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United Bankshares
UBSI
#2849
Rank
$5.96 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$43.26
Share price
0.39%
Change (1 day)
18.68%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. United Bankshares
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-08

United Bankshares - 10-Q quarterly report FY


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
10-Q
 
 
 
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
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:
002-86947
 
 
United Bankshares, Inc.
(Exact name of registrant as specified in its charter)
 
 
 
West Virginia
 
55-0641179
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
300 United Center
500 Virginia Street, East
Charleston, West Virginia
 
25301
(Address of principal executive offices)
 
Zip Code
Registrant’s telephone number, including area code: (304)
424-8716
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
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 $2.50 per share  UBSI  NASDAQ Global Select Market
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
Yes
 
☒
 No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 
☒
 No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer ☒  Accelerated filer ☐
Non-accelerated filer ☐  Smaller reporting company ☐
   Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Act). Yes ☐
 No
 
☒
As of
April
 30, 2026
, the registrant had
137,798,590
shares of common stock, $2.50 par value per share, outstanding.
 
 
 

UNITED BANKSHARES, INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

 

   Page 

PART I. FINANCIAL INFORMATION

  

Item 1. Financial Statements

  

Consolidated Balance Sheets (Unaudited) March 31, 2026 and December 31, 2025

   4 

Consolidated Statements of Income (Unaudited) for the Three Months Ended

March 31, 2026 and 2025

   5 

Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended

March 31, 2026 and 2025

   7 

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) for the Three Months

Ended March 31, 2026 and 2025

   8 

Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months

Ended March 31, 2026 and 2025

   9 

Notes to Consolidated Financial Statements (Unaudited)

   10 

Item 2. Management’s Discussion and Analysis of Financial Condition and

Results of Operations

   54 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

   72 

Item 4. Controls and Procedures

   74 

PART II. OTHER INFORMATION

  

Item 1. Legal Proceedings

   76 

Item 1A. Risk Factors

   76 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

   76 

Item 3. Defaults Upon Senior Securities

   77 

Item 4. Mine Safety Disclosures

   77 

Item 5. Other Information

   77 

Item 6. Exhibits

   78 

Signatures

   79 

 

 

2

P3Yhttp://fasb.org/us-gaap/2025#Assetshttp://fasb.org/us-gaap/2025#Liabilities
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS (UNAUDITED)
The March 31, 2026 and December 31, 2025, consolidated balance sheets of United Bankshares, Inc. and Subsidiaries (“United” or the “Company”), consolidated statements of income and comprehensive income for the three months ended March 31, 2026 and 2025, the related consolidated statement of changes in shareholders’ equity for the three months ended March 31, 2026 and 2025, the related condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025, and the notes to consolidated financial statements appear on the following pages.
 
3
Table of Contents
CONSOLIDATED BALANCE SHEETS
UNITED BANKSHARES, INC. AND SUBSIDIARIES
 
(Dollars in thousands, except par value)
  
March 31

2026
  
December 
31

2025
 
   
(Unaudited)
  
(Note 1)
 
Assets
   
Cash and due from banks
  
$
269,037  
$
247,613 
Interest-bearing deposits with other banks
   2,034,614   2,293,279 
Federal funds sold
   1,383   1,358 
  
 
 
  
 
 
 
Total cash and cash equivalents
   2,305,034   2,542,250 
Securities available for sale at estimated fair value (amortized cost-$3,430,689 at March 31, 2026 and $3,264,860 at December 31, 2025, allowance for credit losses of $0 at March 31, 2026 and December 31, 2025)
   3,212,072   3,059,452 
Securities held to maturity, net of allowance for credit losses of $16 at March 31, 2026 and December 31, 2025 (estimated fair value-$1,020 at March 31, 2026 and December 31, 2025)
   1,004   1,004 
Equity securities at estimated fair value
   12,248   34,760 
Other investment securities
   305,244   305,184 
Loans held for sale measured using fair value option
   29,235   31,277 
Loans and leases
   24,874,739   24,720,620 
Less: Unearned income
   (11,601)   (11,498
) 
  
 
 
  
 
 
 
Loans and leases, net of unearned income
   24,863,138   24,709,122 
Less: Allowance for loan and lease losses
   (299,599
) 
  (297,518
) 
  
 
 
  
 
 
 
Net loans and leases
   24,563,539   24,411,604 
Bank premises and equipment
   209,138   208,831 
Operating lease
right-of-use
assets
   87,841   89,312 
Goodwill
   2,018,848   
2,018,848
 
Bank-owned life insurance (“BOLI”)
   551,306   547,127 
Accrued interest receivable
   109,470   109,232 
Other assets
   300,401   301,400 
  
 
 
  
 
 
 
TOTAL ASSETS
  
$
33,705,380  
$
 
33,660,281
 
  
 
 
  
 
 
 
Liabilities
   
Deposits:
   
Noninterest-bearing
  
$
6,409,918  
$
6,573,630 
Interest-bearing
   20,710,965   20,487,309 
  
 
 
  
 
 
 
Total deposits
   27,120,883   27,060,939 
Borrowings:
   
Securities sold under agreements to repurchase
   166,175   198,573 
Federal Home Loan Bank (“FHLB”) borrowings
   250,000   
250,000
 
Other long-term borrowings
   282,216   281,817 
Reserve for lending-related commitments
   37,047   35,075 
Operating lease liabilities
   93,921   95,392 
Accrued expenses and other liabilities
   267,012   242,502 
  
 
 
  
 
 
 
TOTAL LIABILITIES
   28,217,254   28,164,298 
Shareholders’ Equity
   
Preferred stock, $1.00 par value;
Authorized-50,000,000
shares, none issued
   
0
   
0
 
Common stock, $2.50 par value;
Authorized-200,000,000
shares;
issued-151,168,230
and 150,856,999 at March 31, 2026 and December 31, 2025, respectively, including 12,737,221 and 10,976,752 shares in treasury at March 31, 2026 and December 31, 2025, respectively
   377,921   377,142 
Surplus
   3,470,304   3,468,869 
Retained earnings
   2,241,354   2,170,327 
Accumulated other comprehensive loss
   (149,115
) 
  (138,927
) 
Treasury stock, at cost
   (452,338
) 
  (381,428
) 
  
 
 
  
 
 
 
TOTAL SHAREHOLDERS’ EQUITY
   5,488,126   5,495,983 
  
 
 
  
 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
  
$
33,705,380
  
$
33,660,281
 
  
 
 
  
 
 
 
See notes to consolidated financial statements (unaudited).
 
4
Table of Contents
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
 
(Dollars in thousands, except per share data)
  
Three Months Ended

March 31
 
   
2026
   
2025
 
Interest income
    
Interest and fees on loans
  $ 367,950   $ 351,836 
Interest on federal funds sold and other short-term investments
   20,710    23,726 
Interest and dividends on securities:
    
Taxable
   26,082    26,911 
Tax-exempt
   1,187    1,174 
  
 
 
   
 
 
 
Total interest income
   415,929    403,647 
Interest expense
    
Interest on deposits
   126,728    136,288 
Interest on short-term borrowings
   1,439    1,450 
Interest on long-term borrowings
   5,247    5,854 
  
 
 
   
 
 
 
Total interest expense
   133,414    143,592 
  
 
 
   
 
 
 
Net interest income
   282,515    260,055 
Provision for credit losses
   7,776    29,103 
  
 
 
   
 
 
 
Net interest income after provision for credit losses
   274,739    230,952 
Other income
    
Fees from trust services
   4,857    4,782 
Fees from brokerage services
   7,403    5,645 
Fees from deposit services
   9,577    9,307 
Bankcard fees and merchant discounts
   1,977    1,751 
Other service charges, commissions, and fees
   1,099    1,081 
Income from bank-owned life insurance
   2,994    3,370 
Income from mortgage banking activities
   2,555    2,479 
Net investment securities gains
   2,265    521 
Other income
   1,336    618 
  
 
 
   
 
 
 
Total other income
   34,063    29,554 
Other expense
    
Employee compensation
   63,493    60,866 
Employee benefits
   15,980    13,291 
Net occupancy expense
   13,013    12,601 
Other real estate owned (“OREO”) expense
   475    22 
Net gains on the sales of OREO properties
   0    (11) 
Equipment expense
   8,740    8,582 
Data processing expense
   7,001    8,455 
Bankcard processing expense
   623    600 
FDIC insurance expense
   4,476    4,728 
Other expense
   39,013    44,439 
  
 
 
   
 
 
 
Total other expense
   152,814    153,573 
  
 
 
   
 
 
 
Income before income taxes
   155,988    106,933 
Income taxes
   31,788    22,627 
  
 
 
   
 
 
 
Net income
  $124,200   $84,306 
  
 
 
   
 
 
 
 
5
Table of Contents
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - continued
UNITED BANKSHARES, INC. AND SUBSIDIARIES
 
(Dollars in thousands, except per share data)
  
Three Months Ended

March 31
 
   
2026
   
2025
 
Earnings per common share:
    
Basic
  $0.89   $0.59 
  
 
 
   
 
 
 
Diluted
  $0.89   $0.59 
  
 
 
   
 
 
 
Average outstanding shares:
    
Basic
   139,566,209    142,330,694 
Diluted
   140,092,196    142,698,118 
See notes to consolidated financial statements (unaudited).
 
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Table of Contents
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
 
(Dollars in thousands)
  
Three Months Ended
March 31
 
   
2026
  
2025
 
Net income
  $ 124,200  $84,306 
Other comprehensive (loss) income on
available-for-sale
(“AFS”) securities, net of tax
   (10,052)   33,167 
Other comprehensive loss on cash flow hedge, net of tax
   (136)   (4,272) 
  
 
 
  
 
 
 
Total comprehensive income, net of tax
  $114,012  $ 113,201 
  
 
 
  
 
 
 
See notes to consolidated financial statements (unaudited).
 
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Table of Contents
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
(Dollars in thousands, except per share data)
 
   
Three Months Ended March 31, 2026
 
                 
Accumulated

Other

Comprehensive
Loss
       
   
Common Stock
            
Total

Shareholders’
Equity
 
   
Shares
   
Par

Value
   
Surplus
  
Retained
Earnings
  
Treasury
Stock
 
Balance at January 1, 2026
   150,856,999   $377,142   $3,468,869  $2,170,327  $(138,927)  $(381,428)  $5,495,983 
Comprehensive income:
          
Net income
   0    0    0   124,200   0   0   124,200 
Other comprehensive loss, net of tax
   0    0    0   0   (10,188)   0   (10,188) 
          
 
 
 
Total comprehensive income, net of tax
           114,012 
Stock based compensation expense
   0    0    3,214   0   0   0   3,214 
Stock grant forfeiture (2,236 shares)
   0    0    83   0   0   (83)   0 
Purchase of treasury stock (1,758,233 shares)
   0    0    0   0   0   (70,261)   (70,261) 
Excise tax on net stock repurchases
   0    0    0   0   0   (566)   (566) 
Cash dividends ($0.38 per share)
   0    0    0   (53,173)   0   0   (53,173) 
Net issuance of common stock under stock-based compensation plans (311,231 shares)
   311,231    779    (1,862)   0   0   0   (1,083) 
  
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Balance at March 31, 2026
   151,168,230   $377,921   $3,470,304  $2,241,354  $(149,115)  $(452,338)  $5,488,126 
  
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
   
Three Months Ended March 31, 2025
 
                 
Accumulated

Other

Comprehensive
Loss
       
   
Common Stock
            
Total

Shareholders’
Equity
 
   
Shares
   
Par

Value
   
Surplus
  
Retained
Earnings
  
Treasury
Stock
 
Balance at January 1, 2025
   142,694,816   $356,737   $3,196,154  $1,917,726  $(223,903)  $(253,491)  $4,993,223 
Comprehensive income:
          
Net income
   0    0    0   84,306   0   0   84,306 
Other comprehensive income, net of tax
   0    0    0   0   28,895   0   28,895 
          
 
 
 
Total comprehensive income, net of tax
           113,201 
Stock based compensation expense
   0    0    2,875   0   0   0   2,875 
Acquisition of Piedmont Bancorp, Inc. (7,860,831 shares)
   7,860,831    19,652    261,294   0   0   0   280,946 
Stock grant forfeiture (8,543 shares)
   0    0    313   0   0   (313)   0 
Purchase of treasury stock (582,324 shares)
   0    0    0   0   0   (20,348)   (20,348) 
Cash dividends ($0.37 per share)
   0    0    0   (53,336)   0   0   (53,336) 
Net issuance of common stock under stock-based compensation plans (274,556 shares)
   274,556    687    (2,799)   0   0   0   (2,112) 
  
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Balance at March 31, 2025
   150,830,203   $377,076   $3,457,837  $1,948,696  $(195,008)  $(274,152)  $5,314,449 
  
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
See notes to consolidated financial statements (unaudited).
 
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Table of Contents
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
(Dollars in thousands)
 
   
Three Months Ended
March 31
 
   
2026
  
2025
 
NET CASH PROVIDED BY OPERATING ACTIVITIES
  $160,856  $119,982 
INVESTING ACTIVITIES
   
Proceeds from sales of securities available for sale
   99   90 
Proceeds from maturities and calls of securities available for sale
   350,306   586,147 
Purchases of securities available for sale
   (514,588)   (491,975) 
Proceeds from sales of equity securities
   28,942   161 
Purchases of equity securities
   (4,165)   (96) 
Proceeds from sales and redemptions of other investment securities
   1,117   2,251 
Purchases of other investment securities
   (7,172)   (13,170) 
Purchases of bank premises and equipment
   (4,840)   (3,895) 
Proceeds from sales of bank premises and equipment
   1   1 
Proceeds from termination of bank-owned life insurance policies
   0   2,105 
Acquisition of Piedmont Bancorp, Inc., net of cash paid
   0   77,476 
Proceeds from the sales of OREO properties
   525   19 
Net change in loans and leases
   (154,335)   (177,788) 
  
 
 
  
 
 
 
NET CASH USED IN INVESTING ACTIVITIES
   (304,110)   (18,674) 
  
 
 
  
 
 
 
FINANCING ACTIVITIES
   
Cash dividends paid
   (53,382)   (50,478) 
Acquisition of treasury stock
   (70,261)   (20,348) 
Proceeds from exercise of stock options
   2,127   319 
Repayment of long-term Federal Home Loan Bank borrowings
   0   (10,000) 
Proceeds from issuance of long-term Federal Home Loan Bank borrowings
   0   0 
Changes in:
   
Deposits
   59,952   297,213 
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings
   (32,398)   (75) 
  
 
 
  
 
 
 
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
   (93,962)   216,631 
  
 
 
  
 
 
 
(Decrease) increase in cash and cash equivalents
   (237,216)   317,939 
Cash and cash equivalents at beginning of year
   2,542,250   2,292,244 
  
 
 
  
 
 
 
Cash and cash equivalents at end of period
  $2,305,034  $2,610,183 
  
 
 
  
 
 
 
Supplemental information
   
Noncash investing and financing activities:
   
Transfers of loans to OREO
  $2,095  $1,156 
Right-of-use
assets obtained in the exchange for lease liabilities
   2,374   3,853 
Excise tax on net stock repurchases
   566   0 
Acquisition of Piedmont Bancorp, Inc.:
   
Assets acquired, net of cash
   0   2,219,731 
Liabilities assumed
   0   2,150,976 
Goodwill
   0   134,715 
Issuance of common stock as consideration for acquisition
   0   280,946 
See notes to consolidated financial statements (unaudited).
 
9
Table of Contents
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
UNITED BANKSHARES, INC. AND SUBSIDIARIES
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (“GAAP”) and with the instructions for Form
10-Q
and Article 10 of Regulation
S-X.
Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements presented as of March 31, 2026 and 2025 and for the three-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2025 has been extracted from the audited financial statements included in United’s 2025 Annual Report to Shareholders. The Notes to Consolidated Financial Statements appearing in United’s 2025 Annual Report on Form
10-K,
which includes descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. In the opinion of management, any adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature.
The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted.
Operating and Reporting Segments
As of March 31, 2026, United’s business activities are confined to one operating segment, United Bank, and one reportable segment, community banking. As a community banking entity, United, through United Bank, offers a full range of products and services through various delivery channels. Included among the banking products and services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, credit card, commercial, and floor plan loans; and the making of construction and real estate loans as well as the origination and sale of residential mortgages in the secondary market. Also offered are trust and brokerage services, safe deposit boxes, and wire transfers. United’s chief operating decision maker regularly reviews the operating results of United Bank in order to assess performance and make decisions about resource allocation.
New Accounting Standards
In December 2025, the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”)
2025-11, “Interim
Reporting (Topic 270): Narrow-Scope Improvements.” ASU
2025-11
is intended to improve the navigability of the guidance in Accounting Standards Codification (“ASC”) Topic 270 and clarify when it applies. Under the amendments, an entity is subject to ASC Topic 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC Topic 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” ASU
2025-11
is effective for all public business entities for annual periods beginning after December 15, 2027, with early adoption permitted. The adoption of
ASU 2025-11
is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.
 
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Table of Contents
In November 2025, the FASB released ASU
2025-09, “Derivatives
and Hedging (Topic 815): Hedge Accounting Improvements.” ASU
2025-09
amends certain aspects of the hedge accounting guidance in ASC Topic 815. In addition to addressing stakeholder concerns, the amendments are intended to more closely align hedge accounting with the economics of an entity’s risk management activities. ASU
2025-09
is effective for all public business entities for annual periods beginning after December 15, 2026, with early adoption permitted. The ASU
2025-09
guidance should be applied prospectively for all hedging relationships as of the date of adoption. Entities must disclose the nature of and reason for the change in accounting principle, as well as the method of applying the change, in both the interim reporting period and the annual reporting period in which they adopt the ASU. The adoption of
ASU 2025-09
is not expected to have a material impact on the Company’s financial condition or results of operations.
In November 2025, the FASB released ASU
2025-08, “Financial
Instruments—Credit Losses (Topic 326): Purchased Loans.” ASU
2025-08
makes significant changes to the accounting for certain acquired seasoned loans subject to the current expected credit loss model (CECL). No changes were made to the existing models for originated assets, purchased credit deteriorated assets (PCD) or other acquired assets. Under the ASU
2025-08,
the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan–similar to the PCD model. For these loans, the
“day-one”
credit loss estimate does not impact earnings immediately but rather is amortized over time as an adjustment to interest income. Subsequent changes in the allowance for credit losses are reported in earnings within credit loss expense. ASU
2025-08
is effective for all business entities for annual periods beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact the adoption of
ASU 2025-08
may have on the Company’s financial condition or results of operations for subsequent acquisitions.
In September 2025, the FASB released ASU
2025-06, “Goodwill
and
Other—Internal-Use
Software (Subtopic
350-40):
Targeted Improvements to the Accounting for
Internal-Use
Software.” ASU
2025-06
modernizes the accounting for
internal-use
software (the existing
internal-use
software guidance does not contemplate more current methods of software development). The amendments in ASU
2025-06
are limited and focused on the key challenge that entities face in applying FASB ASC Subtopic
350-40—applying
that guidance to software that is developed using an incremental and iterative method. The amendments in ASU
2025-06
apply to all entities subject to the
internal-use
software guidance in FASB ASC Subtopic
350-40.
The amendments also apply to all entities that account for website development costs in accordance with FASB ASC Subtopic
350-50,
Intangibles— Goodwill and Other—Website Development Costs. ASU
2025-06
is effective for all business entities for annual periods beginning after December 15, 2027, with early adoption permitted. The adoption of
ASU 2025-06
is not expected to have a material impact on the Company’s financial condition or results of operations.
In July 2025, the FASB released ASU
2025-05, “Financial
Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” ASU
2025-05
amends ASC Subtopic
326-20
to provide a practical expedient for all entities and an accounting policy election for all entities, other than public business entities, that elect the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC Topic 606, “Revenue from Contracts with Customers”. ASU
2025-05
addresses concerns from stakeholders that estimating expected credit losses can be costly and complex for such transactions. ASU
2025-05
was effective for all business entities for annual periods beginning after December 15, 2025, with early adoption permitted. The adoption of
ASU 2025-05
did not have a material impact on the Company’s financial condition or results of operations.
In May 2025, The FASB has released ASU
2025-03, “Business
Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity.” ASU
2025-03
is based on an EITF Issue and revises the guidance in ASC Topic 805 to clarify that, in determining the accounting acquirer in “a business combination that is effected primarily by exchanging equity interests in which a VIE is acquired,” an entity would be required to consider the factors in ASC Subtopic
805-10-55-12
through
55-15.
Previously, the accounting acquirer in such transactions was always the primary beneficiary. ASU
2025-03
is effective for all business entities for annual periods beginning after December 15, 2026. The adoption of
ASU 2025-03
is not expected to have a material impact on the Company’s financial condition or results of operations.
 
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Table of Contents
In January 2025, the FASB issued ASU
2025-01,
“Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic
220-40).”
ASU
2025-01
revised the effective date of ASU
2024-03
to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU’s scope are permitted to early adopt. The adoption of
ASU 2025-01
is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.
In November 2024, the FASB issued Accounting Standards Update ASU
2024-04,
“Induced Conversions of Convertible Debt Instruments.” ASU
2024-04
provides additional guidance on whether induced conversion or extinguishment accounting should be applied to certain settlements of convertible debt instruments that do not occur in accordance with the instruments’ preexisting terms. ASU
2024-04
requires entities to apply a preexisting contract approach. To qualify for induced conversion accounting under this approach, the inducement offer is required to preserve the form of consideration and result in an amount of consideration that is not less than that issuable pursuant to the preexisting conversion privileges. ASU
2024-04
clarifies how entities should assess the form and amount of consideration when applying this approach. ASU
2024-04
is effective for public business entities for annual periods beginning after December 15, 2025, with early adoption permitted, and can be adopted either on a prospective or retrospective basis. The adoption of
ASU 2024-04
is not expected to have a material impact on the Company’s financial condition or results of operations.
In November 2024, the FASB issued Accounting Standards Update ASU
2024-03,
“Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic
220-40):
Disaggregation of Income Statement Expenses.” ASU
2024-03
requires disaggregated disclosure of income statement expenses for public business entities. ASU
2024-03
adds ASC Subtopic
220-40
to require a footnote disclosure about specific expenses by requiring public business entities to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of
oil-
and
gas-producing
activities or other types of depletion expenses. Certain other expenses and gains or losses that must be disclosed under existing U.S. GAAP, and that are recorded in a relevant expense caption, must be presented in the same tabular disclosure. ASU
2024-03
does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnote to the financial statements. ASU
2024-03
is effective for public business entities for annual periods beginning after December 15, 2026. However, the effective date was amended by ASU
2025-01
to clarify that all public business entities adopt ASU
2024-03
in the first annual reporting period beginning after December 15, 2026, and in interim periods within annual reporting periods beginning after December 15, 2027 Entities are permitted to early adopt the standard and apply retrospectively for annual financial statements that have not yet been issued or made available for issuance. The adoption of
ASU 2024-03
is not expected to have a material impact on the Company’s financial condition or results of operations but could change certain disclosures in United’s SEC filings.
In October 2023, the FASB issued ASU
2023-06,
“Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” which adopts certain disclosure requirements referred by the SEC. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation
S-X
or Regulation
S-K
becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The adoption of
ASU 2023-06
did not have an impact on the Company’s financial condition or results of operations.
 
12
Table of Contents
2. INVESTMENT SECURITIES
Securities Available for Sale
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.
 
