 | $ | — | $ | 50,000 | ||||||||||
Total | $ | — | $ | — | $ | 50,000 | $ | — | $ | 50,000 | ||||||||||
Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure | $ | 50,000 | ||||||||||||||||||
Amounts related to agreements not included in offsetting disclosure | $ | — |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
As of March 31, 2019 | |||||||||||||||
State and political subdivisions | $ | 65,519 | $ | 1,443 | $ | 456 | $ | 66,506 | |||||||
Residential mortgage-backed securities | 170,980 | 1,078 | 2,532 | 169,526 | |||||||||||
Commercial mortgage-backed securities | 28,830 | 323 | 68 | 29,085 | |||||||||||
Total | $ | 265,329 | $ | 2,844 | $ | 3,056 | $ | 265,117 | |||||||
As of December 31, 2018 | |||||||||||||||
State and political subdivisions | $ | 68,551 | $ | 952 | $ | 2,191 | $ | 67,312 | |||||||
Residential mortgage-backed securities | 176,488 | 652 | 5,094 | 172,046 | |||||||||||
Commercial mortgage-backed securities | 29,368 | 173 | 96 | 29,445 | |||||||||||
Total | $ | 274,407 | $ | 1,777 | $ | 7,381 | $ | 268,803 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
As of March 31, 2019 | |||||||||||||||
U.S. Treasuries | $ | 142,409 | $ | 22 | $ | 576 | $ | 141,855 | |||||||
U.S. Government agencies | 4,812 | 292 | 3 | 5,101 | |||||||||||
State and political subdivisions | 217,120 | 5,124 | 64 | 222,180 | |||||||||||
Residential mortgage-backed securities | 1,414,612 | 9,222 | 9,749 | 1,414,085 | |||||||||||
Commercial mortgage-backed securities | 345,198 | 432 | 2,291 | 343,339 | |||||||||||
Corporate bonds | 200,471 | 506 | 301 | 200,676 | |||||||||||
Asset-backed securities | 128,359 | 183 | 1,153 | 127,389 | |||||||||||
Total | $ | 2,452,981 | $ | 15,781 | $ | 14,137 | $ | 2,454,625 | |||||||
As of December 31, 2018 | |||||||||||||||
U.S. Treasuries | $ | 150,712 | $ | 767 | $ | 2,172 | $ | 149,307 | |||||||
U.S. Government agencies | 25,493 | 335 | 275 | 25,553 | |||||||||||
State and political subdivisions | 234,750 | 907 | 1,716 | 233,941 | |||||||||||
Residential mortgage-backed securities | 1,464,380 | 3,428 | 21,898 | 1,445,910 | |||||||||||
Commercial mortgage-backed securities | 399,663 | 187 | 7,933 | 391,917 | |||||||||||
Corporate bonds | 200,582 | 502 | 1,921 | 199,163 | |||||||||||
Asset-backed securities | 184,683 | 328 | 2,335 | 182,676 | |||||||||||
Total | $ | 2,660,263 | $ | 6,454 | $ | 38,250 | $ | 2,628,467 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
As of March 31, 2019 | |||||||||||||||||||||||
State and political subdivisions | $ | — | $ | — | $ | 22,356 | $ | 456 | $ | 22,356 | $ | 456 | |||||||||||
Residential mortgage-backed securities | — | — | 112,921 | 2,532 | 112,921 | 2,532 | |||||||||||||||||
Commercial mortgage-backed securities | — | — | 4,095 | 68 | 4,095 | 68 | |||||||||||||||||
Total unrealized loss position | $ | — | $ | — | $ | 139,372 | $ | 3,056 | $ | 139,372 | $ | 3,056 | |||||||||||
As of December 31, 2018 | |||||||||||||||||||||||
State and political subdivisions | $ | 7,062 | $ | 46 | $ | 34,146 | $ | 2,145 | $ | 41,208 | $ | 2,191 | |||||||||||
Residential mortgage-backed securities | 6,579 | 61 | 136,376 | 5,033 | 142,955 | 5,094 | |||||||||||||||||
Commercial mortgage-backed securities | — | — | 4,290 | 96 | 4,290 | 96 | |||||||||||||||||
Total unrealized loss position | $ | 13,641 | $ | 107 | $ | 174,812 | $ | 7,274 | $ | 188,453 | $ | 7,381 |
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
As of March 31, 2019 | |||||||||||||||||||||||
U.S. Treasuries | $ | — | $ | — | $ | 122,122 | $ | 576 | $ | 122,122 | $ | 576 | |||||||||||
U.S. Government agencies | — | — | 471 | 3 | 471 | 3 | |||||||||||||||||
State and political subdivisions | 415 | 1 | 18,186 | 63 | 18,601 | 64 | |||||||||||||||||
