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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of 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, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 

 
 

 
 

 
 

Debt securities available for sale:
 
 

 
 

 
 

 
 

U.S. Treasuries
 
$
154,618

 
$

 
$

 
$
154,618

U.S. Government agencies
 

 
3,035

 

 
3,035

State and political subdivisions
 

 
226,490

 

 
226,490

Residential mortgage-backed securities
 

 
1,299,025

 

 
1,299,025

Commercial mortgage-backed securities
 

 
284,953

 

 
284,953

Corporate bonds
 

 
202,093

 
998

 
203,091

Asset-backed securities
 

 
103,369

 

 
103,369

Equity securities with readily determinable fair values
 
1,973

 

 

 
1,973

Mortgage loans held for sale
 

 
58,484

 

 
58,484

Deferred compensation plan assets
 
8,133

 

 

 
8,133

Servicing rights for SBA/USDA loans
 

 

 
6,794

 
6,794

Residential mortgage servicing rights
 

 

 
13,565

 
13,565

Derivative financial instruments
 

 
27,769

 
7,238

 
35,007

Total assets
 
$
164,724

 
$
2,205,218

 
$
28,595

 
$
2,398,537

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
Deferred compensation plan liability
 
$
8,132

 
$

 
$

 
$
8,132

Derivative financial instruments
 

 
6,957

 
8,559

 
15,516

Total liabilities
 
$
8,132

 
$
6,957

 
$
8,559

 
$
23,648

December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 

 
 

 
 

 
 

Securities available for sale:
 
 

 
 

 
 

 
 

U.S. Treasuries
 
$
149,307

 
$

 
$

 
$
149,307

U.S. Government agencies
 

 
25,553

 

 
25,553

State and political subdivisions
 

 
233,941

 

 
233,941

Residential mortgage-backed securities
 

 
1,445,910

 

 
1,445,910

Commercial mortgage-backed securities
 

 
391,917

 

 
391,917

Corporate bonds
 

 
198,168

 
995

 
199,163

Asset-backed securities
 

 
182,676

 

 
182,676

Equity securities with readily determinable fair values
 
1,076

 

 

 
1,076

Mortgage loans held for sale
 

 
18,935

 

 
18,935

Deferred compensation plan assets
 
6,404

 

 

 
6,404

Servicing rights for SBA/USDA loans
 

 

 
7,510

 
7,510

Residential mortgage servicing rights
 

 

 
11,877

 
11,877

Derivative financial instruments
 

 
12,864

 
11,841

 
24,705

Total assets
 
$
156,787

 
$
2,509,964

 
$
32,223

 
$
2,698,974

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
Deferred compensation plan liability
 
$
6,404

 
$

 
$

 
$
6,404

Derivative financial instruments
 

 
10,701

 
15,732

 
26,433

Total liabilities
 
$
6,404

 
$
10,701

 
$
15,732

 
$
32,837


Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs The following table shows a reconciliation of the beginning and ending balances for all other assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands):
 
 
Derivative
Asset
 
Derivative
Liability
 
Debt Securities
Available-
for-Sale
 
 
December 31, 2016
$
11,777

 
$
16,347

 
$
675

 
 
Sales and settlements
(1,744
)
 
(2,423
)
 

 
 
Other comprehensive income

 

 
225

 
 
Amounts included in earnings - fair value adjustments
2,174

 
2,820

 

 
 
December 31, 2017
12,207

 
16,744

 
900

 
 
Sales and settlements
(1,029
)
 
(1,347
)
 

 
 
Other comprehensive income

 

 
95

 
 
Amounts included in earnings - fair value adjustments
663

 
335

 

 
 
December 31, 2018
11,841

 
15,732

 
995

 
 
Sales and settlements
(1,135
)
 
(2,330
)
 

 
 
Other comprehensive income

 

 
3

 
 
Amounts included in earnings - fair value adjustments
(3,468
)
 