   
March 31, 2026
 
   
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
  $282,039   $50   $1,434   $0   $280,655 
State and political subdivisions
   569,145    202    58,693    0    510,654 
Residential mortgage-backed securities
          
Agency
   1,673,888    3,015    120,501    0    1,556,402 
Non-agency
   42,296    368    4,110    0    38,554 
Commercial mortgage-backed securities
          
Agency
   413,080    4,158    26,686    0    390,552 
Asset-backed securities
   204,171    36    2,165    0    202,042 
Single issue trust preferred securities
   13,324    0    650    0    12,674 
Other corporate securities
   232,746    0    12,207    0    220,539 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $3,430,689   $7,829   $226,446   $0   $3,212,072 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
   
December 31, 2025
 
   
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
  $283,058   $75   $1,476   $0   $281,657 
State and political subdivisions
   572,217    343    55,634    0    516,926 
Residential mortgage-backed securities
          
Agency
   1,467,436    5,517    114,317    0    1,358,636 
Non-agency
   42,792    330    4,237    0    38,885 
Commercial mortgage-backed securities
          
Agency
   416,177    4,948    26,052    0    395,073 
Asset-backed securities
   225,617    18    2,381    0    223,254 
Single issue trust preferred securities
   13,319    0    661    0    12,658 
Other corporate securities
   244,244    0    11,881    0    232,363 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $3,264,860   $11,231   $216,639   $0   $3,059,452 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
For the adoption of ASC Topic 326, United made a policy election to exclude accrued interest from the amortized cost basis of
available-for-sale
debt securities and report accrued interest separately in “Accrued interest receivable” in the consolidated balance sheets.
Available-for-sale
debt securities are placed on
non-accrual
status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on
non-accrual
status. Accordingly, United does not currently recognize an allowance for credit loss against accrued interest receivable on
available-for-sale
debt securities. The table above excludes accrued interest receivable of $14,000 and $12,717 at March 31, 2026 and December 31, 2025, respectively, that is recorded in “Accrued interest receivable.”
 
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The following is a summary of securities available for sale which were in an unrealized loss position at March 31, 2026 and December 31, 2025.
 
   
Less than 12 months
   
12 months or longer
   
Total
 
   
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
   
Value
   
Losses
   
Value
   
Losses
   
Value
   
Losses
 
March 31, 2026
            
U.S. Treasury securities and obligations of U.S. Government corporations and agencies
  $0   $0   $30,345   $1,434   $30,345   $1,434 
State and political subdivisions
   8,925    697    475,574    57,996    484,499    58,693 
Residential mortgage-backed securities
            
Agency
   423,756    4,248    756,326    116,253    1,180,082    120,501 
Non-agency
   0    0    21,303    4,110    21,303    4,110 
Commercial mortgage-backed securities
            
Agency
   4,281    97    293,141    26,589    297,422    26,686 
Asset-backed securities
   29,160    42    137,301    2,123    166,461    2,165 
Single issue trust preferred securities
   0    0    12,674    650    12,674    650 
Other corporate securities
   5,989    5    209,954    12,202    215,943    12,207 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $472,111   $5,089   $1,936,618   $221,357   $2,408,729   $226,446 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
   
Less than 12 months
   
12 months or longer
   
Total
 
   
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
   
Value
   
Losses
   
Value
   
Losses
   
Value
   
Losses
 
December 31, 2025
            
U.S. Treasury securities and obligations of U.S. Government corporations and agencies
  $133   $1   $31,485   $1,475   $31,618   $1,476 
State and political subdivisions
   6,177    543    483,564    55,091    489,741    55,634 
Residential mortgage-backed securities
            
Agency
   109,848    270    795,183    114,047    905,031    114,317 
Non-agency
   0    0    21,189    4,237    21,189    4,237 
Commercial mortgage-backed securities
            
Agency
   6,287    4    293,038    26,048    299,325    26,052 
Asset-backed securities
   50,181    154    136,940    2,227    187,121    2,381 
Single issue trust preferred securities
   0    0    12,658    661    12,658    661 
Other corporate securities
   0    0    224,942    11,881    224,942    11,881 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $172,626   $972   $1,998,999   $215,667   $2,171,625   $216,639 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Proceeds from maturities, sales and calls of available for sale securities were $350,405 and $586,237 for the three months ended March 31, 2026 and 2025, respectively. There were no gross realized gains and losses included in earnings on any sales and calls of available for sale securities for the three months ended March 31, 2026 and 2025. United recognizes any gains or losses on sales and calls of available for sale securities using the specific identification method.
 
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At March 31, 2026, gross unrealized losses on available for sale securities were $226,446 on 870 securities of a total portfolio of 1,037 available for sale securities. Securities with the most significant gross unrealized losses at March 31, 2026 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities and other corporate securities.
In determining whether or not a security is impaired, management considered the severity of the loss in conjunction with United’s positive intent and the more likely than not ability to hold these securities to recovery of their cost basis or maturity. Generally, the significant amount of gross unrealized losses on available for sale securities at March 31, 2026 was the result of elevated interest rates.
State and political subdivisions
United’s state and political subdivisions portfolio relates to securities issued by various municipalities located throughout the United States. The total amortized cost of available for sale state and political subdivision securities was $569,145 at March 31, 2026. As of March 31, 2026, approximately 46% of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality. The majority of the portfolio was rated AA or higher, and no securities within the portfolio were rated below investment grade as of March 31, 2026. In addition to monitoring the credit ratings of these securities, management also evaluates the financial performance of the underlying issuers on an ongoing basis. Based upon management’s analysis and judgment, it was determined that none of the state and political subdivision securities had credit losses at March 31, 2026.
Mortgage-backed securities
The fair value of
mortgage-backed
securities is affected by changes in interest rates and prepayment speeds. When interest rates decline, prepayment speeds generally accelerate due to homeowners refinancing their mortgages at lower interest rates. This may result in the proceeds being reinvested at lower interest rates. Rising interest rates may decrease the assumed prepayment speed. Slower prepayment speeds may extend the maturity of the security beyond its estimated maturity. Therefore, investors may not be able to invest at current higher market rates due to the extended expected maturity of the security. United had a net unrealized loss of $143,756 on
mortgage-backed
securities at March 31, 2026. Below is a detailed discussion of mortgage-backed securities by type.
United’s agency mortgage-backed securities portfolio relates to securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. The total amortized cost of available for sale agency mortgage-backed securities was $2,086,968 at March 31, 2026. Of the $2,086,968 amount, $413,080 was related to agency commercial mortgage-backed securities and $1,673,888 was related to agency residential mortgage-backed securities. Each of the agency mortgage-backed securities provides a guarantee of full and timely payments of principal and interest by the issuing agency. Based upon management’s analysis and judgment, it was determined that none of the agency mortgage-backed securities had credit losses at March 31, 2026.
United’s
non-agency
residential mortgage-backed securities portfolio relates to securities of various private label issuers. The total amortized cost of available for sale
non-agency
residential mortgage-backed securities was $42,296 at March 31, 2026. Of the $42,296, 100% was rated AAA. Based upon management’s analysis and judgment, it was determined that none of the
non-agency
residential mortgage-backed securities had credit losses at March 31, 2026.
Asset-backed securities
As of March 31, 2026, United’s asset-backed securities portfolio had a total amortized cost balance of $204,171. 100% of the portfolio had at least one rating above investment grade as of March 31, 2026. Approximately 69% of the portfolio relates to securities that are backed by Federal Family Education Loan Program (“FFELP”) student loan collateral which includes a minimum of a 97% government repayment guaranty, as well as additional credit support and subordination in excess of the government guaranteed portion. Approximately 31% of the portfolio relates to collateralized loan obligation securities that are all AAA rated. Upon reviewing this portfolio as of March 31, 2026, it was determined that none of the asset-backed securities had credit losses.
 
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Table of Contents
Single issue trust preferred securities
The majority of United’s single issue trust preferred portfolio consists of obligations from large cap banks (i.e. banks with market capitalization in excess of $10 billion). All single issue trust preferred securities are currently receiving interest payments. The amortized cost of available for sale single issue trust preferred securities as of March 31, 2026 consisted of $7,490 in investment grade bonds and $5,834 in unrated bonds. Management reviews each issuer’s current and projected earnings trends, asset quality, capitalization levels, and other key factors. Upon completing the review for the first quarter of 2026, it was determined that none of the single issue trust preferred securities had credit losses.
Other corporate securities
As of March 31, 2026, United’s other corporate securities portfolio had a total amortized cost balance of $232,746. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $232,746, 95% had at least one rating above investment grade, 2% were below investment grade rated, and 3% were unrated. For other corporate securities, management has evaluated the near-term prospects of the investment in relation to the severity of any unrealized loss. Based upon management’s analysis and judgment, it was determined that none of the other corporate securities had credit losses at March 31, 2026.
The amortized cost and estimated fair value of securities available for sale at March 31, 2026 and December 31, 2025 by contractual maturity are shown as follows. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties.
 
   
March 31, 2026
   
December 31, 2025
 
       
Estimated
       
Estimated
 
   
Amortized
   
Fair
   
Amortized
   
Fair
 
   
Cost
   
Value
   
Cost
   
Value
 
Due in one year or less
  $297,483   $296,964   $298,573   $298,193 
Due after one year through five years
   580,062    540,509    527,383    494,204 
Due after five years through ten years
   480,739    445,810    559,647    521,011 
Due after ten years
   2,072,405    1,928,789    1,879,257    1,746,044 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $3,430,689   $3,212,072   $3,264,860   $3,059,452 
  
 
 
   
 
 
   
 
 
   
 
 
 
Equity securities at fair value
Equity securities consist mainly of equity securities of financial institutions, mutual funds of Community Reinvestment Act (“CRA”) qualified investments and equity securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. The fair value of United’s equity securities was $12,248 at March 31, 2026 and $34,760 at December 31, 2025. The decline in equity securities from December 31, 2025 was due mainly to the sale of equity securities totaling $26,646 in the first quarter of 2026.
 
   
Three Months Ended
March 31
 
   
2026
   
2025
 
Net gains recognized during the period on equity securities sold
  $2,296   $0 
Unrealized gains recognized during the period on equity securities still held at period end
   2    554 
Unrealized losses recognized during the period on equity securities still held at period end
   (33)    (33) 
  
 
 
   
 
 
 
Net gains recognized during the period
  $2,265   $521 
  
 
 
   
 
 
 
 
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Table of Contents
Other investment securities
During the first quarter of 2026, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the first quarter of 2026 had a significant adverse effect on the recorded value of any of its cost method securities. United determined that there was no individual security that experienced an adverse event during the first quarter. There were no other events or changes in circumstances during the first quarter which would have an adverse effect on the recorded fair value of its cost method securities.
The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $2,042,566 and $2,102,175 at March 31, 2026 and December 31, 2025, respectively.
3. LOANS AND LEASES
Major classes of loans and leases are as follows:
 
   
March 31, 2026
   
December 31, 2025
 
Commercial, financial and agricultural:
    
Owner-occupied commercial real estate
  $2,140,233   $2,145,921 
Nonowner-occupied commercial real estate
   8,546,654    8,343,520 
Other commercial
   3,758,923    3,784,833 
  
 
 
   
 
 
 
Total commercial, financial & agricultural
   14,445,810    14,274,274 
Residential real estate
   6,115,055    6,098,262 
Construction & land development
   3,541,988    3,570,902 
Consumer:
    
Bankcard
   9,227    9,686 
Other consumer
   762,659    767,496 
Less: Unearned income
   (11,601)    (11,498) 
  
 
 
   
 
 
 
Total gross loans
  $24,863,138   $24,709,122 
  
 
 
   
 
 
 
The table above does not include loans held for sale of $29,235 and $31,277 at March 31, 2026 and December 31, 2025, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market.
United’s subsidiary bank has made loans to the directors and officers of United and its subsidiaries, and to their affiliates. The aggregate dollar amount of these loans was $47,215 and $42,441 at March 31, 2026 and December 31, 2025, respectively.
4. CREDIT QUALITY
Management monitors the credit quality of its loans and leases on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. United considers a loan to be past due when it is 30 days or more past its contractual payment due date.
For all loan classes, past due loans and leases are reviewed on a monthly basis to identify loans and leases for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual status. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual status. When interest accruals are discontinued, unpaid interest
 
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recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for credit losses. United’s method of income recognition for loans and leases that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectability of principal is in doubt. Nonaccrual loans and leases will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note.
The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans and leases:
 
Age Analysis of Past Due Loans and Leases
 
As of March 31, 2026
 
   
30-89 Days

Past Due
   
90 Days or
more Past
Due
   
Total Past
Due
   
Current &
Other
   
Total

Financing
Receivables
   
90 Days or
More Past
Due &
Accruing
 
Commercial real estate:
            
Owner-occupied
  $5,323   $1,390   $6,713   $2,133,520   $2,140,233   $242 
Nonowner-occupied
   6,304    71,547    77,851    8,468,803    8,546,654    4,399 
Other commercial
   14,035    5,649    19,684    3,739,239    3,758,923    732 
Residential real estate
   23,470    21,189    44,659    6,070,396    6,115,055    5,357 
Construction & land development
   1,963    1,839    3,802    3,538,186    3,541,988    537 
Consumer:
            
Bankcard
   33    31    64    9,163    9,227    31 
Other consumer
   10,170    1,189    11,359    751,300    762,659    366 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $ 61,298   $ 102,834   $ 164,132   $ 24,710,607   $ 24,874,739   $ 11,664 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
Age Analysis of Past Due Loans and Leases
 
As of December 31, 2025
 
   
30-89 Days

Past Due
   
90 Days or
more Past
Due
   
Total Past
Due
   
Current &
Other
   
Total

Financing
Receivables
   
90 Days or
More Past
Due &
Accruing
 
Commercial real estate:
            
Owner-occupied
  $4,754   $1,830   $6,584   $2,139,337   $2,145,921   $81 
Nonowner-occupied
   7,598    71,038    78,636    8,264,884    8,343,520    0 
Other commercial
   2,490    6,569    9,059    3,775,774    3,784,833    591 
Residential real estate
   25,026    19,124    44,150    6,054,112    6,098,262    3,701 
Construction & land development
   1,508    1,301    2,809    3,568,093    3,570,902    0 
Consumer:
            
Bankcard
   28    54    82    9,604    9,686    54 
Other consumer
   13,661    1,550    15,211    752,285    767,496    547 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $55,065   $101,466   $156,531   $24,564,089   $24,720,620   $4,974 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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Table of Contents
The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans and leases:
 
   
At March 31, 2026
   
At December 31, 2025
 
   
Nonaccruals
   
With No Related
Allowance for
Credit Losses
   
Nonaccruals
   
With No Related
Allowance for
Credit Losses
 
Commercial Real Estate:
        
Owner-occupied
  $1,148   $1,148   $1,749   $1,749 
Nonowner-occupied
   67,148    67,148    71,038    71,038 
Other Commercial
   4,917    2,454    5,978    3,515 
Residential Real Estate
   15,832    15,832    15,423    15,423 
Construction
   1,302    1,302    1,301    1,301 
Consumer:
        
Bankcard
   0    0    0    0 
Other consumer
   823    823    1,003    1,003 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $91,170   $88,707   $96,492   $94,029 
  
 
 
   
 
 
   
 
 
   
 
 
 
Interest income recognized on nonaccrual loans was insignificant during the three months ended March 31, 2026 and 2025.
In some cases, United will modify a loan to a borrower experiencing financial difficulty by providing multiple types of concessions such as a term extension, principal forgiveness, an interest rate reduction or a combination thereof. The following table presents the amortized cost of loans and leases to borrowers experiencing financial difficulty modified during the first three months of 2026 and 2025, respectively, by class of financing receivable and by type of modification. The percentage of the amortized cost basis of loans and leases that were modified to borrowers experiencing financial difficulty as compared to the amortized cost basis of each class of financing receivable is also represented below.
 
   
Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial
Difficulty
 
   
For the Three Months ended March 31, 2026
 
   
Term
Extension
   
Other-Than-

Insignificant
Payment

Delay
   
Term Extension

& Interest Rate
Reduction
   
Term Extension &
Payment Delay
   
% of Total Class of
Financing
Receivable
 
Commercial real estate:
          
Owner-occupied
  $1,217   $ 37   $ 0   $ 0    0.06% 
Nonowner-occupied
   8,207    0    0    0    0.10% 
Other commercial
   0    0    0    0    0.00% 
Residential real estate
   0    0    0    0    0.00% 
Construction & land development
   9,175    0    0    0    0.26% 
Consumer:
          
Bankcard
   0    0    0    0    0.00% 
Other consumer
   0    0    0    0    0.00% 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $18,599   $37   $0   $0    0.07% 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
   
Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial
Difficulty
 
   
For the Three Months ended March 31, 2025
 
   
Term
Extension
   
Other-Than-

Insignificant
Payment
Delay
   
Term Extension

& Interest Rate
Reduction
   
Term Extension &
Payment Delay
   
% of Total Class of
Financing
Receivable
 
Commercial real estate:
          
Owner-occupied
  $0   $0   $ 0   $ 0    0.00% 
Nonowner-occupied
   0    179    0    0    0.00% 
Other commercial
   7,270    0    0    0    0.20% 
Residential real estate
   0    0    0    0    0.00% 
 
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Table of Contents
   
Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial
Difficulty
 
   
For the Three Months ended March 31, 2025
 
   
Term
Extension
   
Other-Than-

Insignificant
Payment

Delay
   
Term Extension

& Interest Rate
Reduction
   
Term Extension &
Payment Delay
   
% of Total Class of
Financing
Receivable
 
Construction & land development
   0    0    0    0    0.00% 
Consumer:
          
Bankcard
   0    0    0    0    0.00% 
Other consumer
   0    0    0    0    0.00% 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $7,270   $179   $0   $0    0.03% 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
As of March 31, 2026 and December 31, 2025, there were commitments to lend additional funds of $210 and $139 respectively, to debtors owing loan receivables whose terms have been modified.
United’s estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on the extensive historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and reasonable and supportable forecasts. The historical loss experience used in United’s credit loss models includes the impact of loan modifications provided to borrowers experiencing financial difficulty, and also includes the impact of projected loss severities as a result of loan defaults.
United closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance in the 12 months after a modification made to borrowers experiencing financial difficulty presented by class of financing receivable:
 
   
Payment Status (Amortized Cost Basis)
 
   
As of March 31, 2026
   
As of March 31, 2025
 
   
Current
   
30-89 Days

Past Due
   
90+ Days
Past Due
   
Current
   
30-89 Days

Past Due
   
90+ Days
Past Due
 
Commercial real estate:
            
Owner-occupied
  $563   $692   $0   $430   $0   $0 
Nonowner-occupied
   8,207    0    0    1,344    4,577    0 
Other commercial
   0    0    0    7,270    0    0 
Residential real estate
   0    0    0    178    0    0 
Construction & land development
   9,175    0    0    49    0    0 
Consumer:
            
Bankcard
   0    0    0    0    0    0 
Other consumer
   0    0    0    0    0    0 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $17,945   $692   $0   $9,271   $4,577   $0 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The following table presents the financial effect of loan and lease modifications to borrowers experiencing financial difficulty for the three months ended March 31, 2026 and 2025.
 
20
Table of Contents
   
For the Three Months Ended

March 31, 2026
   
For the Three Months Ended
March 31, 2025
 
   
Weighted-
Average

Other-Than-

Insignificant
Payment Delay
(in years)
   
Weighted
Average Term
Extension

(in years)
   
Weighted-
Average
Other-Than-
Insignificant
Payment Delay
(in years)
   
Weighted
Average Term
Extension

(in years)
 
Commercial Real Estate:
        
Owner-occupied
   1.0    3.3    0    0 
Nonowner-occupied
   0    0.3    0    0.3 
Other Commercial
   0    0    0    0.5 
Residential Real Estate
   0    0    0    0 
Construction & land development
   0    0.3    0    0 
Consumer:
        
Bankcard
   0    0    0    0 
Other consumer
   0    0    0    0 
No loan or lease modifications completed within the last 12 months to borrowers experiencing financial difficulty had a payment default during the three months ended March 31, 2026 and 2025.
United elected the practical expedient to measure expected credit losses on collateral dependent loans and leases based on the difference between the loan’s amortized cost and the collateral’s fair value, adjusted for selling costs. The following table presents the amortized cost basis of collateral-dependent loans and leases in which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty, by class of loans and leases as of March 31, 2026 and December 31, 2025:
 
   
Collateral Dependent Loans and Leases
 
   
At March 31, 2026
 
   
Residential
Property
   
Business
Assets
   
Land
   
Commercial
Property
   
Other
   
Total
 
Commercial real estate:
 
          
Owner-occupied
  $0   $0   $0   $3,975   $ 20,043   $24,018 
Nonowner-occupied
   5,316    0    0    73,605    31,485    110,406 
Other commercial
   0    12,309    0    4,865    3,091    20,265 
Residential real estate
   6,160    0    0    0    4    6,164 
Construction & land development
   1,421    0    798    0    1,354    3,573 
Consumer:
            
Bankcard
   0    0    0    0    0    0 
Other consumer
   0    0    0    0    0    0 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $ 12,897   $ 12,309   $ 798   $ 82,445   $55,977   $ 164,426 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
Collateral Dependent Loans and Leases
 
   
At December 31, 2025
 
   
Residential
Property
   
Business
Assets
   
Land
   
Commercial
Property
   
Other
   
Total
 
Commercial real estate:
 
          
Owner-occupied
  $0   $0   $0   $3,094   $ 19,366   $22,460 
Nonowner-occupied
   6,830    0    0    84,786    38,761    130,377 
Other commercial
   0    4,005    0    4,893    3,174    12,072 
Residential real estate
   6,049    0    0    0    5    6,054 
Construction & land development
   250    0    849    0    1,170    2,269 
Consumer:
            
 
21
Table of Contents
   
Collateral Dependent Loans and Leases
 
   
At December 31, 2025
 
   
Residential
Property
   
Business
Assets
   
Land
   
Commercial
Property
   
Other
   
Total
 
Bankcard
   0    0    0    0    0    0 
Other consumer
   0    0    0    0    0    0 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  $ 13,129   $ 4,005   $ 849   $ 92,773   $ 62,476   $ 173,232 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
United categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt: current financial information, historical payment experience, credit documentation, underlying collateral (if any), public information and current economic trends, among other factors.
United uses the following definitions for risk ratings:
 
 • 
Pass
 
 • 
Special Mention
 
 • 
Substandard
 
 • 
Doubtful
For United’s loans with a corporate credit exposure, United analyzes loans individually to classify the loans as to credit risk. Review and analysis of criticized (special mention-rated loans in the amount of $1,000 or greater) and classified (substandard-rated and worse in the amount of $500 and greater) loans is completed once per quarter. Review of notes with committed exposure of $4,000 or greater is completed at least annually. For loans with a consumer credit exposure, United internally assigns a grade based upon an individual loan’s delinquency status. United reviews and updates, as necessary, these grades on a quarterly basis.
Special mention loans, with a corporate credit exposure, have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or in the Company’s credit position at some future date. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. For loans with a consumer credit exposure, loans that are past due
30-89
days are generally considered special mention.
A substandard loan with a corporate credit exposure is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt by the borrower. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. They require more intensive supervision by management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on nonaccrual. For loans with a consumer credit exposure, loans that are 90 days or more past due or that have been placed on nonaccrual are considered substandard.
A loan with corporate credit exposure is classified as doubtful if it has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, highly questionable. A doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the loan, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity.
 
