Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities

Securities held for indefinite periods of time are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows.

	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance For Credit Losses		Estimated Fair Value
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	66,394	$	912	$	3	$	0	$	67,303
State and political subdivisions		502,293		18,823		236		0		520,880
Residential mortgage-backed securities
Agency		819,073		29,209		51		0		848,231
Non-agency		61,954		1,011		0		0		62,965
Commercial mortgage-backed securities
Agency		591,303		31,581		99		0		622,785
Asset-backed securities		293,293		0		15,572		0		277,721
Trust preferred collateralized debt obligations		11,895		2,644		1,702		0		12,837
Single issue trust preferred securities		18,211		159		2,179		0		16,191
Other corporate securities		365,934		6,430		1,336		0		371,028
Total	$	2,730,350	$	90,769	$	21,178	$	0	$	2,799,941

	December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cumulative OTTI in AOCI (1)
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	58,127	$	555	$	6	$	58,676	$	0
State and political subdivisions		272,014		3,644		3,296		272,362		0
Residential mortgage-backed securities
Agency		826,857		10,923		1,246		836,534		0
Non-agency		3,429		404		0		3,833		86
Commercial mortgage-backed securities
Agency		609,461		8,319		2,807		614,973		0
Asset-backed securities		284,390		0		8,251		276,139		0
Trust preferred collateralized debt obligations		6,045		0		1,342		4,703		842
Single issue trust preferred securities		18,196		170		1,592		16,774		0
Other corporate securities		348,405		4,897		0		353,302		0
Total	$	2,426,924	$	28,912	$	18,540	$	2,437,296	$	928

(1) Non-credit related other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax.

Summary of Securities Available for Sale in an Unrealized Loss Position

The following is a summary of securities available for sale which were in an unrealized loss position at June 30, 2020 and December 31, 2019.

	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
June 30, 2020
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	348	$	3	$	0	$	0	$	348	$	3
State and political subdivisions		17,795		235		226		1		18,021		236
Residential mortgage-backed securities
Agency		26,496		51		0		0		26,496		51
Non-agency		0		0		0		0		0		0
Commercial mortgage-backed securities
Agency		14,025		99		0		0		14,025		99
Asset-backed securities		11,202		675		254,882		14,897		266,084		15,572
Trust preferred collateralized debt obligations		0		0		4,347		1,702		4,347		1,702
Single issue trust preferred securities		0		0		12,984		2,179		12,984		2,179
Other corporate securities		96,038		1,336		0		0		96,038		1,336
Total	$	165,904	$	2,399	$	272,439	$	18,779	$	438,343	$	21,178

	Less than 12 months				12 months or longer				Total
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
December 31, 2019
U.S. Treasury securities and obligations of U.S. Government corporations and agencies	$	1,415	$	6	$	0	$	0	$	1,415	$	6
State and political subdivisions		144,307		3,291		885		5		145,192		3,296
Residential mortgage-backed securities
Agency		108,072		502		71,736		744		179,808		1,246
Non-agency		0		0		0		0		0		0
Commercial mortgage-backed securities
Agency		173,039		2,676		45,251		131		218,290		2,807
Asset-backed securities		135,174		3,252		140,965		4,999		276,139		8,251
Trust preferred collateralized debt obligations		2,703		842		2,000		500		4,703		1,342
Single issue trust preferred securities		0		0		13,562		1,592		13,562		1,592
Other corporate securities		0		0		0		0		0		0
Total	$	564,710	$	10,569	$	274,399	$	7,971	$	839,109	$	18,540

Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method

The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries

	Three Months Ended June 30				Six Months Ended June 30
	2020		2019		2020		2019
Proceeds from sales and calls	$	280,780	$	188,432	$	413,706	$	384,763
Gross realized gains		1,565		739		1,818		754
Gross realized losses		98		608		177		972

Summary of Equity Securities

The fair value of United’s equity securities was $9,875 at June 30, 2020 and $8,894 at December 31, 2019.

	Three Months Ended June 30						Six Months Ended June 30
	2020			2019			2020			2019
Net gains recognized during the period	$	43		$	55		$	65		$	244
Net gains recognized during the period on equity securities sold		1			2			7			134
Unrealized gains recognized during the period on equity securities still held at period end		43			64			114			122
Unrealized losses recognized during the period on equity securities still held at period end		(1	)		(11	)		(56	)		(12	)

Available-for-sale Securities [Member]

Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value

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

	June 30, 2020				December 31, 2019
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Due in one year or less	$	125,837	$	127,307	$	92,422	$	92,473
Due after one year through five years		497,487		514,819		583,715		592,850
Due after five years through ten years		634,934		658,516		564,922		568,241
Due after ten years		1,472,092		1,499,299		1,185,865		1,183,732
Total	$	2,730,350	$	2,799,941	$	2,426,924	$	2,437,296