(4,843
)
 

 
 
December 31, 2019
$
7,238

 
$
8,559

 
$
998

 

Schedule of liabilities measured at fair value on a recurring basis using significant unobservable inputs The following table shows a reconciliation of the beginning and ending balances for all other assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands):
 
 
Derivative
Asset
 
Derivative
Liability
 
Debt Securities
Available-
for-Sale
 
 
December 31, 2016
$
11,777

 
$
16,347

 
$
675

 
 
Sales and settlements
(1,744
)
 
(2,423
)
 

 
 
Other comprehensive income

 

 
225

 
 
Amounts included in earnings - fair value adjustments
2,174

 
2,820

 

 
 
December 31, 2017
12,207

 
16,744

 
900

 
 
Sales and settlements
(1,029
)
 
(1,347
)
 

 
 
Other comprehensive income

 

 
95

 
 
Amounts included in earnings - fair value adjustments
663

 
335

 

 
 
December 31, 2018
11,841

 
15,732

 
995

 
 
Sales and settlements
(1,135
)
 
(2,330
)
 

 
 
Other comprehensive income

 

 
3

 
 
Amounts included in earnings - fair value adjustments
(3,468
)
 
(4,843
)
 

 
 
December 31, 2019
$
7,238

 
$
8,559

 
$
998

 

Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis
The following table presents quantitative information about recurring Level 3 fair value measurements, excluding servicing rights which are detailed in Note 10 (in thousands)
 
 
Fair Value
 
 
 
 
 
Weighted Average
 
 
December 31,
 
Valuation Technique
 
 
 
December 31,
Level 3 Assets
 
2019
 
2018
 
 
Unobservable Inputs
 
2019
 
2018
Corporate bonds
 
998

 
995

 
Indicative bid provided by a broker
 
Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company
 
N/A

 
N/A

Derivative assets - mortgage
 
1,970

 
1,190

 
Internal model
 
Pull through rate
 
83.6
%
 
80.7
%
Derivative assets - other
 
5,268

 
10,651

 
Dealer priced
 
Dealer priced
 
N/A

 
N/A

Derivative liabilities - risk participations
 
12

 
8

 
Internal model
 
Probable exposure rate
 
0.36
%
 
0.44
%
 
 
 
 
 
 
 
 
Probability of default rate
 
1.80
%
 
1.80
%
Derivative liabilities - other
 
8,547

 
15,724

 
Dealer priced
 
Dealer priced
 
N/A

 
N/A


Schedule of presentation of United's assets measured at fair value on nonrecurring basis
The following table presents the fair value hierarchy and carrying value of all assets that were still held as of December 31, 2019 and 2018, for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands).

 
December 31, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
Loans
 
$

 
$

 
$
20,977

 
$
20,977

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
Loans
 
$

 
$

 
$
8,631

 
$
8,631

 

Schedule of summary of carrying amount and fair values for other financial instruments not measured at fair value on a recurring basis
The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s consolidated balance sheets are as follows (in thousands):
 
 
Carrying Amount
 
Fair Value Level
December 31, 2019
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
Securities held to maturity
 
$
283,533

 
$

 
$
287,904

 
$

 
$
287,904

Loans, net
 
8,750,464

 

 

 
8,714,592

 
8,714,592

 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
Deposits
 
10,897,244

 

 
10,897,465

 

 
10,897,465

Long-term debt
 
212,664

 

 

 
217,665

 
217,665

 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
Securities held to maturity
 
$
274,407

 
$

 
$
268,803

 
$

 
$
268,803

Loans, net
 
8,322,198

 

 

 
8,277,387

 
8,277,387

 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
Deposits
 
10,534,513

 

 
10,528,834

 

 
10,528,834

Federal Home Loan Bank advances
 
160,000

 

 
159,988

 

 
159,988

Long-term debt
 
267,189

 

 

 
278,996

 
278,996