22
Table of Contents
Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. Generally, there are not any loans with a consumer credit exposure that are classified as doubtful. Usually, they are
charged-off
prior to such a classification.
Based on the most recent analysis performed, the risk category of loans and leases as well as charge-offs and recoveries by class of loans is as follows. Loans originated in any year may be renewals of existing loans and not necessarily new loans.
Commercial Real Estate – Owner-occupied
 
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
   
Revolving

loans

converted to
term loans
     
As of March 31, 2026
  
2026
   
2025
   
2024
   
2023
   
2022
   
Prior
   
Total
 
Internal Risk Grade:
                 
Pass
  $59,200   $365,041   $350,539   $193,910   $289,047   $785,975  $52,735   $0   $2,096,447 
Special Mention
   0    51    0    0    144    4,361   2,797    0    7,353 
Substandard
   0    715    247    3,707    3,870    19,548   8,149    0    36,236 
Doubtful
   0    0    0    0    0    197   0    0    197 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Total
  $ 59,200   $ 365,807   $ 350,786   $ 197,617   $ 293,061   $ 810,081  $ 63,681   $ 0   $ 2,140,233 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Current-period charge-offs
   0    0    0    0    0    0   0    0    0 
Current-period recoveries
   0    0    0    0    4    12   0    0    16 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Current-period net recoveries
  $0   $0   $0   $0   $4   $12  $0   $0   $16 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
   
Revolving

loans

converted to
term loans
     
As of December 31, 2025
  
2025
   
2024
   
2023
   
2022
   
2021
   
Prior
  
 
   
 
   
Total
 
Internal Risk Grade:
                 
Pass
  $353,313   $362,198   $196,733   $301,328   $278,290   $555,204  $51,711   $0   $2,098,777 
Special Mention
   0    0    4,842    0    0    3,727   2,695    0    11,264 
Substandard
   0    246    4,027    3,402    0    19,671   8,220    116    35,682 
Doubtful
   0    0    0    0    0    198   0    0    198 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Total
  $353,313   $362,444   $205,602   $304,730   $278,290   $578,800  $62,626   $ 116   $2,145,921 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Current-period charge-offs
   0    0    0    0    0    (228)   0    0    (228) 
Current-period recoveries
   0    0    0    14    0    304   0    0    318 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Current-period net recoveries
  $0   $0   $0   $14   $0   $76  $0   $0   $90 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Commercial Real Estate – Nonowner-occupied
 
       
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
   
Revolving

loans

converted to
term loans
     
As of March 31, 2026
  
2026
   
2025
   
2024
   
2023
   
2022
   
Prior
   
Total
 
Internal Risk Grade:
                 
Pass
  $445,350   $1,655,671   $906,107   $773,735   $1,821,945   $2,325,909  $159,967   $0   $8,088,684 
Special Mention
   0    1,975    6,748    7,008    48,516    212,453   0    0    276,700 
Substandard
   0    0    0    5,414    49,088    104,497   22,271    0    181,270 
Doubtful
   0    0    0    0    0    0   0    0    0 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Total
  $ 445,350   $ 1,657,646   $912,855   $786,157   $ 1,919,549   $ 2,642,859  $ 182,238   $0   $8,546,654 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Current-period charge-offs
   0    0    0    0    0    (3,864)   0    0    (3,864) 
Current-period recoveries
   0    0    0    0    0    1   0    0    1 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
Current-period charge-offs
  $0   $0   $0   $0   $0   $(3,863)  $0   $0   $(3,863) 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
  
 
 
   
 
 
   
 
 
 
 
23
Table of Contents
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
  
Revolving

loans and leases

converted to
term loans
     
As of December 31, 2025
  
2025
   
2024
  
2023
  
2022
  
2021
  
Prior
   
Total
 
Internal Risk Grade:
            
Pass
  $1,628,785   $856,235  $760,043  $1,917,759  $1,165,300  $1,397,941  $143,406  $0   $7,869,469 
Special Mention
   1,983    0   7,058   51,603   113,708   120,213   0   0    294,565 
Substandard
   0    0   5,431   48,950   5,323   97,607   22,175   0    179,486 
Doubtful
   0    0   0   0   0   0   0   0    0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $ 1,630,768   $ 856,235  $ 772,532  $ 2,018,312  $ 1,284,331  $ 1,615,761  $ 165,581  $0   $ 8,343,520 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0    0   0   0   0   (35,798)   0   0    (35,798) 
Current-period recoveries
   0    0   0   0   0   160   0   0    160 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net charge-offs
  $0   $0  $0  $0  $0  $(35,638)  $0  $ 0   $(35,638) 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Other commercial
 
    
   
Term Loans and leases

Origination Year
  
Revolving loans
and leases
amortized cost
basis
  
Revolving

loans and leases

converted to
term loans
     
As of March 31, 2026
  
2026
   
2025
  
2024
  
2023
  
2022
  
Prior
   
Total
 
Internal Risk Grade:
            
Pass
  $ 73,952   $ 618,186  $ 351,047  $ 451,126  $ 178,847  $ 872,205  $ 1,163,031  $ 39   $ 3,708,433 
Special Mention
   11    0   479   109   353   1,316   231   0    2,499 
Substandard
   0    5   1,522   2,704   5,805   32,459   5,496   0    47,991 
Doubtful
   0    0   0   0   0   0   0   0    0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $73,963   $618,191  $353,048  $453,939  $185,005  $905,980  $1,168,758  $39   $3,758,923 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0    (13)   (77)   (250)   (530)   (31)   (533)   0    (1,434) 
Current-period recoveries
   0    0   1   0   0   563   14   0    578 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net (charge-offs) recoveries
  $0   $(13)  $(76)  $(250)  $(530)  $532  $(519)  $0   $(856) 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
   
Term Loans and leases

Origination Year
  
Revolving loans
and leases
amortized cost
basis
  
Revolving

loans and leases

converted to
term loans
     
As of December 31, 2025
  
2025
   
2024
  
2023
  
2022
  
2021
  
Prior
   
Total
 
Internal Risk Grade:
            
Pass
  $ 628,597   $ 373,700  $ 472,334  $ 214,442  $ 324,424  $ 600,824  $ 1,117,879  $ 47   $ 3,732,247 
Special Mention
   5    431   117   949   1,128   9,012   458   0    12,100 
Substandard
   0    1,689   2,853   6,225   6,926   17,469   5,324   0    40,486 
Doubtful
   0    0   0   0   0   0   0   0    0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $628,602   $375,820  $475,304  $221,616  $332,478  $627,305  $1,123,661  $47   $3,784,833 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0    (48)   (150)   (229)   (1,625)   (2,459)   (913)   0    (5,424) 
Current-period recoveries
   0    0   27   75   32   2,111   64   0    2,309 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net charge- offs
  $0   $(48)  $(123)  $(154)  $(1,593)  $(348)  $(849)  $0   $(3,115) 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Residential Real Estate
 
    
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
  
Revolving

loans

converted to
term loans
     
As of March 31, 2026
  
2026
   
2025
  
2024
  
2023
  
2022
  
Prior
   
Total
 
Internal Risk Grade:
            
Pass
  $ 219,251   $ 792,325  $ 383,939  $ 688,278  $ 1,576,052  $ 1,908,785  $ 522,791  $ 152   $ 6,091,573 
Special Mention
   11    0   474   102   0   1,819   629   0    3,035 
Substandard
   0    0   0   103   0   20,140   204   0    20,447 
Doubtful
   0    0   0   0   0   0   0   0    0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $219,262   $792,325  $384,413  $688,483  $1,576,052  $1,930,744  $523,624  $152   $6,115,055 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0    0   0   0   0   (275)   0   0    (275) 
Current-period recoveries
   0    0   0   0   0   41   10   0    51 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net (charge-offs) recoveries
  $0   $0  $0  $0  $0  $(234)  $10  $0   $(224) 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
 
24
Table of Contents
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
  
Revolving

loans

converted to
term loans
   
Total
 
As of December 31, 2025
  
2025
   
2024
  
2023
  
2022
  
2021
  
Prior
 
Internal Risk Grade:
            
Pass
  $ 746,665   $ 427,238  $ 784,994  $ 1,608,513  $ 822,932  $ 1,148,481  $ 533,509  $ 160   $ 6,072,492 
Special Mention
   0    476   104   0   0   4,048   637   0    5,265 
Substandard
   0    407   107   0   7,800   11,984   207   0    20,505 
Doubtful
   0    0   0   0   0   0   0   0    0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $746,665   $428,121  $785,205  $1,608,513  $830,732  $1,164,513  $534,353  $160   $6,098,262 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0    (67)   (205)   (189)   (6)   (532)   0   0    (999) 
Current-period recoveries
   0    0   0   0   2   701   1   0    704 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net (charge-offs) recoveries
  $0   $(67)  $(205)  $(189)  $(4)  $169  $1  $0   $(295) 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Construction and Land Development
 
    
   
Term Loans

Origination Year
  
Revolving loans

amortized cost
basis
  
Revolving

loans

converted to
term loans
     
As of March 31, 2026
  
2026
   
2025
  
2024
  
2023
  
2022
  
Prior
   
Total
 
Internal Risk Grade:
            
Pass
  $ 203,175   $ 1,030,555  $ 928,847  $ 574,827  $ 388,324  $74,239  $ 274,583  $ 0   $ 3,474,550 
Special Mention
   0    0   2,827   31,991   0   16,862   0   0    51,680 
Substandard
   0    1,399   305   4,472   0   9,582   0   0    15,758 
Doubtful
   0    0   0   0   0   0   0   0    0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $203,175   $1,031,954  $931,979  $611,290  $388,324  $ 100,683  $274,583  $0   $3,541,988 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0    0   0   0   0   0   0   0    0 
Current-period recoveries
   0    0   0   0   0   0   0   0    0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net recoveries (charge-offs)
  $0   $0  $0  $0  $0  $0  $0  $0   $0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
  
Revolving

loans

converted to
term loans
     
As of December 31, 2025
  
2025
   
2024
  
2023
  
2022
  
2021
  
Prior
   
Total
 
Internal Risk Grade:
            
Pass
  $ 1,031,215   $992,846  $693,752  $401,811  $65,460  $27,716  $305,750  $0   $3,518,550 
Special Mention
   0    2,827   30,509   0   4,208   8,281   0   0    45,825 
Substandard
   541    0   4,468   34   0   1,484   0   0    6,527 
Doubtful
   0    0   0   0   0   0   0   0    0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $1,031,756   $995,673  $728,729  $401,845  $69,668  $37,481  $305,750  $0   $3,570,902 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0    0   (141)   0   (103)   (164)   0   0    (408) 
Current-period recoveries
   0    0   0   0   0   225   0   0    225 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net (charge-offs) recoveries
  $0   $0  $(141)  $0  $(103)  $61  $0  $0   $(183) 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Bankcard
 
    
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
  
Revolving

loans

converted to
term loans
     
As of March 31, 2026
  
2026
   
2025
  
2024
  
2023
  
2022
  
Prior
   
Total
 
Internal Risk Grade:
            
Pass
  $ 0   $ 0  $ 0  $ 0  $ 0  $0  $ 9,163  $ 0   $ 9,163 
Special Mention
   0    0   0   0   0   0   33   0    33 
Substandard
   0    0   0   0   0   0   31   0    31 
Doubtful
   0    0   0   0   0   0   0   0    0 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $0   $0  $0  $0  $0  $0  $9,227  $0   $9,227 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0    0   0   0   0   0   (61)   0    (61) 
Current-period recoveries
   0    0   0   0   0   0   5   0    5 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net charge-offs
  $0   $0  $0  $0  $0  $ 0  $(56)  $0   $(56) 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
            
 
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Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
  
Revolving

loans

converted to
term loans
     
As of December 31, 2025
  
2025
  
2024
  
2023
  
2022
  
2021
  
Prior
   
Total
 
Internal Risk Grade:
           
Pass
  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 9,603  $ 0   $ 9,603 
Special Mention
   0   0   0   0   0   0   28   0    28 
Substandard
   0   0   0   0   0   0   55   0    55 
Doubtful
   0   0   0   0   0   0   0   0    0 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $0  $0  $0  $0  $0  $0  $9,686  $0   $9,686 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0   0   0   0   0   0   (320)   0    (320) 
Current-period recoveries
   0   0   0   0   0   0   55   0    55 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net charge-offs
  $0  $0  $0  $0  $0  $0  $(265)  $0   $(265) 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Other Consumer
 
    
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
  
Revolving

loans

converted to
term loans
     
As of March 31, 2026
  
2026
  
2025
  
2024
  
2023
  
2022
  
Prior
   
Total
 
Internal Risk Grade:
           
Pass
  $92,354  $ 315,583  $ 79,971  $68,877  $ 133,504  $ 59,067  $ 1,937  $ 0   $ 751,293 
Special Mention
   0   976   626   502   4,929   3,126   17   0    10,176 
Substandard
   0   224   55   88   488   335   0   0    1,190 
Doubtful
   0   0   0   0   0   0   0   0    0 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $92,354  $316,783  $80,652  $69,467  $138,921  $62,528  $1,954  $0   $762,659 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   0   (71)   (11)   (63)   (626)   (425)   0   0    (1,196) 
Current-period recoveries
   0   4   1   5   186   288   0   0    484 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net charge-offs
  $0  $(67)  $(10)  $(58)  $(440)  $(137)  $0  $0   $(712) 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
           
   
Term Loans

Origination Year
  
Revolving loans
amortized cost
basis
  
Revolving

loans

converted to
term loans
     
As of December 31, 2025
  
2025
  
2024
  
2023
  
2022
  
2021
  
Prior
   
Total
 
Internal Risk Grade:
           
Pass
  $ 346,057  $90,623  $79,353  $ 157,220  $57,987  $18,929  $2,104  $0   $752,273 
Special Mention
   682   446   821   6,741   3,794   1,171   13   0    13,668 
Substandard
   221   57   88   617   464   101   7   0    1,555 
Doubtful
   0   0   0   0   0   0   0   0    0 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Total
  $346,960  $91,126  $80,262  $164,578  $62,245  $20,201  $2,124  $0   $767,496 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period charge-offs
   (15)   (185)   (507)   (4,547)   (1,698)   (783)   0   0    (7,735) 
Current-period recoveries
   0   7   78   642   273   429   0   0    1,429 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
Current-period net charge-offs
  $(15)  $(178)  $(429)  $(3,905)  $(1,425)  $(354)  $0  $0   $(6,306) 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
   
 
 
 
At March 31, 2026 and December 31, 2025, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $10,390 and $8,857, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred. At March 31, 2026 and December 31, 2025, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $1,946 and $1,868, respectively.
5. ALLOWANCE FOR CREDIT LOSSES
The allowance for loan losses is an estimate of the expected credit losses on financial assets measured at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset (contractual term). Assets are charged off when United determines that such financial assets are deemed uncollectible or based on regulatory requirements, whichever is earlier. Charge-offs are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously
charged-off,
not to exceed the aggregate of the amount previously
charged-off,
are included in determining the necessary reserve at the balance sheet date.
 
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United made a policy election to present the accrued interest receivable balance separately in its consolidated balance sheets from the amortized cost of a loan. Accrued interest receivable was $93,656 and $95,960 at March 31, 2026 and December 31, 2025, respectively, related to loans and leases are included separately in “Accrued interest receivable” in the consolidated balance sheets. For all classes of loans and leases receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due, unless the loan is well secured and in the process of collection. Interest received on nonaccrual loans and leases, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal.
The following table represents the accrued interest receivable as of March 31, 2026 and December 31, 2025:
 
   
Accrued Interest Receivable
 
   
At March 31, 2026
   
At December 31, 2025
 
Commercial Real Estate:
    
Owner-occupied
  $6,279   $6,922 
Nonowner-occupied
   38,858    37,086 
Other Commercial
   10,338    11,822 
Residential Real Estate
   21,646    21,643 
Construction
   14,197    16,046 
Consumer:
    
Bankcard
   0    0 
Other consumer
   2,338    2,441 
  
 
 
   
 
 
 
Total
  $93,656   $95,960 
  
 
 
   
 
 
 
The following table represents the accrued interest receivables written off by reversing interest income for the three months ended March 31, 2026 and 2025:
 
   
Accrued Interest Receivables Written Off by
Reversing Interest Income
 
   
Three Months Ended March 31
 
   
2026
   
2025
 
Commercial Real Estate:
    
Owner-occupied
  $0   $27 
Nonowner-occupied
   4    12 
Other Commercial
   2    33 
Residential Real Estate
   120    224 
Construction
   0    44 
Consumer:
    
Bankcard
   0    0 
Other consumer
   39    76 
  
 
 
   
 
 
 
Total
  $165   $416 
  
 
 
   
 
 
 
United estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level or term as well as reasonable and supportable forecast adjustments for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. A reversion to historical loss data occurs via a straight-line method during the year following the
one-year
reasonable and supportable forecast period.
 
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United pools its loans and leases based on similar risk characteristics in estimating expected credit losses. United has identified the following portfolio segments and measures the allowance for credit losses using the following methods:
 
 • 
Method: Probability of Default/Loss Given Default (PD/LGD)
 
 • 
Commercial Real Estate Owner-Occupied
 
 • 
Commercial Real Estate Nonowner-Occupied
 
 • 
Commercial Other
 
 • 
Method: Cohort
 
 • 
Residential Real Estate
 
 • 
Construction & Land Development
 
 • 
Consumer
 
 • 
Bankcard
Risk characteristics of commercial real estate owner-occupied loans and commercial other loans and leases are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Commercial real estate nonowner-occupied loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions.
Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral but may also include other
non-performing
loans, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans.
Expected credit losses are estimated over the contractual term of the loans and leases, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by United.
At the acquisition date, an initial allowance for expected credit losses for
non-PCD
loans is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. For allowance for credit losses under ASC Topic 326 calculation purposes, United includes its acquired loans and leases in their relevant pool unless they meet the criteria for specific review.
United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The reserve for lending-related commitments of $37,047 and $35,075 at March 31, 2026 and December 31, 2025, respectively, is separately classified on the balance sheet and is included in other liabilities. The combined allowance for loan losses and reserve for lending-related commitments is considered the allowance for credit losses.
United’s allowance for loan and lease losses at March 31, 2026 was relatively flat from December 31, 2025, increasing $2,081 or less than 1% from December 31, 2025.
 
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The first quarter of 2026 qualitative adjustments include analyses of the following:
 
 • 
Current conditions
– United considered the impact of changes in economic and business conditions; collateral values for dependent loans; past due, nonaccrual and adversely classified loans and leases; and concentrations of credit.
 
 • 
Reasonable and supportable forecasts
– The forecast is determined on a
portfolio-by-portfolio
basis by relating the correlation of real GDP and the unemployment rate to loss rates to forecasts of those variables. The reasonable and supportable forecast selection is subjective in nature and requires more judgment compared to the other components of the allowance. Assumptions for the economic variables were the following:
 
 • 
The forecast for real GDP improved slightly in the first quarter, from a projection of 2.30% for 2026 as of
mid-December
2025 to 2.40% for 2026 as of
mid-March
with a projection of 2.30% for 2027. The unemployment rate forecast remained the same in the first quarter with a projection of 4.40% for 2026 as of
mid-December
2025 and
mid-March
2026 with a slightly lower projection of 4.30% for 2027.
 
 • 
Greater risk of loss in the office portfolio due to continued hybrid and remote work that may be exacerbated by future economic conditions.
 
 • 
Reversion to historical loss data occurs via a straight-line method during the year following the
one-year
reasonable and supportable forecast period.
A progression of the allowance for loan and lease losses, by portfolio segment, for the periods indicated is summarized as follows:
 
   
Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases
 
   
For the Three Months Ended March 31, 2026
 
   
Commercial Real Estate
  
Other
Commercial
  
Residential
Real
Estate
  
Construction

& Land
Development
  
Bankcard
  
Other
Consumer
  
Total
 
  
Owner-
occupied
   
Nonowner-
occupied
 
Allowance for Loan and Lease Losses:
          
Beginning balance
  $13,564   $96,716  $61,729  $53,949  $57,967  $889  $12,704  $297,518 
Charge-offs
   0    (3,864)   (1,434)   (275)   0   (61)   (1,196)   (6,830) 
Recoveries
   16    1   578   51   0   5   484   1,135 
Provision
   63    8,892   1,500   (95)   (4,090)   110   1,396   7,776 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Ending balance
  $13,643   $101,745  $62,373  $53,630  $53,877  $943  $13,388  $299,599 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases
 
   
For the Year Ended December 31, 2025
 
   
Commercial Real Estate
  
Other
Commercial
  
Residential
Real
Estate
  
Construction

& Land
Development
  
Bankcard
     
Total
 
  
Owner-
occupied
  
Nonowner-
occupied
  
Other
Consumer
 
Allowance for Loan and Lease Losses:
         
Beginning balance
  $11,852  $74,522  $65,105  $46,373  $63,621  $891  $9,480  $271,844 
Initial allowance for PCD
loans (acquired during the period)
   795   11,059   872   208   4,584   0   0   17,518 
Charge-offs
   (228)   (35,798)   (5,424)   (999)   (408)   (320)   (7,735)   (50,912) 
Recoveries
   318   160   2,309   704   225   55   1,429   5,200 
Provision
   827   46,773   (1,133)   7,663   (10,055)   263   9,530   53,868 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Ending balance
  $13,564  $96,716  $61,729  $53,949  $57,967  $889  $12,704  $297,518 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
6. INTANGIBLE ASSETS
The following is a summary of intangible assets subject to amortization and those not subject to amortization:
 
   
March 31, 2026
 
   
Community Banking
   
Total
 
   
Gross
Carrying
Amount
   
Accumulated
Amortization
   
Gross
Carrying
Amount
   
Accumulated
Amortization
 
Amortized intangible assets:
        
Core deposit intangible assets
  $137,929   ($107,500)   $137,929   ($107,500) 
  
 
 
   
 
 
   
 
 
   
 
 
 
Goodwill not subject to amortization
  $2,018,848     $2,018,848   
  
 
 
     
 
 
   
 
   
December 31, 2025
 
   
Community Banking
   
Total
 
   
Gross
Carrying
Amount
   
Accumulated
Amortization
   
Gross
Carrying
Amount
   
Accumulated
Amortization
 
Amortized intangible assets:
        
Core deposit intangible assets
  $137,929   ($105,662)   $137,929   ($105,662) 
  
 
 
   
 
 
   
 
 
   
 
 
 
Goodwill not subject to amortization
  $2,018,848     $2,018,848   
  
 
 
     
 
 
   
United incurred amortization expense of $1,838 and $2,341 for the quarters ended March 31, 2026 and 2025, respectively.
 
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The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2025:
 
Year
  
Amount
 
2026
  $7,351 
2027
   5,060 
2028
   4,003 
2029
   3,518 
2030
   3,086 
2031 and thereafter
   9,249 
7. LEASES
United determines if an arrangement is a lease at inception. United and certain subsidiaries have entered into various noncancelable-operating leases for branch and loan production offices as well as operating facilities. Operating leases are included in operating lease
right-of-use
(“ROU”) assets and operating lease liabilities on the Consolidated Balance Sheets. Operating leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. Presently, United does not have any finance leases.
United’s operating leases are subject to renewal options under various terms. United’s operating leases have remaining terms of 1 to 15 years, some of which include options to extend leases generally for periods of 5 years. United rents or subleases certain real estate to third parties. Our sublease portfolio generally consists of operating leases to other organizations for former branch offices.
ROU assets represent United’s right to use an underlying asset for the lease term and lease liabilities represent United’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of United’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend the lease when it is reasonably certain that United will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The components of lease expense were as follows:
 
       
Three Months Ended
 
   
Classification
   
March 31, 2026
   
March 31, 2025
 
Operating lease cost
   Net occupancy expense   $5,086   $4,900 
Sublease income
   Net occupancy expense    (52)    (50) 
    
 
 
   
 
 
 
Net lease cost
    $5,034   $4,850 
    
 
 
   
 
 
 
Supplemental balance sheet information related to leases was as follows:
 
   
Classification
  
March 31, 2026
   
December 31, 2025
 
Operating lease
right-of-use
assets
  
Operating lease right-of-use assets
  $87,841   $89,312 
Operating lease liabilities
  Operating lease liabilities  $93,921   $95,392 
Other information related to leases was as follows:
 
   
March 31, 2026
 
Weighted-average remaining lease term: Operating leases
   7.46 years 
Weighted-average discount rate: Operating leases
   3.64% 
 
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Supplemental cash flow information related to leases was as follows:
 
   
Three Months Ended
 
   
March 31, 2026
   
March 31, 2025
 
Cash paid for amounts in the measurement of lease liabilities:
    
Operating cash flows from operating leases
  $5,087   $4,872 
ROU assets obtained in the exchange for lease liabilities
   2,374    3,853 
Maturities of lease liabilities by year and in the aggregate, under operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2025, consists of the following as of March 31, 2026:
 
Year
  
Amount
 
2026
  $14,211 
2027
   18,012 
2028
   15,732 
2029
   13,490 
2030
   11,175 
Thereafter
   35,817 
  
 
 
 
Total lease payments
   108,437 
Less: imputed interest
   (14,516) 
  
 
 
 
Total
  $93,921 
  
 
 
 
8. SHORT-TERM BORROWINGS
At March 31, 2026 and December 31, 2025, short-term borrowings were as follows:
 
   
As of

March 31, 2026
   
As of

December 31, 2025
 
Federal funds purchased
  $0   $0 
Securities sold under agreements to repurchase
   166,175    198,573 
  
 
 
   
 
 
 
Total short-term borrowings
  $ 166,175   $198,573 
  
 
 
   
 
 
 
Federal funds purchased and securities sold under agreements to repurchase have not been a significant source of funds for the company. The securities sold under agreements to repurchase were accounted for as collateralized financial transactions. They were recorded at the amounts at which the securities were acquired or sold plus accrued interest.
United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $280,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions.
United has a $20,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At March 31, 2026, United had no outstanding balance under this credit.
9. LONG-TERM BORROWINGS
United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At March 31, 2026, United had an unused borrowing amount of approximately $9,236,038 available subject to delivery of collateral after certain trigger points. Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties.
 