Residential mortgage-backed securities | 47,263 | 644 | 665,525 | 9,105 | 712,788 | 9,749 | |||||||||||||||||
Commercial mortgage-backed securities | — | — | 237,883 | 2,291 | 237,883 | 2,291 | |||||||||||||||||
Corporate bonds | — | — | 108,272 | 301 | 108,272 | 301 | |||||||||||||||||
Asset-backed securities | 71,224 | 720 | 17,825 | 433 | 89,049 | 1,153 | |||||||||||||||||
Total unrealized loss position | $ | 118,902 | $ | 1,365 | $ | 1,170,284 | $ | 12,772 | $ | 1,289,186 | $ | 14,137 | |||||||||||
As of December 31, 2018 | |||||||||||||||||||||||
U.S. Treasuries | $ | — | $ | — | $ | 120,391 | $ | 2,172 | $ | 120,391 | $ | 2,172 | |||||||||||
U.S. Government agencies | — | — | 21,519 | 275 | 21,519 | 275 | |||||||||||||||||
State and political subdivisions | 15,160 | 28 | 133,500 | 1,688 | 148,660 | 1,716 | |||||||||||||||||
Residential mortgage-backed securities | 234,583 | 808 | 775,360 | 21,090 | 1,009,943 | 21,898 | |||||||||||||||||
Commercial mortgage-backed securities | 4,552 | 594 | 355,292 | 7,339 | 359,844 | 7,933 | |||||||||||||||||
Corporate bonds | — | — | 117,296 | 1,921 | 117,296 | 1,921 | |||||||||||||||||
Asset-backed securities | 74,492 | 1,879 | 31,968 | 456 | 106,460 | 2,335 | |||||||||||||||||
Total unrealized loss position | $ | 328,787 | $ | 3,309 | $ | 1,555,326 | $ | 34,941 | $ | 1,884,113 | $ | 38,250 |
Three Months Ended March 31, | |||||||||
2019 | 2018 | ||||||||
Proceeds from sales | $ | 178,604 | $ | 113,961 | |||||
Gross gains on sales | $ | 1,287 | $ | 417 | |||||
Gross losses on sales | (1,554 | ) | (1,357 | ) | |||||
Net losses on sales of securities | $ | (267 | ) | $ | (940 | ) | |||
Income tax benefit attributable to sales | $ | (68 | ) | $ | (221 | ) |
Available-for-Sale | Held-to-Maturity | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
U.S. Treasuries: | |||||||||||||||
1 to 5 years | $ | 142,409 | $ | 141,855 | $ | — | $ | — | |||||||
142,409 | 141,855 | — | — | ||||||||||||
U.S. Government agencies: | |||||||||||||||
1 to 5 years | 474 | 471 | — | — | |||||||||||
More than 10 years | 4,338 | 4,630 | — | — | |||||||||||
4,812 | 5,101 | — | — | ||||||||||||
State and political subdivisions: | |||||||||||||||
Within 1 year | 500 | 502 | 3,250 | 3,262 | |||||||||||
1 to 5 years | 36,058 | 36,060 | 11,567 | 12,024 | |||||||||||
5 to 10 years | 35,888 | 36,743 | 7,753 | 8,423 | |||||||||||
More than 10 years | 144,674 | 148,875 | 42,949 | 42,797 | |||||||||||
217,120 | 222,180 | 65,519 | 66,506 | ||||||||||||
Corporate bonds: | |||||||||||||||
Within 1 year | 10,239 | 10,219 | — | — | |||||||||||
1 to 5 years | 187,732 | 187,948 | — | — | |||||||||||
5 to 10 years | 1,500 | 1,514 | — | — | |||||||||||
More than 10 years | 1,000 | 995 | — | — | |||||||||||
200,471 | 200,676 | — | — | ||||||||||||
Asset-backed securities: | |||||||||||||||
1 to 5 years | 2,121 | 2,107 | — | — | |||||||||||
More than 10 years | 126,238 | 125,282 | — | — | |||||||||||
128,359 | 127,389 | — | — | ||||||||||||
Total securities other than mortgage-backed securities: | |||||||||||||||
Within 1 year | 10,739 | 10,721 | 3,250 | 3,262 | |||||||||||
1 to 5 years | 368,794 | 368,441 | 11,567 | 12,024 | |||||||||||
5 to 10 years | 37,388 | 38,257 | 7,753 | 8,423 | |||||||||||
More than 10 years | 276,250 | 279,782 | 42,949 | 42,797 | |||||||||||
Residential mortgage-backed securities | 1,414,612 | 1,414,085 | 170,980 | 169,526 | |||||||||||
Commercial mortgage-backed securities | 345,198 | 343,339 | 28,830 | 29,085 | |||||||||||
$ | 2,452,981 | $ | 2,454,625 | $ | 265,329 | $ | 265,117 |
March 31, 2019 | December 31, 2018 | ||||||
Owner occupied commercial real estate | $ | 1,620,068 |