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At March 31, 2026, a $250,000 FHLB advance with a weighted-average contractual interest rate of 3.82% and a weighted-average effective interest rate of 0.59% is scheduled to mature in 2026. The weighted-average effective rate considers the effect of any interest rate swaps designated as cash flow hedges outstanding at March 31, 2026 to manage interest rate risk on its long-term debt.
At March 31, 2026, United had a total of twenty statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (“Capital Securities”) with the proceeds invested in junior subordinated debt securities (“Debentures”) of United. The Debentures, which are subordinate and junior in right of payment to all present and future senior indebtedness and certain other financial obligations of United, are the sole assets of the trusts and United’s payment under the Debentures is the sole source of revenue for the trusts. At March 31, 2026 and December 31, 2025, the outstanding balance of the Debentures was $282,216 and $281,817, respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets. United fully and unconditionally guarantees each individual trust’s obligations under the Capital Securities. Under the provisions of the subordinated debt, United has the right to defer payment of interest on the subordinated debt at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the subordinated debt is cumulative.
In accordance with the fully-phased in “Basel III Capital Rules” as published by United’s primary federal regulator, the Federal Reserve, United is unable to consider the Capital Securities or the
fixed-to-floating
rate subordinated notes as Tier 1 capital, but rather the Capital Securities and the
fixed-to-floating
rate subordinated notes are included as a component of United’s Tier 2 capital. United can include the Capital Securities and the
fixed-to-floating
rate subordinated notes in its Tier 2 capital on a permanent basis.
10. COMMITMENTS AND CONTINGENT LIABILITIES
Lending-related Commitments
United is a party to financial instruments with
off-balance-sheet
risk in the normal course of business to meet the financing needs of its customers and to alter its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby letters of credit, and interest rate swap agreements. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements.
United’s maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for
on-balance
sheet instruments. Collateral may be obtained, if deemed necessary, based on management’s credit evaluation of the counterparty.
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily, and historically do not, represent future cash requirements. The amount of collateral obtained, if deemed necessary upon the extension of credit, is based on management’s credit evaluation of the counterparty. United had approximately $6,796,307 and $6,408,827 of loan commitments outstanding as of March 31, 2026 and December 31, 2025, respectively, approximately 31% of which contractually expire within one year.
Commercial and standby letters of credit are agreements used by United’s customers as a means of improving their credit standing in their dealings with others. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as
 
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intended between the customer and a third party. As of March 31, 2026 and December 31, 2025, United had $2,761 and $2,762 of commercial letters of credit outstanding. A standby letter of credit is generally contingent upon the failure of a customer to perform according to the terms of an underlying contract with a third party. United has issued standby letters of credit of $170,105 and $166,885 as of March 31, 2026 and December 31, 2025, respectively. In accordance with the Contingencies Topic of the FASB Accounting Standards Codification, United has determined that substantially all of its letters of credit are renewed on an annual basis and the fees associated with these letters of credit are immaterial.
Mortgage Banking
Related to its mortgage banking activities, United provides for its estimated exposure to repurchase loans previously sold to investors for which borrowers failed to provide full and accurate information on their loan application or for which appraisals have not been acceptable or where the loan was not underwritten in accordance with the loan program specified by the loan investor, and for other exposure to its investors related to loan sales activities. United evaluates the merits of each claim and estimates its reserve based on actual and expected claims received and considers the historical amounts paid to settle such claims. United’s reserve was immaterial as of March 31, 2026 and December 31, 2025.
United has derivative counter-party risk that may arise from the possible inability of United’s mortgage banking third party investors to meet the terms of their forward sales contracts. United works with mortgage banking third-party investors that are generally well-capitalized, are investment grade and exhibit strong financial performance to mitigate this risk. United does not expect any third-party investor to fail to meet its obligation.
Legal Proceedings
United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. On at least a quarterly basis, United assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a
matter-by-matter
basis, an accrual for loss is established for those matters which United believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established.
Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial statements.
Regulatory Matters
A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against United in regard to these consumer products. United could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters.
11. DERIVATIVE FINANCIAL INSTRUMENTS
United uses derivative instruments to help aid against adverse price changes or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies.
 
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Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.
Fair value hedges may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements. United has elected not to offset the assets and liabilities subject to such arrangements on the consolidated financial statements.
United holds an interest rate swap derivative with a notional amount of $250,000. The derivatives is designated as a cash flow hedge and is intended to hedge the changes in cash flows associated with floating rate FHLB borrowings. As of March 31, 2026, United has determined that no forecasted transactions related to its cash flow hedges resulted in gains or losses pertaining to cash flow hedge reclassification from AOCI to income because the forecasted transactions became probable of not occurring. United estimates that $7,922 will be reclassified from AOCI as a decrease to interest expense over the next
12-months
following March 31, 2026 related to the cash flow hedges. As of March 31, 2026, the maximum length of time over which forecasted transactions are hedged is five years.
At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate.
United is subject to the Dodd-Frank Act clearing requirement for eligible derivatives. United has executed and cleared eligible derivatives through the London Clearing House (“LCH”). Variation margin at the LCH is distinguished as
settled-to-market
and settled daily based on the prior day value, rather than
collateralized-to-market.
The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument. The total notional amount of interest rate swap derivatives designated as cash flow hedges cleared through the LCH include $250,000 for asset derivatives as of March 31, 2026. Balances related to LCH are presented as a single unit of account with the fair value of the designated cash flow interest rate swap asset being reduced by variation margin posted by (with) the applicable counterparty and reported in the following table on a net basis. The related fair value on a net basis approximates zero.
United enters into interest rate lock commitments to finance residential mortgage loans with its customers. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by United. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Market risk on interest rate lock commitments and mortgage loans held for sale is managed using corresponding forward mortgage loan sales contracts. United is a party to these forward mortgage loan sales contracts to sell loans with servicing released and short sales of mortgage-backed securities. When the interest rate is locked with the borrower, the rate lock commitment, forward sale agreement, and mortgage-backed security position are undesignated derivatives and marked to fair value through earnings. The fair value of the rate lock derivative is measured using valuations from investors for loans with similar characteristics as well as considering the probability of the loan closing (i.e. the “pull-through” rate) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics. Income from mortgage banking activities includes the gain recognized for the period presented and associated elements of fair value.
 
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The following tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at March 31, 2026 and December 31, 2025.
 
   
Asset Derivatives
 
   
March 31, 2026
   
December 31, 2025
 
   
Balance

Sheet

Location
   
Notional

Amount
   
Fair

Value
   
Balance

Sheet

Location
   
Notional

Amount
   
Fair

Value
 
Derivatives designated as hedging instruments
            
Fair Value Hedges:
            
Interest rate swap contracts (hedging commercial loans)
   Other assets   $9,133   $350    Other assets   $9,466   $316 
    
 
 
   
 
 
     
 
 
   
 
 
 
Total Fair Value Hedges
    $9,133   $350     $9,466   $316 
Cash Flow Hedges:
            
Interest rate swap contracts (hedging FHLB borrowings)
   Other assets   $250,000   $0    Other assets   $250,000   $0 
    
 
 
   
 
 
     
 
 
   
 
 
 
Total Cash Flow Hedges
    $250,000   $0     $250,000   $0 
    
 
 
   
 
 
     
 
 
   
 
 
 
Total derivatives designated as hedging instruments
    $259,133   $350     $259,466   $316 
    
 
 
   
 
 
     
 
 
   
 
 
 
Derivatives not designated as hedging instruments
            
Forward loan sales commitments
   Other assets   $0   $0    Other assets   $3,981   $15 
TBA mortgage-backed securities
   Other assets    59,385    411    Other assets    0    0 
Interest rate lock commitments
   Other assets    44,019    623    Other assets    23,046    458 
    
 
 
   
 
 
     
 
 
   
 
 
 
Total derivatives not designated as hedging instruments
    $103,404   $1,034     $27,027   $473 
    
 
 
   
 
 
     
 
 
   
 
 
 
Total asset derivatives
    $362,537   $1,384     $286,493   $789 
    
 
 
   
 
 
     
 
 
   
 
 
 
 
   
Liability Derivatives
 
   
March 31, 2026
   
December 31, 2025
 
   
Balance

Sheet

Location
   
Notional

Amount
   
Fair

Value
   
Balance

Sheet

Location
   
 Notional 

Amount
   
Fair

 Value 
 
Derivatives not designated as hedging instruments
            
TBA mortgage-backed securities
   Other liabilities   $0   $0    Other liabilities   $33,882   $70 
Forward loan sales commitments
   Other liabilities    2,177    19    Other liabilities    0    0 
    
 
 
   
 
 
     
 
 
   
 
 
 
Total derivatives not designated as hedging instruments
    $2,177   $19     $33,882   $70 
    
 
 
   
 
 
     
 
 
   
 
 
 
Total liability derivatives
    $2,177   $19     $33,882   $70 
    
 
 
   
 
 
     
 
 
   
 
 
 
The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of March 31, 2026 and December 31, 2025.
 
Derivatives in Fair Value
Hedging Relationships
  
Location in the Statement
of Condition
  
March 31, 2026
 
  
Carrying Amount of
the Hedged

Assets/(Liabilities)
   
Cumulative Amount
of Fair Value Hedging
Adjustment Included
in the Carrying
Amount of the Hedged
Assets/(Liabilities)
  
Cumulative Amount of
Fair Value Hedging
Adjustment Remaining for
any Hedged Assets/
(Liabilities) for which
Hedge Accounting has
been Discontinued
 
Interest rate swaps
  Loans, net of unearned income  $9,133   $(363)  $0 
 
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Derivatives in Fair Value
Hedging Relationships
 
Location in the Statement
of Condition
 
December 31, 2025
 
 
Carrying Amount of
the Hedged

Assets/(Liabilities)
  
Cumulative Amount
of Fair Value Hedging
Adjustment Included
in the Carrying
Amount of the Hedged
Assets/(Liabilities)
  
Cumulative Amount of
Fair Value Hedging
Adjustment Remaining for
any Hedged Assets/
(Liabilities) for which
Hedge Accounting has
been Discontinued
 
Interest rate swaps
 Loans, net of unearned income $9,466  $(331)  $0 
Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management.
The effect on net income of United’s derivative financial instruments in its unaudited Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 is presented as follows:
 
      
Three Months Ended
 
   
Income Statement
Location
  
March 31,

2026
  
March 31,
2025
 
Derivatives in hedging relationships
     
Fair Value Hedges:
     
Interest rate swap contracts
  Interest and fees on loans  $2  $(2) 
Cash flow Hedges:
     
Interest rate swap contracts
  Interest on long-term borrowings   2,019   2,452 
    
 
 
  
 
 
 
Total derivatives in hedging relationships
    $2,021  $2,450 
    
 
 
  
 
 
 
Derivatives not designated as hedging instruments
     
Forward loan sales commitments
  Income from Mortgage Banking Activities  $(33)  $25 
TBA mortgage-backed securities
  Income from Mortgage Banking Activities   481   (438) 
Interest rate lock commitments
  Income from Mortgage Banking Activities   348   335 
    
 
 
  
 
 
 
Total derivatives not designated as hedging instruments
    $796  $(78) 
    
 
 
  
 
 
 
Total derivatives
    $2,817  $2,372 
    
 
 
  
 
 
 
For the three months ended March 31, 2026 and 2025, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but not significant to United’s Consolidated Statements of Income.
12. FAIR VALUE MEASUREMENTS
United determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, “Fair Value Measurement,” which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.
ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions.
 
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The three levels of the fair value hierarchy based on these two types of inputs are as follows:
 
Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities.
Level 2 - Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.
Level 3 - Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market.
When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement.
In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements.
Securities available for sale and equity securities
: Securities available for sale and equity securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (“Level 1”). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, and “To Be Announced” prices (“Level 2”). Management internally reviews the fair values provided by third party vendors on a monthly basis. Management also performs a quarterly price testing analysis at the individual security level which compares the pricing provided by the third party vendors to an independent pricing source’s valuation of the same securities. Variances that are deemed to be material are reviewed by management. Additionally, to further assess the reliability of the information received from third party vendors, management obtains documentation from third party vendors related to the sources, methodologies, and inputs utilized in valuing securities classified as Level 2. Management analyzes this information to ensure the underlying assumptions appear reasonable. Management also obtains an independent service auditor’s report from third party vendors to provide reasonable assurance that appropriate controls are in place over the valuation process. Upon completing its review of the pricing from third party vendors at March 31, 2026, management determined that the prices provided by its third party pricing sources were reasonable and in line with management’s expectations for the market values of these securities. Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted materially by management at March 31, 2026. Management utilizes a number of factors to determine if a market is inactive, all of which may require a significant level of judgment. Factors that management considers include: a significant widening of the
bid-ask
spread, a considerable decline in the volume and level of trading activity in the instrument, a significant variance in prices among market participants, and a significant reduction in the level of observable inputs. Any securities available for sale not valued based upon quoted market prices or third party pricing models that consider observable market data are considered Level 3. Currently, United does not have any
available-for-sale
securities considered as Level 3.
 
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Table of Contents
Loans held for sale
: For residential mortgage loans sold, the loans closed are recorded at fair value using the fair value option which is measured using valuations from investors for loans with similar characteristics (“Level 2”) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For March 31, 2026, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.006% to 0.622% with a weighted average increase of 0.207%.
Derivatives
: United utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as either a fair value hedge or a cash flow hedge. United utilizes third-party vendors for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (“Level 2”). Valuation adjustments to derivative fair values for liquidity and credit risk are also taken into consideration, as well as the likelihood of default by United and derivative counterparties, the net counterparty exposure and the remaining maturities of the positions. Values obtained from third party vendors are typically not adjusted by management. Management internally reviews the derivative values provided by third party vendors on a quarterly basis. All derivative values are tested for reasonableness by management utilizing a net present value calculation.
For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to accumulated other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects earnings.
The Company records its interest rate lock commitments and forward loan sales commitments at fair value determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date. In the normal course of business, United enters into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates. The commitments become effective when the borrowers
“lock-in”
a specified interest rate within the timeframes established by the mortgage companies. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Interest rate risk arises if interest rates move adversely between the time of the interest rate lock by the borrower and the sale date of the loan to the investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, United enters into either a forward sales contract to sell loans to investors or a TBA mortgage-backed security. Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”). The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. These valuations fall into a Level 2 category. The interest rate lock commitments are recorded at fair value which is measured using valuations from investors for loans with similar characteristics (“Level 2”) adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For March 31, 2026, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.006% to 0.622% with a weighted average increase of 0.207%.
For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in income from mortgage banking activities in the same period as the change in the fair value. Unrealized gains and losses due to changes in the fair value of other derivative financial instruments not in hedge relationships are included in noninterest income and noninterest expense, respectively.
 
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The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, segregated by the level of the valuation inputs within the fair value hierarchy.
 
       
Fair Value at March 31, 2026 Using
 
Description
  
Balance as of

March 31,

2026
   
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
   
Significant

Other

Observable

Inputs

(Level 2)
   
Significant

Unobservable

Inputs

(Level 3)
 
Assets
        
Available for sale debt securities:
        
U.S. Treasury securities and obligations of U.S. Government corporations and agencies
  $280,655   $0   $280,655   $0 
State and political subdivisions
   510,654    0    510,654    0 
Residential mortgage-backed securities
        
Agency
   1,556,402    0    1,556,402    0 
Non-agency
   38,554    0    38,554    0 
Commercial mortgage-backed securities
        
Agency
   390,552    0    390,552    0 
Asset-backed securities
   202,042    0    202,042    0 
Single issue trust preferred securities
   12,674    0    12,674    0 
Other corporate securities
   220,539    4,597    215,942    0 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total available for sale securities
   3,212,072    4,597    3,207,475    0 
Equity securities:
        
Financial services industry
   189    189    0    0 
Equity mutual funds (1)
   6,766    6,766    0    0 
Other equity securities
   5,293    5,293    0    0 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total equity securities
   12,248    12,248    0    0 
Loans held for sale
   29,235    0    0    29,235 
Derivative financial assets
:
        
Interest rate swap contracts
   350    0    350    0 
TBA mortgage-backed securities
   411    0    0    411 
Interest rate lock commitments
   623    0    0    623 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative financial assets
   1,384    0    350    1,034 
Liabilities
        
Derivative financial liabilities:
        
Forward loan sales commitments
   19    0    0    19 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative financial liabilities
   19    0    0    19 
 
       
Fair Value at December 31, 2025 Using
 
Description
  
Balance as of

December 31,

2025
   
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
   
Significant

Other

Observable

Inputs

(Level 2)
   
Significant

Unobservable

Inputs

(Level 3)
 
Assets
        
Available for sale debt securities:
        
U.S. Treasury securities and obligations of U.S. Government corporations and agencies
  $281,657   $0   $281,657   $0 
State and political subdivisions
   516,926    0    516,926    0 
Residential mortgage-backed securities
        
Agency
   1,358,636    0    1,358,636    0 
Non-agency
   38,885    0    38,885    0 
 
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Fair Value at December 31, 2025 Using
 
Description
  
Balance as of

December 31,

2025
   
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
   
Significant

Other

Observable

Inputs

(Level 2)
   
Significant

Unobservable

Inputs

(Level 3)
 
Commercial mortgage-backed securities
        
Agency
   395,073    0    395,073    0 
Asset-backed securities
   223,254    0    223,254    0 
Single issue trust preferred securities
   12,658    0    12,658    0 
Other corporate securities
   232,363    4,678    227,685    0 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total available for sale securities
   3,059,452    4,678    3,054,774    0 
Equity securities:
        
Financial services industry
   25,825    20,421    5,404    0 
Equity mutual funds (1)
   3,610    3,610    0    0 
Fixed income mutual funds
   5,325    5,325    0    0 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total equity securities
   34,760    29,356    5,404    0 
Loans held for sale
   31,277    0    0    31,277 
Derivative financial assets:
        
Interest rate swap contracts
   316    0    316    0 
Forward loan sales commitments
   15    0    0    15 
Interest rate lock commitments
   458    0    0    458 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative financial assets
   789    0    316    473 
Liabilities
        
Derivative financial liabilities:
        
TBA mortgage-backed securities
   70    0    0    70 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total derivative financial liabilities
   70    0    0    70 
 
(1)
The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key
officers of United and its subsidiaries.
There were no transfers between Level 1 and Level 2 for financial assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2026 and the year ended December 31, 2025.
The following tables present additional information about financial assets and liabilities measured at fair value at March 31, 2026 and December 31, 2025 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value. The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses related to assets still held at the reporting date are recorded in Income from mortgage banking activities in the Consolidated Statements of Income.
 
      
Derivative Assets
   
Derivative Liabilities
 
March 31, 2026
  
Loans
Held for
Sale
  
TBA
Securities
   
Forward Sales
Commitments
  
Interest Rate
Lock
Commitments
   
TBA
Securities
  
Forward
Sales
Commitments
 
Balance, beginning of period
  $31,277  $0   $15  $458   $70  $0 
Originations
   87,053   0    0   0    0   0 
Sales
   (91,650)   0    0   0    0   0 
Transfers other
   0   411    (15)   165    (70)   19 
Total gains during the period recognized in earnings
   2,555   0    0   0    0   0 
  
 
 
  
 
 
   
 
 
  
 
 
   
 
 
  
 
 
 
Balance, end of period
  $29,235  $411   $0  $623   $0  $19 
  
 
 
  
 
 
   
 
 
  
 
 
   
 
 
  
 
 
 
 
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Derivative Assets
   
Derivative Liabilities
 
March 31, 2026
  
Loans
Held for
Sale
  
TBA
Securities
   
Forward
Sales
Commitments
   
Interest Rate
Lock
Commitments
   
TBA
Securities
   
Forward
Sales
Commitments
 
The amount of total (losses) gains for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date
  $(475)  $411   $0   $623   $0   $19 
 
      
Derivative Assets
   
Derivative Liabilities
 
December 31, 2025
  
Loans Held
for Sale
  
TBA
Securities
  
Forward
Sales
Commitments
   
Interest Rate
Lock
Commitments
   
TBA
Securities
   
Forward
Sales
Commitments
 
Balance, beginning of period
  $44,360  $278  $0   $339   $0   $20 
Originations
   370,856   0   0    0    0    0 
Sales
   (393,506)   0   0    0    0    0 
Transfers other
   0   (278)   15    119    70    (20) 
Total gains during the period recognized in earnings
   9,567   0   0    0    0    0 
  
 
 
  
 
 
  
 
 
   
 
 
   
 
 
   
 
 
 
Balance, end of period
  $31,277  $0  $15   $458   $70   $0 
  
 
 
  
 
 
  
 
 
   
 
 
   
 
 
   
 
 
 
The amount of total (losses) gains for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date
  $48  $0  $15   $458   $70   $0 
Fair Value Option
The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected:
 
Description
  
Three Months Ended

March 31, 2026
   
Three Months Ended

March 31, 2025
 
Income from mortgage banking activities
  $(475)   $108 
The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected:
 
   
March 31, 2026
   
December 31, 2025
 
Description
  
Unpaid
Principal
Balance
   
Fair
Value
   
Fair Value
Over/(Under)
Unpaid
Principal
Balance
   
Unpaid
Principal
Balance
   
Fair
Value
   
Fair Value
Over/(Under)
Unpaid
Principal
Balance
 
Loans held for sale
  $29,000   $29,235   $235   $30,567   $31,277   $710 
 
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No loans held for sale were past due or on nonaccrual status as of March 31, 2026 and December 31, 2025.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of
lower-of-cost-or-market
accounting or write-downs of individual assets.
The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements.
Individually assessed loans
: In the determination of the allowance for loan losses, loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Fair value is measured using a market approach based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an appraisal conducted by an independent, licensed appraiser outside of the Company using comparable property sales (“Level 2”). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (“Level 3”). For individually assessed loans, a specific reserve is established through the allowance for loan losses, if necessary, by estimating the fair value of the underlying collateral on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses expense on the Consolidated Statements of Income.
OREO
: OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried on the balance sheet at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Fair value is determined by one of two market approach methods depending on whether the property has been vacated and an appraisal can be conducted. If the property has yet to be vacated and thus an appraisal cannot be performed, a Brokers Price Opinion (i.e. BPO), is obtained. A BPO represents a best estimate valuation performed by a realtor based on knowledge of current property values and a visual examination of the exterior condition of the property. Once the property is subsequently vacated, a formal appraisal is obtained and the recorded asset value appropriately adjusted. On the other hand, if the OREO property has been vacated and an appraisal can be conducted, the fair value of the property is determined based upon the appraisal using a market approach. An authorized independent appraiser conducts appraisals for United. Appraisals for property other than ongoing construction are based on consideration of comparable property sales (“Level 2”). In contrast, valuation of ongoing construction assets requires some degree of professional judgment. In conducting an appraisal for ongoing construction property, the appraiser develops two appraised amounts: an “as is” appraised value and a “completed” value. Based on professional judgment and their knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property (“Level 3”). As a matter of policy, valuations are reviewed at least annually and appraisals are generally updated on a
bi-annual
basis with values lowered as necessary.
 
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Intangible Assets
: For United, intangible assets consist of goodwill and core deposit intangibles. Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist. United may elect to perform a qualitative analysis to determine whether or not it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount. If United elects to bypass this qualitative analysis, or concludes via qualitative analysis that it is
more-likely-than-not
that the fair value of a reporting unit is less than its carrying value, United may use either a market or income quantitative approach to determine the fair value of the reporting unit. If the fair value of the reporting unit is less than its carrying value, an impairment charge would be recorded for the difference, not to exceed the amount of goodwill allocated to the reporting unit. At each reporting date, the Company considers potential indicators of impairment. United performed its annual goodwill impairment test on the Company’s reporting units as of September 30, 2025. The goodwill impairment test did not identify any goodwill impairment. In subsequent periods, economic uncertainty, market volatility and the performance of the Company’s stock as well as possible other impairment indicators could cause us to perform a goodwill impairment test which could result in an impairment charge being recorded for that period if the carrying value of goodwill was found to exceed fair value. Core deposit intangibles relate to the estimated value of the deposit base of acquired institutions. Management reviews core deposit intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. Other than those intangible assets recorded in the acquisition of Piedmont in the first quarter of 2025, no other fair value measurement of intangible assets was made during the first three months of 2026 and 2025.
The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period:
 
Description
      
Fair Value at March 31, 2026
     
  
Balance as of

March 31, 2026
   
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
   
Significant

Other

Observable

Inputs

(Level 2)
   
Significant

Unobservable

Inputs

(Level 3)
   
YTD Gains

(Losses)
 
Assets
          
Individually assessed loans
  $45,875   $ 0   $44,289   $1,586   $(1,730) 
OREO
   10,390    0    10,390    0    (37) 
 
Description
      
Fair Value at December 31, 2025
     
  
Balance as of

December 31, 2025
   
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
   
Significant

Other

Observable

Inputs

(Level 2)
   
Significant

Unobservable

Inputs

(Level 3)
   
YTD Gains

(Losses)
 
Assets
          
Individually assessed loans
  $ 51,485   $ 0   $ 49,870   $ 1,615   $ 1,172 
OREO
   8,857    0    8,857    0    0 
Fair Value of Other Financial Instruments
The following methods and assumptions were used by United in estimating its fair value disclosures for other financial instruments:
Cash and Cash Equivalents:
The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values.
Securities held to maturity and other securities
: The estimated fair values of securities held to maturity are based on quoted market prices, where available. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data. Any securities held to maturity, not valued based upon the methods above, are valued based on a discounted cash flow methodology using appropriately adjusted discount rates reflecting nonperformance and liquidity risks. Other securities consist mainly of shares of Federal Home Loan Bank and Federal Reserve Bank stock as well as investment tax credits that do not have readily determinable fair values and are carried at cost.
 
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Table of Contents
Loans and leases
: The fair values of certain mortgage loans (e.g.,
one-to-four
family residential), credit card loans, and other consumer loans are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values of other loans and leases (e.g., commercial real estate and rental property mortgage loans, commercial and industrial loans, financial institution loans and agricultural loans) are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans and leases with similar terms to borrowers of similar creditworthiness, which include adjustments for liquidity concerns. For acquired PCD loans, fair value is assumed to equal United’s carrying value, which represents the present value of expected future principal and interest cash flows, as adjusted for any Allowance for Credit Losses recorded for these loans.
Deposits
: The fair values of demand deposits (e.g., interest and noninterest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values of fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits.
Short-term Borrowings:
The carrying amounts of federal funds purchased, borrowings under repurchase agreements and any other short-term borrowings approximate their fair values.
Long-term Borrowings:
The fair values of United’s Federal Home Loan Bank borrowings and trust preferred securities are estimated using discounted cash flow analyses, based on United’s current incremental borrowing rates for similar types of borrowing arrangements.
Summary of Fair Values for All Financial Instruments
The estimated fair values of United’s financial instruments are summarized below:
 
           
Fair Value Measurements
 
   
Carrying
Amount
   
Fair Value
   
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
   
Significant

Other

Observable

Inputs

(Level 2)
   
Significant

Unobservable

Inputs

(Level 3)
 
March 31, 2026
          
Cash and cash equivalents
  $2,305,034   $2,305,034   $0   $2,305,034   $0 
Securities available for sale
   3,212,072    3,212,072    4,597    3,207,475    0 
Securities held to maturity
   1,004    1,020    0    0    1,020 
Equity securities
   12,248    12,248    12,248    0    0 
Other securities
   305,244    289,982    0    0    289,982 
Loans held for sale
   29,235    29,235    0    0    29,235 
Net loans
   24,563,539    24,570,286    0    0    24,570,286 
Derivative financial assets
   1,384    1,384    0    350    1,034 
Deposits
   27,120,883    27,086,282    0    27,086,282    0 
Short-term borrowings
   166,175    166,175    0    166,175    0 
Long-term borrowings
   532,216    530,427    0    530,427    0 
Derivative financial liabilities
   19    19    0    0    19 
 
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Fair Value Measurements
 
   
Carrying
Amount
   
Fair Value
   
Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)
   
Significant

Other

Observable

Inputs

(Level 2)
   
Significant

Unobservable

Inputs

(Level 3)
 
December 31, 2025
          
Cash and cash equivalents
  $2,542,250   $2,542,250   $0   $2,542,250   $0 
Securities available for sale
   3,059,452    3,059,452    4,678    3,054,774    0 
Securities held to maturity
   1,004    1,020    0    0    1,020 
Equity securities
   34,760    34,760    29,356    5,404    0 
Other securities
   305,184    289,925    0    0    289,925 
Loans held for sale
   31,277    31,277    0    0    31,277 
Net loans
   24,411,604    24,432,980    0    0    24,432,980 
Derivative financial assets
   789    789    0    316    473 
Deposits
   27,060,939    27,031,873    0    27,031,873    0 
Short-term borrowings
   198,573    198,573    0    198,573    0 
Long-term borrowings
   531,817    524,281    0    524,281    0 
Derivative financial liabilities
   70    70    0    70    0 
13. STOCK BASED COMPENSATION
On May 14, 2025, United’s shareholders approved the 2025 Equity Incentive Plan (“2025 EIP”), becoming effective on that date. The 2025 EIP replaced United’s 2020 Long-Term Incentive Plan (“2020 LTI Plan”). An award granted under the 2025 EIP may consist of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units, performance based stock awards, dividend equivalent rights and other equity-based or equity-related awards. These awards all relate to the common stock of United. The maximum number of shares of United common stock which may be issued under the 2025 EIP is 3,000,000. The 2025 EIP will be administered by the Compensation and Human Capital Committee of the Board (the “Committee”). Awards are subject to a minimum vesting schedule of at least twelve months following the date of grant of such award, subject to accelerated vesting on certain events, including a change in control, and 5% of the shares available for grant under the 2025 EIP may be granted with a shorter minimum vesting period. Awards under the 2025 EIP will be subject to the terms of the Company’s Compensation Recoupment Policy and any other clawback or recapture policy that the Company may adopt from time to time and, in accordance with such policy, may be subject to the requirement that the awards be repaid to the Company after they have been distributed to the grantee. A Form
S-8
was filed on May 30, 2025 with the Securities and Exchange Commission to register all the shares available for issuance under the 2025 EIP Plan.
During the first three months of 2026, a total of 155,135 shares of restricted stock and 226,556 of restricted stock units were granted under the 2025 EIP. No stock options were granted under the 2025 EIP during the first three months of 2026. Compensation expense of $3,214 and $2,875 related to the all share-based grants and awards under United’s Long-Term Incentive Plans was incurred for the first quarter of 2026 and 2025, respectively. Compensation expense was included in employee compensation in the unaudited Consolidated Statements of Income.
Stock Options
During the first quarter of 2026, no stock option awards were granted under the 2025 EIP. United does have options outstanding from various plans (the “Prior Plans”) under which stock options were granted; however, no shares of United stock are available for grants under the Prior Plans as these plans have expired. Awards outstanding under the Prior Plans will remain in effect in accordance with their respective terms. The maximum term for options granted under the Prior Plans is ten (10) years.
 
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A summary of activity under United’s stock option plans as of March 31, 2026, and the changes during the first three months of 2026 are presented below:
 
           
Weighted Average
 
   
Shares
   
Aggregate
Intrinsic
Value
   
Remaining
Contractual
Term (Yrs.)
   
Exercise
Price
 
Outstanding at January 1, 2026
   909,516       $ 36.78 
Exercised
   (70,904)        30.05 
Forfeited or expired
   (6,351)        36.43 
  
 
 
       
 
 
 
Outstanding at March 31, 2026
   832,261   $4,262    2.4   $37.35 
  
 
 
   
 
 
   
 
 
   
 
 
 
Exercisable at March 31, 2026
   832,261   $4,262    2.4   $37.35 
  
 
 
   
 
 
   
 
 
   
 
 
 
During the three months ended March 31, 2026 and 2025, 70,904 and 9,816 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises for the three months ended March 31, 2026 and 2025 were issued from authorized and unissued stock. The total intrinsic value of options exercised under the Plans during the three months ended March 31, 2026 and 2025 was $930 and $55, respectively.
As of March 31, 2026, there was no unrecognized compensation cost related to nonvested stock option awards.
Restricted Stock
During the first quarter of 2026, restricted stock awards totaling 155,135 shares were granted under the 2025 EIP. Under the 2025 EIP, recipients of restricted stock will have the right to vote all shares subject to such grant, whether or not the shares have vested, but any dividends paid upon any restricted stock will be retained by the Company during the period of restriction, and will be paid to the relevant grantee (without interest) when the restricted stock vests and will revert back to the Company if for any reason the restricted stock upon which such dividends were paid is forfeited by the grantee prior to vesting. United also has unvested restricted stock awards granted to key employees and
non-employee
directors of the Company under the 2020 LTI Plan. Shares of restricted stock granted under the 2020 LTI Plan to participants were scheduled to vest no sooner than 1/3 per year over the first
three
anniversaries of the award. Recipients of shares of restricted stock under the 2020 LTI Plan did not pay any consideration to United for the shares, had the right to vote all shares subject to such grant and received all dividends with respect to such shares, whether or not the shares have vested. Presently, these nonvested participating securities have an immaterial impact on diluted earnings per share. As of March 31, 2026, the total unrecognized compensation cost related to nonvested restricted stock awards was $12,441 with a weighted-average expense recognition period of 1.6 years.
The following summarizes the changes to United’s nonvested restricted common shares for the period ended March 31, 2026:
 
   
Shares
   
Weighted-Average

Grant Date Fair Value
Per Share
 
Nonvested at January 1, 2026
   
325,427
   $36.52 
Granted
   155,135    44.07 
Vested
   (154,322)    37.09 
Forfeited
   (2,236)    37.32 
  
 
 
   
 
 
 
Nonvested at March 31, 2026
   324,004   $39.86 
  
 
 
   
 
 
 
 
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Restricted Stock Units
During the first quarter of 2026, restricted stock units (“RSUs”) totaling 226,556 were granted to key employees of the Company under the 2025 EIP. These RSUs awarded help align the interests of these employees with the interests of the shareholders of United by providing economic value directly related to the performance of the Company. United also has unvested RSUs granted under the 2020 LTI Plan. RSUs granted under these two plans are time-vested RSUs, performance-vested RSUs, or a combination of both. Currently, time-vested RSUs vest ratably over three years from the date of grant. Performance-vested RSUs cliff-vest after assessment of the Company’s performance over a period of three years. The number of performance-vested RSUs outstanding as of March 31, 2026 that will vest in the future is determined by two metrics measured relative to peers: Return on Average Tangible Common Equity (“ROATCE”) and Total Shareholder Return (“TSR”). Based on ASC Topic 718, “Compensation – Stock Compensation,” the ROATCE comparison is considered a performance condition while the TSR comparison is considered a market condition. There will be no payout of the performance-vested awards if the threshold performance is not achieved. United communicates the specific threshold, target, and maximum performance-vested RSU awards and performance targets to the applicable key employees at the beginning of a performance period. Dividend equivalents are accrued but not paid in respect to the awards until the RSUs vest. The holder does not have the right to vote the shares until shares of common stock are delivered in respect of vested RSUs. The value of the time-vested RSUs and the performance-vested, based on the performance condition, RSUs awarded is established as the fair market value of the stock at the time of the grant. The value of the performance-vested, based on the market condition, RSUs awarded is estimated through the use of a Monte Carlo valuation model as of the grant date. The Company recognizes expense on the RSUs in accordance with ASC Topic 718.
The following table summarizes the changes to United’s nonvested RSUs during the first three months of 2026:
 
   
Shares
   
Weighted-Average

Grant Date Fair Value
Per Share
 
Nonvested at January 1, 2026
   595,485   $ 35.28 
Granted
   226,556    47.83 
Vested
   (157,695)    38.24 
Forfeited or expired
   (28,880)    39.89 
  
 
 
   
 
 
 
Nonvested at March 31, 2026
   635,466   $38.81 
  
 
 
   
 
 
 
As of March 31, 2026, the total unrecognized compensation cost related to nonvested restricted stock units was $18,378 with a weighted-average expense recognition period of 1.8 years.
14. EMPLOYEE BENEFIT PLANS
United has a defined benefit retirement plan covering qualified employees hired prior to October 1, 2007. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. No discretionary contributions were made during the first quarter of 2026 and 2025.
Included in accumulated other comprehensive income at December 31, 2025 are unrecognized actuarial losses of $10,725 that have not yet been recognized in net periodic pension cost.
Net periodic pension costs, except for service cost, are recognized in employee benefits on the consolidated statements of income. Service cost is recognized in employee compensation.
 
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Net periodic pension cost for the three months ended March 31, 2026 and 2025 included the following components:
 
   
Three Months Ended March 31
 
   
2026
  
2025
 
Service cost
  $332  $344 
Interest cost
   1,744   1,815 
Expected return on plan assets
   (2,866)   (2,721) 
Recognized net actuarial loss
   0   0 
  
 
 
  
 
 
 
Net periodic pension (benefit) cost
  $(790)  $(562) 
  
 
 
  
 
 
 
Weighted-Average Assumptions:
   
Discount Rate
   5.66%   5.76% 
Expected return on assets
   6.00%   6.15% 
Rate of Compensation Increase (prior to age 40)
   6.00%   6.00% 
Rate of Compensation Increase (ages
40-49)
   5.50%   5.50% 
Rate of Compensation Increase (ages
50-54)
   5.00%   5.00% 
Rate of Compensation Increase (ages
55-64)
   4.00%   4.00% 
Rate of Compensation Increase (otherwise)
   3.00%   3.00% 
15. INCOME TAXES
United records a liability for uncertain income tax positions based on a recognition threshold of
more-likely-than-not,
and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements.
As of March 31, 2026, no interest was accrued related to uncertain tax positions as compared to $677 as of March 31, 2025. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes.
United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2022, 2023 and 2024 and certain State Taxing authorities for the years ended December 31, 2022 through 2024.
United’s effective tax rate was 20.38% for the first quarter of 2026 and 21.16% for the first quarter of 2025.
16. COMPREHENSIVE INCOME
The components of total comprehensive income for the three months ended March 31, 2026 and 2025 are as follows:
 
   
Three Months Ended
 
   
March 31
 
   
2026
   
2025
 
Net Income
  
$
 124,200
 
  
$
84,306
 
Available for sale (“AFS”) securities:
    
Change in net unrealized (loss) gain on AFS securities arising during the period
   (13,209)    43,583 
Related income tax effect
   3,157    (10,416) 
Net reclassification adjustment for losses (gains) included in net income
   0    0 
Related income tax effect
   0    0 
  
 
 
   
 
 
 
Net effect of AFS securities on other comprehensive income
  
 
(10,052
) 
  
 
33,167
 
Cash flow hedge derivatives:
    
Unrealized gain (loss) on cash flow hedge before reclassification to interest expense
   1,840    (3,162) 
Related income tax effect
   (440)    756 
Net reclassification adjustment for gains included in net income
   (2,019)    (2,452) 
Related income tax effect
   483    586 
  
 
 
   
 
 
 
Net effect of cash flow hedge derivatives on other comprehensive income
  
 
(136
) 
  
 
(4,272
) 
  
 
 
   
 
 
 
Total change in other comprehensive (loss) income, net of tax
  
 
(10,188
) 
  
 
28,895
 
  
 
 
   
 
 
 
Total Comprehensive Income
  
$
114,012
 
  
$
 113,201
 
  
 
 
   
 
 
 
 
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The components of accumulated other comprehensive income for the three months ended March 31, 2026 are as follows:
 
Changes in Accumulated Other Comprehensive Income (AOCI) by Component
(a)
For the Three Months Ended March 31, 2026
 
   
Unrealized
Gains/Losses
on AFS
Securities
   
Unrealized
Gains/Losses
on Cash
Flow Hedges
   
Defined
Benefit
Pension

Items
   
Total
 
Balance at January 1, 2026
  $(158,498)   $ 23,769   $(4,198)   $(138,927) 
Other comprehensive (loss) income before reclassification
   (10,052)    1,400    0    (8,652) 
Amounts reclassified from accumulated other comprehensive income
   0    (1,536)    0    (1,536) 
  
 
 
   
 
 
   
 
 
   
 
 
 
Net current-period other comprehensive (loss) income, net of tax
   (10,052)    (136)    0    (10,188) 
  
 
 
   
 
 
   
 
 
   
 
 
 
Balance at March 31, 2026
  $(168,550)   $23,633   $(4,198)   $(149,115) 
  
 
 
   
 
 
   
 
 
   
 
 
 
 
(a)
All amounts are
net-of-tax.
United has adopted the portfolio approach for purposes of releasing residual tax effects
within
AOCI.
 
Reclassifications out of Accumulated Other Comprehensive Income (AOCI)
For the Three Months Ended March 31, 2026
 
Details about AOCI Components
  
Amount
Reclassified
from AOCI
   
Affected Line Item in the Statement Where

Net Income is Presented
 
Cash flow hedge:
    
Net reclassification adjustment for gains included in net income
  $(2,019)    Interest expense 
  
 
 
   
   (2,019)    Total before tax 
    
Related income tax effect
   483    Tax expense 
  
 
 
   
   (1,536)    Net of tax 
  
 
 
   
Total reclassifications for the period
  $(1,536)   
  
 
 
   
 
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17. EARNINGS PER SHARE
The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as
follows
:
 
   
Three Months Ended
 
   
March 31
 
   
2026
   
2025
 
Distributed earnings allocated to common stock
  $53,484   $53,510 
Undistributed earnings allocated to common stock
   70,527    30,613 
  
 
 
   
 
 
 
Net earnings allocated to common shareholders
  $124,011   $84,123 
  
 
 
   
 
 
 
Average common shares outstanding
   139,566,209    142,330,694 
Common stock equivalents
   525,987    367,424 
  
 
 
   
 
 
 
Average diluted shares outstanding
   140,092,196    142,698,118 
  
 
 
   
 
 
 
Earnings per basic common share
  $0.89   $0.59 
Earnings per diluted common share
  $0.89   $0.59 
Antidilutive stock options and restricted stock outstanding of 607,649 for the three months ended March 31, 2026 were excluded from the earnings per diluted common share calculation as compared to 567,715 for the three months ended March 31, 2025.
18. VARIABLE INTEREST ENTITIES
Variable interest entities (“VIEs”) are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligation to absorb the expected losses of the entity). VIEs can be structured as corporations, trusts, partnerships, or other legal entities. United’s business practices include relationships with certain VIEs. For United, the business purpose of these relationships primarily consists of funding activities in the form of issuing trust preferred securities.
United currently sponsors twenty statutory business trusts that were created for the purpose of raising funds that originally qualified for Tier I regulatory capital. As previously discussed, these trusts now are considered Tier II regulatory capital. These trusts, of which several were acquired through bank acquisitions, issued or participated in pools of trust preferred capital securities to third-party investors with the proceeds invested in junior subordinated debt securities of United. The Company, through a small capital contribution, owns 100% of the voting equity shares of each trust. The assets, liabilities, operations, and cash flows of each trust are solely related to the issuance, administration, and repayment of the preferred equity securities held by third-party investors. United fully and unconditionally guarantees the obligations of each trust and is obligated to redeem the junior subordinated debentures upon maturity.
As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. At March 31, 2026 and December 31, 2025, United’s investment (maximum exposure to loss) in these trusts were $12,775 and $12,686, respectively.
 
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Information related to United’s statutory trusts is presented in the table below:
 
Description
  
Issuance Date
  
Amount of
Capital
Securities Issued
   
Stated Interest Rate
(1)
  
Maturity Date
United Statutory Trust III
  December 17, 2003  $ 20,000   
3-month
CME Term SOFR + 2.85%		  December 17, 2033
United Statutory Trust IV
  December 19, 2003  $25,000   
3-month
CME Term SOFR + 2.85%		  January 23, 2034
United Statutory Trust V
  July 12, 2007  $50,000   
3-month
CME Term SOFR + 1.55%		  October 1, 2037
United Statutory Trust VI
  September 20, 2007  $30,000   
3-month
CME Term SOFR + 1.30%		  December 15, 2037
Premier Statutory Trust II
  September 25, 2003  $6,000   
3-month
CME Term SOFR + 3.10%		  October 8, 2033
Premier Statutory Trust III
  May 16, 2005  $8,000   
3-month
CME Term SOFR + 1.74%
  June 15, 2035
Premier Statutory Trust IV
  June 20, 2006  $14,000   
3-month
CME Term SOFR + 1.55%		  September 23, 2036
Premier Statutory Trust V
  December 14, 2006  $10,000   
3-month
CME Term SOFR + 1.61%		  March 1, 2037
Centra Statutory Trust I
  September 20, 2004  $10,000   
3-month
CME Term SOFR + 2.29%		  September 20, 2034
Centra Statutory Trust II
  June 15, 2006  $10,000   
3-month
CME Term SOFR + 1.65%		  July 7, 2036
VCBI Capital Trust II
  December 19, 2002  $15,000   
6-month
CME Term SOFR + 3.30%		  December 19, 2032
VCBI Capital Trust III
  December 20, 2005  $25,000   
3-month
CME Term SOFR + 1.42%		  February 23, 2036
Cardinal Statutory Trust I
  July 27, 2004  $20,000   
3-month
CME Term SOFR + 2.40%		  September 15, 2034
UFBC Capital Trust I
  December 30, 2004  $5,000   
3-month
CME Term SOFR + 2.10%		  March 15, 2035
Carolina Financial Capital Trust I
  December 19, 2002  $5,000   Prime + 0.50%  December 31, 2032
Carolina Financial Capital Trust II
  November 5, 2003  $10,000   
3-month
CME Term SOFR + 3.05%		  January 7, 2034
Greer Capital Trust I
  October 12, 2004  $6,000   
3-month
CME Term SOFR + 2.20%		  October 18, 2034
Greer Capital Trust II
  December 28, 2006  $5,000   
3-month
CME Term SOFR + 1.73%		  January 30, 2037
First South Preferred Trust I
  September 26, 2003  $10,000   
3-month
CME Term SOFR + 2.95%		  September 30, 2033
BOE Statutory Trust I
  December 12, 2003  $4,000   
3-month
CME Term SOFR + 3.00%		  December 12, 2033
 
(1)
The
3-month
CME Term SOFR rates have a spread adjustment of 0.26161% and the
6-month
CME Term SOFR rate has a spread adjustment of 0.42826%.
United, through its banking subsidiary, also makes limited partner equity investments in various low income housing and community development partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships. These partnerships are not consolidated as United is not deemed to be the primary beneficiary. At March 31, 2026 and December 31, 2025, United’s investment (maximum exposure to loss) in these low income housing and community development partnerships were $130,924 and $129,861, respectively, while related unfunded commitments were $96,038 and $103,184 respectively. The total amount of these unfunded commitments in low income housing, community development and other partnerships at March 31, 2026 and December 31, 2025 includes $5,000 to a related interest of a director of the Company. As of March 31, 2026, United expects to recover its remaining investments through the use of the tax credits that are generated by the investments.
19. SEGMENT INFORMATION
United operates in one reportable segment, community banking. Through its community banking segment, United offers a full range of products and services through various delivery channels. Included among the banking products and services offered are the acceptance of deposits in checking, savings, time and money market accounts; the making and servicing of personal, credit card, commercial, and floor plan loans; and the making of construction and real estate loans as well as the origination and sale of residential mortgages in the secondary market. Also offered are trust and brokerage services, safe deposit boxes, and wire transfers. The community banking segment derives revenues mainly from interest income on loans to customers, investment securities held and other short-term investments in addition to fees and income derived related to the services listed above.
 
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The accounting policies of the community banking segment are the same as those described in the summary of significant accounting policies. United’s chief operating decision maker (“CODM”) is its chief executive officer who maintains responsibility for the
day-to-day
management of the Company including regularly reviewing the operating results of the community banking segment in order to assess performance and make decisions about resource allocation based on net income that also is reported on the income statement as consolidated net income. The measure of community banking segment assets is reported on the Consolidated Balance Sheets as total assets.
The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the community banking segment or into other parts of the entity, such as for acquisitions or to pay dividends. Net income is used to monitor budget versus actual results as well as comparing to prior year’s results. The comparative analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment.
Information about the community banking segment for the three months ended March 31, 2026 and 2025 is as follows:
 
   
For the Three Months Ended
March 31
 
   
2026
   
2025
 
Total Assets
  $33,705,380   $32,788,494 
  
 
 
   
 
 
 
Net interest income
  $282,515   $260,055 
Provision for credit losses
   7,776    29,103 
Other income
   34,063    29,554 
Other expense
    
Employee compensation
   63,493    60,866 
Employee benefits
   15,980    13,291 
Net occupancy expense
   13,013    12,601 
OREO expense
   475    22 
Net gains on the sales of OREO properties
   0    (11) 
Equipment expense
   8,740    8,582 
Data processing expense
   7,001    8,455 
Bankcard processing expense
   623    600 
FDIC insurance expense
   4,476    4,728 
Other segment expense
(a)
   39,013    44,439 
  
 
 
   
 
 
 
Total other expense
   152,814    153,573 
  
 
 
   
 
 
 
Income before income taxes
   155,988    106,933 
Income taxes
   31,788    22,627 
  
 
 
   
 
 
 
Segment net income
   124,200    84,306 
Reconciliation of profit or loss
    
Adjustments and reconciling items
   0    0 
  
 
 
   
 
 
 
Consolidated net income
  $124,200   $84,306 
  
 
 
   
 
 
 
 
(a)
Other segment expense includes legal, consulting and other professional services expense, franchise and other taxes not on income, expense for reserve on lending-related commitments, ATM expenses, marketing expense, core deposits amortization, and other general operating expenses.
 
 
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

Congress passed the Private Securities Litigation Act of 1995 to encourage corporations to provide investors with information about the company’s anticipated future financial performance, goals, and strategies. The act provides a safe haven for such disclosure; in other words, protection from unwarranted litigation if actual results are not the same as management expectations.

United desires to provide its shareholders with sound information about past performance and future trends. Consequently, any forward-looking statements contained in this report, in a report incorporated by reference to this report, or made by management of United in this report, in any other reports and filings, in press releases and in oral statements, involve numerous assumptions, risks and uncertainties. Forward-looking statements can be identified by the use of the words “expect,” “may,” “could,” “intend,” “project,” “estimate,” “believe,” “anticipate,” and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these “forward-looking statements.” The following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: (1) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve and the trade and tariff policies; (2) general competitive, economic, political and market conditions and other factors that may affect future results of United, including changes in asset quality and credit risk; the economic impact of oil and gas prices; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms; (3) deposit attrition, client loss or revenue loss following completed mergers or acquisitions that may be greater than anticipated; (4) regulatory change risk resulting from new laws, rules, regulations, or accounting principles, including, without limitation, the possibility that regulatory agencies may require higher levels of capital above the current regulatory-mandated minimums and the possibility of changes in accounting standards, policies, principles and practices; (5) the cost and effects of cyber incidents or other failures, interruptions, or security breaches of United’s systems and those of our customers or third-party providers; (6) competitive pressures on product pricing and services; (7) success, impact, and timing of United’s business strategies, including market acceptance of any new products or services; (8) volatility and disruptions in global capital and credit markets; (10) operational, technological, cultural, regulatory, legal, credit and other risks associated with the exploration, consummation and integration of potential future acquisitions; (10) catastrophic events such as hurricanes, tornados, earthquakes, floods or other natural or human disasters, including public health crises and infectious disease outbreaks, as well as any government actions in response to such events; (11) geopolitical risk from terrorist activities and armed conflicts that may result in economic and supply disruptions, and loss of market and consumer confidence; (12) the risks of fluctuations in market prices for United common stock that may or may not reflect economic condition or performance of United; (13) the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations; and any other risks described in the “Risk Factors” sections of this and other reports filed by United with the Securities and Exchange Commission.

United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

INTRODUCTION

The following discussion and analysis presents the significant changes in financial condition and the results of operations of United and its subsidiaries for the periods indicated below. This discussion and the unaudited consolidated financial statements and the notes to unaudited Consolidated Financial Statements include the accounts of United Bankshares, Inc. and its wholly-owned subsidiaries, unless otherwise indicated. Management has evaluated all significant events and transactions that occurred after March 31, 2026, but prior to the date these financial statements were issued, for potential recognition or disclosure required in these financial statements.

This discussion and analysis should be read in conjunction with the unaudited Consolidated Financial Statements and accompanying notes thereto, which are included elsewhere in this document.

ACQUISITION

On January 10, 2025, United consummated its acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”). At the acquisition date, Piedmont had total assets of approximately $2.4 billion, total loans of approximately $2.1 billion, total liabilities of approximately $2.2 billion, total deposits of approximately $2.1 billion, and total shareholders’ equity of approximately $202 million. As a result of the Piedmont acquisition, the first quarter of 2025 included $30.0 million of pre-tax merger-related noninterest expenses and merger-related provision for credit losses.

 

54

USE OF NON-GAAP FINANCIAL MEASURES

This discussion and analysis contains certain financial measures that are not recognized under GAAP. Under SEC Regulation G, public companies making disclosures containing financial measures that are not in accordance with GAAP must also disclose, along with each “non-GAAP” financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure, as well as a statement of the company’s reasons for utilizing the non-GAAP financial measure.

Generally, United has presented a non-GAAP financial measure because it believes that this measure provides meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of a non-GAAP financial measure is consistent with how United’s management evaluates its performance internally and this non-GAAP financial measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the banking industry. Specifically, this discussion contains certain references to financial measures identified as tax-equivalent (“FTE”) net interest income and return on average tangible equity. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income is presented in this discussion on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition.

Average tangible common equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible common equity can thus be considered a more conservative valuation of the company. When considering net income, a return on average tangible common equity can be calculated. Management provides a return on average equity to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. This measure, along with others, is used by management to analyze capital adequacy and performance.

However, this non-GAAP information should be considered supplemental in nature and not as a substitute for related financial information prepared in accordance with GAAP. Where the non-GAAP financial measure is used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure, as well as a statement of the company’s reasons for utilizing the non-GAAP financial measure, can be found within this discussion and analysis. Investors should recognize that United’s presentation of this non-GAAP financial measure might not be comparable to a similarly titled measure at other companies.

APPLICATION OF CRITICAL ACCOUNTING POLICIES

The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates, assumptions and judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions and judgments, which are reviewed with the Audit Committee of the Board of Directors, are based on information available as of the date of the financial statements. Actual results could differ from these estimates. These policies, along with the disclosures presented in the financial statement notes and in this financial review, provide information on how significant assets and liabilities are valued in the financial statements and how those values are determined. Based on the valuation techniques used and the sensitivity of financial statement amounts to the methods, assumptions, and estimates underlying those amounts, management has identified the determination of the allowance for loan and lease losses, the calculation of the income tax provision, and the use of fair value measurements to account for certain financial instruments to be the accounting areas that require the most subjective or complex judgments, and as such could be most subject to revision as new information becomes available.

 

55

United’s critical accounting policies involving the significant judgments and assumptions used in the preparation of the Consolidated Financial Statements as of March 31, 2026 were unchanged from the policies disclosed in United’s Annual Report on Form 10-K for the year ended December 31, 2025 within the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

FINANCIAL CONDITION

United’s total assets as of March 31, 2026 were $33.71 billion, remaining steady from December 31, 2025. Investment securities increased $130.17 million or 3.83%, portfolio loans increased $154.02 million or less than 1% and bank-owned life insurance policies increased $4.18 million or less than 1%. Partially offsetting these increases in assets, cash and cash equivalents decreased $237.22 million or 9.33%, operating lease right-of-use assets decreased $1.47 million or 1.65%, and loans held for sale decreased $2.04 million or 6.53%. Total liabilities remained flat, increasing $52.96 million or less than 1% from year-end 2025. This increase in total liabilities was due mainly to an increase of $59.94 million or less than 1% in deposits, an increase of $24.51 million or 10.11% in accrued and other liabilities, and an increase of $1.97 million or 5.62% in the allowance for lending-related commitments. Partially offsetting these increases in liabilities was a $32.40 million or 16.32% decrease in securities sold under agreements to repurchase. Shareholders’ equity was relatively flat from year-end 2025, decreasing $7.86 million or less than 1%.

The following discussion explains in more detail the changes in financial condition by major category.

Cash and Cash Equivalents

Cash and cash equivalents at March 31, 2026 decreased $237.22 million or 9.33% from year-end 2025. In particular, interest-bearing deposits with other banks decreased $258.67 million or 11.28%, as United placed less cash in an interest-bearing account with the Federal Reserve, while cash and due from banks increased $21.42 million or 8.65%. Federal funds sold increased $25 thousand or 1.84%. During the first three months of 2026, net cash of $160.86 million was provided by operating activities while net cash of $304.11 million and $93.96 million were used in investing and financing activities. See the unaudited Consolidated Statements of Cash Flows (unaudited) for data on cash and cash equivalents provided and used in operating, investing and financing activities for the first three months of 2026 and 2025.

Securities

Total investment securities at March 31, 2026 increased $130.17 million or 3.83%. Securities available for sale increased $152.62 million or 4.99%. This change in securities available for sale reflects $350.41 million in sales, maturities and calls of securities, $514.59 million in purchases, and a decrease of $13.21 million in market value. Equity securities were $12.25 million at March 31, 2026, a decrease of $22.51 million or 64.76% due mainly to the sale of equity securities totaling $26.65 million partially offset by the purchase of $4.16 million in equity securities during the first quarter of 2026. Other investment securities were flat, increasing $60 thousand or less than 1% from year-end 2025.

 

56

The following table summarizes the changes in the available for sale securities since year-end 2025:

 

(Dollars in thousands)  March 31
2026		   December 31
2025		   $ Change   % Change 

U.S. Treasury securities and obligations of U.S.
Government corporations and agencies

  $280,655   $281,657   $(1,002)    (0.36%) 

State and political subdivisions

   510,654    516,926    (6,272)    (1.21%) 

Mortgage-backed securities

   1,985,508    1,792,594    192,914    10.76% 

Asset-backed securities

   202,042    223,254    (21,212)    (9.50%) 

Single issue trust preferred securities

   12,674    12,658    16    0.13% 

Other corporate securities

   220,539    232,363    (11,824)    (5.09%) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total available for sale securities, at fair value

  $3,212,072   $3,059,452   $152,620    4.99% 
  

 

 

   

 

 

   

 

 

   

 

 

 

The following table summarizes the changes in the held to maturity securities since year-end 2025:

 

(Dollars in thousands)  March 31
2026		  December 31
2025		  $ Change   % Change 

State and political subdivisions

  $984 (1)  $984 (1)  $0    0.00% 

Other corporate securities

   20   20   0    0.00% 
  

 

 

  

 

 

  

 

 

   

 

 

 

Total held to maturity securities, at amortized cost

  $1,004  $1,004  $0    0.00% 
  

 

 

  

 

 

  

 

 

   

 

 

 

 

(1)

net of allowance for credit losses of $16 thousand.

At March 31, 2026, gross unrealized losses on available for sale securities were $226.45 million. Securities with the most significant gross unrealized losses at March 31, 2026 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities and corporate securities.

As of March 31, 2026, United’s available for sale mortgage-backed securities had an amortized cost of $2.13 billion, with an estimated fair value of $1.99 billion. The portfolio consisted primarily of $1.67 billion in agency residential mortgage-backed securities with a fair value of $1.56 billion, $42.30 million in non-agency residential mortgage-backed securities with an estimated fair value of $38.55 million, and $413.08 million in commercial agency mortgage-backed securities with an estimated fair value of $390.55 million.

As of March 31, 2026, United’s available for sale state and political subdivisions securities had an amortized cost of $569.15 million, with an estimated fair value of $510.65 million. The portfolio relates to securities issued by various municipalities located throughout the United States, and no securities within the portfolio were rated below investment grade as of March 31, 2026.

As of March 31, 2026, United’s available for sale corporate securities had an amortized cost of $450.24 million, with an estimated fair value of $435.26 million. The portfolio consisted of $13.32 million in single issue trust preferred securities with an estimated fair value of $12.67 million. In addition to the single issue trust preferred securities, the Company held positions in various other corporate securities, including asset-backed securities with an amortized cost of $204.17 million and a fair value of $202.04 million and other corporate securities, with an amortized cost of $232.75 million and a fair value of $220.54 million.

United’s available for sale single issue trust preferred securities had a fair value of $12.67 million as of March 31, 2026. Of the $12.67 million, $7.42 million or 58.55% were investment grade rated and $5.25 million or 41.45% were unrated. The two largest exposures accounted for 100% of the $12.67 million. These included Truist Bank at $7.42 million and Emigrant Bank at $5.25 million. All single issue trust preferred securities are currently receiving full scheduled principal and interest payments.

 

57

During the first quarter of 2026, United did not recognize any credit losses on its available for sale investment securities. Management does not believe that any individual security with an unrealized loss as of March 31, 2026 is impaired. United believes the decline in value resulted from changes in market interest rates, credit spreads and liquidity, not a deterioration of credit. Based on a review of each of the securities in the available for sale investment portfolio, management concluded that it was more-likely-than-not that it would be able to realize the cost basis investment and appropriate interest payments on such securities. United has the intent and the ability to hold these securities until such time as the value recovers or the securities mature. As of March 31, 2026, there was no allowance for credit losses related to the Company’s available for sale securities. However, United acknowledges that any securities in an unrealized loss position may be sold in future periods in response to significant, unanticipated changes in asset/liability management decisions, unanticipated future market movements or business plan changes.

Further information regarding the amortized cost and estimated fair value of investment securities, including remaining maturities as well as a more detailed discussion of management’s impairment analysis, is presented in Note 2 to the unaudited Notes to Consolidated Financial Statements.

Loans Held for Sale

Loans held for sale were $29.24 million at March 31, 2026, a decrease of $2.04 million or 6.53% from year-end 2025. Loan sales in the secondary market exceeded originations during the first three months of 2026. Loan originations for the first three months of 2026 were $87.05 million while loans sales were $89.10 million.

Portfolio Loans

Loans, net of unearned income, increased $154.02 million or less than 1% from year-end 2025. Since year-end 2025, commercial, financial and agricultural loans increased $171.54 million or 1.20% as a result of a $197.45 million or 1.88% increase in commercial real estate loans, which was partially offset by a $25.91 million or less than 1% decrease in commercial loans (not secured by real estate). Residential real estate loans increased $16.79 million while construction and land development loans decreased $28.91 million and consumer loans decreased $5.30 million.

The following table summarizes the changes in the major loan classes since year-end 2025:

 

(Dollars in thousands)  March 31
2026		   December 31
2025		   $ Change   % Change 

Loans held for sale

  $ 29,235   $ 31,277   $(2,042)    (6.53%) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Commercial, financial, and agricultural:

        

Owner-occupied commercial real estate

  $ 2,140,233   $ 2,145,921   $(5,688)    (0.27%) 

Nonowner-occupied commercial real estate

   8,546,654    8,343,520    203,134    2.43% 

Other commercial loans

   3,758,923    3,784,833    (25,910)    (0.68%) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total commercial, financial, and agricultural

  $14,445,810   $14,274,274   $171,536    1.20% 

Residential real estate

   6,115,055    6,098,262    16,793    0.28% 

Construction & land development

   3,541,988    3,570,902    (28,914)    (0.81%) 

Consumer:

        

Bankcard

   9,227    9,686    (459)    (4.74%) 

Other consumer

   762,659    767,496    (4,837)    (0.63%) 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total gross loans

  $24,874,739   $24,720,620   $154,119    0.62% 

Less: Unearned income

   (11,601)    (11,498)    (103)    0.90% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Loans, net of unearned income

  $24,863,138   $24,709,122   $154,016    0.62% 
  

 

 

   

 

 

   

 

 

   

 

 

 

For a further discussion of loans see Note 3 to the unaudited Notes to Consolidated Financial Statements.

 

58

Bank-Owned Life Insurance

The balance of bank-owned life insurance increased $4.18 million due to an increase in the cash surrender value of underlying policies.

Other Assets

Other assets remained relatively flat from year-end 2025, decreasing $999 thousand or less than 1% from year-end 2025 as prepaid assets decreased $5.06 million, income taxes receivable decreased $2.01 million due to timing differences and core deposit intangibles decreased $1.84 million due to amortization. Partially offsetting these decreases were increases in deferred tax assets of $4.41 million due mainly to the decrease in the fair value of available for sale securities, OREO of $1.53 million and accounts receivable of $1.79 million.

Deposits

Deposits represent United’s primary source of funding. Total deposits at March 31, 2026 increased $59.94 million or less than 1% from year-end 2025. In terms of composition, noninterest-bearing deposits decreased $163.71 million or 2.49% while interest-bearing deposits increased $223.66 million or 1.09% from December 31, 2025.

Noninterest-bearing deposits consist of demand deposit and noninterest bearing money market (“MMDA”) account balances. The $163.71 million decrease in noninterest-bearing deposits was due to a $156.81 million decrease in official checks and a $30.41 million decrease in commercial noninterest-bearing deposits. Partially offsetting these decreases was a $38.43 million increase in personal noninterest-bearing deposits and a $5.73 million increase in public funds noninterest-bearing deposits.

Interest-bearing deposits consist of interest-bearing transactions, regular savings, interest-bearing MMDA, and time deposit account balances. Interest-bearing transaction accounts decreased $39.74 million since year-end 2025 as the result of a $59.80 million decrease in public funds interest-bearing transaction accounts, partially offset by a $16.53 million increase in commercial interest-bearing transaction accounts. Regular savings accounts increased $20.89 million mainly as a result of a $27.94 million increase in personal savings accounts. Interest-bearing MMDAs increased $198.35 million. In particular, personal MMDAs increased $64.96 million while commercial MMDAs and public funds MMDAs increased $114.40 million and $18.99 million, respectively.

Time deposits under $100,000 increased $5.73 million or less than 1% from year-end 2025. This increase in time deposits under $100,000 was the result of a $26.26 million increase in fixed rate Certificates of Deposits (“CDs”) under $100,000 and a $1.77 million increase in Certificate of Deposit Account Registry Service (“CDARS”) under $100,000, partially offset by a $23.49 million decrease in variable rate CDs.

Since year-end 2025, time deposits over $100,000 increased $38.44 million or 1.14% as fixed rate CDs increased $56.84 million. Partially offsetting this increase was a $14.47 million decrease in variable rate CDs and a $5.47 million decrease in CDARS over $100,000.

The table below summarizes the changes by deposit category since year-end 2025:

 

(Dollars in thousands)  March 31
2026		   December 31
2025		   $ Change   % Change 

Demand deposits

  $6,409,918   $6,573,630   $(163,712)    (2.49%) 

Interest-bearing checking

   6,618,028    6,657,771    (39,743)    (0.60%) 

Regular savings

   1,286,219    1,265,334    20,885    1.65% 

Money market accounts

   8,034,146    7,835,796    198,350    2.53% 

Time deposits under $100,000

   1,369,607    1,363,881    5,726    0.42% 

Time deposits over $100,000 (1)

   3,402,965    3,364,527    38,438    1.14% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits

  $27,120,883   $27,060,939   $ 59,944    0.22% 
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Includes time deposits of $250,000 or more of $1,760,815 and $1,724,739 at March 31, 2026 and December 31,

2025, respectively.

 

59

Borrowings

Total borrowings at March 31, 2026 decreased $32.00 million or 4.38% since year-end 2025. During the first three months of 2026, short-term borrowings decreased $32.40 million or 16.32% due to a decrease in securities sold under agreements to repurchase. Long-term borrowings remained flat, increasing $399 thousand or less than 1% from year-end 2025.

The table below summarizes the change in the borrowing categories since year-end 2025:

 

(Dollars in thousands)  March 31
2026		   December 31
2025		   $ Change   % Change 

Short-term securities sold under agreements to repurchase

  $166,175   $198,573   $(32,398)    (16.32%) 

Long-term FHLB advances

   250,000    250,000    0    0.00% 

Issuances of trust preferred capital securities

   282,216    281,817    399    0.14% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Total borrowings

  $698,391   $730,390   $(31,999)    (4.38%) 
  

 

 

   

 

 

   

 

 

   

 

 

 

For a further discussion of borrowings see Notes 8 and 9 to the unaudited Notes to Consolidated Financial Statements.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities at March 31, 2026 increased $24.51 million or 10.11% from year-end 2025. In particular, income taxes payable increased $30.80 million due to timing differences, business franchise taxes increased $3.03 million, and accrued loan expenses increased $10.43 million. Partially offsetting these increases was a decrease of $16.69 million in incentives payable due to payments.

Shareholders’ Equity

Shareholders’ equity at March 31, 2026 was $5.49 billion, which was a decrease of $7.86 million or less than 1% from year-end 2025.

Retained earnings increased $71.03 million or 3.27% from year-end 2025. Earnings net of dividends for the first three months of 2026 were $71.03 million.

Accumulated other comprehensive income decreased $10.19 million or 7.33% from year-end 2025 due mainly to a decrease of $10.05 million in the fair value of United’s available for sale investment portfolio, net of deferred income taxes. The fair value of cash flow hedges, net of deferred income taxes, decreased $136 thousand.

Treasury stock increased $70.91 million or 18.59%. During the first quarter of 2026, United repurchased 1,739,501 shares on the open market under a repurchase plan approved by United’s Board of Directors at a cost of $69.43 million or an average share price of $39.92.

 

60

RESULTS OF OPERATIONS

Overview

The following table sets forth certain consolidated income statement information of United:

 

   Three Months Ended 
(Dollars in thousands)  March
2026		   March
2025		   December
2025		 

Income Statement Summary:

      

Interest income

  $415,929   $403,647   $430,053 

Interest expense

   133,414    143,592    142,596 
  

 

 

   

 

 

   

 

 

 

Net interest income

   282,515    260,055    287,457 

Provision for credit losses

   7,776    29,103    6,779 

Other income

   34,063    29,554    30,936 

Other expense

   152,814    153,573    151,718 
  

 

 

   

 

 

   

 

 

 

Income before income taxes

   155,988    106,933    159,896 

Income taxes

   31,788    22,627    31,068 
  

 

 

   

 

 

   

 

 

 

Net income

  $124,200   $ 84,306   $128,828 
  

 

 

   

 

 

   

 

 

 

Net income for the first quarter of 2026 was $124.20 million as compared to earnings of $84.31 million for the first quarter of 2025. Diluted earnings per share were $0.89 for the first quarter of 2026 and $0.59 for the first quarter of 2025. On a linked-quarter basis, net income for the fourth quarter of 2025 was $128.83 million or $0.91 per diluted share.

As previously mentioned, United completed its acquisition of Piedmont on January 10, 2025. The financial results of Piedmont are included in United’s results from the acquisition date. As a result of the acquisition, United recorded acquisition-related costs for the Piedmont merger of $30.04 million, including a provision for credit losses of $18.73 million for purchased non-PCD loans for the first quarter of 2025.

United’s annualized return on average assets for the first three months of 2026 was 1.49% and return on average shareholders’ equity was 9.08% as compared to 1.06% and 6.47%, respectively, for the first three months of 2025. On a linked-quarter basis, United’s annualized return on average assets for the fourth quarter of 2025 was 1.52% and return on average shareholders’ equity was 9.31%. For the first three months of 2026, United’s annualized return on average tangible common equity, a non-GAAP measure, was 14.40%, as compared to 10.61% for the first three months of 2025. On a linked-quarter basis, United’s annualized return on average tangible common equity was 14.86% for the fourth quarter of 2025.

 

   Three Months Ended 
   March 31,
2026		  March 31,
2025		  December 31,
2025		 

Return on Average Tangible Common Equity:

    

(a) Net Income (GAAP)

  $ 124,200  $ 84,306  $ 128,828 

(b) Number of Days

   90   90   92 

Average Total Shareholders’ Equity (GAAP)

  $ 5,549,114  $ 5,283,542  $ 5,492,008 

Less: Average Total Intangibles

   (2,050,468)   (2,060,975)   (2,052,648) 
  

 

 

  

 

 

  

 

 

 

(c) Average Tangible Common Equity (non-GAAP)

  $ 3,498,646  $ 3,222,567  $ 3,439,360 

Return on Average Tangible Common Equity (non-GAAP)
[(a) / (b)] x 365 / (c)]

   14.40%   10.61%   14.86% 

 

61

Net interest income for the first quarter of 2026 increased $22.46 million, or 8.64% from the first quarter of 2025. The increase of $22.46 million in net interest income occurred because total interest income increased $12.28 million while total interest expense decreased $10.18 million from the first quarter of 2025. Net interest income for the first quarter of 2026 decreased $4.94 million, or 1.72%, from the fourth quarter of 2025. The decrease of $4.94 million in net interest income occurred because total interest income decreased $14.12 million while total interest expense decreased $9.18 million from the fourth quarter of 2025.

The provision for credit losses was $7.78 million for the first quarter of 2026 as compared to $29.10 million for the first quarter of 2025. This decrease in the provision for credit losses was mainly due to the previously mentioned $18.73 million of provision recorded on purchased non-PCD loans from Piedmont during the first quarter of 2025. The provision for credit losses was $6.78 million for the fourth quarter of 2025.

For the first quarter of 2026, noninterest income increased $4.51 million or 15.26% and $3.13 million or 10.11% from the first quarter and fourth quarter of 2025, respectively. These increases were primarily due to increased fees from brokerage services and net gains on the sale of equity securities in the first quarter of 2026.

Noninterest expense for the first quarter of 2026 was flat, decreasing $759 thousand or less than 1% from the first quarter of 2025. The decrease was due mainly to merger-related expenses from the Piedmont acquisition incurred in the first quarter of 2025 being mostly offset by increases in employee compensation and employee benefits expenses during the first quarter of 2026. Noninterest expense for the first quarter of 2026 was also flat from the fourth quarter of 2025, increasing $1.10 million or less than 1% from the fourth quarter of 2025. The increase was primarily due to an increase in employee benefits expense mostly offset by decreases in data processing expense and the amortization of investment tax credits within other expense.

Income taxes increased $9.16 million or 40.49% for the first three months of 2026 as compared to the first three months of 2025 primarily due to higher earnings partially offset by a lower effective tax rate. On a linked-quarter basis, income taxes increased $720 thousand or 2.32% for the first quarter of 2026 as compared to the fourth quarter of 2025 due mainly to a higher effective tax rate partially offset by lower earnings. The effective tax rate was 20.38% and 21.16% for the first quarter of 2026 and 2025, respectively. The effective tax rate was 19.43% for the fourth quarter of 2025.

The following discussion explains in more detail the consolidated results of operations by major category.

Net Interest Income

Net interest income represents the primary component of United’s earnings. It is the difference between interest income from earning assets and interest expense incurred to fund these assets. Net interest income is impacted by changes in the volume and mix of interest-earning assets and interest-bearing liabilities, as well as changes in market interest rates. Such changes, and their impact on net interest income in 2026 and 2025, are presented below.

Net interest income for the first quarter of 2026 was $282.52 million, which was an increase of $22.46 million or 8.64% from the first quarter of 2025. The $22.46 million increase in net interest income occurred because total interest income increased $12.28 million while total interest expense decreased $10.18 million from the first quarter of 2025. On a linked-quarter basis, net interest income for the first quarter of 2026 decreased $4.94 million, or 1.72%, from the fourth quarter of 2025. The $4.94 million decrease in net interest income occurred because total interest income decreased $14.12 million while total interest expense decreased $9.18 million from the fourth quarter of 2025.

For the purpose of this remaining discussion, net interest income is presented on a tax-equivalent basis to provide a comparison among all types of interest earning assets. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition.

 

62

Tax-equivalent net interest income for the first quarter of 2026 was $283.30 million, an increase of $22.46 million or 8.61% from the first quarter of 2025. This increase in tax-equivalent net interest income was primarily due to an increase in average earning assets, mainly net loans, and a lower average cost of interest-bearing funds, mainly deposits. These increases to tax-equivalent net interest income were partially offset by an increase in average interest-bearing funds, mainly deposits, and a lower yield on average earning assets, mainly short-term investments. Average earning assets for the first quarter of 2026 increased $1.54 billion or 5.39% from the first quarter of 2025. The increase in average earning assets was due mainly to a $1.38 billion or 5.97% increase in average net loans as well as increases of $107.72 million or 5.05% and $48.75 million or 1.50% in average short-term investments and average investment securities, respectively. Average interest-bearing funds for the first quarter of 2026 increased $1.24 billion or 6.17% from the first quarter of 2025. In particular, average interest-bearing deposits increased $1.25 billion or 6.44% while average short-term borrowings increased $15.35 million or 9.19% and average long-term borrowings decreased $22.64 million or 4.08% from the first quarter of 2025. The average cost of funds for the first quarter of 2026 decreased 36 basis points due primarily to a decrease in interest rates from the first quarter of 2025. Most notably, the cost of average interest-bearing deposits decreased 36 basis points and the cost of average short-term and long-term borrowings decreased 32 basis points and 28 basis points, respectively, from the first quarter of 2025. The average yield on earning assets for the first quarter of 2026 decreased 13 basis points from the first quarter of 2025. In particular, the yield on average short-term investments decreased 76 basis points while the yield on average net loans and average investment securities declined 8 basis points and 15 basis points, respectively. For the first quarter of 2026, interest income and tax-equivalent net interest income included $7.47 million of acquired loan accretion income as compared to $5.99 million for the first quarter of 2025. The net interest margin of 3.80% for the first quarter of 2026 was an increase of 11 basis points from the net interest margin of 3.69% for the first quarter of 2025.

On a linked-quarter basis, tax-equivalent net interest income decreased $4.96 million or 1.72% from the fourth quarter of 2025. The net interest margin was 3.80% and 3.83% for first quarter of 2026 and the fourth quarter of 2025, respectively. The interest rate spread for the first quarter of 2026 increased 2 basis points to 3.06% from the fourth quarter of 2025 due to a 14 basis point decrease in the average cost of funds partially offset by a 12 basis point decrease in the yield on average earning assets. The decrease in the average cost of funds was primarily due to a 14 basis point decrease in the average rate paid on deposits. The decrease in the yield on average earning assets was primarily due to an 11 basis point decrease in the yield on average net loans, a 26 basis point decrease in the yield on average short-term investments and lower acquired loan accretion income. Acquired loan accretion income for the first quarter of 2026 decreased $988 thousand or 11.68% from the fourth quarter of 2025.

United’s tax-equivalent net interest income also includes the impact of acquisition accounting fair value adjustments. The following table provides the discount/premium and net accretion impact to tax-equivalent net interest income for the three months ended March 31, 2026, March 31, 2025 and December 31, 2025:

 

   Three Months Ended 
(Dollars in thousands)  March 31
2026		   March 31
2025		   December 31
2025		 

Loan accretion

  $7,471   $5,989   $8,459 

Certificates of deposit

   8    247    31 

Long-term borrowings

   (399)    (202)    (398) 
  

 

 

   

 

 

   

 

 

 

Total

  $7,080   $6,034   $8,092 
  

 

 

   

 

 

   

 

 

 

 

63

The following tables reconcile the difference between net interest income and tax-equivalent net interest income for the three months ended March 31, 2026, March 31, 2025 and December 31, 2025.

 

   Three Months Ended 
(Dollars in thousands)  March 31
2026		   March 31
2025		   December 31
2025		 

Net interest income, GAAP basis

  $282,515   $260,055   $287,457 

Tax-equivalent adjustment (1)

   780    782    796 
  

 

 

   

 

 

   

 

 

 

Tax-equivalent net interest income

  $283,295   $260,837   $288,253 
  

 

 

   

 

 

   

 

 

 

 

(1)

The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21% for the three months ended March 31, 2026 and 2025 and December 31, 2025. All interest income on loans and investment securities was subject to state income taxes.

 

64

The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended March 31, 2026 and 2025, respectively, with the interest and rate earned or paid on such amount. The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21% for the three-month period ended March 31, 2026 and 2025. Interest income on all loans and investment securities was subject to state income taxes.

 

   Three Months Ended
March 31, 2026		  Three Months Ended
March 31, 2025		 
(Dollars in thousands)  Average
Balance		  Interest
(1)		   Avg. Rate
(1)		  Average
Balance		  Interest
(1)		   Avg. Rate
(1)		 

ASSETS

         

Earning Assets:

         

Federal funds sold and securities purchased under agreements to resell and other short-term investments

  $ 2,238,873  $ 20,710    3.75%  $ 2,131,157  $ 23,726    4.51% 

Investment Securities:

         

Taxable

   3,089,971   26,082    3.38%   3,048,058   26,911    3.53% 

Tax-exempt

   204,728   1,502    2.94%   197,891   1,486    3.00% 
  

 

 

  

 

 

   

 

 

  

 

 

  

 

 

   

 

 

 

Total Securities

   3,294,699   27,584    3.35%   3,245,949   28,397    3.50% 

Loans, net of unearned income (2)(3)

   24,872,503   368,415    6.00%   23,499,660   352,306    6.07% 

Allowance for loan losses

   (297,537)      (308,225)    
  

 

 

     

 

 

    

Net loans (2)(3)

   24,574,966     6.07%   23,191,435     6.15% 
  

 

 

  

 

 

   

 

 

  

 

 

  

 

 

   

 

 

 

Total earning assets

   30,108,538  $416,709    5.60%   28,568,541  $404,429    5.73% 
   

 

 

   

 

 

   

 

 

   

 

 

 

Other assets

   3,620,673      3,611,699    
  

 

 

     

 

 

    

TOTAL ASSETS

  $33,729,211     $32,180,240    
  

 

 

     

 

 

    

LIABILITIES

         

Interest-Bearing Funds:

         

Interest-bearing deposits

  $20,614,901  $126,728    2.49%  $19,367,638  $136,288    2.85% 

Short-term borrowings

   182,428   1,439    3.20%   167,080   1,450    3.52% 

Long-term borrowings

   531,978   5,247    4.00%   554,614   5,854    4.28% 
  

 

 

  

 

 

   

 

 

  

 

 

  

 

 

   

 

 

 

Total Interest-Bearing Funds

   21,329,307   133,414    2.54%   20,089,332   143,592    2.90% 
   

 

 

   

 

 

   

 

 

   

 

 

 

Noninterest-bearing deposits

   6,518,574      6,471,287    

Accrued expenses and other liabilities

   332,216      336,079    
  

 

 

     

 

 

    

TOTAL LIABILITIES

   28,180,097      26,896,698    

SHAREHOLDERS’ EQUITY

   5,549,114      5,283,542    
  

 

 

     

 

 

    

TOTAL LIABILITIES AND

         

SHAREHOLDERS’ EQUITY

  $33,729,211     $32,180,240    
  

 

 

     

 

 

    

NET INTEREST INCOME

   $283,295     $260,837   
   

 

 

     

 

 

   

INTEREST SPREAD

      3.06%      2.83% 

NET INTEREST MARGIN

      3.80%      3.69% 

 

(1)

The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

(2)

Nonaccruing loans are included in the daily average loan amounts outstanding.

(3)

Loans held for sale and leases are included in the daily average loan amounts outstanding.

 

65

The following table shows the unaudited consolidated daily average balance of major categories of assets and liabilities for the three-month periods ended March 31, 2026 and December 31, 2025, respectively, with the interest and rate earned or paid on such amount. The interest income and yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21% for the three-month period ended March 31, 2026 and December 31, 2025. Interest income on all loans and investment securities was subject to state income taxes.

 

   Three Months Ended
March 31, 2026		  Three Months Ended
December 31, 2025		 
(Dollars in thousands)  Average
Balance		  Interest
(1)		   Avg. Rate
(1)		  Average
Balance		  Interest
(1)		   Avg. Rate
(1)		 

ASSETS

         

Earning Assets:

         

Federal funds sold and securities purchased under agreements to resell and other short-term investments

  $ 2,238,873  $ 20,710    3.75%  $ 2,304,536  $ 23,288    4.01% 

Investment Securities:

         

Taxable

   3,089,971   26,082    3.38%   3,036,563   26,139    3.44% 

Tax-exempt

   204,728   1,502    2.94%   203,239   1,502    2.96% 
  

 

 

  

 

 

   

 

 

  

 

 

  

 

 

   

 

 

 

Total Securities

   3,294,699   27,584    3.35%   3,239,802   27,641    3.41% 

Loans, net of unearned income (2)(3)

   24,872,503   368,415    6.00%   24,704,071   379,920    6.11% 

Allowance for loan losses

   (297,537)      (299,908)    
  

 

 

     

 

 

    

Net loans (2)(3)

   24,574,966     6.07%   24,404,163     6.18% 
  

 

 

  

 

 

   

 

 

  

 

 

  

 

 

   

 

 

 

Total earning assets

   30,108,538  $416,709    5.60%   29,948,501  $430,849    5.72% 
   

 

 

   

 

 

   

 

 

   

 

 

 

Other assets

   3,620,673      3,638,890    
  

 

 

     

 

 

    

TOTAL ASSETS

  $33,729,211     $33,587,391    
  

 

 

     

 

 

    

LIABILITIES

         

Interest-Bearing Funds:

         

Interest-bearing deposits

  $20,614,901  $126,728    2.49%  $20,419,740  $135,602    2.63% 

Short-term borrowings

   182,428   1,439    3.20%   167,660   1,443    3.42% 

Long-term borrowings

   531,978   5,247    4.00%   531,594   5,551    4.14% 
  

 

 

  

 

 

   

 

 

  

 

 

  

 

 

   

 

 

 

Total Interest-Bearing Funds

   21,329,307   133,414    2.54%   21,118,994   142,596    2.68% 
   

 

 

   

 

 

   

 

 

   

 

 

 

Noninterest-bearing deposits

   6,518,574      6,657,360    

Accrued expenses and other liabilities

   332,216      319,029    
  

 

 

     

 

 

    

TOTAL LIABILITIES

   28,180,097      28,095,383    

SHAREHOLDERS’ EQUITY

   5,549,114      5,492,008    
  

 

 

     

 

 

    

TOTAL LIABILITIES AND

         

SHAREHOLDERS’ EQUITY

  $33,729,211     $33,587,391    
  

 

 

     

 

 

    

NET INTEREST INCOME

   $283,295     $288,253   
   

 

 

     

 

 

   

INTEREST SPREAD

      3.06%      3.04% 

NET INTEREST MARGIN

      3.80%      3.83% 

 

(1)

The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.

(2)

Nonaccruing loans are included in the daily average loan amounts outstanding.

(3)

Loans held for sale and leases are included in the daily average loan amounts outstanding.

 

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Provision for Credit Losses

The provision for credit losses was $7.78 million for the first quarter of 2026 as compared to a provision for credit losses of $29.10 million for the first quarter of 2025. On a linked-quarter basis, the provision for credit losses for the fourth quarter of 2025 was $6.78 million. The provision for credit losses for the first quarter of 2025 included provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont. United’s provision for credit losses relates to its portfolio of loans and leases, available-for-sale securities and held-to-maturity securities are discussed in more detail in the following paragraphs.

For the quarter ended March 31, 2026, the provision for loan and lease losses was $7.78 million as compared to a provision for loan and lease losses of $29.10 million for the quarter ended March 31, 2025. The lower amount of provision expense for the first quarter of 2026 compared to the first quarter of 2025 was mainly due to the previously mentioned provision expense of $18.73 million recorded for purchased non-PCD loans from Piedmont during the first quarter of 2025. Net charge-offs were $5.70 million for the first quarter of 2026 compared to net charge-offs of $8.04 million for the first quarter of 2025. The lower amount of net charge-offs for 2026 as compared to 2025 was primarily due to decreased charge-offs within the consumer and other commercial loan segments. On a linked-quarter basis, the provision for loan and lease losses for the fourth quarter of 2025 was $6.78 million. Net charge-offs were $9.31 million for the fourth quarter of 2025. Annualized net charge-offs as a percentage of average loans and leases, net of unearned income for the first quarter of 2026 was 0.15% as compared to annualized net charge-offs of 0.14% for the first quarter of 2025 and annualized net charge-offs of 0.15% for the fourth quarter of 2025.

The following table shows a summary of United’s nonperforming assets including nonperforming loans and other real estate owned (“OREO”) at March 31, 2026 and December 31, 2025:

 

(In thousands)  March 31
2026		   December 31
2025		 

Nonaccrual loans

  $ 91,170   $ 96,492 

Loans past due 90 days or more

   11,664    4,974 
  

 

 

   

 

 

 

Total nonperforming loans

  $102,834   $101,466 

Other real estate owned

   10,390    8,857 
  

 

 

   

 

 

 

Total nonperforming assets

  $113,224   $110,323 
  

 

 

   

 

 

 

United maintains an allowance for loan and lease losses and a reserve for lending-related commitments. The combined allowance for loan losses and reserve for lending-related commitments is considered the allowance for credit losses. At March 31, 2026, the allowance for credit losses was $336.65 million as compared to $332.59 million at December 31, 2025.

At March 31, 2026, the allowance for loan and lease losses was $299.60 million as compared to $297.52 million at December 31, 2025. The allowance for loan and lease losses at March 31, 2026 saw the largest increase in the reserves for the commercial real estate nonowner-occupied loan segment from year-end 2025 due to increased outstanding loan balances and an increased adjustment resulting from the reasonable and supportable forecast around economic and business conditions. The largest decrease in reserves at March 31, 2026 was for the real estate construction and development loan segment due to a decreased adjustment within the reasonable and supportable forecast around strength and growth of the segment. As a percentage of loans and leases, net of unearned income, the allowance for loan and lease losses was 1.20% at both March 31, 2026 and December 31, 2025. The ratio of the allowance for loan and lease losses to nonperforming loans and leases or coverage ratio was 291.34% and 293.22% at March 31, 2026 and December 31, 2025, respectively. The slight decrease in this ratio was due mainly to a larger increase in nonperforming loans as compared to the increase in the allowance for loan and lease losses.

 

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United continues to evaluate risks which may impact its loan and lease portfolios. Reserves are initially determined based on losses identified from the PD/LGD and Cohort models which utilize the Company’s historical information. Then, any qualitative adjustments are applied to account for the Company’s view of the future and other factors. If current conditions underlying any qualitative adjustment factor were deemed to be materially different than historical conditions, an adjustment was made for that factor.

The first quarter of 2026 qualitative adjustments include analyses of the following:

 

 • 

Current conditions – United considered the impact of changes in economic and business conditions; collateral values for dependent loans; past due, nonaccrual and adversely classified loans and leases; and concentrations of credit.

 

 • 

Reasonable and supportable forecasts – The forecast is determined on a portfolio-by-portfolio basis by relating the correlation of real GDP and the unemployment rate to loss rates to forecasts of those variables. The reasonable and supportable forecast selection is subjective in nature and requires more judgment compared to the other components of the allowance. Assumptions for the economic variables were the following:

 

 • 

The forecast for real GDP improved slightly in the first quarter, from a projection of 2.30% for 2026 as of mid-December 2025 to 2.40% for 2026 as of mid-March with a projection of 2.30% for 2027. The unemployment rate forecast remained the same in the first quarter with a projection of 4.40% for 2026 as of mid-December 2025 and mid-March 2026 with a slightly lower projection of 4.30% for 2027.

 

 • 

Greater risk of loss in the office portfolio due to continued hybrid and remote work that may be exacerbated by future economic conditions.

 

 • 

Reversion to historical loss data occurs via a straight-line method during the year following the one-year reasonable and supportable forecast period.

United’s review of the allowance for loan and lease losses at March 31, 2026 produced increased reserves in two of the four loan categories as compared to December 31, 2025. The allowance related to the commercial, financial & agricultural loan pool, consisting of the owner and non-owner occupied commercial real estate and other commercial loan segments, increased $5.75 million due to increased outstanding loan balances. The consumer loan segment reserve increased $738 thousand primarily due to an increase in the quarterly maximum loss experience utilized within the reasonable and supportable forecast adjustment. The real estate construction and development loan segment reserve decreased $4.09 million due to improvement in the reasonable and supportable adjustment. The residential real estate loan segment reserve decreased $319 thousand due to an improvement in historical loss rates.

An allowance is established for estimated lifetime losses for loans that are individually assessed. Nonperforming commercial loans and leases are regularly reviewed to identify expected credit losses. A loan is individually assessed for expected credit losses when the loan does not share similar characteristics with other loans in the portfolio. Measuring expected credit losses of a loan requires judgment and estimates, and the eventual outcomes may differ from those estimates. Expected credit losses are measured based upon the present value of expected future cash flows from the loan discounted at the loan’s effective rate or the fair value of collateral if the loan is collateral dependent. When the selected measure is less than the recorded investment in the loan, an expected credit loss has occurred. The allowance for loans and leases that were individually assessed was $10.60 million at March 31, 2026 and $8.04 million at December 31, 2025. In comparison to year-end, this element of the allowance increased $2.57 million due to collateral weaknesses identified in several relationships which necessitated individually assessed reserves and increases to reserves previously identified.

 

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Management believes that the allowance for credit losses of $336.65 million at March 31, 2026 is appropriate to provide for expected losses on existing loans and lending-related commitments based on information currently available. United’s loan administration policies are focused on the risk characteristics of the loan portfolio in terms of loan approval and credit quality. The commercial loan portfolio is monitored for possible concentrations of credit in one or more industries. Management has lending limits as a percentage of capital per type of credit concentration in an effort to ensure adequate diversification within the portfolio. Most of United’s commercial loans are secured by real estate located in United’s footprint. It is the opinion of management that these commercial loans do not pose any unusual risks and that adequate consideration has been given to these loans in establishing the allowance for credit losses.

The provision for credit losses related to held to maturity securities for the first quarter of 2026 and 2025 was immaterial. The allowance for credit losses related to held to maturity securities was $16 thousand as of March 31, 2026 as well as December 31, 2025. There was no provision for credit losses recorded on available for sale investment securities for the first quarter of 2026 and 2025 and no allowance for credit losses on available for sale investment securities as of March 31, 2026 and December 31, 2025.

Management is not aware of any potential problem loans or leases, trends or uncertainties, which it reasonably expects, will materially impact future operating results, liquidity, or capital resources which have not been disclosed. Additionally, management has disclosed all known material credits, which cause management to have serious doubts as to the ability of such borrowers to comply with the loan repayment schedules.

Other Income

Other income consists of all revenues, which are not included in interest and fee income related to earning assets. Noninterest income has been and will continue to be an important factor for improving United’s profitability. Recognizing the importance, management continues to evaluate areas where noninterest income can be enhanced.

Noninterest income for the first quarter of 2026 was $34.06 million, an increase of $4.51 million or 15.26% from the first quarter of 2025. This increase was driven by increases in fees from brokerage services and net gains on investment securities.

Fees from brokerage services for the first quarter of 2026 increased $1.76 million or 31.14% from the first quarter of 2025 due to higher volume driven by growth in the business.

Net gains on investment securities were $2.27 million for the first quarter of 2026 as compared to net gains on investment securities were $521 thousand for the first quarter of 2025. The net gains on investment securities in the first quarter of 2026 were primarily due to a net gain on the sale of equity securities whereas the net gains on investment securities in the first quarter of 2025 were due to an increase in the fair value of equity securities.

On a linked-quarter basis, noninterest income for the first quarter of 2026 increased of $3.13 million, or 10.11%, from the fourth quarter of 2025. Net gains on investment securities were $2.27 million for the first quarter of 2026 as compared to net losses on investment securities of $218 thousand for the fourth quarter of 2025. Net gains on investment securities for the first quarter of 2026 were primarily due to the above mentioned gains on sales of equity securities. Fees from brokerage services increased $1.45 million from the fourth quarter of 2025, primarily due to previously mentioned higher volume driven by growth in the business.

Other Expenses

Just as management continues to evaluate areas where noninterest income can be enhanced, it strives to improve the efficiency of its operations to reduce costs. Other expenses include all items of expense other than interest expense, the provision for credit losses, and income taxes. Noninterest expense for the first quarter of 2026 was $152.81 million which was relatively flat from the first quarter of 2025, decreasing $759 thousand or less than 1%. The first quarter of 2025 included $11.31 million of merger-rated expenses from the Piedmont acquisition.

 

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Employee compensation for the first quarter of 2026 increased $2.63 million or 4.32% when compared to the first quarter of 2025. The increase in employee compensation was primarily due to higher employee incentives and higher brokerage commissions. Employee compensation for the first quarter of 2025 included $1.17 million in merger-related expenses.

Employee benefits expense for the first quarter of 2026 increased $2.69 million or 20.23% from the first quarter of 2025. This increase in employee benefits was primarily due to higher post-retirement benefit and Federal Insurance Contributions Act (“FICA”) costs.

Data processing expense for the first quarter of 2026 decreased $1.45 million or 17.20% from the first quarter of 2025. The decrease in data processing was primarily due to technology contract renegotiations.

Other expense for the first quarter of 2026 decreased $5.43 million or 12.21% from the first quarter of 2025. Within other expense for the first quarter of 2026, merger-related expenses decreased $6.00 million and consulting fees declined $2.93 million from the first quarter of 2025. These decreases within other expense were partially offset by increases of $873 thousand in the amortization of investment tax credits and $811 thousand in business franchise taxes.

On a linked-quarter basis, noninterest expense for the first quarter of 2026 was relatively flat from the fourth quarter of 2025, increasing $1.10 million, or less than 1%. An increase in employee benefits of $3.01 million and an increase in Federal Deposit Insurance Corporation (“FDIC”) insurance expense of $1.06 million was mostly offset by a $1.08 million decrease in data processing expense and a $1.79 million decrease in other expense. The increase in employee benefits was primarily due to higher FICA and post-retirement benefit costs. FDIC insurance expense for the fourth quarter of 2025 included a $1.2 million reduction of expense reflecting the FDIC’s reduced estimates related to the special assessment. The decrease in data processing was primarily due to the previously mentioned technology contract renegotiations. Within other expense, the amortization of investment tax credits declined $920 thousand.

Income Taxes

For the first quarter of 2026, income tax expense was $31.79 million as compared to $22.63 million for the first quarter of 2025. The increase of $9.16 million was primarily due to higher earnings partially offset by a lower effective tax rate. On a linked-quarter basis, income tax expense increased $720 thousand primarily due to a higher effective tax rate partially offset by lower earnings. United’s effective tax rate was 20.38% for the first quarter of 2026, 21.16% for the first quarter of 2025 and 19.43% for the fourth quarter of 2025.

Liquidity and Capital Resources

In the opinion of management, United maintains liquidity that is sufficient to satisfy its depositors’ requirements and the credit needs of its customers. Like all banks, United depends upon its ability to renew maturing deposits and other liabilities on a daily basis and to acquire new funds in a variety of markets. A significant source of funds available to United is “core deposits”. Core deposits include certain demand deposits, statement and special savings and NOW accounts. These deposits are relatively stable, and they are the lowest cost source of funds available to United. Short-term borrowings have also been a significant source of funds. These include federal funds purchased and securities sold under agreements to repurchase as well as advances from the FHLB. Repurchase agreements represent funds which are obtained as the result of a competitive bidding process.

Liquid assets are cash and those items readily convertible to cash. All banks must maintain sufficient balances of cash and near-cash items to meet the day-to-day demands of customers and United’s cash needs. Other than cash and due from banks, the available for sale securities portfolio and maturing loans are the primary sources of liquidity.

 

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The goal of liquidity management is to ensure the ability to access funding which enables United to efficiently satisfy the cash flow requirements of depositors and borrowers and meet United’s cash needs. Liquidity is managed by monitoring funds’ availability from a number of primary sources. Substantial funding is available from cash and cash equivalents, unused short-term borrowing and a geographically dispersed network of branches providing access to a diversified and substantial retail deposit market.

Short-term needs can be met through a wide array of outside sources such as correspondent and downstream correspondent federal funds and utilization of Federal Home Loan Bank advances.

Other sources of liquidity available to United to provide long-term as well as short-term funding alternatives, in addition to FHLB advances, are long-term certificates of deposit, lines of credit, borrowings that are secured by bank premises or stock of United’s subsidiaries and issuances of trust preferred securities. In the normal course of business, United through its Asset Liability Committee evaluates these as well as other alternative funding strategies that may be utilized to meet short-term and long-term funding needs.

During the first quarter of 2026, United decreased its interest-bearing deposit balance at the FRB by $264.52 million to $1.97 billion. The change in the balance at the FRB was mostly the result of growth in loans of $154.34 million, net purchases of $164.18 million in available for sale debt securities and a net repayment of $32.40 million in securities sold under agreements to repurchase partially offset by a growth in total deposits of $59.95 million.

For the three months ended March 31, 2026, cash of $160.86 million was provided by operating activities due mainly to net income of $124.20 million. In addition, proceeds from the sale of mortgage loans in the secondary market exceeded originations by $4.60 million and the provision for loan losses was $7.78 million for the first quarter. Net cash of $304.11 million was used in investing activities which was primarily due to loan growth of $154.34 million and net purchases of investment securities of $145.46 million over proceeds from sales. During the first three months of 2026, net cash of $93.96 million was used in financing activities due primarily to net acquisition of $70.26 million in treasury stock, cash dividends paid of $53.38 million and the net repayment of securities sold under agreements to repurchase of $32.40 million partially offset by growth in deposits of $59.95 million. The net effect of the cash flow activities was a decrease in cash and cash equivalents of $237.22 million for the first three months of 2026.

At March 31, 2026, United had an unused borrowing amount at the FHLB of approximately $9.24 billion subject to delivery of collateral after certain trigger points and $4.89 billion without the delivery of additional collateral. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $280 million, all of which was available at March 31, 2026. At March 31, 2026, United’s borrowing capacity for the FRB Discount Window was $4.59 billion. United did not have any borrowings from the FRB’s Discount Window during the first quarter of 2026.

United anticipates it can meet its obligations over the next 12 months and has no material commitments for capital expenditures. United also has lines of credit available. See Notes 8 and 9 to the accompanying unaudited Notes to Consolidated Financial Statements for more details regarding the amounts available to United under lines of credit.

The Asset Liability Committee monitors liquidity to ascertain that a liquidity position within certain prescribed parameters is maintained. No changes are anticipated in the policies of United’s Asset Liability Committee.

United’s capital position is financially sound. United seeks to maintain a proper relationship between capital and total assets to support growth and sustain earnings. United has historically generated attractive returns on shareholders’ equity. United is well-capitalized based upon regulatory guidelines. United’s risk-based capital ratio is 15.54% at March 31, 2026 while its Common Equity Tier 1 capital, Tier 1 capital and leverage ratios are 13.27%, 13.27% and 11.24%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0% and a leverage ratio of 5.0%.

 

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Total shareholders’ equity was $5.49 billion at March 31, 2026, which was a relatively flat from December 31, 2025, decreasing $7.86 million or less than 1%. This slight decrease was primarily due to a decrease of $10.19 million in accumulated other comprehensive loss and an increase of $70.91 million in treasury stock. During the first quarter of 2026, United repurchased 1,739,501 shares of its common stock at an average price of $39.92 per share. Partially offsetting these decreases to shareholders’ equity was an increase of $71.03 million in retained earnings as a result of net earnings (net income less dividends declared) during the first quarter of 2026.

United’s shareholders’ equity to assets ratio was 16.28% at March 31, 2026 as compared to 16.33% at December 31, 2025. The primary capital ratio, capital and reserves to total assets and reserves, was 17.11% at March 31, 2026 as compared to 17.15% at December 31, 2025. United’s average shareholders’ equity to average asset ratio was 16.45% for the first quarter of 2026 as compared to 16.42% the first quarter of 2025.

During the first quarter of 2026, United’s Board of Directors declared a cash dividend of $0.38 per share. Total cash dividends declared were $53.17 million for the first quarter of 2026 which was relatively flat from dividends declared of $53.34 million for the first quarter of 2025.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The objective of United’s Asset Liability Management function is to maintain consistent growth in net interest income within United’s policy guidelines. This objective is accomplished through the management of balance sheet liquidity and interest rate risk exposures due to changes in economic conditions, interest rate levels and customer preferences.

Interest Rate Risk

Management considers interest rate risk to be United’s most significant market risk. Interest rate risk is the exposure to adverse changes in United’s net interest income as a result of changes in interest rates. United’s earnings are largely dependent on the effective management of interest rate risk.

Management of interest rate risk focuses on maintaining consistent growth in net interest income within Board-approved policy limits. United’s Asset/Liability Management Committee (“ALCO”), which includes senior management representatives and reports to the Board of Directors, monitors and manages interest rate risk to maintain an acceptable level of change to net interest income as a result of changes in interest rates. Policy established for interest rate risk is stated in terms of the change in net interest income over a one-year and two-year horizon given an immediate and sustained increase or decrease in interest rates. The current limits approved by the Board of Directors are structured on a staged basis with each stage requiring specific actions.

United employs a variety of measurement techniques to identify and manage its exposure to changing interest rates. One such technique utilizes an earnings simulation model to analyze the sensitivity of net interest income to movements in interest rates. The model is based on actual cash flows and repricing characteristics for on and off-balance sheet instruments and incorporates market-based assumptions regarding the impact of changing interest rates on the prepayment rate of certain assets and liabilities. The model also includes executive management projections for activity levels in product lines offered by United. Assumptions based on the historical behavior of deposit rates and balances in relation to changes in interest rates are also incorporated into the model. Rate scenarios could involve parallel or nonparallel shifts in the yield curve, depending on historical, current, and expected conditions, as well as the need to capture any material effects of explicit or embedded options. These assumptions are inherently uncertain and, as a result, the model cannot precisely measure net interest income or precisely predict the impact of fluctuations in interest rates on net interest income. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions and management’s strategies.

 

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Interest sensitive assets and liabilities are defined as those assets or liabilities that mature or are repriced within a designated time frame. The principal function of managing interest rate risk is to maintain an appropriate relationship between those assets and liabilities that are sensitive to changing market interest rates. The difference between rate sensitive assets and rate sensitive liabilities for specified periods of time is known as the “GAP.” Earnings-simulation analysis captures not only the potential of these interest sensitive assets and liabilities to mature or reprice, but also the probability that they will do so. Moreover, earnings-simulation analysis considers the relative sensitivities of these balance sheet items and projects their behavior over an extended period of time. United closely monitors the sensitivity of its assets and liabilities on an on-going basis and projects the effect of various interest rate changes on its net interest margin.

The following table shows United’s estimated earnings sensitivity profile as of March 31, 2026 and December 31, 2025:

 

Change in Interest Rates

(basis points)

  Percentage Change in Net Interest Income 
  March 31, 2026  December 31, 2025 

+200

   4.23%   3.85% 

+100

   2.48%   2.31% 

-100

   0.01%   0.20% 

-200

   1.36%   1.58% 

At March 31, 2026, given an immediate, sustained 100 basis point upward shock to the yield curve used in the simulation model, net interest income for United is estimated to increase by 2.48% over one year as compared to an increase by 2.31% at December 31, 2025. A 200 basis point immediate, sustained upward shock in the yield curve would increase net interest income by an estimated 4.23% over one year as of March 31, 2026, as compared to an increase of 3.85% as of December 31, 2025. A 100 basis point immediate, sustained downward shock in the yield curve would increase net interest income by an estimated 0.01% over one year as of March 31, 2026 as compared to an increase of 0.20% over one year as of December 31, 2025. A 200 basis point immediate, sustained downward shock in the yield curve would increase net interest income by an estimated 1.36% over one year as of March 31, 2026 as compared to an increase of 1.58% over one year as of December 31, 2025.

In addition to the one year earnings sensitivity analysis, a two-year analysis is also performed. Compared to the one year analysis, United is projected to show improved performance in year two within the upward rate shock scenarios. Given an immediate, sustained 100 basis point upward shock to the yield curve used in the simulation model, net interest income for United is estimated to increase by 4.57% in year two as of March 31, 2026. A 200 basis point immediate, sustained upward shock in the yield curve would increase net interest income by an estimated 8.14% in year two as of March 31, 2026. A 100 basis point immediate, sustained downward shock in the yield curve would decrease net interest income by an estimated 2.74% in year two as of March 31, 2026. A 200 basis point immediate, sustained downward shock in the yield curve would decrease net interest income by an estimated 4.94% in year two as of March 31, 2026.

While it is unlikely market rates would immediately move 100 or 200 basis points upward or downward on a sustained basis, this is another tool used by management and the Board to gauge interest rate risk. All of these estimated changes in net interest income are and were within the policy guidelines established by the Board.

To further aid in interest rate management, United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). The use of FHLB advances provides United with a low risk means of matching maturities of earning assets and interest-bearing funds to achieve a desired interest rate spread over the life of the earning assets. In addition, United uses credit with large regional banks and trust preferred securities to provide funding.

As part of its interest rate risk management strategy, United may use derivative instruments to protect against adverse price or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives commonly consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. Interest rate swaps obligate two parties to exchange one or more payments generally calculated with reference to a fixed or variable rate of interest applied to the notional amount. United accounts for its derivative activities in accordance with the provisions of ASC Topic 815.

 

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Extension Risk

At March 31, 2026, United’s mortgage related securities portfolio had an amortized cost of $2.1 billion, of which approximately $1.2 billion or 58% were fixed rate collateralized mortgage obligations (“CMOs”). These fixed rate CMOs consisted primarily of planned amortization class (“PACs”), sequential-pay and accretion directed (“VADMs”) bonds having an average life of approximately 3.9 years and a weighted average yield of 3.55%, under current projected prepayment assumptions. These securities are expected to have moderate extension risk in a rising rate environment. Current models show that given an immediate, sustained upward shock of 300 basis points, the average life of these securities would only extend to 5.8 years. The projected price decline of the fixed rate CMO portfolio in rates up 300 basis points would be 14%, or less than the price decline of a 5-year treasury note. By comparison, the price decline of a 30-year 5% current coupon mortgage backed security (“MBS”) in rates higher by 300 basis points would be approximately 21%.

United had approximately $335.5 million in fixed rate Commercial mortgage backed Securities (“CMBS”) with a projected yield of 1.94% and a projected average life of 3.9 years on March 31, 2026. This portfolio consisted primarily of Freddie Mac Multifamily K securities and Fannie Mae Delegated Underwriting and Servicing (“DUS”) securities with a weighted average maturity (“WAM”) of 8.5 years.

United had approximately $19 million in 15-year mortgage backed securities with a projected yield of 4.01% and a projected average life of 3.7 years as of March 31, 2026. This portfolio consisted of seasoned 15-year mortgage paper with a weighted average loan age (“WALA”) of 6 years and a WAM of 9.2 years.

United had approximately $288.5 million in 20-year mortgage backed securities with a projected yield of 2.15% and a projected average life of 5.5 years on March 31, 2026. This portfolio consisted of seasoned 20-year mortgage paper with a WALA of 5 years and a WAM of 14.7 years.

United had approximately $204.9 million in 30-year mortgage backed securities with a projected yield of 3.91% and a projected average life of 7 years on March 31, 2026. This portfolio consisted of seasoned 30-year mortgage paper with a WALA of 6.4 years and a WAM of 22.2 years.

The remaining 2% of the mortgage related securities portfolio on March 31, 2026, included floating rate CMO, CMBS and mortgage backed securities.

Item 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of March 31, 2026, an evaluation was performed under the supervision of and with the participation of United’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of United’s disclosure controls and procedures. Based on that evaluation, United’s management, including the CEO and CFO, concluded that United’s disclosure controls and procedures as of March 31, 2026 were effective in ensuring that information required to be disclosed in the Quarterly Report on Form 10-Q was recorded, processed, summarized and reported within the time period required by the Securities and Exchange Commission’s rules and forms.

 

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Limitations on the Effectiveness of Controls

United’s management, including the CEO and CFO, does not expect that United’s disclosure controls and internal controls will prevent all errors and fraud. While United’s disclosure controls and procedures are designed to provide reasonable assurance of achieving their objective, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls.

Changes in Internal Controls

There have been no changes in United’s internal control over financial reporting (as defined in Rules 13a-15(e) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2026, or in other factors that have materially affected or are reasonably likely to materially affect United’s internal control over financial reporting.

 

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PART II - OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial position.
Item 1A. RISK FACTORS
In addition to the other information set forth in this report, please refer to United’s Annual Report on Form
10-K
for the year ended December 31, 2025 for disclosures with respect to United’s risk factors which could materially affect United’s business, financial condition or future results. The risks described in the Annual Report on Form
10-K
are not the only risks facing United. Additional risks and uncertainties not currently known to United or that United currently deems to be immaterial also may materially adversely affect United’s business, financial condition and/or operating results.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
There have been no United equity securities sales during the quarter ended March 31, 2026 that were not registered. The table below includes certain information regarding United’s purchase of its common shares during the quarter ended March 31, 2026:
 
Period
  
Total Number
of Shares
Purchased

(1) (2)
   
Average

Price Paid
per Share (3)
   
Total Number of

Shares Purchased as
Part of Publicly
Announced Plans (4)
   
Maximum Number
of Shares that May
Yet be Purchased
Under the Plans (4)
 
1/01 – 1/31/2026
   494,509   $39.13    494,509    4,305,491 
2/01 – 2/28/2026
   18,732   $44.21    0    4,305,491 
3/01 – 3/31/2026
   1,244,992   $40.23    1,244,992    3,060,499 
  
 
 
   
 
 
   
 
 
   
Total
   1,758,233   $39.96    1,739,501   
  
 
 
   
 
 
   
 
 
   
 
(1)
Includes shares exchanged in connection with the vesting of restricted stock under United’s long-term incentive plans. Shares are purchased pursuant to the terms of the applicable plan and not pursuant to a publicly announced stock repurchase plan. For the quarter ended March 31, 2026 – 18,732 shares were exchanged by participants in United’s long-term incentive plans at an average price of $44.21.
(2)
Includes shares purchased in open market transactions by United for a rabbi trust to provide payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. For the quarter ended March 31, 2026, no shares were purchased for the deferred compensation plan.
(3)
Average price paid per share includes commission expense, if any, paid on share repurchases, but excludes any excise tax recorded on the share repurchases.
(4)
On November 20, 2025, United’s Board of Directors approved a repurchase plan to repurchase up to 5,000,000 shares of United’s common stock on the open market (the “2025 Plan”). The timing, price and quantity of purchases under the plan is at the discretion of management and the plan may be discontinued, suspended or restarted at any time depending on the facts and circumstances.
 
76
Table of Contents
Item 3. DEFAULTS UPON SENIOR SECURITIES
None.
Item 4. MINE SAFETY DISCLOSURES
None.
Item 5. OTHER INFORMATION
 
 (a)
None.
 
 (b)
No changes were made to the procedures by which security holders may recommend nominees to United’s Board of Directors.
 
 (c)
United’s directors and executive officers may from time to time enter into plans or other arrangements for the purchase or sale of United’s shares that are intended to satisfy the affirmative defense conditions of Rule
10b5-1(c)
or may represent a
non-Rule
10b5-1
trading arrangement under the Securities Exchange Act of 1934, as amended. During the quarter ended March 31, 2026, none of our directors or executive officers adopted, modified or terminated any “Rule
10b5-1
trading arrangement” or any
“non-Rule
10b5-1
trading arrangement”, as each term is defined in Rule 408(e) of Regulation
S-K.
 
77

Item 6. EXHIBITS

Index to exhibits required by Item 601 of Regulation S-K

 

Exhibit
No.		  

Description

 2.1  Agreement and Plan of Merger, dated May 9, 2024, by and between United Bankshares, Inc. and Piedmont Bancorp, Inc. (incorporated into this filing by reference to Exhibit 2.1 to the Form 8-K dated May 9, 2024 and filed May 10, 2024 for United Bankshares, Inc., File No. 002-86947)
 3.1  Amended and Restated Articles of Incorporation (incorporated into this filing by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q dated March 31, 2017 and filed May 9, 2017 for United Bankshares, Inc., File No.002-86947)
 3.2  Restated Bylaws (incorporated into this filing by reference to Exhibit 3.1 to the Current Report on Form 8-K dated May 11, 2022 and filed on May 17, 2022 for United Bankshares, Inc., File No.002-86947)
 4.1  Description of Registrant’s Securities (incorporated into this filing by reference to the Annual Report on Form 10-K dated December 31, 2019 and filed March 2, 2020 for United Bankshares, Inc., File No.002-86947)
31.1  Certification as Adopted Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer (filed herewith)
31.2  Certification as Adopted Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer (filed herewith)
32.1  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Executive Officer (furnished herewith)
32.2  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Chief Financial Officer (furnished herewith)
101  Interactive data file (inline XBRL) (filed herewith)
104  Cover Page (embedded in inline XBRL and contained in Exhibit 101)

 

78

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  UNITED BANKSHARES, INC.
   (Registrant)
Date: May 8, 2026  

/s/ Richard M. Adams, Jr.

  Name: Richard M. Adams, Jr.
  Title: Chief Executive Officer
Date: May 8, 2026  

/s/ W. Mark Tatterson

  Name: W. Mark Tatterson
  Title: Chief Financial Officer

 

 

79

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